MidFirst Bank Business Account Review

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. Sally has a master's degree in journalism from New York University and a bachelor's degree in English literature from Columbia University.

There are a number of reasons why a business owner should open a business checking account. For starters, it will help you clearly differentiate your personal finances from your business finances, which both simplifies recordkeeping, is crucial come tax time, and establishes your credibility as a legitimate business. Your business checking account will be your designated spot for paying expenses and saving money for future costs. Plus, the right business bank account can provide the tools and support integral to your company’s growth.

With everything that rides on a business checking account, it’s important that you take the time to explore your options and find the best account for your business. One option you might want to look into is MidFirst Bank. Headquartered in Oklahoma City, the bank has more than 80 locations across Arizona, Oklahoma, and California. You can find out if there’s a banking center or ATM near you with the bank’s location tool on its website.

There are five MidFirst Bank business accounts available: Basic Business Checking, Performance Business Checking, Premium Business Checking, Value Business Checking, and Community Business Checking. The various accounts are designed to meet a range of needs for businesses small or large with basic checking needs or a high transaction volume.

Choosing the Best Business Checking Account for Your Small Business

Each business’s checking account needs will vary. Before beginning to weigh your options, it’s important to first understand what you need from a business account. As you begin to shop around, there are a few key features that all business owners should take note of to evaluate whether an account will truly suit their needs.

Here’s what you should consider:

Transaction Limits

The first feature to take into consideration is an account’s transaction limits. This will tell you how many free transactions you can make each statement period. Some accounts may let you make an unlimited number of transactions each month, while other accounts will cap your complimentary transactions and charge you a set fee for each transaction beyond that limit.

Generally, more basic, low-fee accounts tend to have lower transaction limits. Although this is usually enough for a business with low volume, the extra transaction fees could quickly add up for a business with a high transaction volume.

Balance Minimums

Business checking accounts can require minimum initial deposits, and many also require you to maintain a minimum balance. Often, you need to have a certain average balance in your checking account or across all of your accounts with the bank in order to waive your monthly maintenance fee. To avoid paying this monthly fee, which can certainly add up, businesses will want to consider how much money they expect to have in the bank on average before selecting a business checking account.

Fees

The final factor to consider is fees. Although some basic business checking accounts don’t have a monthly maintenance fee, many accounts do. The amount will vary and, as mentioned above, many banks will waive this monthly fee if you maintain a certain average account balance. Generally, accounts with higher transaction limits and more available features and services will charge higher monthly service fees.

Beyond service fees, you’ll want to look out for any other fees associated with the account. For instance, will you get charged for foreign transactions? This might not be ideal if you travel abroad frequently. Similarly, if there’s a high ATM fee and there aren’t many ATMs easily accessible, these fees could quickly add up.

midfirst bank business account

The 5 MidFirst Bank Business Accounts Reviewed

MidFirst Bank offers businesses a notable number of business checking accounts to choose from. Though each account targets different needs, all MidFirst Bank business account options share several commonalities.

These include:

  • Free access to over 60 MidFirst Bank ATMs
  • Free Business Visa® debit card
  • Free eStatements
  • Free iManage Business Express®
  • iManage Business Banking®
  • Free online bill pay up to 10 (then a $0.50 each)

MidFirst Bank Basic Business Checking

The first MidFirst Bank business account we’ll cover is Basic Business Checking. MidFirst Bank describes it as an “entry-level” business checking account. It’s intended for businesses that have no more than 175 transactions each month, after which there is a $0.45 fee per excess transaction. This is the lowest transaction limit of all MidFirst Bank business accounts.

The minimum account balance required to waive the monthly fee is also the lowest of all MidFirst Bank business accounts. If an account’s average monthly ledger balance falls below $750, account holders must pay an $11 monthly fee. This is the only account that charges a $5 fee per paper statement.

Monthly fees and limits:

  • $11 monthly maintenance fee (waived for accounts that have a $750 average monthly ledger balance)
  • 175 transactions per month (includes checks/debits, deposits/credits, and deposited items). Then, a $0.45 fee applies per additional transaction.
  • $7,500 in monthly cash deposits. Then, a $2 fee per additional $1,000 in cash deposited.
  • $5 fee per paper statement

Best for:

  • Businesses that are looking for a starter checking account
  • Businesses with low monthly transaction volume and a low average account balance

MidFirst Bank Performance Business Checking

Performance Business Checking is best for businesses with a moderate average account balance and transaction volume. To waive the $30 monthly fee, account holders must maintain either a $12,500 average monthly ledger balance or $35,000 combined average ledger balances across company checking, savings, or money market accounts. This is the second-highest monthly fee rate across all five of the MidFirst Bank business accounts. A potential perk for some businesses is that this is the only account where fees are waived for incoming domestic wire transfers.

The account includes 300 transactions per month, after which there is a $0.45 fee per excess transaction. This is the highest transaction limit of the three account options that have caps.

