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Business Checking Online and Free Checking Account Online for Businesses: The Best Deals

Updated on September 3, 2012

Chase, Wells Fargo, BB&T, HSBC,PNC, Bank of America

Free business checking accounts and free business banking are the wave of the future. With the present economy, everyone should take advantage of money-saving strategies like free checking, and businesses need to save every penny they can. Free business banking might be hard to find, but a free checking account for your business isn't. One way to save your business money is by reducing or eliminating monthly fees charged by banks, which can really add up. Which banks offer the best free checking for businesses? There’s a wide discrepancy among reputable banks for managing your business checking account, so you need to do some investigating and comparing before making a decision.

Compare not only the monthly fees, but also the per-check and per-deposit fees, along with other services provided. The cheapest might not always actually be the least expensive in the long run, depending on your individual needs. Along with fees, think about time as a factor in overall cost. After all, time is money.

Most business owners and managers prefer to manage their business checking online, so make sure your financial institution offers this service. Some banks will also offer a free checking account online, even for business accounts.

Below are some of the best deals for business checking online and for a free checking account online for your business:

HSBC

HSBC offers a free checking account online for businesses. There are no monthly maintenance fees and no minimum balance requirements. 10 free wire transfers per month are provided, along with free online Bill Pay. The Remote Deposit Capture feature allows business owners/managers to make deposits without leaving the work place. With this business checking online account, you can conduct banking online, at ATMs, and on the telephone.


PNC

PNC offers free business checking online for small businesses. This type of account is designed for sole proprietorships, start-up businesses, or any business with low monthly activity. Accounts can be opened with $100, and no minimum monthly balance is required. 200 transactions are allowed each month at no charge, along with deposits of up to $5,000. This is a true free checking account online, with free access online to recent account history, paid checks, deposit tickets, account balances, and bill pay. Transfers to checking from a PNC Money Market Account or Business Line of Credit are also provided. Your PNC Bank Business Visa Check Card can be used to pay bills, at PNC ATMs, and for purchases in stores, by phone, and online – all without fees.


BB & T

BB & T has a relatively new business checking online option for small business owners, called Business Value 500. The $25 monthly fee is waived for accounts with a $5,000 average daily balance, a $15,000 average monthly balance, A $50,000 average monthly balance in a business investor’s deposit account, OR a $50,000 combined monthly average balance among BB & T accounts like business loans and business CDs. Business Value 500 offers 500 free transactions per month, along with deposits up to $20,000. Free online banking, free bill pay, free automatic overdraft protection, and free business check cards are also provided. With this account, you also get a Visa Business Rewards credit card with no annual fee. Also, up to three business owners can each enjoy a free checking account online for personal use.

Bank of America

Bank of America offers a Business Economy checking account and a Business Advantage checking account. Both types of business checking online accounts offer free online banking and discounts on office products and office supplies.

The Business Economy checking account is geared toward new businesses and those with an average balance of less than $15,000, along with fewer than 150 deposits and checks paid per month and $10,000 or less deposited each month. The monthly maintenance fee is $12, UNLESS at least one qualifying purchase is made during the month with a Business Check Card, the checking balance does not fall below $3,000, or an average balance of $10,000 is maintained. After the first 150 checks paid and deposits, a $0.45 fee is charged for each.

The Business Advantage checking account is designed for businesses with an average balance of $15,000 or more, and up to 400 deposits and checks paid per month. The monthly fee is $29.95 UNLESS a $15,000 balance is maintained or the business has a $100,000 or more business term loan or lease.

Wells Fargo

Wells Fargo offers several options for business checking online accounts that vary from state to state. These might include Simple Business Checking, Business Checking, Business Checking with Interest, Expanded Business Checking, and the Business Dividend Checking Account. All include free ATM access, free overdraft protection, and free Business Online Service.

Simple Business checking is geared toward small businesses and small non-profit organizations. The $10 monthly fee is waived if the average balance of at least $1,000 is maintained and if the customer agrees to online statements only. Accounts can be opened for as little as $100, and this is a free checking account online if less than 50 deposits and checks paid occur per month and deposits total no more than $3,000.

Business Checking can be opened with $100 and is free with a $3,000 minimum daily balance, a $6,000 average ledger balance, OR at least one Wells Fargo Business Payroll transaction occurs each month from the account. 150 free deposits and checks paid are included, along with deposits of up to $5,000 per month.

