Mobile Check Deposit Archives - Hanover Mortgages

March 1, 2021

How to Move Your Money to an Online Checking Account

Switching bank accounts isn’t as tedious as it may seem. Here’s how to simplify the process.

Do you remember the last time you walked into a physical bank branch? If you can’t, or a bank visit is a rare occurrence, you may be pleased to know there are alternatives if you’re looking to replace your brick-and-mortar checking account. Enter online banking.

“Increasingly, our clients tell us they rarely go to bank branches anymore,” says Andrew Wang, managing partner at Runnymede Capital Management, a financial management firm based out of Mendham, New Jersey.

Wang’s observation is also backed by research. According to a 2018 study by PwC, an accounting services firm, 20 percent of consumers prefer to bank online, another 15 percent prefer to bank from their mobile device and 14 percent prefer to use a combination of both online and mobile banking.

Even if research shows consumers are trending toward digital-only banking, you might still be wondering if online banking is right for you. Learning how to switch banks may feel like a time-consuming process on top of your already packed schedule.

Good news: It’s actually quite easy to move a checking account to a new bank, including to an online bank. And regardless of how simple it is to replace your brick-and-mortar checking account, there are plenty of perks that come with making the switch to online banking that could be worth your while. The digital age has made it pretty straightforward to do things like set up a direct deposit and switch bill pay to a new bank.

If you’re asking, “What are the steps to move my checking account to an online bank?”, consider the following:

Choose the right account and get started

First things first: Why do you want to move your checking account to a new bank? Identifying why you’re making the switch in the first place will help you find an online checking account that meets your needs.

Maybe you want a higher interest rate. Or maybe you want rewards—an account like Discover Cashback Debit lets you earn 1% cash back on up to $3,000 in debit card purchases each month.¹ If you’re looking to replace your brick-and-mortar checking account, you’ll also want to consider any potential fees and if your new account has FDIC insurance.

Say hello to
cash back on debit
card purchases.

No monthly fees.
No balance requirements.
No, really.

See Details

Discover Bank, Member FDIC

Once you’ve decided which online checking account to open, you’ll need to fill out an application. You may be asked to provide a few basics—like your address and Social Security number—and you can provide a starting balance and fund your account by transferring money from an existing one. You should also find instructions for setting up your online and mobile account access.

From there, it’s time to move on to other aspects of financial management.

Enroll in direct deposit

If you’re determining how to switch banks, consider other features that could help you manage your checking account and budget. Automating your finances, for example, can be an easy way to stay on track toward your financial goals. It helps put systems in place that can all but eliminate human error.

“Systems beat out human beings when it comes to consistency. They don’t get tired or sick or lose motivation,” says Tiffany Aliche, founder of The Budgetnista, a financial education website. “Systems also don’t make irrational financial decisions based on emotion,” she adds. If you have your employer directly deposit your paycheck into your checking account, you don’t run the risk of losing a check (where’d that thing go?) or forgetting to make the deposit on your own.

Sold? Making sure you have direct deposit when you move a checking account to a new bank is easy, whether you’re new to direct deposit or have been using it for some time. You may have to notify your employer and give them an authorization form with your new banking information, including your account and routing numbers. You can get this authorization form from your new bank. Your employer may also have their own form for you to fill out.

Set up bill pay

When you move your checking account to a new bank, you’ll also need to switch bill pay to your new bank so recurring expenses don’t slip through the cracks.

Log into your current checking account and view all of the recurring bill payments you have scheduled. If these have been running on autopilot, it could be easy to forget some of those smaller payments that come out of your checking account on the reg. Next move over to your new online checking account and find the bill pay option, and follow your account’s instructions to set up bill pay for each of your expenses.

Online bill pay is something financial advisor Susan Jensch does with her own accounts.

“Setting up online bill pay has been really beneficial for me because it helps control my cash flow,” she says.

Instead of randomly scheduling her bill payments and running the risk of an overdraft, she makes sure to schedule them right after bi-weekly deposits hit her checking account. This way, she knows there is enough money in the account to cover them.

“It works out that my mortgage and car are paid when the first paycheck hits. My credit card and some other bills come out two weeks later, since those payment dates are more flexible,” Jensch adds.

Schedule automatic transfers

When moving a checking account to a new bank, you may want to consider setting up automatic transfers to your savings account. Aliche, the founder of The Budgetnista, encourages her audience to create multiple savings accounts—one for each goal—and then to set up automatic transfers into each. You may have one automatic transfer into your savings account for your emergency fund, for example, and another transfer set up for your savings account earmarked for vacation expenses.

You can set up your automatic transfers by logging into your online checking account. You’ll need to select which account should receive the transfer, the amount of the transfer and the cadence for the transfer (think weekly, after each paycheck, or monthly).

Replacing your brick-and-mortar checking account

With the streamlined processes that online banks provide, learning how to switch banks is simple. Both Wang and Aliche agree, online banks can provide perks and flexibility that help you automate your finances and reach your financial goals.

¹ ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo^® and PayPal^™, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries. Venmo and PayPal are registered trademarks of PayPal, Inc.

Source: discover.com

February 28, 2021

5 Common Mistakes You’re Making With Your Checking Account

Are you playing it smart with your checking account? Learn which checking account mistakes to avoid.

A checking account and debit card are two of the best tools you can have for managing your money. But how you use them matters.

“Checking accounts help you keep better track of what you spend,” says Alexander Lowry, executive director of the Master of Science in Financial Analysis Program at Gordon College in Wenham, Massachusetts. “When you’re recording debit and checking purchases, you’re more conscious of where your money is going.”

Sounds easy enough, but depending on how you use your checking account, you could be shortchanging yourself—without even realizing it.

What are some checking account mistakes to avoid? To answer that, here’s a rundown of the most common mistakes you’re making with your checking account:

Make sure you know what checking account mistakes to avoid when managing your money.

1. Treating your checking account like a savings account

Checking accounts are typically used for everyday spending and paying bills. A savings account is your go-to for working toward short- and long-term financial goals. Confusing the two tops the list of checking account mistakes that should be avoided.

If your checking account is your most-used bank account, it may be tempting to stash some savings there as well. But Andrew Rombach, a contributing editor at LendEDU, says there are three reasons to keep your savings in a separate savings account:

Interest: “You generally won’t earn interest on your checking balance, so you’re leaving money on the table,” Rombach says. Instead, consider moving your savings to a high-yield savings account.
Security: While funds you need to access regularly for day-to-day spending are parked in your checking account, you may want funds for anything else (think your emergency fund or long-term savings) in a separate account for security. “Your money could be more vulnerable to scammers [in a checking account], since you’re swiping your debit card for purchases,” Rombach says.
Accountability: “You’re more likely to spend extra money if it isn’t tucked away in savings,” Rombach says. The more money you see as “available” in your checking account, the more you’re likely to spend—regardless of whether you’ve earmarked it as “savings” in your budget.

Treating your checking account like a savings account and paying fees are two common checking account mistakes that should be avoided.

2. Sticking with a high-fee checking account

The average adult has had the same primary checking account for about 16 years, according to a survey conducted for personal finance websites Bankrate and MONEY.

There’s a lot to be said for being loyal, but it can backfire if another of the common mistakes you’re making with your checking account is paying too much in fees. That can include fees for monthly maintenance, ATM withdrawals and overdrafts.

Making the switch to a more fee-friendly (or even better, no-fee) bank can help you avoid checking account fees and save you money, and it doesn’t have to be a headache.

“The ability to link and transfer money between accounts makes switching banks relatively hassle-free these days,” says Megan Robinson, financial coach and founder of personal finance blog Goodbye to Broke. If this checking account mistake to avoid is all too familiar, she recommends online banks for low- and no-fee checking accounts.

“Look for an account with no minimum balance, no monthly fee and the ability to link your savings to checking for overdraft protection,” Robinson says. “Bonus points if your new checking account comes with a debit card rewards program.”

While those are less common, there are banks that offer rewards for debit card purchases. Discover Cashback Debit offers 1% cash back on up to $3,000 in debit card purchases each month.¹

“Look for an account with no minimum balance, no monthly fee and the ability to link your savings to checking for overdraft protection. Bonus points if your new checking account comes with a debit card rewards program.”

– Megan Robinson, financial coach and founder of Goodbye to Broke

3. Skipping text and email alerts

Text and email banking alerts are a convenient way to keep tabs on your finances. Not using them also lands on the list of checking account mistakes that should be avoided.

“If you don’t use these alerts, you run the risk of losing track of your money,” Rombach of LendEDU says. That could leave you short when you need cash in a pinch—or worse, put you at risk of overdrawing your account and incurring an overdraft fee.

Text and email alerts can also clue you in to potential suspicious activity, Rombach adds. Setting up an alert each time a new debit transaction posts to your checking account, for instance, can tip you off if someone makes a fraudulent charge using your debit card.

