Bank Of America: Low Minimum Requirements
Bank of America is one of the largest brick-and-mortar banks in the United States. It’s a good option if you’re looking for lots of physical branch locations and ATMs.
The Business Advantage Banking account has 2 tiers. You can switch between them anytime. This gives you more flexibility to switch as your needs fluctuate.
The basic tier offers easy ways to waive the monthly fee. You only need $250 in debit card monthly purchases. No minimum balance required.
It comes with built-in cash management tools. Your account integrates with business apps like Quickbooks, Google Analytics, and tons more. You can see your business metrics all in one place.
- Access to Small Business Specialists
- Highly rates mobile app for customer satisfaction
- Many other banking fees like overdrafts, stop payments, and wires
- Less active SBA loans lender
Shep Hyken, customer service/experience expert, keynote speaker and New York Times bestselling author
Td Bank Business Checking Requirements
You can visit the TD Bank website or open a business checking account in person. Businesses with up to four signers can open a checking account online.
To open a TD Bank account, your business must be located where TD Bank operates: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, or Washington D.C.
Youll be asked to provide basic information, which includes your legal business name and address and your Tax ID Number . Other business owners may provide their Social Security number. A valid drivers license, state-issued ID, or passport will be required to validate your identity.
For additional authorized signers, beneficial owners, and/or individuals with control, each of their names, physical addresses, phone numbers, dates of birth, Social Security numbers, and valid IDs will be required. A job title is needed for an individual with control as applicable.
Beneficial owners are those who own, directly or indirectly, 25% or more of the equity interests of the business. An individual with control is someone with significant responsibility for managing the business.
- Fictitious name/assumed name/doing-business-as /trade name certificate or registration
- Chapter and by-laws of association or copy of minutes of last meeting with new elected officers
- Partnership banking agreement
When Td Bank Is Not A Good Fit
- You need in-person banking but your business is based outside TDs service areas: Although the bank has more than 1,100 locations, its still limited to 16 states. You can consider banks that have a national presence, like Wells Fargo, Bank of America, and Chase Bank.
- You want a higher free cash deposit limit: TD Banks Business Simple Checking, Business Interest Checking Plus, and Business Convenience Checking Plus all offer the same $5,000 fee-free cash deposit limit per month. Better alternatives are Bank of America and PNC Bank, which offer $7,500 and $10,000, respectively, for basic and mid-tier checking products.
- Youre looking for a good interest return on your checking account: TD Business Interest Checking Plus only gives out 0.01% APY. Bluevine, Axos Bank, and Grasshopper Bank are great alternatives for better interest rates, provided conditions are met.
See more alternatives in our roundup of the best small business checking accounts.
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Is Td Bank Easy To Use
TD Bank is a branch-based bank with fantastic, easy-to-use web and mobile financial services. It is considered one of the most accessible banks as far as location hours and phone/web support. The setup process is relatively simple and there are many accounts to choose from giving businesses flexibility as they grow.
Check out our roundup of the Best Small Business Checking Accounts
Pros And Cons Of Bank Of America
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Additional Small Business Online Banking Features
Online Statements and NoticesGet secure online access for up to 7 years of account statements. You can also get an e-mail whenever you receive a statement and other account notifications. Log in to Online Banking or the mobile app to turn off paper.1
Funds transfersOnline Banking makes it easy to securely transfer money between your TD Bank accounts or to non-TD Bank accounts. You also have the flexibility to make one-time transfers or schedule recurring transfers.
Account dashboardView current balance info for all your small business checking, savings, credit card and loan accounts in one place. You can also toggle between your online small business and personal accounts.
Getting paid has never been easier. Streamline business accounting and securely accept electronic payments into your TD Small Business Checking account, create custom invoices, track accounts payable and more. Log in to Online Banking to sign up.
Quicken® or QuickBooks® integrationIntegrate your small business accounts with your Quicken or QuickBooks software. Benefits include a consolidated view of multiple financial institutions.
The Bottom Line: Business Banking With M& t Bank
If youre a small-business owner who wants a small-business bank with a fully built-out infrastructure to handle your needs, then M& T Bank is a great choice. Besides being a premier SBA lender, M& T Bank has the products and services to help you get financed for a variety of purposes, be it purchasing new equipment, buying investment property for your business or straightforward business term loans and lines of credit. Added to all this is M& T Banks vast resources when it comes to merchant services and other solutions many small businesses need.
