Does PenFed Offer Business Bank Accounts?

Pros

• No required monthly fee, minimum opening deposit, excess transaction or overdraft fees.
• Earn 1.30% interest on account balances up to and including $250,000. Terms apply.
• Access up to $3 million in FDIC insurance with Insured Cash Sweep.
• No fees at MoneyPass ATMs.
• Bill pay tools and invoicing with built-in payment links, plus tap-to-pay card acceptance.

Cons

• No fee-free cash deposits.
• Fee for using out-of-network ATMs.
• Does not offer jointly-owned accounts.

Pros

• No monthly fee and unlimited fee-free electronic transactions.
• No dollar limit on cash deposits (other limits may apply).
• 24/7 member service.
• No fees to deposit cash at Navy Federal or Co-Op Network ATMs.

Cons

• High opening deposit (up to $255).
• $29 fee for overdrafts, insufficient funds.
• Eligibility limited to veterans, military members, Department of Defense employees and their families.
• Does not offer jointly owned accounts.
• No spend controls on employee debit cards.

Pros

• No monthly fee, minimum opening deposit or excess transaction fee.
• 24/7 customer support.
• No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
• Earn 1 Membership Rewards® point for every $2 spent on eligible business debit card purchases.

Cons

• Can’t deposit cash.
• No outgoing international wire transfers.
• Does not offer jointly owned accounts.

Pros

• No minimum opening deposit.
• Unlimited fee-free electronic and debit card transactions.
• Integrated credit card processing.
• No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
• No fees at 14,000 Chase ATMs and access to around 5,000 branches.
• Receive and send payments via Zelle.

Cons

• $15 monthly fee.
• Monthly limit on physical transactions (20).
• Fee for using out-of-network ATMs.

Pros

• Access to more than 80,000 ATMs nationwide via the Allpoint, SUM and Co-op networks and 5,000 branches via the Co-op network.
• No monthly fee or minimum opening deposit.
• APY of up to 0.10%.
• Anyone can join by donating to a participating nonprofit.

Cons

• No customer support on Sundays.
• Can’t open an account online.

Pros

• No monthly fee, minimum opening deposit or excess transaction fee.
• Cash deposits at compatible ATMs.
• Automatic refunds of all ATM fees (domestic).
• Welcome bonus for new customers (terms apply).

Cons

• $25 fee for insufficient funds/uncollected funds returned.
• No third-party app integrations.

Pros

• Access to more than 30,000 ATMs and 5,000 branches nationwide via the Co-op network.
• 24/7 phone support.
• No limits on transactions or cash deposits.
• Anyone can join by joining a participating association.

Cons

• $33 overdraft fee with a grace window of just $5. Up to 5 overdrafts can be charged per day.
• Must make an appointment to open an account, though the appointment can be virtual.

Pros

• No monthly fees, transaction fees or incoming wire fees.
• No fees at MoneyPass ATMs.
• Cash deposits via Green Dot network (fees and limits apply).
• Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.
• Direct integrations with Square, Shopify, Etsy and eBay.

Cons

• Fee for using out-of-network ATMs.
• No fee-free cash deposits.
• Bill pay not included; must upgrade to Lili Smart or higher.
• No spend controls on employee debit cards.