Commercial Banking Reviews

Although commercial/business banking accounts offer you many advantages, including fast deposits and withdrawals, merchant services and money management tools, choosing an account that does not match your business transaction needs can lead you down a thorny path where you miss money-making opportunities and experience losses from high fees.

You do not need to be a new business owner or leader to use our consumer reviews to help you find a commercial/business banking account solution. Our reviews give you the opportunity to improve the many ways that you handle money in your business at every stage of its growth.

What Makes Our Reviews Different?

All financial institution and commercial/business banking reviews offer readers the ability to learn more from the perspectives of national and international leaders across industries. Our reviews go a step further by guaranteeing that you receive advice at a level and quality similar to what you would receive from industry experts and family and friends who own their own businesses. We have designed our website to provide you with answers to the most common commercial/business banking questions. We require our reviewers to rate interest product charges, account service fees, customer service and total satisfaction. We also ask reviewers to provide personal and detailed summaries of their positive, negative or mixed experiences.

Valuable Gems In Every Review

Business owners and other leaders who provide reviews on our website write their reviews with their own struggles and successes from trying to find financial institutions and banking products and services always in the back of their minds. As a result, you are guaranteed to discover valuable details about different financial institutions and commercial/business banking products and services. We consider the following details the most important gems to look for and compare when trying to pick a commercial/business banking account:

