BLUEVINE BUSINESS CHECKING: Review & All You Should Know

Some checking accounts from fintech companies and online-only banks impose transaction fees without requiring a minimum balance. But in a cutthroat, crowded industry, Bluevine’s checking account stands out since it doesn’t charge transaction or monthly fees and provides qualifying accounts with a competitive interest rate of 2.0% annual percentage yield (APY). If you require additional business finance, Bluevine’s line of credit products also includes a simple application process and cutting-edge technologies. To learn more about the Bluevine business checking account, here are the requirements and the review from which to gather some information.

Bluevine Business Checking

Small businesses without a need for branch-based services or a desire to pay banking fees can open a BlueVine Business Checking account online. There are none of the following: NSF fees, minimum balance fees, or monthly account fees. Additionally, the return rate on the BlueVine Business Checking account beats even the greatest high-yield online savings accounts.

Who is BlueVine Business Checking For?

The BlueVine Business Checking account, a relatively new banking product, aims to address some of the drawbacks small businesses encounter with traditional business checking accounts, including minimum balance requirements, monthly maintenance fees, and the lack of interest paid on cash balances, to name a few. Small businesses that want to cut costs and don’t require conventional branch-based banking services should use it.

Bluevine Business Stands out in This Respect

#1. No Fees

The Bluevine business bank account has no minimum opening deposit, monthly or daily requirements, nonsufficient funds fees, or ACH payment costs. Additionally, this account offers fee-free access to ATMs at any MoneyPass location nationwide and limitless fee-free transactions.

#2. High-yield APY

With its high APY, Bluevine business checking competes with some of the greatest business savings accounts: On account balances up to and including $250,000, get 2.00% interest. Rules apply. Furthermore, unlike other interest-bearing accounts, you are not required to keep a minimum balance in it on a daily or monthly basis. However, in order to receive interest, you must either use a debit card or make customer payments.

#3. Online Banking Tools:

All the tools you require to organize your finances are included in the Bluevine business checking account, including mobile check deposits and regular and one-time payments. Transactions can also be synced with accounting programs like QuickBooks Online, Wave, and FreshBooks. Additionally, you may link up with third-party applications like Expensify, Stripe, and PayPal.

Where Bluevine Business Falls Short

Cash deposit fees and minimal limits: Although Bluevine clients are able to deposit cash at Green Dot locations, there is a $4.95 fee (imposed by Green Dot) for each deposit. Bluevine also has some quite strict restrictions: $500 for each deposit and $2,000 each day. Consider an NBKC business account or LendingClub Tailored Checking if your company frequently makes cash deposits. Both accounts enable limitless cash deposits via compatible ATMs without incurring any fees.

#1. No Weekend Support

On weekdays (8 a.m. to 8 p.m., Monday through Friday), Bluevine offers longer customer care hours, but there is no phone help available on weekends. Although Bluevine has an extensive online help center, business owners who require live service may have to wait days. Axos Business Checking gives 24/7 customer assistance if you want it, so take it into consideration.

Features of the BlueVine Business Checking Account

Small business owners may be drawn to the following intriguing features of the BlueVine Business Checking account:

#1. Eliminates Many Banking Fees

There are no monthly account service fees, low balance fees, NSF fees, or restrictions on how many free transactions can be made with the BlueVine Business Checking account.

#2. Pays Interest

The BlueVine Business Checking account currently has an APY of 2.0% and offers interest on customer deposits. Even among Internet banks, this is quite competitive.

#3. Free Payment Platform

Owners of BlueVine Business Checking accounts can send money swiftly and conveniently with the help of the BlueVine Payments tool, which is also free.

#. No Requirements

Both a minimum initial deposit and a minimum balance are not necessary for the BlueVine Business Checking account. However, it’s important to remember that only amounts over $1,000 receive interest payments.

Bluevine Business Checking Account

Bluevine only allows one account, yet it has an incredible array of features. On balances up to and including $250,000, Bluevine Business Checking, an interest-bearing online business checking account, offers a competitive 2.00% APY. (Balances exceeding $250k are not subject to interest.)

You must deposit $2,500 in monthly customer payments into your Business Checking account through ACH, wire transfer, mobile check deposit, or directly from your merchant payment processing provider in order to receive the 2.00% APY. You must also spend $500 each month with your Bluevine Business Debit Mastercard.