Business Checking with Interest is Wells Fargo’s business checking online for sole proprietorships that have moderate activity. Accounts can be opened with $100, and interest is earned daily and paid on a monthly basis. The service is free with a $3,000 daily balance, a $6,000 average ledger balance, OR a Wells Fargo Business Payroll transaction is paid from the account every month. Free monthly transactions include up to 150 deposits and checks paid and $5,000 in total deposits.

Expanded Business Checking is for businesses that have up to 300 transactions per month and deposits of less than $5,000. The monthly fee is waived with an $8,000 minimum daily balance, an average ledger balance of at least $16,000, OR a $32,000 combined average ledger balance, making this a free checking account online for businesses.

The Business Dividend Checking Account is for businesses that have an average balance of at least $50,000. Funds automatically transfer between the checking account and a Wells Fargo Advantage Money Market Fund. Expenses are tracked categorically with the Business spending Report. The monthly fee is $15. The monthly sweep fee is $35.

Chase

Chase Bank offers several different types of business checking accounts. All include free access to over 15,000 ATMs, free email alerts, free online bill pay, free online check images, free business debit cards, and free statements online. Chase business checking accounts include Business Classic Checking, Advanced Business Checking, BusinessPlus Extra Checking, and Chase Non-Profit Business Classic Checking.

The Business Classic Checking is free with a qualifying personal checking account, a minimum monthly average, OR an active Chase business debit or credit card. 200 transactions and up to $10,000 deposited is allowed each month.

Advanced Business Checking monthly maintenance fees range from $12 to $17 but may be reduced or eliminated, depending on your balance. The first $25,000 deposited each month is free of charges. Transaction fees are $0.17 per debit and $0.40 per credit, unless the fees are waived.

BusinessPlus Extra checking accounts are free with a $12,000 average monthly balance. 500 monthly transactions are allowed. After that, the charge per transaction is $0.40. also included are overdraft protection, a business debit card, 4 free domestic outgoing wires per month, 4 free stop payments per month, and Business Online services.

Chase Non-Profit Business Classic provides a low cost or free checking account online for non-profit organizations. Check Safekeeping is $2 per month, Image Statement is $4 per month, and Check Enclosure is $6 per month. These fees are waived with a minimum monthly average balance of $4,000. 200 transactions per month are allowed at no cost. Additional transactions are $0.40 each. The free cash deposit limit is $10,000 per month for this free business checking account.


Businesses can save money with a free checking account online.
Businesses can save money with a free checking account online.

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    • profile image

      businessofbanking 5 years ago

      Great overview! It is certainly worth shopping around as if you carry out few transactions or have a reasonable balance of funds in your account you can usually get a free account.

      Try using a comparison site like www.businessofbanking.com in the first instance.

    • habee profile image
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      Holle Abee 6 years ago from Georgia

      Gina, thanks for your insight!

    • habee profile image
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      Holle Abee 6 years ago from Georgia

      Bill, Chase used to have great customer service, at least in my experience. Sad to hear it's not so great now. I agree that banks should do all they can to help small businesses, as they're the "backbone" of our economy.

    • habee profile image
      Author

      Holle Abee 6 years ago from Georgia

      Bill, Chase used to have great customer service, at least in my experience. Sad to hear it's not so great now. I agree that banks should do all they can to help small businesses, as they're the "backbone" of our economy.

    • habee profile image
      Author

      Holle Abee 6 years ago from Georgia

      Thanks, Mr. Trust!

    • profile image

      Gina 6 years ago

      Wow great article! I have found that for people having a difficult time opening an account HSBC direct online is excellent. Pretty easy to get.

      Thanks for looking http://usedbooks4cash.blogspot.com/

    • MrTrustStore profile image

      Randall Kaiden 6 years ago from Oxnard & Santa Clarita, CA

      I also had accounts at Washington Mutual and I too closed my Chase accounts last month. I think they might have a thing or two to learn about doing business on the West Coast...

    • profile image

      Bill Patterson 6 years ago

      Chase bank took over Washington Mutual where we banked. We had one personal free checking acct and 3 free business checking accts along with a non-profit checking account. Now they are charging us $15 fee on all but the personal acct...which might be next. Their minimum amount that you have to have in each business acct is crazy. If banks are to support small business then why would anyone bank there. We solved our problem by moving all but the personal acct over to US BANK where everything is free as long as we keep all transactions under 150 count. As a small business we do not come anywhere close to that each month. Chase should re-think what is small business. I am talking sole proprietorship mom and pop type business. To not grandfather in our accounts is just plain wrong...by Chase!!!

    • MrTrustStore profile image

      Randall Kaiden 6 years ago from Oxnard & Santa Clarita, CA

      Great Hub! I must say however, that sometimes I feel like dealing with a few of these banks and their procedures and have taken years off my life! Anyhow, nice job!

