A business checking account is crucial to banking responsibly since it keeps your business’s money both safe and accessible. Placing your business earnings into a business bank account keeps them FDIC-insured, easier to track, and safer from loss or theft. It also keeps your funds in one place to more easily deposit earnings, make withdrawals and purchases, and pay any employees.
BB&T Bank offers three different business checking accounts. The bank operates only in 15 states, however, mostly in the Southeast and Midwest—you’ll have to live in the bank’s service areas to open a business checking account or any other bank account.
No matter which bank you end up with, you’ll want to determine what you need from a checking account before opening one. If you’re just starting out, perhaps you’ll want a free business checking account so you don’t have to worry about yet another cost. To the opposite, if you’re a seasoned business vet, you could benefit a bit more from an account with higher limits and more helpful perks.
All BB&T business accounts include no-fee online statements, text and/or email alerts, online and mobile banking, a free BB&T Business debit card and customizable checks. When choosing your account, also be mindful of:
Only one BB&T business account is free to own. The other two accounts charge monthly fees, which you can waive by meeting certain balance minimums.
Meeting a balance minimum on an account can help you waive an otherwise pesky monthly service fee. Note that there may be two minimum balance requirements. One balance minimum is assessed on the single account at hand while the other minimum is a combined amount. This combined balance can take into account the single account, other checking and savings accounts, investment accounts, and sometimes even loans. Typically, you have to meet one minimum or the other, not both.
Be wary of an account’s transaction limits, which limit the number of transactions you can make from the account. More premium accounts can allow for thousands of transactions each statement cycle while other accounts can limit you to as little as 50 transactions.
As we mentioned earlier, BB&T offers three business checking accounts for business owners to choose from. Let’s dive into the details on each account, so you can figure out which one best fits your individual needs.
The simplest account of the three, the Business Value 50 Checking account doesn’t have a monthly service fee or a minimum balance requirement. Online statements come at no extra charge. This can really help out new business owners still strapped for cash. Plus, your first order of business checks on this account will be discounted up to $25.
While this account is free, it is pretty limiting in its transactions. You’re allowed 50 free combined items per statement cycle, which may not be enough for a number of businesses. Combined items includes purchases, paychecks, withdrawals, and deposits. You’re also limited to $3,500 in no-fee cash processing per cycle. Each additional $1,000 will cost a small fee that varies by state.
Monthly fees and limits:
This second BB&T business account is better for a more hands-on business owner since there is a monthly fee to take into consideration. The fee is $12 and you can waive it by meeting one or more of the following: a $1,500 average monthly balance, $6,000 in combined average monthly balances (personal or business checking accounts, money market savings accounts and/or outstanding balances on BB&T credit cards), a qualifying transaction from a BB&T Merchant Services account, or $1,000 in eligible purchases each month on your BB&T business credit card or debit card.
The Business Value 200 Checking account offers a much more flexible transaction limit at 200 transactions per cycle. This gives you more room to spend, pay your employees, and withdraw money as needed.
Further, the account provides the opportunity to open a free personal BB&T Back to Basics checking account and no-annual-fee BB&T Visa Signature Business Credit Card with Business Rewards, personalize your debit card, and receive up to $50 off on your first order of business checks.
Monthly fees and limits:
This last BB&T business account offers the highest transaction limits and imposes the highest minimum balance. To waive the high $25 monthly fee, you’ll need either a $15,000 average monthly balance, $35,000 in combined average monthly balances, two or more qualifying transactions from a BB&T Merchant Services account, or $2,500 or more in eligible purchases each month on your BB&T business debit or credit card. While customers with lower balances and spending thresholds can still open this account, it may not be the wisest financial move as it will cost you $25 a month.
The account allows 500 free transactions and up to $30,000 in cash processing per statement cycle. You’ll also receive free automatic overdraft protection transfers, two non-BB&T ATM transactions per cycle, and a free personal Elite Gold interest-bearing checking account. Your first order of business checks will be discounted by $100.
Monthly fees and limits:
If you’re low on cash or don’t make too many transactions each month, the Business Value 50 could work best for you. Without a monthly fee or balance minimums, it’s easier to maintain. You just have to keep your transactions below 50.
The Business Value 200 and Business Value 500 accounts will work better for more active business owners and those with higher balances. If you’re making more purchases, withdrawals, and the like, the Business Value 500 would give you the most flexibility. Just make sure you meet the minimum balance each month to avoid the pretty high service fee.
With these three BB&T business accounts to choose from, there’s an option for all kinds of business owners. The three accounts mostly differ according to transaction limits and balance minimums. Before opening an account, it helps to take stock of your regular transaction habits. That way, you can best determine which account is right for you.
Sally Lauckner is the editor-in-chief of the Fundera Ledger and the editorial director at Fundera.
Sally has over a decade of experience in print and online journalism. Previously she was the senior editor at SmartAsset—a Y Combinator-backed fintech startup that provides personal finance advice. There she edited articles and data reports on topics including taxes, mortgages, banking, credit cards, investing, insurance, and retirement planning. She has also held various editorial roles at AOL.com, Huffington Post, and Glamour magazine. Her work has also appeared in Marie Claire, Teen Vogue, and Cosmopolitan magazines.