The free best free business checking account doesn’t charge monthly service fees. The best accounts make banking even more affordable by requiring low minimum opening deposits and charging low wire transfer, overdraft, or out-of-network ATM fees.
The right checking account should also be convenient for your type of business. Do you need to deposit cash? Then an online account with no way to put in cash won’t be a good fit. Do you make numerous transactions every month? You might want an account with unlimited free monthly withdrawals and deposits.
Keep reading to learn about our top picks for the best free business checking accounts.
Best bank for small business checking
Bank of America Business Advantage Fundamentals™ Banking
Is a business checking account free?
A free business checking account generally refers to a business checking account that does not require an annual or monthly fee. It’s important to keep in mind, though, that these accounts may charge fees for some services, like wire transfers, or in certain scenarios, such as overdraft fees.
Can you be denied a business bank account?
As you probably know, when you apply for a business bank account, the bank in question will run a report to see your history with your checking and savings account. Therefore, if you were denied for a business bank account (or multiple) there’s more than likely an issue with your ChexSystems report.
EVERYTHING YOU NEED TO KNOW
$100 to open the account
No minimum balance requirements
No monthly maintenance fee
200 free items1 each month; $0.25 for each item over 200
20% off your first order of business checking supplies
Online banking with a customizable dashboard, bill pay, and email alerts
Mobile banking with bill pay and mobile check deposit
Automated telephone banking
Ameris Bank Visa® Debit Card2
Security Tips for Businesses
Social engineering is the ultimate con, incorporating all tactics employed by fraudsters to get past your organization’s security controls. Social engineering bypasses all technologies, including firewalls. Your organization’s best defense against social engineering is your employees. A properly trained staff is the best protection against social engineering attacks. Learn how to protect yourself and your organization against social engineering attacks by understanding social engineering tactics and knowing how to recognize scams.
Social engineering is the human side of breaking into a corporate network. It involves gaining sensitive information or unauthorized access privileges by building inappropriate trust relationships with insiders. Social engineers manipulate people into speaking/acting contrary to their normal manner. The goal of a social engineer is to fool someone into providing valuable information or access to that information. In most cases, the attacker never comes face-to-face with the victim, but they get the information or the access they need to commit fraud nearly 100% of the time.
Social engineers are so successful because they relate well with others. They are consistently quick to establish a personal connection with the target and use that connection as the basis of building rapport. The simplest way to get information is to ask for it directly, and this forms the basis for the various techniques used by hackers.
PAYMENT CARD INDUSTRY DATA SECURITY STANDARD (PCI DSS)
Any business that stores, processes, or transmits credit card information is responsible for complying with the credit card security standard known as PCI DSS. PCI DSS is an acronym that stands for Payment Card Industry Data Security Standard (PCI DSS). This security standard was created to help reduce the financial risks associated with compromises to account payment information. Compliance with PCI means that your systems are secure and that customers can trust you with their payment card information.
It’s almost impossible to be in business today and not handle personal information about your customers, employees, or business partners. Personal information can include names and addresses, credit card numbers, or other account numbers. If this information falls into the wrong hands, it could put these individuals at risk for identity theft and cause trouble for your business.
Banking in the United States
Failure to comply can have serious financial consequences for your business, your customers, and your financial institution, especially should the information become compromised. Consequences could include lawsuits, insurance claims, canceled accounts, payment card issuer fines, and government fines.
Banking in the United States began in the late 1790s along with the country’s founding and has developed into a highly influential and complex system of banking and financial services. Anchored by New York City and Wall Street, it is centered on various financial services namely private banking, asset management, and deposit security.
The beginnings of the banking industry can be traced to 1790 when the Bank of Pennsylvania was founded to fund the American Revolutionary War. After merchants in the Thirteen Colonies needed a currency as a medium of exchange, the Bank of North America was opened to facilitate more advanced financial transactions.
As of 2018, the largest banks in the United States were JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and Goldman Sachs. It is estimated that banking assets were equal to 56 percent of the U.S. economy. As of December 31, 2019, there were 5,177 commercial banks and savings institutions in the U.S.
Merchants traveled from Britain to the United States and established the Bank of Pennsylvania in 1780 to fund the American Revolutionary War (1775–1783). During this time, the Thirteen Colonies had not established currency and used informal trade to finance their daily activities. On January 4, 1782, the first commercial bank in the U.S., Bank of North America, opened. In 1791, U.S. Treasury Secretary Alexander Hamilton created the Bank of the United States, a national bank meant to maintain American taxes and pay off foreign debt. President Andrew Jackson closed the bank in 1832 and redirect all bank assets into U.S. state banks. State banks began printing money rapidly sparking runaway inflation and leading to the Panic of 1837.
Investment banking began in the 1860s with the establishment of Jay Cooke & Company, one of the first issuers of government bonds. In 1863, the National Bank Act was passed to create a national currency, a federal banking system, and make public loans. However, at this time not all states had yet formally joined the union. In Oklahoma territory, which did not become a state until 1907, Muskogee mayor H.B. Spaulding resigned in 1902 from his position as vice-president of the Territorial Trust and Surety Company, after his Spaulding Mercantile Company was given the charter to found a private bank. Similarly in 1903 several more private banks were founded. One contemporary banker from Oklahoma defending the vitality of these private non-US banks did note that a small number of bank failures had resulted from a “dip in deposits due to partial crop failure”.
In 1913 the Federal Reserve was established and began executing monetary policy. The Great Depression saw to the separation between investment and commercial banking known as the “Glass-Steagall Act”, but the Act was repealed in 1991 leading to the 2008 financial crisis.