Our Take
4.9
NerdWallet rating
The bottom line:
Automatic ATM fee refunds, easy cash deposits and virtually no fees make NBKC stand out amid a crowded field of online business checking accounts.
Pros & Cons
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass and Allpoint ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
How does nbkc bank compare?
nbkc Business Account Member FDIC | Bluevine Business Checking Deposits are FDIC Insured | Relay Business Checking Deposits are FDIC Insured |
|---|---|---|
at nbkc bank | at Bluevine | at Relay |
Monthly fee $0 | Monthly fee $0 | Monthly fee $0 |
APY N/A | APY 1.50% With $0 min. balance for APY | APY N/A |
Bonus N/A | Bonus $300 Requirements to qualify | Bonus $200 Requirements to qualify |
Full Review
NBKC's business account is a great option for budget-conscious small-business owners, as well as those looking for a straightforward business checking account to manage their finances online.
This free business checking account has no monthly maintenance fees and almost no incidental fees. Charged an ATM fee by a third party? NBKC will automatically refund up to $12 in ATM surcharges per month.
Other standout features include unlimited fee-free cash deposits via compatible MoneyPass and Allpoint ATMs — a rare feature for an online business checking account — and the ability to accept contactless payments via the NBKC mobile app (fees apply).
NBKC also offers a high-yield business money market account that earns
2.75
% APY and can be opened in tandem with its business checking account. The bank has business certificates of deposit as well, with promotional rates at 4.5% APY as of this writing. As an FDIC-insured institution, NBKC provides its banking services directly, unlike some online business checking accounts from neobank competitors. Although NBKC's business accounts are online-based (as are NBKC personal banking products), the bank does have four branch locations — two in Kansas and two in Missouri — and offers business financing to local customers.
NBKC business accounts are best for small-business owners who:
- Want a free business checking account with minimal fees.
- Prefer to use multiple products from the same small-business bank.
- Primarily bank online, but need cash deposits.
Don't need cash deposits? Consider a Grasshopper business account instead. Like NBKC, Grasshopper is an FDIC-insured bank that charges no monthly maintenance fees and works with the MoneyPass network. But it also offers perks that NBKC lacks — namely, interest on your checking account balance (currently
1.8
%) and cash back on debit card purchases. NBKC business checking at a glance
Monthly fee: | $0. |
Minimum opening deposit requirement: | $0. |
APY: | None. |
Transactions: | Unlimited. |
Bonus: | None. |
How to open an NBKC business checking account
The NBKC Business Account can be opened entirely online by completing and submitting a simple application on the NBKC website.
To complete an application for an NBKC Bank business checking account, you will need to meet basic business bank account requirements: You must be a U.S. citizen or resident alien, be at least 18 years old and have a government-issued ID. You will also need to provide basic information about yourself and your business, as well as any additional business owners, and include legal documents for the business.
NBKC typically reviews submitted applications in five to seven business days. After you receive approval from NBKC, you will get an email with your online banking information and will be able to open your business bank account.
You will also be able to download the NBKC mobile banking app — available for both iOS and Android devices — to manage your account on the go. (Note that NBKC's tap-to-pay feature is only via its iOS app, though.)
Additionally, you will receive your NBKC business debit Mastercard and have the ability to add authorized signers to your account and request debit cards for those users, if necessary.
🤓 Nerdy Tip
NBKC holds all deposits for five to nine business days for new accounts (less than 30 days old) as a fraud prevention measure. Be aware and avoid depositing all of your funds at once.Where NBKC business checking stands out
Almost no fees: The NBKC business checking account is about as close to fee-free as you can get. Not only does the account have no monthly fees, transaction fees or minimum balance requirement — fairly standard practice among online business accounts — but there are also almost no incidental fees, including for returned payments or incoming domestic wires, overdrafts or nonsufficient funds, or stop payments.
The only times you’ll face fees with the NBKC Bank Business Account are for sending domestic wires ($5 fee), sending or receiving international wires ($45 fee) or if you choose to add services to your account. And if you’re charged a fee from a third-party ATM operator, NBKC will automatically refund it (up to $12 per month).
Cash deposits: NBKC is one of the few business bank accounts to offer unlimited, fee-free cash deposits. That includes brick-and-mortar business banks, which typically set a monthly limit, and online business accounts that either don’t accept cash deposits or use a third-party service that charges a fee. You can deposit cash at any compatible MoneyPass or Allpoint ATM (use this tool to find a MoneyPass ATM that accepts deposits and this tool to find an Allpoint ATM that does).
Accept payments in-app (iOS only): NBKC customers can accept contactless payments directly from the NBKC mobile app — no hardware or terminal required, but you do need an iPhone X or newer, using iOS 15 or later. This feature, added in June 2023, allows NBKC customers to accept payments via debit card, credit card or virtual wallet.
This feature is powered by an integration with Autobooks, which charges a processing fee of 2.75% for each tap-to-pay transaction. That rate is competitive compared with other popular credit card processors.
Square
, for example, charges 2.6% plus 10 cents per in-person transaction. High-yield business savings: The NBKC Money Market account is a free business savings account that can be opened simultaneously with the business checking account and only requires an account balance of 1 cent to earn a
2.75
% annual percentage yield — offering an easy way to start earning interest on funds without a substantial investment.Where NBKC business checking falls short
High international wire fees: To send domestic wires through the NBKC Bank Business Account, you’ll incur a $5 fee, and to send or receive international wires, you’ll incur a $45 fee. Although wire fees — especially for outgoing wires — are not uncommon in business banking, the $45 fee for incoming and outgoing international wires is particularly high compared to competitors. Send a lot of wires? Consider a Mercury business account, which offers free domestic and international wires.
Add-on fees: If you want to integrate the Autobooks invoicing software with your checking account, you’ll need to pay $10 per month. Similarly, both the desktop deposit and ACH credits and debits add-ons require separate monthly fees.
In comparison, many online-based business checking account competitors either include some of these related add-ons at no additional cost or offer the ability to directly integrate with third-party business tools that cover these features. As an example, although the NorthOne business bank account doesn’t include its own invoicing features, it does provide direct integration with invoicing tools like Wave, QuickBooks and FreshBooks.
Learn more
at nbkc bank, Member FDIC
Methodology
NerdWallet's business checking reviews look at multiple factors, including monthly fee, APY, ATM access, transaction limits, cash deposit allowance, customer service, additional features and incidental fees, such as overdraft, NSF and stop payment charges.
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