Monthly fees and limits:

  • $30 monthly fee (waived for accounts that have a $12,500 average monthly ledger balance OR $35,000 combined average monthly ledger balances across company checking, savings or money market accounts)
  • 300 transactions per month (includes checks/debits, deposits/credits and deposited items). Then, a $0.45 fee applies per additional transaction.
  • $7,500 in monthly cash deposits. Then, a $2 fee per additional $1,000 in cash deposited.

Best for:

  • Businesses that have moderate transaction volume and maintain moderate account balances
  • Businesses that make frequent domestic wire transfers

MidFirst Bank Premium Business Checking

Unlike the previous two MidFirst Bank business accounts, Premium Business Checking has earning potential. The account offers tiered interest rates, and interest can be earned on all collected balances.

However, Premium Business Checking has a slightly lower transaction limit than Performance Business Checking. The account includes 250 transactions per month. You’ll pay a lower fee of $0.35 for each excess transaction than you will for the previous two accounts, however.

The account minimum and monthly fee are also lower for this account than they are for Performance Business checking. You will owe a $17 monthly fee if your account falls below an average monthly collected balance of $10,000.

Monthly fees and limits:

  • $17 monthly maintenance fee (waived for accounts with a $10,000 average monthly collected balance).
  • 250 transactions per month (includes checks/debits, deposits/credits and deposited items). Then, a $0.35 fee applies for additional transactions.
  • $7,500 in monthly cash deposits. Then, a $2 fee per additional $1,000 in cash deposited.

Best for:

  • Businesses that want earning potential
  • Businesses with a moderate transaction volume and average account balance

midfirst bank business account

MidFirst Bank Value Business Checking

Value Business Checking is distinct from the other MidFirst Bank business accounts in that it offers an earnings credit that offsets fees. There is no balance minimum requirement to meet to waive the $17 monthly fee associated with the account. Instead, the monthly fee may be offset by the earnings credit. It is also the only one of the five accounts that offers abbreviated account analysis.

There also aren’t any set transaction limits associated with this account, which MidFirst Bank says is “designed for businesses with moderate monthly transaction volumes.” Clients will instead pay fees for each transaction, though these rates are generally lower than the excess transaction fees associated with other accounts.

Monthly fees and limits:

  • No balance minimum requirement
  • $17 monthly fee (may be offset by earnings credit)
  • $0.17 per check/debit transaction
  • $0.75 per deposit/credit transaction
  • $0.14 per deposited item
  • $1.50 per $1,000 in cash deposited, if monthly cash deposits total more than $5,000

Best for:

  • Businesses with moderate transaction volume
  • Businesses that don’t want to deal with a balance minimum requirement

MidFirst Bank Community Business Checking

MidFirst Bank Community Business Checking is exclusively available to nonprofit corporations and nonprofit associations. It is the only MidFirst Bank business account that does not have a monthly fee. As such, there is also no balance required to waive this fee.

The account has a lower transaction limit, with 200 transactions included per month. It has a higher cash deposit limit than other accounts though. While Basic, Performance and Premium Business Checking all cap complimentary cash deposits at $7,500, Community Business Checking includes $12,500 in cash deposits per month.

Monthly fees and limits:

  • No monthly fee
  • 200 transactions per month (includes checks/debits, deposits/credits and deposited items). Then, a $0.35 per additional transaction.
  • $12,500 in monthly cash deposits. Then, a $2 fee per additional $1,000 in cash deposited.

Best for:

  • Businesses that are nonprofit corporations or nonprofit associations

Who Are MidFirst Bank Business Accounts Right For?

MidFirst Bank offers an impressive range of business bank accounts, each designed to meet a distinct set of business needs. However, the bank only has locations in three states and it only has over 60 ATMs, so these accounts are probably best for business owners who live in Arizona, Oklahoma, or California.

If you fit the bill, you’ll need to weigh which of the five MidFirst Bank business account options seems right for your business. New businesses with low transaction volumes may find what they’re looking for in Basic Business Checking. For businesses with slightly more robust transaction volumes and average account balances, there’s Performance Business Checking. Businesses that want to earn interest will want to take a closer look at Premium Business Checking, the only of the five accounts that has earning potential.

Value Business Checking has a slightly different setup than the other accounts, as it offers an earnings credit to offset fees and has no set transaction limits or balance minimum requirements. MidFirst Bank says this account is appropriate for businesses with moderate transaction volumes. Then there’s MidFirst Bank Community Business Checking. This option is specifically for nonprofit corporations and associations.

Remember as you’re looking over these accounts options—or any business checking account options, for that matter—to think carefully about what your business needs in a checking account. Considering your expected transaction volume, for instance, could quickly narrow down your options.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. Sally has a master's degree in journalism from New York University and a bachelor's degree in English literature from Columbia University.

Our Picks