Business Checking Accounts with NO MONTHLY FEES

Business Checking Accounts with NO MONTHLY FEES
I've been used to having plenty of options for free checking for my personal life so I was  really surprised that business checking almost always comes with a pretty hefty monthly fee.  So I went looking for fee-free business checking and thankfully, I found a few good ones. Stick  around to the end and find out which one I chose for my own small business. First up,  let's talk about the online-only options for business checking accounts. Because this is  something that a lot of people are looking for, there have been several startups that have started  to offer people free business checking.
When I went looking through forums, the one that was  most often mentioned was Azlo business checking but unfortunately Azlo closed down in early 2021  and they forced everyone to move their money out of their accounts.
After Azlo, the one you'll hear  mentioned most often is called Novo and Novo seemed pretty great. It has a lot of different  features and there really are no fees with it, so I decided to go ahead and apply for an account  with Novo to check it out and let you know how it went. And I got a response from Novo in only a day  and they said I was denied.
I don't know why I was denied for the account.
I have a legitimate  business. I have good credit. So I wrote to customer service and asked them what was going on. They  said they couldn't tell me anything but I was open to apply again. So I did.
And I was denied again.  And after I searched the internet, I found out I wasn't alone on this. Novo's been denying people  accounts pretty often for no good reason. At least not anything anybody knows. I was also a little  bit nervous about using an online-only bank for my business checking just because I was worried,  what if the same thing happens to Novo that happened to Azlo?
If they close down in a year,  that's going to be a real pain to set things up again with my business checking.
I kind of wanted  to stick to a major bank and almost every single major bank does offer some business checking,  but there are very few that offer one with no fees without a minimum balance. And when you have  a very small, just starting out small business, a minimum balance is not going to work for you.  Bank of America, Chase, Wells Fargo, and PNC all have no options that don't have monthly fees  without a minimum balance, so I didn't think any of those are going to work for those of us with a  tiny business. I did want to point out though that Chase does offer a waiver of the fees if you are a  military veteran.
 
But in my hunt I did find two banks that do offer fee-free business checking,  even for really small businesses. The first is US Bank. They have several levels of checking  and their lowest one does have a zero dollar monthly maintenance fee. This is called the  Silver checking account with US Bank. Now the small catch to this one is that you are limited  to 125 free transactions per statement cycle and 25 free cash deposits per statement cycle.
So transactions do include any kind of transaction including a debit card transaction, ACH,  ATM, anything like that.
But 125 transactions is going to be enough for most really small  businesses and with their account, you do get online and mobile bill pay, you get a debit card,  mobile check deposit. You're also going to get access to US Bank ATMs for free and access to  their local branches if they're near you. And they are a national bank, so there probably is a branch  near you.
The other bank that I found that has fee-free checking for very small businesses is  Huntington Bank.
It is similar to the US Bank in that you are limited in the number of transactions  for free. The Huntington bank account limits you to a hundred monthly transactions for free  and up to five thousand dollars in cash deposits per month. And again those transactions are  every kind of transaction including debit card transactions, ACH transactions,  and ATM transactions. The Huntington account also offers online banking, mobile check deposit,  access to their local ATMs, and local branches.
Huntington Bank is a regional bank  that's headquartered in Columbus, Ohio.
They have branches in 11 states, mostly through the Midwest.  The only fee I found that might apply to me with US Bank and Huntington bank accounts is a foreign  transaction fee of 3% and as I looked around, that seems to be standard among all the banks  but there are ways to get around that fee like using a credit card instead of your debit card  for those foreign transactions. All right. So what did I choose for my small business? I decided to  open a checking account with Huntington bank.
I've been really happy with Huntington. Their online  banking and mobile banking has been really easy to use. If you know of other free business checking  accounts that can work for very small businesses, please let me know down in the comments below. I  know it's something a lot of people are looking for. Next up, check out my video about the things  that you need to know about taxes if you've just started a small business or a side hustle. https://elacmoneybasy.es/odj9
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