Advertiser Disclosure

Commerce Bank Small Business Checking Review, Plus Top Alternatives

Sally Lauckner

Editor-in-Chief at Fundera
Sally Lauckner is the editor-in-chief of the Fundera Ledger. Over the past decade she has held various editorial roles at SmartAsset—a Y Combinator-backed personal finance startup—the Huffington Post, AOL.com, and Glamour magazine. Her work has also appeared in Marie Claire, Teen Vogue, and Cosmopolitan. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University.  Email: sally@fundera.com.

Latest posts by Sally Lauckner (see all)

Editorial Note: Fundera exists to help you make better business decisions. That’s why we make sure our editorial integrity isn’t influenced by our own business. The opinions, analyses, reviews, or recommendations in this article are those of our editorial team alone.

When you own and manage your own business, the goal is for everything to run as smoothly as possible. Although that’s not always the case, it can be nice to get some extra help in that direction. The right business checking account can be just the thing.

For starters, a checking account keeps your money safe and insured. It also keeps it conveniently accessible for you whether through a debit card, checks, or online payments. Some business checking accounts can also come with added perks like earning interest on your balance or free payroll management. Figuring out what you need from a business checking account and shopping around your choices can help you and your business immensely.

Commerce Bank offers three small business checking accounts for small businesses and a special checking account for insurance agents. Although you can access your accounts online, it may be best if you live or work close to a commercial banking location. Commerce Bank has commercial banking branches in Cincinnati, Nashville, Dallas, Des Moines, Indianapolis, Grand Rapids, and Houston.

Choosing the Best Business Checking for Your Small Business

You want a business checking account that’ll help you run and grow your business in the most efficient way possible. It won’t help if the account becomes a problem point due to high fees, for example. When you’re shopping for the right account, keep an eye out for the following.

Fees

Fees are an easy way to lose money, something you definitely don’t want to do when running a business. Be sure to check for all the fees an account can charge before you sign up, like for overdrafts and excessive transactions. Start with the service fee, as that can cut into your budget each month. If there is a way to waive the fee, run the numbers to make sure you can meet the requirements without bending over backward to do so. Each Commerce Bank Small Business Checking account charges a monthly fee that can be waived in one way or another, from keeping a minimum balance to having another Commerce account.

Transaction Limits and Balance Minimums

In addition to fees, transaction limits and balance minimums are crucial factors to ensuring an account is the right fit. Business checking accounts tend to impose transaction limits and charge a fee for every time you go over your limit. That’s why you want to make sure your threshold isn’t too limiting, otherwise you’ll lose money to unnecessary fees. It may also hurt if you sign up for an account that has an unreachable limit, as those accounts tend to charge higher monthly fees.

You’ll also want to check whether there are minimum balance requirements on a business account. Commerce Bank doesn’t require a minimum balance to keep accounts, but certain balances can help you waive monthly fees. Some may even allow combined balances between business and personal accounts.

commerce bank small business checking

Commerce Bank Business Checking Accounts

Commerce Bank’s four business checking accounts offer small business owners the chance to find the account that works best for them, whether that’s the one with the highest transaction limits or the one with the more easily waived fee. Each account charges a monthly fee unless you can waive it by meeting certain requirements. The accounts also offer a range of transaction limits so you can better avoid being stuck between a too low or too high number. Commerce Bank considers paper and electronic debits, credits and deposited items, and Online Bill Pay-generated checks and ACH debits to all be transactions.

Three of the following Commerce Bank small business checking accounts include a free Commerce Bank Business Visa® Debit Card, which you can use to make unlimited and free transactions at more than 350 Commerce Bank ATMs.

myBusiness Checking

Monthly fees and limits:

  •      $5 monthly fee, waived with personal checking account
  •      25 transactions per statement cycle
  •      $0.50 per additional transaction

Best for:

  •      Small businesses with low transaction numbers
  •      Account holders with a Commerce Bank personal checking account

If you and your small business don’t need to make many transactions per month, consider the myBusiness Checking account. It allows 25 free transactions per statement cycle. Each additional transaction will cost $0.50.

There’s a benefit to already being a Commerce Bank personal customer, as having a personal checking account can waive the $5 monthly fee on your myBusiness Checking account. Signing up for paperless statements is also more beneficial for your savings since paper statements cost $5 each. You’ll need at least $100 to open the myBusiness Checking account.

myBusiness Select Checking

Monthly fees and limits:

  •      $9 monthly fee waived with minimum balance
  •      150 free transactions per statement cycle

Best for:

  •      Small businesses with maximum 150 transactions
  •      Account holders who can meet the minimum balance requirement(s)

For a slight step up, the myBusiness Select Checking allows for up to 150 transactions per month. The account does require a minimum balance to waive the $9 monthly fee. You can keep at least $2,500 in this account or at least $5,000 in combined business and personal account balances to waive the fee. There is still a $5 paper statement fee.