4. Failing to protect your account when shopping online

Online shopping is convenient, but being careless with your debit card number is a checking account mistake to avoid because it could make the money in your account more vulnerable to fraud.

“If you’re using your debit card, don’t save your information at any website, and look for ‘s’ after http [in the site’s URL] to make sure the site is encrypted,” Lowry, from Gordon College, says.

If you use your debit card online, shopping at unsecured sites or saving your payment information could be common mistakes you're making with your checking account.

Paying with your debit card through apps from unverified sources and using public Wi-Fi are additional checking account mistakes that should be avoided when shopping online. Robinson suggests using a secure third-party payment app to pay for purchases online, instead of giving a merchant your debit card information directly.

“That way, when you make a purchase, the recipient doesn’t receive your personal financial information,” she says.

5. Forgetting to keep a buffer

While keeping too much money in your checking account could mean losing out on interest earnings, cutting your balance too close to zero is a checking account mistake that should be avoided. In that case, even a small purchase could put your account in the negative and trigger an overdraft fee.

Robinson says a reason to keep at least $100 in your checking account is to protect against overdrafting. Another option is to link your checking account to your savings account and sign up for your bank’s overdraft protection. If you overdraw your checking account and have overdraft protection, your bank will automatically transfer money from savings to cover the transaction.

“Checking accounts help you keep better track of what you spend. When you’re recording debit and checking purchases, you’re more conscious of where your money is going.”

– Alexander Lowry, executive director of the Master of Science in Financial Analysis Program at Gordon College

Even if you have overdraft protection, there are still checking account mistakes to avoid. You’ll still want to monitor your spending carefully, for example, to avoid letting a low balance put you in the danger zone. If you end up overdrawing your checking account too often, overdraft transfers could quickly drain your savings. Your bank could also charge a fee each time it makes a transfer on your behalf.

Rethink how you manage your checking account

Avoiding common mistakes you’re making with your checking account can improve your financial health. It’s easier to build savings when your spending is under control, which is important if you’re working toward some big financial goals. Knowing which checking account mistakes to avoid can ensure you’re managing your bank accounts to match your needs.

Source: discover.com

February 27, 2021

NorthOne Business Banking: 2021 Review

Editor’s note: As of publication, NorthOne has paused new accounts to upgrade to its banking technology. Business owners who apply and are approved during this time will be placed on a waitlist for accounts to be opened on March 16.

The NorthOne business bank account is a worthwhile option for any small-business owner looking for an online business checking account. For a $10 monthly fee, NorthOne offers unlimited fee-free transactions, fee-free in-network ATM access and a variety of digital tools.

It’s important to note that although many online competitors offer free business checking accounts, or accounts with waivable monthly fees, NorthOne’s monthly fee cannot be waived.

With unlimited sub-accounts, invoicing and app integrations, NorthOne is particularly well-suited for freelancers, contractors or self-employed business owners who need to separate their personal and business finances.

NorthOne business banking is best for small-business owners who:

Are OK paying a monthly fee for their account.
Want the ability to deposit and withdraw cash at in-network ATMs fee-free.
Prefer to manage the majority of their finances online.
Want to be able to connect their account to financial tools they already use.
Can benefit from widespread access to customer support representatives.

Pros and cons

Unlimited fee-free transactions.
Fee-free access to over 300,000 ATMs across the U.S.
Digital banking tools including unlimited sub-accounts, bill pay and expense management.
Create and send unlimited invoices from NorthOne business banking app.
Integrate with business tools, including QuickBooks, Shopify, Stripe, Square and Expensify.
Access customer support via in-app live chat, phone or email with extended hours.

$10 monthly fee, with no options to waive.
No reimbursements for ATM fees charged by other banks.
More incidental fees than some online competitors.

NorthOne business banking at a glance

Monthly fee:
Minimum opening deposit requirement:

Transactions:	Unlimited fee-free transactions

How NorthOne business banking works

You can open a NorthOne business bank account in two ways: by completing an application on the NorthOne website or by downloading the NorthOne mobile app (available for iOS and Android) and filling out an application there.

NorthOne isn’t an actual bank, so banking services are provided by LendingClub Bank and deposits are insured up to $250,000 by the Federal Deposit Insurance Corp.

To apply for NorthOne business banking, you will need to create an account using an email address and password. You will also need to supply a valid mobile phone number to use for two-factor authentication.

Next, you’ll complete the application by providing basic information about yourself, your business and any additional business owners (if applicable). You’ll need to provide your home and business address, Social Security number, employer identification number (for LLCs and corporations) and a valid government ID.

After you’ve submitted your application, it should take only a few minutes for NorthOne to review it. Once you’ve been approved, you’ll have to make the $50 minimum opening deposit to fund your account by ACH payment, wire transfer or mobile check deposit.

Then, you’ll be able to start using both the online and mobile features of your NorthOne business bank account, including sub-accounts, bill pay, invoicing and more.

You should receive your NorthOne business debit card within five days of opening your account. Although NorthOne business banking cannot accommodate verified users, you can use the app to add other business owners to your account. Each owner will get an invite via email, complete identity verification, then receive their own business debit card.

Where NorthOne business banking stands out

Unlimited fee-free transactions: NorthOne business banking offers unlimited fee-free transactions, including payments, deposits, transfers and debit card usage. NorthOne doesn’t charge for ACH payments or mobile check deposits, and you have the option to make a bill payment in-app and NorthOne will send out a physical check to the recipient.

ATM access: With NorthOne, you have access to over 300,000 fee-free ATMs across the U.S. through the NYCE and MoneyPass networks. You can use your NorthOne business debit card at these ATMs to both withdraw and deposit cash, without paying any additional fees.

In addition, the NorthOne mobile app offers an ATM finder that allows you to identify your location and search for the closest ATMs near you.

Digital tools: The NorthOne business bank account includes access to online and mobile banking with tools that allow you to send payments, make deposits and pay bills. In addition, this account offers cash flow reporting, transaction search with smart filters, automatic purchase categorization and receipt management.

Plus, NorthOne stands out with its unlimited sub-accounts, giving you the ability to budget for taxes, payroll or any other expense. You can create sub-accounts and set up custom rules to fund them weekly or whenever you get paid — at no extra cost.

Invoicing: NorthOne offers two different invoicing tools. First, you have access to NorthOne’s in-app invoicing, which allows you to create and send invoices, identify a payment method, due date and accept payments. When the invoice is paid by your customer, you can change the status from pending to paid. There are no additional fees for these features and no limits on the number of invoices you can send.

You can also use NorthOne’s free invoice maker app. This is a separate app, available for both Android and iOS devices, that allows you to create and send invoices, track payments and send reminders about outstanding payments. The free invoice maker app also gives you the ability to create and send quotes, estimates, generate sales receipts and save customer details.

Although it’s a separate app, the free invoice maker gives you a few additional invoicing features — and you don’t actually need a NorthOne business bank account to use it.

Integrations: With NorthOne business banking, you can connect your account to an unlimited number of third-party apps. NorthOne integrates with business tools, including QuickBooks, FreshBooks, Wave, Xero, Etsy, Shopify, Stripe, Square, PayPal, Gusto and Expensify. Through these integrations, you can sync transaction details, collect payments, see invoices and more.

Customer support: NorthOne offers three different avenues for customer support — live chat, phone and email. Plus, with phone support, you can schedule a time to speak with a representative using the mobile app, instead of having to call and wait for a representative.

In addition, NorthOne customer support is available seven days a week, with extended hours, 8 a.m. to 1 a.m. ET. And, if you have an urgent request outside of regular customer support hours, you can email customer service adding [Urgent] to the subject line and NorthOne states that someone will get back to you as soon as possible.

Where NorthOne business banking falls short

Monthly fee: NorthOne charges a $10 monthly fee for its business bank account — with no options to waive it. Although $10 is a fairly low fee, there are a variety of business checking account competitors that either don’t charge a monthly fee or have a monthly fee that can be waived by maintaining a minimum balance or meeting other similar criteria.

No reimbursements for third-party ATM fees: NorthOne doesn’t charge fees for using an out-of-network ATM, however, you may face fees from the owner of the ATM. A perk offered by some online business checking account competitors is reimbursement for these types of fees — something NorthOne doesn’t currently offer.

Incidental fees: There are a few places where you’ll face additional fees with a NorthOne business bank account. NorthOne charges $10 for sending or receiving a domestic wire, $25 for sending or receiving an international wire and $5 for overdrafting your account. In addition, you’ll face a $10 fee for a returned payment and a $25 fee for nonsufficient funds.

Although these kinds of incidental fees are common with business checking accounts from brick-and-mortar banks, some online-based competitors offer fewer fees.

Compare business checking accounts

Source: nerdwallet.com

February 20, 2021

5 Best Checking Accounts for Seniors – Rates for 2021

Banks don’t market checking accounts to older adults at quite the same rate as to students, small-business owners, or general audiences looking for free checking options insured by the FDIC — which covers pretty much everyone, to be fair.

