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Free Small Business Checking at Local Community Banks

April 26, 2013
Personal Finance
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April may be Community Banking Month, but at NerdWallet, we celebrate community banks every day. It’s a crowded financial world, and one way community banks stand out is by offering free small business checking accounts. You need a place to keep the money your small business earns, and if you are just starting out or expanding your business, free is the best option around. Small businesses are vital to the overall health of the economy, and free small business checking accounts help reduce your business’s financial burden.

Make Banking Easy

Many business checking accounts carry a host of fees and restrictions from one account to another, and from one business to another. They have service charges, balance requirements, cash handling fees and excessive transaction fees. Fortunately, there are a number of community banks seeking to make banking easier for smaller businesses. They offer free small business checking accounts designed specifically for businesses that deal in lower transaction volumes. None of these accounts carry monthly service charges nor do they have minimum balance requirements, though there may be minor charges if you exceed the number of transactions allowed each month. Remove the financial obstacle of business checking from your business plan by opening one of these free small business checking accounts at a community bank near you.

Free Small Business Checking – Columbia Bank (Fair Lawn, NJ)

Columbia Bank just recently introduced their Free Small Business Checking account and it’s one of the best options you’ll find. The account is designed specifically for small businesses in New Jersey, and offers an unbeatable 1,000 free transactions per month. You also get a free business debit card, free online banking and bill pay, and a free gift just for opening the account. And you could get up to $110 cash back for using your new debit card and online bill pay, and by turning in old debit cards and unused checks. Columbia Bank wants to make life easier for you and your small business, and improve their community as a whole. They have 44 branches throughout New Jersey.

Positively Free Small Business Checking – ERIEBANK (Erie, PA)

ERIEBANK was created in order to provide specialized service to small and medium-sized businesses, and was developed by local residents and business leaders in Erie, Pennsylvania. They promise an easy checking experience for your small business with Positively Free Small Business Checking. You will never have to deal with balance requirements or service charges. You get 200 free transactions per month, and there is only a minor $0.25 charge for any item over 200. There are no charges for cash or coin deposits, and you get a free business check card, free standard business e-banking and business e-pay. ERIEBANK has branches in Erie, Crawford and Warren counties, Pennsylvania.

Free Small Business Checking – Newburyport Five Cents Savings Bank (Newburyport, MA)

Newburyport Five Cents Savings Bank is a “hometown” kind of bank. Their Commercial Banking Officers know their community and provide friendly, professional service. Their Free Small Business Checking account makes convenience a high priority. You get free online banking and bill pay, a free ATM/debit card, a free first order of checks, and free withdrawals at MoneyPass and SUM network ATMs. You get 200 free items paid or deposited each month, with each additional transaction carrying a $0.50 fee. Newburyport Five Cent Savings Bank has branches in Amesbury, Newbury, Newburyport and Salisbury, Massachusetts.

Free Small Business Checking – Ballston Spa National Bank (Ballston Spa, NY)

Ballston Spa National Bank cares about their community and the small businesses that are a part of it. Their Free Small Business Checking account provides 150 free transactions each month (with each additional item carrying a $0.25 charge), a business debit MasterCard, free online and mobile banking services, and eStatements. Ballston Spa National Bank has 10 branches in Saratoga County, New York.

Small Business Checking – First State Bank (St. Clair Shores, MI)

At First State Bank, they are proud of their southeast Michigan heritage. Since 1917, they have supported their community and helped its members flourish. They continue to do so today, and the support local small businesses with their Small Business Checking account, which allows 300 free transactions per month (with excess items carrying a $0.50 charge), and offers free access to ATMs in the Allpoint network. You also get free online banking and bill pay, a free business debit card, free account alerts, and up to $50 cash back for unused checks and debit cards. First State Bank has branches in Chesterfield Township, Clinton Township, Eastpointe, Macomb Township, Richmond, St. Clair Shores, Sterling Heights, and Washington Township, Michigan.

Totally Free Small Business Checking – Westbury Bank (Westbury, WI)

Westbury Bank takes pride in being a neighborhood bank. They make their decisions locally and treat every customer like a neighbor. They make sure that the money they receive from their neighbors is re-invested in the community. Their Totally Free Small Business Checking account reflects this practice. It offers free online banking, a free Westbury Bank MasterMoney debit card, and an easy-to-balance monthly statement. Westbury Bank has branches in Milwaukee, Washington and Waukesha counties, Wisconsin.