Small Business Options Checking

Monthly fees and limits:

  •      $25 monthly fee, waived with minimum balance
  •      300 free transactions per statement cycle

Best for:

  •      Growing businesses that need the higher transaction limit
  •      Business owners who also have personal accounts

The Small Business Options Checking account makes room for businesses to grow by allowing up to 300 free transactions per statement cycle. It also includes extra perks like fee-free merchant card setup, lower rates on small business loans, premium rates on a business money market account and remote deposit for $15 a month.

The account also offers more chances to benefit from having both personal and business accounts with Commerce Bank. To waive the usual $25 monthly fee, you can maintain at least $25,000 in business and personal checking, savings, money market, CDs and consumer IRA balances, $25,000 in loan balances (business loans, personal installment loans, home equity loans, and credit lines), or at least $40,000 in combined deposit and loan balances.

commerce bank small business checking

Premium Fund Trust Account

Monthly fees and limits:

  •      No monthly maintenance fee with a Commerce Small Business checking account
  •      No transaction fees

Best for:

  •      Insurance agents in search for a way to organize premium payments
  •      Commerce Small Business checking account holders

The Premium Fund Trust Account is designed for insurance agents to better manage the premium payments they collect. The account doesn’t charge a monthly maintenance fee when you have a Commerce Small Business checking account nor transaction fees. You can set up a direct ACH transfer of policy holder premiums to your insurance company home office while also keeping your operating budget separate from your collected premiums.

Even better, the Premium Fund Trust account unlocks access to personalized service from Commerce Bank’s Small Business Specialists and Personal Bankers.

Top Alternatives to Commerce Bank Business Checking Accounts

If none of Commerce Bank’s small business checking accounts appeal to you, consider the following alternatives instead.

Azlo Business Checking: Best No-Fee

Unlike Commerce Bank small business checking, the Azlo Business Checking doesn’t bother you with the hassle of a monthly fee. You don’t even have to meet a minimum balance or have another account to snag this benefit. Azlo also allows you to make as many transactions as you want each statement cycle without charging any fees for those either.

Azlo operates entirely digitally, though, which means you can’t really make cash deposits or visit a branch for customer service assistance. The account also doesn’t allow you to send wire transfers, although you can receive them for free.

Chase Total Business Checking: Best for Growing Businesses

The Chase Total Business Checking account can work for businesses that aren’t quite making hundreds of transactions a month yet. The account allows for 100 transactions per month (this includes debits and non-electronic deposits). You’re also allowed up to $5,000 in cash deposits per month.

You can also give your growing business a boost with the Chase Total Business Checking $300 bonus offer. You’ll need to deposit at least $1,000 in new money and complete five qualifying transactions within 60 days to snag the bonus.

The account charges a $15 monthly fee (with paper statements, or else it’s $12), which you can waive by keeping at least $1,500 in the account.

Chase Performance Checking: Best for Cash Deposits

If your business works mostly with cash, consider the Chase Performance Checking account, which allows for up to $20,000 in cash deposits each month. That’ll help you keep your money safe and insured.

The account also works best for those who have higher balances. Maintaining a minimum daily balance of $35,000 will waive the $30 monthly service fee.

There is a bonus offer to be won here, as well, although it is the same as the Chase Total Business Checking offer detailed above.

Who Are Commerce Bank Business Checking Accounts Right For?

Whether you own a small business that’s just getting off the ground or has been well-established for a while, Commerce Bank business checking accounts can accommodate you with their varying levels of transaction limits. The myBusiness Checking account is better for those with very few transactions per month, while the Small Business Options Checking allows for hundreds of transactions, albeit at a higher fee. The myBusiness Select Checking account is the bank’s Goldilocks option here. Set apart slightly from the other three accounts, the Premium Fund Trust Account is made for insurance business owners to collect and manage insurance premiums.

Sally Lauckner

Editor-in-Chief at Fundera
Sally Lauckner is the editor-in-chief of the Fundera Ledger. Over the past decade she has held various editorial roles at SmartAsset—a Y Combinator-backed personal finance startup—the Huffington Post, AOL.com, and Glamour magazine. Her work has also appeared in Marie Claire, Teen Vogue, and Cosmopolitan. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University.  Email: sally@fundera.com.

Latest posts by Sally Lauckner (see all)

Our Picks