But senior-friendly checking accounts do exist, and they’re more common than you might imagine. Look no farther than the checking accounts on this list, backed by some of the best banks for seniors around. All are either free of monthly maintenance fees for all account holders or have easy-to-attain maintenance fee waivers.

Best Checking Accounts for Seniors

A few of the top FDIC-insured checking accounts for seniors are age-restricted, meaning they’re not open to applicants who don’t meet the sponsor bank’s definition of “senior.”

Others are not age-restricted but either offer perks specifically for seniors or simply provide a favorable mix of features and benefits (such as high-interest yields) for older account holders.

1. Axos Bank Golden Checking

0.20% APY on All Balances With Virtually No Fees

Axos Bank Logo Axos Bank Golden Checking is a virtually fee-free high-yield checking account for people age 55 and older. Its upsides include a solid yield on all balances, a low minimum opening deposit requirement, and no ongoing monthly balance requirement.

Switching is easy for new account holders thanks to Axos Bank’s No-Hassle Switch Kit — a step-by-step checklist that makes sense of the transition and ensures nothing falls through the cracks.

And, if you’re in the market for a one-stop financial shop, don’t miss Axos Bank’s consumer-friendly savings account and CD options.

Minimum Balance Requirements: There’s no minimum monthly balance requirement. The minimum balance to open the account is $50.
Account Opening Bonus: None.
Yield: This account yields 0.20% APY on all balances. Yields are subject to change with prevailing rates.
Rewards and Incentives: Enjoy up to $8 in monthly ATM fee reimbursements, free personal checks, and free mobile check deposit.
Possible Fees: This account has no monthly maintenance fee (monthly service fee) and virtually no ongoing fees.

Learn More

2. BBVA Online Checking

Access to BBVA’s ClearBenefits Program for an Additional $4 Per Month

Bbva Logo The BBVA Online Checking account is a maintenance-fee-free online bank account available to most Americans, including those who don’t live within BBVA’s Sun Belt branch network. That’s great news for retirees and working seniors interested in online banking, no matter where they call home.

Beyond no monthly maintenance fee and no ongoing balance requirement, BBVA Online Checking stands out from other free checking accounts due to BBVA’s ClearBenefits program, which promises premium identity theft restoration and insurance coverage — plus other potentially valuable perks — for a small monthly fee.

All told, BBVA is one of the best banks for young folks and older customers alike.

Minimum Balance Requirements: There’s no ongoing balance requirement. The minimum opening deposit is $25.
Account Opening Bonus: See BBVA’s website for potential bonus opportunities.
Yield: None.
Rewards and Incentives: Enroll in the BBVA ClearBenefits Program to take advantage of benefits like identity theft restoration and insurance, cellphone protection (less a small deductible), and other potentially valuable services. The monthly fee is $4 — significantly less than the out-of-pocket cost for most premium identity theft protection services and electronics insurance policies. Plus, enjoy no ATM fees at more than 64,000 machines in BBVA’s extended network and deposit checks on the go with a handy mobile check deposit app.
Possible Fees: Overdraft protection typically involves fees. See BBVA’s Online Checking disclosures for more detail.

Learn More

Member FDIC.

3. BB&T Bank Senior Checking

Free Personal Checks and One Penalty-Free CD Withdrawal for Medical Emergencies

1280px Bb&t Logo.svg BB&T Bank Senior Checking is an age-restricted checking account for Americans age 55 or older living across a broad swathe of the eastern United States. With an easily attainable monthly maintenance fee waiver and a host of digital perks for on-the-go account holders, it’s the ideal choice for seniors who’d be perfectly happy never to set foot in a bank branch again.

Avoid the $10 monthly maintenance fee each statement cycle by receiving at least $500 in combined direct deposits or maintaining a $1,000 average minimum daily balance.

Minimum Balance Requirements: There’s no ongoing balance requirement, although a minimum daily balance of $1,000 gets the $10 monthly maintenance fee waived. The minimum opening deposit is $100.
Account Opening Bonus: None.
Yield: None.
Rewards and Incentives: Senior Checking account holders enjoy one penalty-free early CD withdrawal for documented medical emergencies — a potentially invaluable perk should an unforeseen illness or injury strike. Other benefits include free mobile check deposit and digital money transfers with Zelle.
Possible Fees: See BB&T’s fee disclosures for a complete accounting of possible fees for this deposit account.

Learn More

4. U.S. Bank Easy Checking

No Monthly Maintenance Fee for Account Holders Over Age 65

Us Bank Logo U.S. Bank Easy Checking is a senior-friendly checking account that waives monthly maintenance fees for any account holder over age 65, regardless of balance or cash flow. Otherwise, it’s a fairly basic account for older Americans not looking for anything fancy. Standard features include a complimentary debit card and online and mobile bill pay and check deposit.

Minimum Balance Requirements: There’s no ongoing account balance requirement for account holders over age 65. The minimum opening deposit is $25.
Account Opening Bonus: None.
Yield: None.
Rewards and Incentives: Enjoy free mobile check deposit.
Possible Fees: See U.S. Bank’s Easy Checking snapshot for a complete accounting of common fees.

Learn More

5. TD Bank 60 Plus Checking

Nominal Yield on All Balances

td bank TD Bank 60 Plus Checking is an age-restricted account for Americans over age 60. Like the BB&T Bank Senior Checking, TD Bank 60 Plus Checking is available primarily in the eastern half of the United States, so be sure to check that you’re eligible before applying.

Notable benefits here include a nominal yield on all balances, free personal checks, and discounts on home equity products and personal loans.

Minimum Balance Requirements: There’s no minimum opening deposit required, but the minimum daily account balance required to waive the $10 monthly maintenance fee is $250.
Account Opening Bonus: None.
Yield: This account yields 0.01% APY on all balances, subject to change by account holder location and prevailing interest rates.
Rewards and Incentives: Enjoy a 0.25% interest rate discount on eligible TD Bank home equity lines of credit, no ATM fees at TD Bank ATMs, and free standard personal checks and bank checks.
Possible Fees: This account has few fees, but overdraft protection generally does involve costs. See TD Bank’s account overview for more on possible fees.

Learn More

Final Word

Mainstream money management won’t ever be off-limits to older Americans, of course. If you’re happy with your current bank or credit union and none of the checking options on this list excite you, you can keep your money where it is as long as you’d like.

You’re also free to move your money to another high-yield checking or savings account not listed here, explicitly senior-friendly or otherwise — like one of these leading rewards checking accounts.

Still, it’s surely nice to know that some banks and credit unions do prioritize older Americans’ unique financial needs. Financial institutions should recognize just how much work their older customers have put in to get where they are — whether that’s enjoying a comfortable retirement, preparing a graceful exit from the workforce, or gearing up for the next great career challenge.

Source: moneycrashers.com

February 20, 2021

BMO Harris Bank Business Checking: 2021 Review

BMO Harris offers three main business checking accounts, including an interest-bearing option and a free checking account for nonprofit businesses. These options may appeal to a variety of business owners, especially if they can maintain a balance high enough to skirt the monthly maintenance fee. All BMO Harris business checking customers have access to free online and mobile banking.

BMO Harris business checking is best for small-business owners who:

Want the benefits of branch access with the convenience of online banking.
Run a nonprofit organization and can take advantage of the bank’s free checking option.
Don’t anticipate large volumes of transactions.

Pros & Cons

More than 500 branches across BMO Harris’ eight-state service area.
Free checking account option for nonprofit organizations.
Sign-up bonus for new customers who enroll in a BMO Harris Essential Business or Business Advantage checking account.

Limits on fee-free transactions for all checking account types.
Overdraft and other incidental fees could prove expensive for some business owners.
Monthly maintenance fees charged on Essential Business and Business Advantage accounts unless minimum balance requirements are met.

BMO Harris Bank business checking at a glance

	Essential Business Checking	Business Advantage Checking	Non-Profit Small Business Checking
Monthly fee:	$15, waived with an average balance of $1,500 per monthly statement period.	$20, waived with an average balance of $5,000 per monthly statement period or $15,000 in combined balances when linked with other BMO accounts.
Minimum opening deposit requirement:
		Tiered interest rates based on collected balance. Must contact BMO Harris for current rates.
Transactions:	Up to 200 fee-free transactions per statement period, including online banking transactions, then $0.40 per item.	Up to 500 fee-free transactions per statement period, including online banking transactions, then $0.40 per item.	Up to 200 fee-free transactions per statement period, including online banking transactions, then $0.40 per item.
	$200 (with promo code) if you open your account at a branch.	$500 (with promo code) if you open your account at a branch.

How BMO Harris Bank business checking works

Headquartered in Chicago, BMO Harris has more than 500 branches across eight states — Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida and Wisconsin — but serves businesses in all 50 states via online banking.

You can open a BMO Harris business checking account over the phone or in person (if you’re located near a branch). The bank offers three main account options: Essential Business Checking, Business Advantage Checking and Non-Profit Small Business Checking.

