Over the past decade, business owners have had to go to a physical branch to open a bank account. There are now several options for opening a business checking account online, including free ones with no deposit.
But, thinking about this logically, what are the possibilities? And how exactly do you open a no-deposit free business checking account online?
In this post, we’ll go over 6 of the best free business checking accounts with no minimum balance, as well as all you should know when setting up these accounts.
How to Open a Free No-Deposit Business Checking Account Online
Most banks that claim to offer free business checking end up charging you fees if you don’t keep a certain minimum level or go over your cash deposit limitations. This is changing as online business banking becomes more widespread.
The days of having to open a business checking account in person are long gone. Even though some banks still prefer it, applying online might save you a lot of time. There are also a ton of other advantages that come with it.
For starters, the majority of digital banks don’t charge a monthly fee for business checking accounts and offer unrestricted transactions. It’s also worth noting that many of the guaranteed acceptance no deposit bad credit credit cards are accessible from 100 percent digital institutions.
In addition, you’re more likely to find a no-strings-attached free online business checking account than you are with a traditional bank.
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However, there are several drawbacks to using digital banks. You can’t, for example, make monetary deposits. As a result, if you prefer cash transactions, an online-only bank might not be the ideal choice.
Either way, here few things you should keep in mind though when you’ve made a decision.
#1. Know Your Business’ Identity
An online application for a business checking account will ask for your name, as well as the name, address, email address, and phone number of your company, at the very beginning. If you’re not the single proprietor, you’ll usually have to list your partners’ names as well.
So the logical thing to do if you run your business from home is to set up a P.O. box or a forwarding address to keep your business and personal mail distinct.
#2. Be Willing to Reveal Personal Information
If your company is a sole proprietorship, you’ll need to provide your Social Security number, which is also your company’s tax identification number. To establish identification, the bank may ask you to upload a copy of your driver’s license or another government-issued photo ID.
On the other hand, if your company is a limited liability company (LLC) or a corporation, you’ll probably be asked for your employer identification number (EIN) rather than your Social Security number. If you don’t already have one, you can apply for one on the IRS website for free. They’ll almost certainly ask for photo identification to make sure you’re who you say you are.
#3. Have your Business Formation Documents
You may be required to present certain documentation to establish that your firm is legally founded, depending on the type of business you have:
- Sole Proprietorship: Your local registration or business license may be required. A fictitious name certificate or statement, as well as a certificate of an assumed name, may be required if the name of your business does not include your legal first and last names.
- Partnership: Your business license, fictitious name certificate or statement, certificate of assumed name, or partnership agreement may be required. You’ll also need a certificate of limited partnership or a limited partnership agreement if you’re in a limited partnership. Also, a declaration of qualification, a limited partnership deed, or a limited liability partnership election may be required if you have a limited liability partnership.
- LLC: Most banks require your articles of incorporation, certificate of incorporation, or certificate of formation.
- Corporation: You’ll definitely need your articles of incorporation or a certificate of good standing if you’re a corporation.
Keep in mind that while this is a regular list of documents that banks may request, it is not exhaustive. This is because each bank is different. So double-check before applying to ensure you have everything you need.
Read Also: HOW TO BUILD BUSINESS CREDIT Stress-free, Explained!!!
#4. Download the Mobile App After Approval
Considering that online banks hardly have physical locations, you’ll have to deposit physical checks through the bank’s mobile app. There may be no mobile app available in some scenarios, but you can still obtain the services you need by using your mobile browser.
For logging onto the mobile app, some banks may provide alternative security settings. In general, it’s preferable to ensure you set up a log-in to use every time you need the app – this is the default setting for many apps, but not all. Consider whether you’d be comfortable utilizing a different login method, such as your thumbprint or facial features.
Finally, make sure your password is kept private and secure. Avoid using a password you already have anywhere else. This is because if someone hacks into the other website’s servers, they’ll gain access to your business bank account password as well.
You can use password managers like Lastpass or Dashlane to keep track of your passwords. These services enable you to save several passwords in a single location, making it easier to utilize complicated passwords without having to remember them all. They also have mobile apps that allow you to copy your password and use it whenever you need to log in.
Free Online Business Checking Accounts With No Opening Deposit: The Best Alternatives
The truth is that opening a free business checking account online without putting money down is significantly easier. The caveat is that finding a bank that will allow a business owner to open a free business checking account with no deposit if they will be signing on the dotted line is far more difficult. That’s unless you want a digital-only banking experience.
In the meantime, here are some terrific ideas for you if you’re craving to open a business checking account online without ChexSystems or just require a standard free business checking account online with no deposit. The best part is that you can apply for all of these opportunities online.
#1. NBKC Business Checking
NBKC is one of the popular business checking account options that require no initial deposit and is practically fee-free. You may easily open an NBKC business account online (in as little as five minutes, according to their website) and manage all of your finances from your computer or smartphone.
