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Opening a business bank account is an important step for any small business owner to take. With a business bank account, you’ll officially separate your personal finances from those of your business. You’ll also gain a designated spot from which to pay expenses and save up for future costs.
Of course, there are a lot of business checking account options to consider. One bank to consider is Arvest Bank, which offers three different business checking accounts. The bank is headquartered in Bentonville, Arkansas. It has branches across Arkansas, Kansas, Oklahoma, and Missouri. You can find out if there’s one near you using Arvest Bank’s branch/ATM locator.
If you’re a business owner in one of those states, it may be worth looking at Arvest Bank business checking. It’s important to weigh your options, though, so we’ve also included three top alternatives to consider.
As you look at different business checking accounts, there are a few features to note. It’s easy to get bogged down by the sheer number of options, but keeping these factors in mind can help you more easily discern whether a business checking account truly aligns with your small business’s needs.
The first feature to look at is transaction limit. This is how many transactions the account allows you to make per month. Usually, accounts will offer a set number of transactions at no cost and then charge a fee for each additional transaction beyond that. Arvest Bank’s most basic account includes 100 transactions per statement period, while the other two accounts cap transactions at 200.
An account’s balance minimum is how much money you must have in your account at all times. It’s important to meet the balance minimum, as many accounts allow you to waive the monthly maintenance fee associated with the account if you do. All Arvest Bank business checking accounts require a $100 monthly deposit.
As any savvy business owner knows, costs are always important to keep in mind. Most business checking accounts charge a monthly service fee. As mentioned above, these are sometimes waivable if you meet the balance minimum. Fees for Arvest Bank business checking accounts range from $0 to a $15 waivable monthly fee.
Arvest Bank offers three business checking account options. The accounts differ in the features mentioned above, with varied transaction limits and monthly maintenance fees. Each of the accounts requires a $100 minimum opening deposit. They also all include the following services:
Arvest Bank Free Small Business Checking is designed for a business owner who is just starting out and makes a minimal number of transactions in a given month. As indicated by its name, Free Small Business Checking boasts the big perk of not having any monthly maintenance fee. There is the option to pay a $5 monthly fee if you want to receive a statement with images.
The account’s transaction limit is relatively low. It includes just 100 items (including checks, deposits, and deposited items) per statement period. Beyond that, you’ll pay a $0.50 fee per additional transaction. Free Online Bill Pay transactions are also capped at 15 per month, after which you’ll pay a $0.50 fee for each additional payment.
Free Small Business Checking offers overdraft protection up to $400, upon approval. The account is subject to a fee if its balance goes negative.
Monthly fees and limits:
If an account with no monthly service fee is what you’re after, you may want to consider Azlo Business Checking. In addition to no monthly fee, this account also has no balance minimum or transaction limit.
However, you won’t be able to go into a physical location like you would with Arvest Bank. Azlo Bank is online-only. Although this keeps costs low, there are some potential drawbacks to be aware of. For one, the bank cannot process cash deposits. Though you can withdraw cash through the AllPoint ATM network that Azlo partners with, it’s not possible to deposit cash. You also can’t send money wires with Azlo, though you can receive them for free.
Open an Azlo Account
Arvest Bank describes Small Business Checking as “a step up” from Free Small Business Checking. This account includes twice as many transactions per statement period, with a transaction limit of 200 items. After that, you’ll pay a $0.50 fee per additional transaction. Free Online BillPay transactions are capped at the same amount, though. The account includes 15 payments per month, and a $0.50 fee applies for each payment beyond that.
There is a $10 monthly maintenance fee associated with the account. Notably, there is no option to waive this fee if you maintain a certain balance minimum.
If accessibility is a concern, you may want to consider Chase Total Business Checking. While Arvest Bank only has branches in four states, Chase has 5,100 locations across the country. If you’re considering it as an alternative to Arvest Small Business Checking though, you’ll want to note that this account has a slightly higher monthly fee and a slightly lower transaction limit.
You’ll pay a $12 monthly maintenance fee, or a $15 monthly fee if you opt for paper statements. Unlike with Arvest Small Business Checking, this monthly service fee is waivable if you maintain a $1,500 minimum daily balance in your account. Additionally, Chase Total Business Checking includes only 100 transactions per statement period, which is half the number of free transactions offered by Arvest Small Business Checking.
Open a Chase Total Account
Like Arvest Small Business Checking, Arvest Bank Small Business Club Checking includes up to 200 transactions per month at no cost. However, it also offers a number of additional perks and services. For starters, this account offers unlimited free Online BillPay. The other Arvest Bank business checking accounts limit transactions to 15 per month. And although the two other Arvest Bank business checking accounts cap overdraft protection at $400, Small Business Club Checking offers up to $1,000 in overdraft protection upon approval.
As far as rewards go, account holders can earn Arvest Rewards points, with 1,000 bonus points offered when you open an account. You will also get a 0% APR introductory offer for the first six months after you open an Arvest Corporate Visa® Card. Additionally, you can get up to $25 off of your first order of checks.
The account has $15 monthly service fee. However, it’s waivable if you maintain one of three balance requirements: an average commercial deposit account balance of $5,000 or more, $20,000 or more in commercial loans, or a combination of the two totaling at least $20,000.
If your business needs a higher transaction volume than Arvest Small Business Club Checking offers, you may want to consider Chase Performance Business Checking. This account, designed for midsize businesses, has a slightly higher limit of 250 fee-free transactions per month. You’ll also get up to $20,000 in cash deposits each month at no fee.
On the downside, the monthly maintenance fee associated with this account is twice as high as it is with Arvest Small Business Club Checking. There is a $30 monthly fee, and you must maintain a minimum balance of $35,000 to waive it. With Arvest Small Business Club Checking, you only have to maintain an average commercial deposit account balance of at least $5,000 to waive the $15 monthly fee.
Open a Chase Performance Account
Arvest Bank business checking accounts are best for business owners in Arkansas, Kansas, Oklahoma, and Missouri. These are the four states in which the bank has branches. Arvest Bank makes an effort to maintain a local feel by operating 14 autonomous community banks, each of which has its own president, board of directors, and management team. This could be a selling point for business owners who are concerned about finding a bank that’s more community-oriented.
Beyond determining whether Arvest Bank is the right bank for your business, you’ll also need to decide which Arvest Bank business checking account most closely aligns with your business’s needs. If you have a low transaction volume and primarily want to open a business checking account to separate your business and personal finances, then Arvest Bank Free Small Business Checking may be right for you. This account has no monthly maintenance fee (unless you opt to receive a statement with images), and it has a transaction limit of 100 items per month.
Both Arvest Bank Small Business Checking and Small Business Club Checking have a 200-item transaction limit. Small Business Checking carries a $10 monthly fee that is not waivable; Small Business Club Checking has a slightly higher $15 monthly fee that can be waived if you maintain certain balance minimum requirements. For the higher fee, Small Business Club Checking offers a number of additional perks and rewards, including free unlimited Online BillPay, up to $1,000 in overdraft protection, and Arvest Rewards points.
As with any financial decision, it’s important to think carefully about your business’s needs in order to select a business checking account that can best serve them. Ideally, you’ll find a business checking account that can serve your business now and well into the future as it continues to grow.