To open an account, you’ll need to provide:

Two forms of identification.
A tax identification number (an EIN for businesses and nonprofits, a Social Security number for individuals).
A physical address and date of birth for all owners, key executives and partners.
Depending on your business type, you may also need to supply additional documents, such as articles of incorporation or partnership agreements.
Nonprofit organizations need to provide a letter of authorization that notes who is authorized on the account. A certificate of good standing may also be obtained by BMO Harris for nonprofit corporations.

All BMO Harris Bank business checking accounts come with free online and mobile banking. Customers can use the bank’s app or online banking portal to pay bills and transfer money between accounts. Mobile check deposit is also available via the BMO Harris Bank mobile app, but will count toward your account’s transaction limit.

Where BMO Harris Bank business checking stands out

Sign-up bonus: New BMO Harris Bank business customers can earn a sign-up bonus of $200 (Essential Business) or $500 (Business Advantage) if they visit the bank’s website to request a promo code and redeem that code at a branch to open a new business checking account.

To get the bonus you must have at least 10 electronic transactions posted to the account within 90 days. You also need to reach a specific balance by day 31 and maintain it for an additional 90 days. The average monthly balance requirement is $1,500 for Essential Business customers and $5,000 for Business Advantage customers.

Branch and ATM access: BMO Harris has more than 500 branches across eight states, which can be appealing if you favor face-to-face banking. But research your closest branch before enrolling: In some states, BMO Harris branches are largely concentrated around major urban areas, like Chicago, Indianapolis and Kansas City, which could make it difficult for business owners in smaller cities to access brick-and-mortar locations. BMO Harris customers can also use more than 40,000 Allpoint and BMO Harris Bank ATMs for free.

Free checking for nonprofits: BMO Harris Bank’s Non-Profit Small Business Checking has no monthly maintenance fee, but otherwise mirrors the bank’s Essential Business Checking, with 200 free transactions, a $100 minimum opening deposit and up to $5,000 in free cash deposits.

Where BMO Harris Bank business checking falls short

Monthly maintenance fees: BMO Harris Bank offers a free checking account for nonprofit small businesses, but Essential Business and Business Advantage checking accounts are assessed a monthly maintenance fee of $15 or $20, respectively. You can avoid this fee by maintaining an average balance of $1,500 (Essential Business) or $5,000 (Business Advantage) per statement cycle. If monthly fees are a deal breaker, consider a free business checking account.

Transaction limits: BMO Harris Bank limits the number of free transactions allowed on its business checking accounts. Customers enrolled in Essential Business Checking are allowed up to 200 free transactions per cycle, while Business Advantage Checking customers are capped at 500. Nonprofit business checking account holders are also subject to a transaction limit of 200 items before fees kick in. Anything beyond your account limit is charged at 40 cents per item. Transactions that count toward your limit include non-ATM deposits, checks deposited, checks paid and ACH credits and debits. Digital banking transactions, such as transfers and online bill pay, count toward the limit.

While transaction limits are common on business checking accounts, there are several options that offer unlimited transactions. Consider Capital One Spark Business Checking or an online bank like BlueVine or Radius if you want to avoid transaction limits.

Incidental fees: Dig into the product disclosures for BMO Harris Bank business accounts and you’ll notice a slew of potential fees that could impact your account, should you request a stop payment ($35), use a non-BMO Harris ATM ($3 per transaction) or overdraw your account ($36).

Those overdraft fees kick in if your account is overdrawn by more than $5 after all items are posted to the account. No fee is charged if the account is overdrawn due to bank fees or service charges. A $7-per-day fee also applies if your account is overdrawn for three consecutive business days.

Additional charges include wire transfers — $15 per incoming and $30 per outgoing (domestic) for Essential Business Checking and Non-Profit Small Business Checking accounts. Business Advantage Checking customers enjoy free incoming wire transfers (domestic and international) but are charged $30 per outgoing wire transfer (domestic).

Compare business checking accounts

Source: nerdwallet.com

February 4, 2021

Wells Fargo Business Checking: 2021 Review

Wells Fargo offers three core business checking accounts: Initiate Business Checking (formerly Simple Business Checking), Navigate Business Checking and Optimize Business Checking. It also offers additional account options based on your location and business type, such as Federal Agency Checking and the Real Estate Trust Account.

With locations and ATMs in 37 states, plus Washington D.C., Wells Fargo business checking is well-suited for small-business owners looking for customizable banking from a brick-and-mortar institution.

Although Wells Fargo doesn’t offer a truly free general business checking account or an account with unlimited fee-free transactions — features you may find with online-based competitors — it provides extended customer service hours and multiple ways to open an account, including online, over the phone and by visiting a branch.

Wells Fargo business checking is best for small-business owners who:

Can pay a monthly service fee or qualify to waive it.
Anticipate making between 100 and 250 account transactions per month.
Would prefer a business checking account from a brick-and-mortar bank instead of an online-only bank.
Want access to customer service representatives on a regular basis.

Pros & cons

Can choose from three core business checking accounts, plus additional options based on location and business type.
Access to over 13,000 fee-free Wells Fargo ATMs and 5,200 branches across 37 states.
Three ways to open a business checking account — online, over the phone or visiting a branch.
Online, mobile and security banking features included with all accounts.
Extended customer service hours for general banking inquiries; 24/7 customer service for online banking and bill pay assistance.

Fee-free transactions limited to 100-250 per month (based on the account).
Fees for withdrawals at non-Wells Fargo ATMs, $2.50 for U.S. ATMs, $5 for international ATMs (owner of the ATM may charge an additional fee).

Wells Fargo business checking at a glance

	Initiate Business Checking	Navigate Business Checking	Optimize Business Checking
Monthly fee:	$10, waived with a minimum daily balance of $500 or $1,000 average ledger balance.	$25, waived with a minimum daily balance of $10,000 or $15,000 average combined business deposit balances.	$75, earnings allowance included with account can be used to offset monthly fees.
Minimum opening deposit requirement:
		Rates vary based on your location.
Transactions:	Up to 100 fee-free transactions per month, then 50 cents per transaction after that.	Up to 250 fee-free transactions per month, then 50 cents per transaction after that.	Up to 250 fee-free transactions (withdrawals/debits posted to your account and electronic check deposits) per month, then 50 cents per transaction after that. Non-electronic deposits cost $1 per deposit plus 20 cents per check deposited.
Cash deposits:	Up to $5,000 per month with no fee, after that 30 cents per $100 deposited.	Up to $20,000 per month with no fee, after that 30 cents per $100 deposited.	$0.0025 per $1 deposited.
Waived incidental fees:		No fees for stop payments, cashier’s checks, money orders, incoming wires, first two outgoing domestic wire transfers per month.	No fees for stop payments, cashier’s checks, money orders, incoming wires, up to five outgoing wires using the bank’s Commercial Electronic Office service per month.

How Wells Fargo business checking works

With Wells Fargo, you can choose from one of the bank’s three core business checking accounts — Initiate, Navigate or Optimize — or, depending on your industry or location, you may be eligible to explore additional business bank account options.

To open a Wells Fargo business checking account, you can complete and submit an application online, over the phone, or by visiting a branch location. Wells Fargo has branch locations in 37 states, plus Washington D.C.

To be eligible for a Wells Fargo business checking account, you will need to provide your business tax ID number, or employer identification number, as well as a Social Security number and valid driver’s license or state identification for all owners, partners or key executives.

You will also need to provide basic information about yourself, your business, and all owners, partners and key executives — plus a minimum $25 opening deposit.

In addition, you will need to provide legal business documentation, based on your entity type. If you apply online or over the phone, Wells Fargo will provide you with instructions on how to supply your documentation.

If you visit a branch location to apply, it’s important to note that all owners, partners and key executives will need to be present in order to complete an application.

After your submitted application has been reviewed and approved by Wells Fargo, you can start setting up your business banking and managing your finances. You can enroll in online banking, download the Wells Fargo mobile app, sign up for overdraft protection and order checks.

To add funds to your account, you can use merchant card deposits, ACH transfers, wire transfers, mail checks, mobile check deposits, as well as visit a Wells Fargo branch or ATM. You can add your Wells Fargo business debit card to your digital wallet, enable text banking and customize user access on your account.

Where Wells Fargo business checking stands out

Account options: With Wells Fargo, you are not locked into a single business bank account option, so you can choose the business checking account that best meets your financial needs in terms of fees, transaction volume, cash deposits and other included features. With three core business checking accounts — Initiate, Navigate and Optimize — each offering an increasing number of features, you also have the ability to start with a lower-tier account and upgrade in the future, if your business requires it.

Moreover, if you operate in a specific industry or location, you might be able to take advantage of the additional business checking account solutions Wells Fargo offers, such as its government business checking accounts, lawyers trust accounts, real estate trust account and analyzed business checking account.