There are no boundaries or restrictions with NBKC. And by that, I mean no minimum balance, limitless transactions, and free access to over 32,000 MoneyPass ATMs nationwide with your NBKC debit card. In addition, you get up to $12 in monthly ATM charge refunds from other banks.
If you use an individual ATM that accepts cash deposits, you can deposit and withdraw cash with your NBKC debit card. Furthermore, as a fee-free business checking account, you won’t be charged for:
- Overdrafts or NSFs
- Transactions
- Online or mobile banking
- Returned items
- Depositing checks
- Bill pay
- eStatements
- Incoming domestic wires
- Cashier checks
- Stop payments
The only expenses you’ll pay are for “optional instances,” which cost $5 to send a local wire and $45 to send or receive an international transfer, according to NBKC.
Plus, if you wish to open a business savings account at any point, NBKC also provides their Business Money Market Account, which is a no-fee, no-deposit account that you can open online. And, unlike BlueVine’s checking account, which takes $1,000 to begin generating interest, this savings account may start collecting interest with just $0.01.
#2. BlueVine Business Checking
BlueVine is another business checking option to consider if you want to open a free business checking account online with no deposit and earn interest on your money.
There is no minimum opening deposit, no minimum balance requirement, no monthly fees, no inbound wire costs, no NSF fees, and you receive 1% interest on any account balance over $1,000 with BlueVine business checking. This no-deposit business checking account also has the following features:
- Unlimited transactions
- Deposit cash fee-free at over 90,000 GreenDot locations
- Fee-free ATM access at over 38,000 MoneyPass locations
- Pay vendors and bills by ACH payment, wire transfer, or check
- Two free checkbooks
- Schedule one-time and recurring payments
- Mobile and online banking
You can create a BlueVine account online or using the mobile app in just a few minutes.
#3. Kabbage Checking Accounts
Kabbage Checking was created as a result of a collaboration between Kabbage and Green Dot Bank. The aim was to establish a full-service checking account for small businesses with a top 1.10 percent annual percentage yield (APY).
According to their official website, you can literally open a bank account with no cash deposit, and there are no monthly fees, ATM fees, or minimum daily balance requirements.
You can also set up your vendors, categorize your bills, and issue payments electronically for easy bill paying. This enables you to organize your revenue streams or set money aside for certain goals to help you better manage your money.
Kabbage Debit Mastercard gives you the luxury of withdrawing cash for free from a countrywide network of ATMs and deposit cash at over 90,000 retail locations.
#4. Novo
Instead of an online business checking account, Novo promotes itself as a mobile business account. Their web-based business banking platform is designed for today’s entrepreneurs. It works well on both Android and iPhone, making it easy to go from desktop to mobile.
The bank has a mostly fee-free business checking account. However, there’s a $27 fee if someone attempts to cash a check you wrote and you don’t have enough funds, but that’s it. There is also no requirement for a minimum deposit.
The following are some of the features:
- Free and fast transfers and paper checks
- Integration with tools like Xero, Zapier, and Slack
- Works with Apple Pay and Google Pay
#5. Azlo Commercial Bank Account
According to reviews, Azlo Business Checking is one of the best digital checking solutions for US businesses. Azlo offers a comprehensive set of tools to assist you in running your business, in addition to a simple sign-up process and no fees. The following are some of their most important characteristics:
- Free debit card
- No requirement for minimum balance
- Azlo users have access to direct, free payment transfers
- Access to customizable invoices
- Electronic bill payments
- You can connect the payment processing system of your business through Stripe
Meanwhile, Azlo Business Checking is designed specifically for self-employed people and freelancers. As a result, if you have a large company with a lot of employees, you should consider opening a business checking account with a traditional bank.
#6. Iberia Bank Free business Checking
If you’re a business owner who wants to build a strong relationship with your bank, you should look into Iberia Bank’s business checking accounts.
If you open a Free Business Checking account with Iberia Bank, the bank will also provide you two free personal checking accounts. This is a fantastic method to keep all of your money in one place.
When you’ve outgrown the free business checking account, the bank has a variety of additional business checking accounts to choose from.
Can You Start a Business Bank Account With No Money?
Yes, you definitely can, even though there are just a few of them that actually allow starting a business account with no money. There are about six free online options though which include;
- NKBC Business Checking
- Bluevine Business Checking…
What Banks Offer Free Checking Accounts With No Deposit?
Most banks that claim to offer free business checking accounts send up charging you fees if you don’t keep a certain minimum level or go over your cash deposit limitations. This is changing as online business banking becomes more widespread. Some of them include;…
Can You Open up a Business Account Online?
The days of having to open a business checking account in person are long gone. Even though some banks still prefer it, applying online might save you a lot of time. There are also a ton of other advantages that come with it.
What Banks Allow You to Open a Checking Account Online?
The following is a brief list of banks that allow customers to open accounts totally online, without having to visit a branch.
- BayVanguard Bank.
- Altamaha Bank.
- Androscoggin Bank.
- Axos Bank.
- BankFive.
- Bank of America.
- Bank of Travelers Rest.
- Bank Independent.
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