#1. Fees

Bank fees can be a headache, especially as you work to run and grow your business. By getting rid of numerous standard fees and minimums, Bluevine Business Checking benefits businesses. It provides:

No ongoing monthly fees
No minimum balance is necessary.
And, no minimum down payment is necessary
At more than 37,000 MoneyPass ATMs nationwide, there are no ATM fees.
No fines for insufficient funds

The checking account additionally offers unlimited, fee-free transactions each month. Although Bluevine does not provide any other accounts, you can simply transfer money from accounts at other financial institutions into and out of your checking account.

Any ATM transaction outside of the MoneyPass ATM network, which collaborates with Bluevine to offer ATM services, will result in a $2.50 fee from Bluevine.

#2. Vendor Services

With Bluevine Business\, paying vendors is comparatively simple. As a small business owner, you have access to a number of payment options, including ACH, wire transfer, and cheques. Through your account, you can pay bills one time only or automate monthly payments for added convenience. You may prevent late payments by using regular payments, which let you know when the payment will arrive at the recipient.

Bluevine offers a list of 40,000 registered vendors online, or you can add more as necessary. Through Bluevine’s online payment system, credit card payments are also possible.

#3. Transactions

Bluevine is a platform for Internet banking; no branches are open for in-person assistance. However, users still have a variety of transaction choices available to them thanks to collaborations with other financial networks. A free Bluevine Business Debit Mastercard and two free checkbooks are included with Bluevine Business Checking. Through a relationship with the MoneyPass ATM network, Bluevine customers have access to more than 38,000 fee-free ATMs located throughout the United States.

Small company owners can still deposit funds with Bluevine despite the absence of Bluevine branches thanks to a collaboration with Green Dot. At over 90,000 participating U.S. retail locations, you take cash deposits directly to the register to finish the purchase. Be aware that each cash deposit at Green Dot is subject to a cost of up to $4.95. The daily limits set by Green Dot may also apply to cash deposits.

#4. Safety

Bluevine is not a bank; it is a provider of financial technologies. Through a relationship with Coastal Community Bank, a Member of FDIC, Bluevine offers banking services. For all Bluevine Business Checking accounts, Coastal Community Bank offers FDIC insurance up to the permitted limits.

#5. Mobile Application

Customers that use checking have access to Bluevine’s mobile app, which enables them to conduct daily transactions and make mobile check deposits as needed. Using the app, small business owners may manage their accounts and cash flow from any location.

Bluevine Business Checking Review

Online business checking accounts often come with no fees and unlimited transactions, but Bluevine ups the ante with a free high-yield business account that offers one of the highest interest rates possible from a company checking account: On account balances up to and including $250,000, get 2.00% interest. Rules apply, according to the bluevine business checking review.

A financial technology company called Bluevine was founded in 2013, and in 2019 it started providing corporate checking. Coastal Community Bank offers banking services, and all accounts are covered up to $250,000 by the Federal Deposit Insurance Corp.

Bluevine Business Checking Requirements

A Bluevine business account can be created online or using the Bluevine app. Business owners in all 50 states and the District of Columbia can use Bluevine business checking. You must be at least 18 years old, a citizen of the United States, or a resident with a legitimate U.S. address (not a P.O. Box) in order to qualify. There are limitations on specific business kinds.

Requirements for opening a Bluevine Business Checking Account

To open a Bluevine business checking account, requirements like some basic information about yourself and your company. Applicants may also be required to provide specific documents, depending on the sort of business company they are in.

Personal information: First and last names, residential addresses, cellphone numbers, birth dates, and Social Security numbers are examples of personal information. Any person who owns 25% or more of the company is expected to provide this information.

Business information: Information about the company includes its name, legal form, physical address, and phone number. You must also list your yearly income, industry, and EIN or tax ID.

Required documentation: Depending on the type of business, specific documents may be needed, such as articles of incorporation, formation certificates, Doing Business As (DBA) paperwork, and/or partnership agreements.

Applications for Bluevine business checking are normally reviewed in three business days. Once accepted, you can order a Bluevine debit card, activate your account, and fund it.

Is Bluevine a Legitimate Company?

Yes, to answer briefly. A financial technology firm called Bluevine.

Does Bluevine Require an Ein?

All types of organizations can benefit from Bluevine Business Checking. However, we are unable to open a checking account for companies operating in any of our prohibited sectors. Your Employer Identification Number (EIN) must be provided.

Does Zelle Work With Bluevine?

Account holders cannot accept payments using Zelle because Bluevine does not offer Zelle for businesses. Customers who use the Bluevine Business Checking service can accept payments made by wire transfer, ACH, or other peer-to-peer services like Venmo or Cash App.

Does Bluevine Report to Dun and Bradstreet?

Experian, Equifax, and Dun & Bradstreet are partners with Bluevine, and Bluevine reports on-time payments to all three.

References

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