ATM and branch access: Wells Fargo business checking includes access to over 13,000 fee-free ATMs, as well as 5,200 branches across 37 states, plus Washington D.C. With your business debit card, you will be able to withdraw cash, deposit checks, transfer funds between your Wells Fargo accounts and deposit cash at any Wells Fargo ATM.

You will also be able to use your debit card at non-Wells Fargo ATMs in the U.S. and internationally — however, Wells Fargo will charge fees for those transactions, and you may also face additional fees from the owner of the ATM.

Multiple ways to open an account: You can open a Wells Fargo business checking account in one of three ways — online, over the phone or by visiting a branch. Unlike some brick-and-mortar banks, Wells Fargo does not limit small-business applicants based on their location (some banks offer accounts only to businesses located in states where they have branches) or require that business owners apply in person.

Online, mobile and security banking features: All of the Wells Fargo business checking accounts provide access to online and banking tools, which include mobile check deposit, online bill pay, text banking and digital wallet capabilities. These tools allow you to customize account and user access, set up alerts and even turn your cards on and off.

Wells Fargo also offers 24/7 fraud monitoring and zero liability protection on its business checking accounts.

Customer service: With Wells Fargo business checking, you can visit any branch to make a transaction with a teller, consult with a banker or visit an on-site ATM, if available. In addition, you can access the National Business Banking Center to speak with a representative over the phone to address account issues.

For general account issues, customer service is available Monday through Saturday from 7 a.m. to 11 p.m. ET and Sunday from 9 a.m. to 10 p.m. ET. For assistance with business online banking and bill pay, customer support is available 24/7 and for direct pay, representatives are available Monday through Sunday from 5 a.m. to 9 p.m. PT.

To open a new Wells Fargo business checking account, representatives are available Monday through Friday from 8 a.m. to 8 p.m. CT.

Moreover, you can use Wells Fargo’s automated telephone banking service at any time, with free, unlimited access to your accounts. Wells Fargo does not charge any fees to speak to a customer service representative over the phone.

Where Wells Fargo business checking falls short

Monthly fees: Although all three Wells Fargo business checking accounts offer ways to waive the monthly maintenance fee, these fees are still something to keep in mind and budget for — especially when it comes to the Navigate Business Checking account, where the threshold to waive is a minimum of $10,000, compared with $500 with the Initiate Business Checking account. These types of monthly fees are not uncommon, but there are both brick-and-mortar and online competitors that can offer fee-free account options.

Transaction limitations: Each of the Wells Fargo business checking accounts places a limit on the number of fee-free transactions that you can make every month. With the basic-level Initiate Business Checking account, you receive up to 100 fee-free transactions per month, with each additional transaction costing 50 cents.

Like monthly fees, these limitations are not uncommon but they are something to look out for, as you may be able to find a business checking account alternative that offers similar features but higher transaction limits.

As an example, Bank of America’s entry-level account, Business Fundamentals Checking, offers up to 200 fee-free transactions per month, with each additional transaction costing 45 cents. Plus, Bank of America does not charge an excess transaction fee for ACH transfers, debit card transactions, electronic debits and mobile or online check deposit.

Alternatively, if you want to avoid these limitations altogether, online competitors like BlueVine or NBKC can offer business checking accounts with unlimited fee-free transactions.

Incidental fees: Wells Fargo can charge a variety of incidental fees associated with the use of your business checking account. Wells Fargo charges a $35 overdraft and returned items fee, $31 stop payment fee, as well as wire fees that range from $15 to $45, depending on the type of wire.

In addition, Wells Fargo will charge a fee for using your business debit card at non-Wells Fargo ATMs. You’ll face a $2.50 fee for transactions in the U.S. and a $5 fee for international transactions. You may also face a fee from the owner of the ATM on top of these fees from Wells Fargo.

With the Navigate and Optimize Business Checking accounts, Wells Fargo waives some of these fees, which is not the case with the Initiate Business Checking account.

Compare business checking accounts

Source: nerdwallet.com

February 4, 2021

6 Free Online Checking Accounts: No Opening Deposit Required

A checking account is a must-have tool, but these accounts can come with monthly maintenance fees that can quickly add up. Many banks also require that you make a minimum initial deposit when you open a new account.

The following six checking accounts are free to open and don’t require an initial deposit, so they’re ideal if you’re just getting started and don’t have much money to put down. They also come with other benefits, like higher than average interest rates and early direct deposit options.

Chime Spending Account

Chime, a mobile bank, offers a Chime Spending Account that you can open in less than two minutes. This account is completely free and available to U.S. citizens ages 18 and up.

With the Chime app, you’ll be able to manage your banking and can sign up for this Spending Account (and a Chime Savings Account, if you’d like). Your Spending Account will come with a free Visa debit card. You can even set up direct deposit to further streamline your banking.

Benefits of the Chime Spending Account:

No initial deposit
No minimum balance and no monthly maintenance fees
Fee-free overdraft
Get paid up to 2 days early with direct deposit
Access to more than 38,000 fee-free ATMs

Axos Bank Essential Checking

Axos Bank is an FDIC-insured bank that’s been in business for 20 years. NerdWallet recognized Axos as offering the best checking account, and Go Banking Rates awarded Axos the title of the Best Online Bank.

With the Essential Checking account, you’ll be able to bank entirely online. Axos’ innovative banking platform integrates with apps like Mint and Venmo and allows you to aggregate multiple accounts into a single, simplified view. If you invite a friend to join, you and your friend can get $20 for every referral.

Benefits of the Axos Essential Checking Account:

No opening deposit requirement
No minimum balance requirement and no monthly maintenance fees
No overdraft fees
Unlimited ATM reimbursements
Early direct deposit up to 2 days ahead of payday
Free checks and Visa debit card when you open an account

Discover Cashback Debit

While Discover is traditionally known for its credit cards, this online bank also offers a Cashback Debit checking account that’s full of perks. Opening an account is simple and requires no initial deposit.

The real value of this account lies in its debit card rewards, though. You can receive 1% cash back on up to $3,000 in purchases every month. If you open a Discover Online Savings Account, you can elect to have those rewards automatically deposited into the savings account. Or, just opt to get the rewards back as cash.

Benefits of the Discover Cashback Debit Account:

Get 1% cash back on up to $3,000 of debit card purchases every month
No initial deposit
No monthly fee and no minimum balance requirement
No fee for transfers to external banks
No fee online bill pay and no fee check orders
Access over 60,000 no-fee ATMs

Capital One 360 Checking

With its 360 Checking account, Capital One offers many perks and versatile options. It’s possible to open and maintain this account entirely online, but Capital One’s local branches also offer in-person assistance if you should need it. The 0.10% APY on all account balances is above average, and there’s no fee for foreign transfers.

Capital One also offers a network of more than 40,000 ATMs plus mobile check deposit for convenient banking. You can also choose from three overdraft coverage options depending on what’s best for you.

Benefits of the Capital One 360 Checking Account:

No minimum balance or initial deposits
No monthly maintenance fees
0.10% APY on account balance
No fee for foreign transactions
Mobile check deposit with the Capital One app
Multiple overdraft protection options
40,000 fee-free ATMs

Ally Interest Checking Account

Ally’s Interest Checking Account offers some of the highest interest rates in the industry. Balances of less than $15,000 are eligible for 0.10% APY, while balances of $15,000 and up are eligible for a 0.25% APY. With no minimum opening deposit and no monthly maintenance fees, it’s easy to open an account, and

Ally is very transparent about its fees. Be aware that Ally does have an excessive transaction fee. This fee goes into effect if you exceed six transactions with money market accounts (like online and mobile banking transfers) per statement cycle.

Benefits of an Ally Interest Checking Account:

No minimum opening deposit
No monthly maintenance fees
0.10% APY on less than $15,000 minimum daily balance, and 0.25% APY on $15,000 minimum daily balance
Ally eCheck Deposit allows for check deposits from your smartphone
Free use of 43,000 Allpoint ATMs and up to $10 reimbursement for other ATM fees per cycle

Chase College Checking

The Chase College Checking account offers many perks for college students. Designed for students ages 17 to 24, there’s no monthly service fee for up to five years while the student is in college. Alternatively, the account carries a $6 monthly fee, or that fee is waived for a monthly direct deposit or if the account holds an average ending day balance of at least $5,000.

The Chase Mobile app allows for convenient banking, but Chase also has almost 4,900 branches nationwide. Chase also offers many other products that are ideal for college students, like the Chase Freedom Student Card.

Benefits of the Chase College Checking Account:

No initial deposit
Monthly service fee is waived for college students ages 17 to 24
Access to 16,000 ATMs and almost 4,900 branches
Chase Mobile app allows for mobile deposits
Quickly and easily send and receive money to friends and family with Chase QuickPay

Choosing the Right Account

The above checking accounts don’t require initial deposits, and each offers slightly different benefits. When choosing the account that’s right for your needs, consider how you’ll use the account, the type of balance you plan to carry, and what types of features you most value. Be sure to pay attention to details like overdraft protection, fees for excessive transactions, and other potential expenses you could face.