    • habee profile image
      Author

      Holle Abee 6 years ago from Georgia

      True, Virginia. I'm amazed at how many busineses don't take advantage of free business checking accounts!

    • profile image

      virginia seo 6 years ago

      Good news. Free checking account online is an excellent way to save money not doing anything special. Most business owners and managers are taking interest in it is good. Banks are providing several different types of business checking accounts, so make sure one of them will perfectly suit your specific type of business.

    • profile image

      grandrapid 6 years ago

      Trillium Financial Services specialize as CPA Tax Accountant

    • habee profile image
      Author

      Holle Abee 6 years ago from Georgia

      Thanks for reading, Bunny!

    • profile image

      Bunny Tee 6 years ago

      Great information and thank you I will use this information to help me in my business.

    • habee profile image
      Author

      Holle Abee 6 years ago from Georgia

      Business, the only online business I have is writing. Sorry!

    • habee profile image
      Author

      Holle Abee 6 years ago from Georgia

      I hate monthly fees, too, Image! Thanks for reading!

    • iamageniuster profile image

      iamageniuster 6 years ago

      Great banks up there. I will use this to open an account. I hate the monthly fees.

    • profile image

      Business Mentor  7 years ago

      How to start your online business? Feel free any suggestion Thanks! & Regards!

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Thanks for reading!

    • profile image

      lead generation melbourne 7 years ago

      Much better post for sbusiness tips thanks! For sharing your experience

      lead generation melbourne

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Cool! Thanks for reading, Mohd!

    • profile image

      mohd shakeel ur rahman 7 years ago

      whatever i earn by internet deposit in bank after direct transfer in indian canara bank

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Sis, you are indeed lucky!

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Yes, they do, Carol! Thanks for reading!

    • Angela Blair profile image

      Angela Blair 7 years ago from Central Texas

      Habee -- great Hub and good info. I'm fortunate -- my little bank is privately owned and tremendously helpful to their customers. I've banked with them 10 years and there's something comforting when bank employees call you by name. Guess it's part of living in a small town. Good Hub and thanks! Best, Sis

    • Carol the Writer profile image

      Carolyn Blacknall 7 years ago from Houston, Texas

      Very useful. Banks usually charge a lot for a business. Thanks.

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Yep, Pamela, I love online checking!

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Thanks for reading, Entertainment!

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Thanks, HH! Aw, shucks...

    • Pamela99 profile image

      Pamela Oglesby 7 years ago from United States

      Habee, Good hub. I have no problem with online checking and I'm with a credit union. Lots of good info in this hub.

    • entertianmentplus profile image

      entertianmentplus 7 years ago from United States

      Good info nice hub

    • Hello, hello, profile image

      Hello, hello, 7 years ago from London, UK

      Very well put together hub. Done a marvellous job, habee.

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Ann, thanks for the wonderful comment!

    • Ann Nonymous profile image

      Ann Nonymous 7 years ago from Virginia

      I knew I could bank on you giving great advice for tough times in the economy! This is a really well done hub. I had no idea about half the stuff. It's so neat to learn things from your wide variety of hubs, Habee! Keep up the great work!!!!

    • habee profile image
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      Holle Abee 7 years ago from Georgia

      Thanks, Chris. Always good to see you, my friend!

    • habee profile image
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      Holle Abee 7 years ago from Georgia

      Me, too, Veronica! I love it!

    • habee profile image
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      Holle Abee 7 years ago from Georgia

      For real, Ictodd! NExt, they'll charge us for oxygen!

    • carolina muscle profile image

      carolina muscle 7 years ago from Charlotte, North Carolina

      very informative hub, Habee!!

    • Veronica Allen profile image

      Veronica Allen 7 years ago from Georgia

      I love the free checking account online. I never thought I'd do banking online, but now I'm hooked. Great information.

    • lctodd1947 profile image

      lctodd1947 7 years ago from USA

      habee, you have spelled it all out. I am lucky as my checking is free because I used to work for the bank. Another account charges $5 a month. The withdrawal fees are outrageous if you do not use their ATM. Before we know it, it will cost us to go to the bathroom in a restaurant. hee hee

    • habee profile image
      Author

      Holle Abee 7 years ago from Georgia

      Hope you get it straightened out, Sheila. I can't imagine banking without my free checking account online!

    • sheila b. profile image

      sheila b. 7 years ago

      With one of my accounts I have no problems on line, but with the other I'm on my way again tomorrow to get help. Luckily, the people are very nice, so I'm not dreading it.