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Health Care Practice Lending
TD Bank has slightly different standards for health care practice lending. Loans are available for physician, dental, eye care and veterinary practices for up to $20,000,000. Rates arent shared publicly.
These loans are typically used for:
- Practice mergers and acquisitions
In addition, working capital lines of credit are available for physicians.
Bottom Line: Is Td Bank Good
TD Bank is a large financial institution which serves millions of customers throughout North America. That means theres a good range of products available for customers looking to manage their money, save, take loans or credit, or access more sophisticated financial tools.
Whether or not TD will suit you depends very much on your financial goals and personal preferences. Compare a few accounts – and a few different banks – to build a picture of whether TD Bank is a good bank for you or not.
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Td Bank Business Checking Accounts
Whether youre a conventional company owner or an entrepreneur, youre going to need to take care of your businesss everyday finances. Its always best to do this, so that you can keep your business expenses separate from your personal accounts. That makes keeping accurate records much easier, and that means a whole lot less stress when tax time comes around. With that in mind, youll be pleased to discover that TD Bank has a range of checking accounts that are designed with small businesses in mind. The range includes:
- TD Business Simple Checking
- TD Business Convenience Checking Plus
- TD Business Premier Checking
Well get on to the details of which each of these accounts offers in just a moment. Well tell you about any eligibility requirements or restrictions, as well as the features you can get with each account. Well also let you know about the key costs youll want to know about.
If theres no TD Bank location near you, or perhaps its inconvenient for some other reason, then you may find it handy to think about possible alternatives. One of these is the Wise Business borderless account youll find quite a bit more detail about that later in this article.
TD Bank also offers some other business account options for more specialized needs. The range includes:
If you think that any of these accounts may meet your own needs, then you can find all the information youll need by taking a look at TD Banks business website.
Wells Fargo Navigate Business Checking
Another good option from Wells Fargo, the Business Choice Checking account is an excellent solution for small businesses with a higher number of monthly transactions, with 250 allowed per fee period at no charge, along with $20,000 permitted in cash deposits. Avoid the $25 monthly service fee by keeping a $10,000 minimum daily balance or $15,000 in combined balances across Wells Fargo accounts. You can also make qualifying transactions from a linked payroll services account. Small business owners with a Navigate Business Checking account will receive no fees for incoming wire transfers, overdraft protection transfers, as well as for stop payments, cashiers checks, and money orders. Plus, account holders will receive two complimentary outgoing domestic wire transfers and two non-Wells Fargo ATM cash withdrawals per fee period. Applying online or in person with a minimum opening deposit is just $25 for this accountthats a terrific value with great flexibility for growing businesses.
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Documents You Need To Open A Small Business Bank Account
Whether you open a business bank account online or in person, there are several documents you will need:
- Business formation documents
- Business tax ID
- Name, address, and state of your business and business owners
Sole proprietors can usually open a business bank account online pretty fast. For LLCs, partnerships, or corporations, you and any partners may need to meet a banker in person. Each bank has its own rules.
When do you need an EIN?
Navy Federal Credit Union Business Plus Checking
Navy Federal Credit Union is another option that comes out on top for business bank accounts. Veterans and military service members who join this national credit union and sign up for the Business Plus Checking program have access to 50 free transactions per month , a competitive dividend rate , and a 0.01% APY. This specific tier has a low, $8 monthly maintenance fee and allows unlimited signers on your account. Its a great deal for smaller start-ups or sole proprietors.
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The Bottom Line: Business Banking With Us Bank
U.S. Bank has many small-business needs covered with its extensive array of lending products, business bank accounts and other services. Its business savings account is wanting, but thats only one weak area among its otherwise impressive business account offerings.
U.S. Bank provides the principal forms of business lending sought after, such as SBA loans, term business loans, lines of credit, equipment financing and more. And with its large size and high SBA loan approval count, you can count on U.S. Banks experience in working with small- business owners.
Business Checking Account Promotions
- New business owners get a $200 welcome bonus!
- Zero monthly maintenance fees
- Unlimited domestic ATM fee reimbursements
- $0 Minimum Opening Deposit requirement
- 2 Free Domestic Wires, monthly
- Cash Deposit capability via MoneyPass and AllPoint networks
- New business owners get a $200 welcome bonus!