Source: crediful.com

January 31, 2021

7 Online Banks with Early Direct Deposit Options

Waiting for payday to come isn’t easy, especially when you’re paid biweekly and have bills to pay. You can get paid sooner by banking with a bank that offers early direct deposit. Instead of holding your money for two days, the bank will put it directly into your account once your employer’s payroll department sends out the funds. This means the money arrives in your account sooner, so you can pay bills and even invest that money.

To get started, you’ll need to find a bank that offers early direct deposit. Below are the top seven to consider.

Chime Bank

Chime, a mobile bank, is easy to use and offers plenty of benefits. When you sign up for direct deposit through your Chime Spending Account, you’ll see your money earlier. Chime makes your paycheck available to you as soon as your employer deposits it, and that’s often two days earlier.

Setting up direct deposit is easy. When you open your account, you’ll receive a pre-filled direct deposit form through email. You can give that form to your employer and get started right away.

Chime Spending Account Features

Get paid up to 2 days early
No overdraft, monthly service, foreign transaction, or transfer fees
No minimum balance requirements
Use your Chime Visa Debit Card at the 38,000 nationwide fee-free ATMs
Get SpotMe for fee-free overdraft protection
Automatic Savings feature helps you save money with every paycheck
Save When You Spend rounds up every purchase with your Chime Visa Debit Card to the nearest dollar for easy savings

Navy Federal Credit Union

Founded in 1933 by seven Navy employees, the Navy Federal Credit Union continues to serve servicemembers and the general public. Servicemembers can access early direct deposits with a Navy FCU Active Duty Checking account.

This early direct deposit is delivered bi-weekly, and it’s detailed in this military posting calendar. Navy FCU uses MyPay for direct deposit signups. The Active Duty Checking account is available for active or retired service members who are stateside or deployed.

Navy FCU Active Duty Checking Features

Direct deposit with early access
ATM fee rebates up to $240 per year
No monthly service fees
No minimum balance requirements
Free personalized checks
0.05% dividend rate, 0.05 APY

Radius Bank

Radius Bank was founded in 1987 and offers digital banking services for both consumers and businesses. Bankrate.com recognized Radius Bank as the best online bank of 2020. When you open a bank account with Radius, you can sign up for early direct deposit.

Radius makes paychecks available to you when your employer submits their payroll files. The Radius Mobile app also supports mobile check deposits, which are held for five business days. After you’ve been with Radius for 30 days, checks are held for just two days.

Radius Features

Direct deposit funds available up to 2 days early
Free checks
Radius Mobile app supports mobile check deposit and funds transfer
Rewards Checking and Superhero Checking accounts come with monthly ATM fee reimbursement

Varo

Varo was founded in 2015 as a digital bank and offers online bank and checking accounts without monthly fees. You can sign up for an account completely online, and there’s no need to go into a regional branch. With these accounts, you can get early direct deposit and receive your paycheck up to two days early. Varo can even help you to get your tax refund up to two days early.

Varo Features

Online accounts offer early direct deposit
Accounts have no monthly fees
Manage your money through your iOS or Android device
No fees at 55,000 Allpoint ATMs
No foreign transaction, debit card replacement, or transfer fees
No Fee Overdraft is available

Axos Bank

Axos Bank has been in business for 20 years. This bank offers many personal and business solutions, including a 0.90% APY high yield savings account. Axos’ savings accounts have no monthly maintenance fees and no minimum balance requirements.

Checking accounts have low to no monthly maintenance fees and offer cash back rewards. Axos Bank’s Direct Deposit Express feature means that you can get paid up to two days early. Direct Deposit Express is available for all direct deposits, including monthly government benefits and tax refunds.

Axos Features

Direct Deposit Express means you can get direct deposits and tax refunds up to 2 days early
Savings accounts have no monthly maintenance fees and no minimum balance
Checking accounts have low to no monthly maintenance fees
High yield savings account offers 0.90% APY

First Service Credit Union

The First Service Credit Union has served the Greater Houston area for over 40 years. Today, this member-owned not-for-profit financial cooperative has grown to encompass 11 branches and more than 55,000 members.

First Service offers many personal banking benefits, including free checking with debit rewards, high yield checking accounts, and access to online banking with the mobile app. First Service’s early direct deposit option offers convenience and is easy to set up, and the credit union is known for providing quality, personal service.

First Service Credit Union Features

Early direct deposit delivers a paycheck up to 2 days early
Competitive rates and fees
Nearly 30,000 ATMs and 5,000 shared branches
Free Checking and Debit Rewards account has a $0 monthly fee and no minimum balance
High Yield Checking account has 1.50% APY on balances from $0 to $20,000
Membership qualifications include geographic location, First Service family members, employees or retirees of Select Employee Groups, and members of the You First Foundation

Green Dot

Based in Pasadena, California, Green Dot has been in business for 20 years. Green Dot offers an unlimited cash back bank account with plenty of perks, like 2% cash back on purchases and 2% APY on savings.

With Green Dot’s ASAP Direct Deposit, you can get your paycheck up to two days early and your government benefits up to four days early. Green Dot’s app allows you to bank from anywhere, and you can even get a “starter Card” Visa at local retailers to start using your new account sooner.

Green Dot Features

ASAP Direct Deposit means you can get your paycheck up to 2 days early and your government benefits up to 4 days early
Free cash deposits at major retailers using the app
No overdraft fees or bank transfer fees
2% APY on savings up to a $10,000 balance
2% cash back on online and mobile purchases
Monthly fees of $7.95 are waived when you spend $1,000

Does Direct Deposit Come Early?

Standard direct deposit won’t come early – the money will be deposited into your account on your employer’s standard payday. Early direct deposit can get you your money up to two days early, and government benefits and tax refunds may come even earlier than that. Just when the money arrives depends on when your employer processes payroll. Holidays can also affect when your paycheck is deposited.

Finding the Right Bank

These seven banks all offer early direct deposit options. When choosing the bank that’s right for you, be sure to consider other factors like monthly and overdraft fees, minimum balances, and whether you’re most comfortable with online banking or a bank with a local branch.

Source: crediful.com

January 29, 2021

Credit Unions vs. Banks: Here are the Pros & Cons

At first glance, credit unions and banks may not seem that different from each other. After all, they both offer consumer checking and savings accounts and they also make loans using deposits.

Aside from these identical basic services, banks and credit unions also maintain several differences, particularly in their organizational design, infrastructure, and rates and fees.

We’ll show you what those differences are so you can decide which one fits the bill for your own banking wishlist. With so many options available, it’s smart to explore them all so you can have an easy and efficient way to handle all of your finances.

What is a credit union?

Unlike a bank, a credit union is a financial membership organization operated on a non-profit basis. You’re not a customer, you’re a member. That generally means you must have some type of “bond of association” to qualify.

However, that can be pretty simple to achieve. Some of the most common types of credit unions bring together members from the same employer, geographic area, or association (like an alumni association).

Being a credit union member also means that instead of opening an account, your deposits actually buy shares in the business. Credit unions are owned by members who then elect a volunteer board of directors to oversee operations.

Credit Unions Are Non-Profit

Since credit unions are non-profit organizations run by members, any profits are redistributed back to members in the form of lower banking fees and higher interest rates on savings accounts.

Credit unions often have better loan rates and lower fees compared to their traditional bank counterparts. It’s not always the case, but interest rates on credit cards, mortgages, auto loans, and personal loans are competitive. Big banks, on the other hand, work to create profits that are then distributed to their owners or investors.

A basic (but important) commonality between banks and credit unions is that both insure funds up to $250,000 for each depositor. Banks are insured by the Federal Deposit Insurance Corporation (FDIC). Credit union accounts are insured by the National Credit Union Administration (NCUA).

Who can join a credit union?

Qualifying for membership depends on the specific credit union you’d like to join. Local credit unions are convenient because you can develop a personal relationship with employees while enjoying easy access to branches and ATMs.

One of the easiest types of local credit unions to join is a geographic one. As long as you live within its physical boundaries, you should qualify for membership.

Check out your area for county, city, and state credit unions. You might also find a credit union attached to your place of work if your job is with a major employer. Many governmental agencies also offer credit unions for county or state employees.

There are plenty of credit unions that simply require a low, one-time donation to a specific non-profit organization to qualify for membership. Plus, regulations are becoming more inclusive< to help smaller credit unions expand their membership criteria and open their doors to more customers.

What are the drawbacks of joining a credit union?

While credit unions offer a variety of perks and benefits, they also come with some constraints. Just how important they are depends on your own banking needs. Many credit unions offer fewer financial services than large banks.

Most credit unions cover the basics of checking accounts, savings accounts, and loans. However, smaller credit unions may not have as large a selection of financial products to choose from. So if you’re looking for a sophisticated offering of account types, do your homework before making a choice.