  • Minimum Balance Fee:
    Financial institutions typically charge this fee if you allow the balance you have in the account to ever drop below their minimum requirement for your specific commercial/business account product or you fail to maintain a specific average amount in the account over a monthly statement period. This fee can often cost a business more than $120 a year. Even if an institution offers free checking, you must typically meet certain requirements to prevent this fee. Our reviews can help you determine if a specific bank or credit union charges a minimum balance fee on commercial/business accounts and if that institution waives the fee for any reason. Keep in mind that a financial institution might also bundle a minimum balance fee into its monthly service charge. In either case, you might have other options for preventing this fee if your balance drops too low, such as maintaining a total combined balanced across your accounts, performing a specific number of debit transactions over a 30-day period, choosing direct deposit or setting up accounts related to credit cards, merchant processing, payroll or other banking services.
  • Transaction Fees:
    Commercial/business banking accounts typically have free transaction limitations. A financial institution might allow you to perform, for example, 200 free transactions that include electronic, paper and cash deposits and payments and then charge you a per transaction or "handling" fee. You might not receive any fee though for debit card transactions. You should also watch out for transaction fees related to overdrafts and, if applicable, merchant processing.
  • Deposit Fees:
    Our consumer reviews can help you to determine if a bank or credit union charges deposit fees on a specific type of account and the amount of those fees. Some banks and credit unions charge fees when you make high single deposits or high monthly cash deposits. For example, you might receive a fee for any type of single deposit over $10,000 or a fee of so many cents for every $100 of cash deposits totaling $25,000 or more.
  • Hidden Fees:
    All financial institutions list fees in the consumer charges schedules and fine print of new account contracts. Our reviewers can alert you to fees that they started seeing out of the blue on their statements. Many people are not aware these fees until they start seeing them on monthly statements because they forget about rare fees, their account managers failed to provide these details or the fees did not apply to their circumstances until they made business changes.
  • Non-Branch Deposits:
    Busy business leaders and their employees do not always have the time to run to the closest bank branch to deposit paper checks or cash. Our reviews can often help you find banks and credit unions that offer mobile check and ATM deposit services. With mobile check products, you can take a photograph of a check using a smart phone camera and app or scan the check with a desktop scanner. If you are looking for ATM deposit options, review can help you find ATMs close to your business or on your route home and no-surcharge options.
  • Fast Funding and Cash Access:
    You need to know that you always have access to your money when you need it at home or abroad at branches, ATMs and online to make money transfers, pay bills and buy anything you need to keep your business ahead of the competition. Our consumer reviewers often outline details about the number and distribution of branches and ATMs in a specific area, the turnaround time for teller and ATM deposits and electronic transfers and the maximum withdrawal amounts based on different types of accounts and debit cards.
  • Debit Card Benefits:
    We recommend that you also look for details about debit cards that have no annual fees that offer you plenty of benefits. You should think about a card that you can link to multiple accounts. It should also offer you some sort of reward that you value, such as cash back, discounts at other businesses that you frequent or discounts or points toward the cost of tickets for travel. If you plan to allow an employee to use a debit card, such as in per diem and business purchase scenarios, look for cards that allow you to control the amount of money available for use on a daily basis. Other debit card features to consider are "instant issue" temporary replacement, chip security, medical, roadside, planning and legal assistance services when traveling, insurance options that provide coverage to property that you rent with the card and ATM availability.
  • Account Security and Protection:
    Some banks and credit unions do not offer insurance coverage through the Federal Deposit Insurance Corporation or the National Credit Union Administration, respectively. This is an important detail to consider as you read our consumer reviews. Insurance coverage is currently up to $250,000 for financial institution failures and errors. You should also check if a bank or credit union offers other types of assistance, such as ID theft monitoring and legal help, safe money-handling tips and online security in the form of cutting edge encryption and multiple password prompts, automatic logouts and email and cell phone suspicious activity alerts.
  • Online Account Tools:
    You might think that every financial institution that exists has efficient and use-friendly online account tools. The reality is that some banks and credit unions are behind the times. We believe that it is extremely important that business owners and leaders look for negative and positive statements about this topic. At the most basic level, online commercial/banking accounts should have easy-to-navigate user interfaces with tools that clearly outline your balance, average daily and monthly balances, transactions, statements and contact information. The website should allow you to perform more than funds transfers and bill payments. The bank or credit union should also offer an area that teaches you how to use the site with both written text and video assistance. If you plan to set up a merchant services account, look for details about merchant service providers partnered with the financial institution like online account access and equipment and software and/or e-commerce shopping cart demos.
  • Merchant Account Services:
    As previously mentioned, some banks and credit unions waive certain fees when you choose their merchant account services to process your credit, debit, check and/or gift card transactions. If you plan to take other forms of payment beyond cash, always look for details related to transaction and processing fees, equipment and software experiences, purchase versus lease details, mobile and remote processing options and online e-commerce and shopping carts. For example, a review might help you determine whether a reader used with a smart phone would be better for you than a wireless portable handheld credit card machine. Our consumer reviews might also give you pros and cons related to various types of PIN pads.
  • Accounting and Advisory Services:
    You should also look for any indication that a bank or credit union offers services related to bookkeeping and money management advice as part of the commercial/business banking account plan. Accounting services might include downloadable statements in PDF format, downloadable transaction details in a spreadsheet format and integration with accounting software like QuickBooks that allows all banking information to export automatically to the software. You might also find out whether a financial institution offers the QuickBooks Direct Connect service that allows you to perform a lot of your banking transactions from the software. Money management services might include advice related to investments, insurance and even employee retirement.
  • Customer Service Performance and Availability:
    Business leaders know that high quality customer service is incredibly important to the success of any type of business. You should never choose a financial institution that fails to meet up to your own high standards for customer service. Summaries by our consumer reviewers often contain detailed accounts of good and poor customer service interactions that can help you decide if a specific bank or credit union is worth your time and your business. You should also seek a financial institution that recognizes that most businesses no longer keep traditional daytime business hours. Given that technology and Internet advances have expanded business interactions into different time zones, you need to know that you can reach out and instantly connect to a customer support specialist at a financial institution at any time day or night seven days a week by phone, email and online chat. If you travel, you should also look for stories about emergency and non-emergency customer service interactions that took place in non-local areas so that you have a better grasp of what to expect if you need help while away from your office.

As with any banking reviews website, we recommend that you always confirm any details in our consumer reviews on the websites of the banks or credit unions that draw your interest. Fees, balance minimums and other requirements often differ by state and even within regions in a state. A financial institution's website can also confirm the number of branches and ATMs in your geographic area. It is important to follow-up in this way because a review might mention a branch that has been consolidated into another one elsewhere or a change from a deposit ATM to a non-deposit one at a specific location. Merchant account service transaction and processing fees also vary for various reasons and across business types and industries.

The Future of Your Business

Although our reviews might fail to answer every one of your commercial/business banking account and bank or credit union questions, you will find on our website a lot of the important information that you need to make a wise decision. You do not need to be a business guru or money expert to make a final selection. You only need to compare your options and follow our tips for picking the best products to grow your business and help it flourish for years to come.