- Earn up to 1.01% APY*
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 100 free items per month, $0.50 per item thereafter
- Up to 60 items per month for Remote Deposit Anywhere
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total CheckingÂ® account and set up direct deposit
- Access to 16,000 Chase ATMs and more than 4,700 branches
- Chase MobileÂ® app – Manage your accounts, deposit checks, transfer money and more — all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assistâ – no overdraft fee if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
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Savings Accounts Options And Fees
Need more than just a checking account? No worriesTD Bank has options for business savings too.
TD Bank small-business savings accounts
Data as of 11/8/21. Offers and availability may vary by location and are subject to change.
The Business Savings account provides a low-cost option for squirreling away your business funds, but it doesnt allow you to use checks. Plus, savings accounts usually have a lower APY than money market accounts. So while the Small Business Money Market Plus account costs a bit more, its worthwhile for businesses that intend to maintain a larger account balance.
Want to know more about your business savings options? We have a guide to the differences between savings, money market accounts, and CDs.
But if you really want to maximize your business savings at TD Bank, take a look at its certificates of deposit .
Td Business Premier Checking
This account is aimed at businesses that need to deal with greater levels of turnover. It offers much higher limits on deposits each month before an additional fee is charged, and theres a lower per-item fee if you go over the included transaction limit. Youll also get your first three monthly maintenance fees waived automatically. This account also waives the fee for using non-TD ATMs, though the ATM company itself may still charge its own fee. In return for these extra features, youll pay the highest monthly fee of the three checking accounts, and the minimum opening deposit is also quite a bit higher than for the other two.
|Fee or limit type|
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Bank Of America Business Advantage Fundamentals Banking
This Bank of America account is great for the growing small business. Avoid the $16 monthly fee by spending $250 on net-qualified debit card purchases, maintaining a combined monthly average balance of $5,000, or becoming a Preferred Rewards Business member. Not only is Bank of Americas business checking account linked to Zellewhich will make sending and receiving money a breezebut it also has fraud protection and security. Plus, small business owners can access a dedicated specialist should they have any questions about their account. You can apply online, but note that Bank of America outlets dont exist everywherebranches in the Midwest are sparse.
Important Questions To Ask Before Shopping For A Business Checking Account
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Us Bank: National Bank With Free Checking
It’s hard to find a free business checking account at a big financial institution. U.S. Bank is one of the few large physical banks with a no-fee business checking option.
The Silver Business Checking Package has no monthly service charges or account minimum balance. It’s ideal for new small businesses and startups looking to save money on bank fees.
US Bank has over 2,000 branches. But even if you don’t live near a branch, you can also use 37,000+ MoneyPass ATMs for no fees.
- Unlimited free transactions each month
- $5,000 in free cash deposits each month
- Waive the $15 monthly service fee by maintaining a prior 30- or 90-day average balance of $2,000 or more
- Minimum Deposit to Open:$250
- Balance Requirement:$2,000 average balance to waive $15 fee
- Monthly Fee:$15
- ATMs:70,000+ Capital One, MoneyPass and Allpoint ATMs
- Free ATM access to Allpoint and Moneypass ATMs
- Excellent small business credit cards
- Business checking accounts require higher minimum balance
- Only have branches in a few states
- You may need to apply in person
How To Choose A Business Bank Account
Since no two companies are alike, most small businesses have tiny nuances that set them apart from the rest. But if this is your first time opening a small business bank account, you might not know what to look for in the first place.
Ultimately, its important to understand your banking needs before you apply for an account. While some small business owners might want investing advice or great customer service, others might prioritize local knowledge or online convenience. To help, here are a few factors to consider for choosing the best small business bank account.
Contrary to popular belief, a so-called free business checking isnt always free. Although business banking accounts typically have higher fees than personal ones, some banks offer checking accounts with no monthly fees. However, account holders are often required to keep a minimum daily or monthly balance, or can only make a limited number of transactions to avoid incurring a fee. That said, free and low-cost accounts do exist, you just need to read the fine print and choose wisely.
Average account balance
Many banks offer better rates to those small businesses that keep their balances above a certain amount, for either a daily or monthly average. Consider what you expect your average balance will be and plan accordingly.
The banks tools
The size of the bank
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