ATMs

Many credit unions also have a smaller reach in terms of ATMs. If you join a local credit union and primarily stay close to home, this may not be an issue for you. But if you travel a lot or joined a federal or online credit union, you may start to notice the lack of geographic presence that national banks have.

That being said, many institutions across the nation participate in a co-op ATM service that allows members of different credit unions to utilize each other’s ATMs, often surcharge-free. For frequent travelers, you might want to use a credit union’s participation in this program as one of your deciding factors.

Online Accessibility

Another potential drawback of choosing a credit union is a potential lack of technology. Online accessibility is hugely important for many consumers today, but smaller credit unions don’t always match their banking rivals.

One reason is that they simply don’t invest as much money to increase their online infrastructure. When evaluating a credit union, check out what kind of online and mobile features it offers to make sure it can meet all of your needs.

What are the main differences between credit unions and banks?

Choosing between a bank or credit union really comes down to what you’re looking for in a financial institution. If you’re having trouble deciding, try writing down a list of everything you’re looking for, then rate how important each one is.

If you travel often and need free ATM access, you might want a large bank with locations across the company. You may also prefer a bank if you deposit checks frequently and want the best technology with a mobile check deposit service.

On the other hand, you could value spectacular customer service along with low interest rates and fees. In that situation, a credit union might be a more attractive option for you. Think about your priorities and values to figure out which one will save you time, money, and stress when dealing with your finances.

What are the best credit unions to join?

Once you’ve decided to join a credit union, there are countless options to choose from. Start off by exploring your local options. But if you’re looking for one with broad membership guidelines and a strong online presence, you still have a long list of contenders. Check out our shortlist below.

Affinity Plus

Based in St. Paul, Minnesota, Affinity Plus FCU extends its membership to anyone who has made a $25 donation to the Affinity Plus Foundation. There are other ways to qualify, including working for the state of Minnesota or volunteering at an eligible organization. The one-time donation makes it easy for anyone to join.

It’s also easy to get started with a checking account. The basic account is free and you get great tech features like online auto bill pay and mobile check deposits.

Affinity can also help you with retirement planning, estate planning, educational planning, insurance, and goal setting. If you’re self-employed, you can take advantage of accounts, loans, and services specific to businesses.

Alliant Credit Union

Alliant is another strong choice. Along with Chicago-based membership opportunities, you can also join by donating to Foster Care for Success. Once you’re a member, you’ll enjoy benefits such as a new mobile app, and free access to your credit score. You’ll also have access to more than 80,000 free ATMs across the country.

Alliant’s free checking account doesn’t have a minimum balance requirement. You can also choose from several different savings accounts with a 0.65% APY. Additionally, you can sign up for several other financial products, including loans, IRAs, trust accounts, and different types of insurance policies.

Connexus Credit Union

Yet another full-service credit union is Connexus, which is based in Wisconsin. Like the others on our list, Connexus offers membership-based on your charitable giving.

In fact, this is one of the cheapest options because you can join with just a one-time $5 donation to the Connexus Association. The foundation makes donations to many well-known charities like the American Cancer Society, the American Red Cross, and United Way.

Once you’ve joined, you can sign up for free checking as well as a savings account with just a $5 minimum balance. You can even open a Holiday Club Savings account. The account gives you the option to automatically transfer a small portion of each paycheck directly into a separate holiday fund. You can also save through money market accounts, individual IRAs, education IRAs, and even an HSA.

GTE Financial Credit Union

It’s easy to join GTE Financial with just a $5 member-owner share; in fact, that amount is refunded to you if you decide to leave. GTE Financial participates in several tech-savvy programs, including Popmoney and Deposit2Go so you can handle your financial transactions through the convenience of your smartphone.

In addition to its standard banking services, members receive benefits like theme park discounts, DirectTV rebates, and Sprint discounts. GTE Financial also offers a rewards points program for your credit and debit cards.

Source: crediful.com

January 25, 2021

14 Best Small-Business Checking Accounts of 2021

Small-business owners know that business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits. Most business bank accounts do impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees.

That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

But the picture isn’t uniformly bleak.

The best small-business checking accounts have low minimum balance requirements to waive their monthly maintenance fees (or no monthly maintenance fees at all) and enough fringe benefits to keep things interesting for account holders. Some pay interest as well. All are FDIC-insured.

And once you know where to look, you’ll find ample small-business checking options to choose from.

1. Chase Business Complete Checking

$300 Bonus for New Account Holders Who Open With Qualifying Activities

Chase Business Complete Checking has a category-leading bonus opportunity for new account holders: $300 when you open a new account (with no minimum deposit required) and complete the required qualifying activities.

Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card. Plus, enjoy unlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDeposit.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.

Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
Yield: None.
Rewards and Incentives: Open a new Chase Business Complete Checking account and complete qualifying activities to earn a $300 bonus. This offer expires April 15, 2021.
Possible Fees: Chase offers multiple ways to waive the $15 monthly maintenance fee.

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2. BlueVine Business Checking

No Fees; Earn 1.00% APY on All Balances

BlueVine Business Checking is a branchless free business checking account with an excellent yield for account holders and no transaction limits, in-network ATM fees, or NSF fees. It’s also one of the few branchless business bank accounts that comes with free checkbooks. But setting up one-time and recurring payments is a snap with BlueVine too.

Minimum Deposit and Balance Requirements: There’s no minimum balance requirement or monthly maintenance fee.
Yield: Earn 1.00% APY on all balances up to $100,000.
Rewards and Incentives: BlueVine does not impose transaction limits, unlike many business bank accounts. Each new account comes with two free checkbooks. Withdrawals are free at about 38,000 in-network ATMs.
Overdraft Options: BlueVine may decline overdraft or NSF transactions at its sole discretion but does not impose overdraft or NSF fees.
Possible Fees: BlueVine has virtually no fees.

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3. Axos Bank Basic Business Checking

Earn a $100 Account Opening Bonus With Qualifying Activities

Axos Bank Logo With no monthly maintenance fee, unlimited ATM fee reimbursements, a fantastic welcome bonus for newly incorporated businesses and long-incorporated businesses alike that open accounts by the stated offer end date and a nice remote deposit feature that you can use just about anywhere, Axos Bank Basic Business Checking is a fantastic alternative to Axos Bank Business Interest Checking. Apply 100% online (no paper forms required) and enjoy paperless statements once you’re signed up.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000, but there’s no monthly maintenance fee.
Yield: None.
Rewards and Incentives: Here’s how to earn the $100 welcome bonus: Apply for your new Axos Bank Basic Business Checking account by the stated offer end date, then maintain an average daily balance of at least $5,000 during the first three months (new funds only). This offer is subject to change or revocation at any time at Axos Bank’s sole discretion.
Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
Possible Fees: $0.30 per item processed after the first 200 items each month.

For more information, read our Axos Bank review.

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4. Lili

Totally Free Checking With Automatic Tax Savings and Financial Insights

Lili Logo The Lili Account is a truly free, all-in-one checking solution that’s built with freelancers in mind. In practice, it appeals to a much broader audience: side hustlers and gig workers supplementing W-2 income, established solo professionals (one-person businesses), and full-time freelancers.

With Lili, these folks don’t need separate bank accounts for personal and business needs — just Lili. Its signature benefits include a sub-account that simplifies tax savings, early payday for qualifying account holders, instant expense categorization, and a powerful cache of financial insights and expense management tools to help you spend (and save) smarter. Plus, its “emergency bucket” feature enables savings transfers as small as $1 a day.

Minimum Deposit and Balance Requirements: Lili has no account fees or minimums.
Yield: Lili doesn’t pay interest. Check back often for the latest offers.
Rewards and Incentives: Lili’s referral program pays $25 per successful referral to Lili and promises a bonus of $1,000 when you deliver 10 successful referrals. Plus, Lili makes it easy to set aside funds earmarked for tax payments, has helpful expense management and categorization tools (like quarterly expense reports), promises an early payday for account holders with direct deposit (up to 2 days early), enables cash deposit at more than 90,000 locations around the U.S., and delivers real-time alerts about transactions and other account activities.
Possible Fees: Lili charges no account fees.

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5. Wise

Earn Up to 1% on Deposits With Qualifying Spend; Get $100 Credit After Sign-up

Wise 5e961d64942a2f00f64d30dc Primary P 800 is a mobile-friendly business banking and payments solution with no hidden fees and a juicy cash back rate that’s more than enough for active users to offset the $10 monthly fee.

All Wise balances earn a 0.5% base incentive, credited monthly, and purchases earn an additional cash back incentive of 0.1% per $1,000 spent (up to 0.5% maximum on a $5,000 monthly spend). Wise has an impressive offer for new account holders as well: a $100 credit in your Wise account after you sign up and spend $1,000 on your Wise card within the first 30 days.

Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
Yield: Wise balances earn a 0.5% base incentive.
Rewards and Incentives: For a limited time, earn a $100 credit in your Wise account when you sign up and spend $1,000 on your Wise card during the first 30 days. Moving forward, earn 0.1% cash back incentive per $1,000 purchased on your card, up to a maximum of 0.5% ($5,000 spend) per month.
Possible Fees: See Wise’s fee disclosure for a full accounting of possible fees.

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6. Brex Cash

50,000 Bonus Points After Account Approval; No Fees or Minimums

Brex Logo Brex Cash is a user-friendly cash account for growing businesses. With no fees or minimums, a generous welcome offer and ongoing rewards program, and an expansive lineup of value-added perks worth $150,000, it’s difficult to find fault here. Take full advantage of the powerful mobile app and don’t miss the super-simple advance payment scheduling tools, either.

Minimum Deposit and Balance Requirements: Brex Cash has no account fees or minimums.
Yield: None.
Rewards and Incentives: Spend $1,000 after your account is approved and open to earn 50,000 bonus Brex Rewards points. Plus, earn points on every purchase and enjoy perks worth $150,000.
Possible Fees: Brex Cash has no account fees.

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*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.

7. Novo Powerfully Simple Business Banking

Thousands of Dollars in Exclusive Perks Available to Account Holders

Novo’s Powerfully Simple Business Banking product is another maintenance fee-free option for small-business owners and self-employed people. An easy application process, nice account opening bonus, robust mobile features, integrations with other useful small-business tools, and virtually no fees all count as standouts here. If you’re done with branch-based business banking, put Novo at or near the top of your list.

Minimum Deposit and Balance Requirements: The account opening minimum is $50, but there’s no ongoing minimum balance requirement and no monthly maintenance fee.
Yield: None.
Rewards and Incentives: Enjoy thousands of dollars in exclusive perks — see Novo’s website for details.
Overdraft Options: If Novo chooses to honor an overdraft, there’s a $27 insufficient funds fee per item. The returned-item fee is also $27 per item.
Possible Fees: Other than its insufficient funds and returned-item fees, Novo has virtually no fees.

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8. Radius Bank Tailored Checking

1% Cash Back on Debit Card Transactions for Qualifying Customers; 0.10% APY on Balances Above $5,000

Radius Bank Tailored Checking Radius Bank Rewards Checking doesn’t have the best yield in the business checking space, but 0.10% APY on balances over $5,000 is better than nothing. Pair that yield with no limits or fees on transactions — ever — and you have an excellent account for active businesses able to keep some cash on hand. Mobile check deposits and a powerful debit card app (which includes a card-locking feature) simplify banking on the go.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. The $10 monthly maintenance fee is waived with a minimum daily balance of $5,000 or more.
Yield: 0.10% APY on balances over $5,000.
Rewards and Incentives: After your Tailored Checking account has been open for at least 30 days, keep an average balance of $10,000 or more in the account to qualify to earn 1% cash back on signature-based debit card purchases online and in-store. Cash back is automatically credited to your Tailored Checking account at the end of the month following the earning period.
Overdraft Options: If you opt in to overdraft protection, there’s a $5 daily overdraft fee as long as your account remains overdrawn (up to 30 days). Fees begin accruing on the fifth calendar day after the first overdraft item hits.
Possible Fees: Radius Bank charges between $10 and $40 for wire transfers, depending on origin and destination.

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9. NorthOne Business Banking

Unlimited Payments, Deposits, Transfers & Debit Card Usage

NorthOne Business Banking is a refreshingly simple business banking platform that prides itself on “radically transparent pricing”. Just $10 per month unlocks its full slate of features, including unlimited payments, transfers, deposits, and debit card transactions; more than 300,000 in-network ATMs; mobile check deposit (and a slew of other mobile-friendly features); and unlimited sub-accounts for payroll, taxes, and more.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $50.
Yield: None.
Rewards and Incentives: NorthOne Business Banking is chock-full of useful features, including more than 300,000 ATMs in-network, unlimited sub-accounts for taxes and payroll (and other functions), mobile check deposit, and unlimited transactions.
Overdraft Options: NorthOne charges a one-time overdraft fee when your account balance drops below $0. See pricing terms for more details.
Possible Fees: The monthly maintenance fee is $10. NorthOne may also charge for wire transfers, overdrafts, NSF transactions, and ACH/PAD returns.

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10. Axos Bank Business Interest Checking

Up to 0.81% APY on Eligible Balances

Axos Bank Business Interest Checking Axos Bank Logo is the highest-yielding small-business checking account on this list — paying up to 0.81% annual percentage yield (APY) on qualifying balances. Throw in a low minimum opening deposit requirement, and you’ve got a solid choice for business owners looking to earn a real return on working capital.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. You must maintain a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee.
Yield: Earn 0.81% APY on balances up to $49,999.999. Earn 0.50% APY on balances between $50,000 and $249,999.999 and 0.20% on all balances above $250,000.
Rewards and Incentives: Enjoy unlimited domestic ATM fee reimbursements and 50 free checks when you open your account.
Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
Possible Fees: $0.50 per item processed after the first 50 items each month.

For more information, read our Axos Bank review.

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11. Citizens Bank Clearly Better Business Checking

No Monthly Maintenance Fees, Ever

Citizens Bank Logo Citizens Bank Clearly Better Business Checking is one of the only business checking accounts that never charges a monthly maintenance fee. That’s excellent news for business owners working on thin margins.

This account also boasts a relatively high monthly limit for free transactions and generous overdraft options. On the negative side of the ledger, it doesn’t pay interest and isn’t available in all areas — Citizens Bank’s trade area is limited to the East Coast. But if you do live in an area served by Citizens Bank, you can hardly do better.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. There’s no ongoing balance requirement.
Yield: None.
Rewards and Incentives: None.
Overdraft Options: Citizens Bank offers two overdraft options, both opt-in: an overdraft line of credit and an overdraft savings transfer program. Both charge $12 for each day an overdraft transfer occurs, regardless of the number of transfers on that day. The savings transfer option is otherwise free, but the line of credit costs $30 per year. The required credit line payment is the greater of $20 or 2% of the balance.
Possible Fees: $0.50 per item above the 200 monthly transaction limit.

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12. NBKC Business Checking Account

Virtually No Fees and No Balance Requirements

Nbkc bank The NBKC’s business checking account has no balance requirements, no monthly maintenance fees, and no transaction fees. As part of the MoneyPass ATM network, it offers fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico. And its simple Desktop Deposit feature — with added support from a robust mobile banking app — makes it easy to deposit checks remotely.

Minimum Deposit and Balance Requirements: There’s no minimum balance requirement.
Yield: None.
Rewards and Incentives: Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay.
Overdraft Options: NBKC offers a courtesy overdraft sweep option. See account disclosures for details on how this works.
Possible Fees: Other than domestic and international wire fees — $5 to send a domestic wire and $45 to send or receive an international wire — NBKC has virtually no fees.

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13. Huntington Bank Unlimited Business Checking

Access to Exclusive, Potentially Valuable Business Perks

Huntington Bank Unlimited Business Checking is for established businesses with relatively large cash stockpiles and relatively frequent transaction needs. Other than a $10,000 monthly limit on free cash deposits (after which a fee applies), there’s no limit on transaction frequency. And customers can select one from a menu of exclusive money-saving perks, such as discounts on payroll services.

Minimum Deposit and Balance Requirements: Avoid the $40 monthly maintenance fee with $50,000 or more in combined average deposits across all eligible accounts. See Huntington Bank’s website for additional details.
Yield: None.
Rewards and Incentives: Choose from one of several exclusive perks, such as 10% off Paychex payroll services.
Overdraft Options: Huntington Bank offers two opt-in overdraft protection options: an overdraft protection account (with a transfer fee but no annual fee) or deposit-to-deposit overdraft protection (which does charge an annual fee but no transfer fee).
Possible Fees: $0.30 fee for each $100 in cash deposits above the $10,000 monthly limit. Other fees may apply.

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14. TIAA Bank Business Checking

High Monthly Transaction Limit

TIAA Bank’s business checking account boasts low- or no-cost overdraft protection options and a robust suite of mobile-friendly features. It’s ideal for customers who can make the $1,500 minimum opening deposit and keep enough cash on hand ($5,000 or more) to waive the monthly maintenance fee. A reasonably high monthly transaction limit appeals to businesses with active cash flows.

Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,500. You’ll avoid the $14.95 monthly maintenance fee if you have a minimum daily balance of $5,000 or more.
Yield: None.
Rewards and Incentives: None.
Overdraft Options: There’s no monthly or per-item fee for TIAA Bank’s overdraft protection services, which include money market transfers (with a qualifying linked account) and a credit line. If you enroll in an overdraft protection line of credit, the late payment fee is $25.
Possible Fees: $0.25 per item above the 200 monthly transaction limit; $0.50 per item above the 10 monthly online bill payments limit.

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Final Word

These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions. Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.

So even if you come for the low-cost small-business checking, you could find yourself staying for more. There’s something to be said for doing all your banking under one roof — and your bank certainly won’t mind.

Source: moneycrashers.com