Woodforest Bank Business Checking Accounts Review

The right business bank account can make the difference between just getting by and owning a thriving business. It can help you manage your spending by setting limits, or help you boost your savings by earning interest. The key is to choose an account that fits best with your business lifestyle. That way, you can grow and not be constrained by a checking account.

Woodforest Bank can help you find the right account, as the bank offers six business checking accounts. They differ in their transaction limits, fees and balance minimums, so you can try to find the right one for you. It may help if you live or work near a Woodforest Bank Commercial Banking branch, which you can find in Texas, North Carolina, Virginia, Indiana, Ohio, California, and Pennsylvania.

The best business checking account for your business may not be the same choice that your friend makes for her small business. Take stock of your own transactions and needs. Are you raking in, and then depositing, a lot of cash? If so, then you might decide to look for an account with a high cash deposit limit. Or perhaps you’re more interested in an interest-earning account to grow your savings a bit more. Keeping your needs and the needs of your growing business in mind will be crucial to choosing the right account.

Although no one likes paying them, bank account fees often seem unavoidable. All the following Woodforest Bank business checking accounts charge monthly fees. Some accounts allow you to waive the fee if you meet a certain minimum balance.

There are also a number of smaller fees charged for excessive transactions. We’ll discuss more below, but the accounts often limit you when it comes to the number of transactions you can make per month. If you exceed that limit, each extra transaction you make will cost you. One account, which offers unlimited transactions, charges for each transaction you make. Even when nominal, fees can really add up month to month. So if you’re itching to open a Woodforest Bank business checking account, it’s important to weigh the costs of these fees into your business budget and make sure it’s sustainable.

It’s crucial to check out a business checking account’s limits and minimums before you even think of signing up. For starters, all Woodforest Bank business checking accounts require an opening deposit of at least $100.

Each account has different transaction limits, ranging from 250 per month to an unlimited amount. If you’re making around 500 transactions per month, the 250-limit probably won’t be the right fit. It can even end up costing you way more. Again, be sure to check the fees on those transactions.

You’ll need at least $100 to open any Woodforest Bank business checking account.^[1] Note that each Woodforest Debit Card ordered will cost a one-time $15.00 setup fee. The bank will withdraw the amount from the attached checking account.

The Business Simple Checking account works best for businesses with a medium amount of transactions each month. The account limits you to 250 items for free. Any more transactions, and you’ll have to pay $0.25 per item. Although that’s not a lot at face value, that fee can really add up if you continue to go over the limit.

There’s a $12 monthly fee for this Woodforest Bank business checking account. In order to waive that fee, you’ll need to maintain a minimum daily balance of $5,000.

Monthly fees and limits:

•      $12 monthly fee, waived with $5,000 minimum daily balance
•      250 items allowed per month

Best for:

•      Businesses with fewer than 250 transactions
•      Account balances of $5,000 and over

If you’ve had previous troubles maintaining a business checking account or making payments, Woodforest Bank offers this Second Chance Business Checking account. It is a little heavier on the fees than the Simple Checking account, as it charges a one-time $15 account set up fee and a $15 monthly fee that you cannot waive.

You’re again limited to 250 items per month, with a $0.25 fee for each time you exceed the limit.

Monthly fees and limits:

•      $15 monthly fee
•      Monthly 350-item limit

Best for:

•      Customers with previous banking challenges

For a higher transaction limit, open a Business Advantage Checking account which allows 500 items per month. Each item over the limit will cost $0.25. The account does charge a $20 monthly fee. However, you can waive it by maintaining a minimum daily balance of at least $10,000.

Monthly fees and limits:

•      $20 monthly fee, waived with $10,000 minimum daily balance
•      500-item limit per month

Best for:

•      Business owners who make fewer than 500 transactions per month
•      Account balances of at least $10,000

The Business Checking account offers account holders unlimited transactions. However, each transaction, including withdrawals and deposits posted to the account will cost a fee. There is also an unwaivable $18 monthly fee. However, you can pay down this fee by earning credits on the account. Your Earnings Credits are determined each month by the bank.

Monthly fees and limits:

•      $18 monthly fee
•      $0.15 per withdrawal
•      $0.10 per deposit item
•      $0.50 per deposit posted to the account
•      $0.06 per $1,000 for Ledger Balance Assessment

Best for:

•      Business owners who can utilize the Earnings Credit to the maximum potential
•      Business owners who can afford the fees charged on each transaction

This account earns interest on your balance and provides unlimited check-writing abilities. It’s available to sole proprietorships, nonprofit organizations, and government entities. There are no transaction limits, but each item will cost a fee. There is also a $15 monthly fee, which you can waive with an average collected balance of at least $2,000.

Monthly fees and limits:

•      $15 monthly fee, waived with at least $2,000 balance
•      $0.15 per withdrawal
•      $0.10 per deposit item
•      $0.50 per deposit posted to the account

Best for:

•      Account balances of $2,000 and more
•      Business owners who can afford the transaction fees

For slightly more competitive interest rates on all balances, check out the Business Money Market Checking account. It includes limited check writing and six fee-free withdrawals per month. You’ll want to watch your withdrawals closely, because each withdrawal beyond that limit will trigger a $20 fee.

There is a $15 monthly fee on the account, which you can waive by maintaining a minimum daily balance of at least $2,500.

Monthly fees and limits:

•      $15 monthly fee, waivable with minimum daily balance of $2,500
•      Six free withdrawals per month
•      $20 fee on excess withdrawals

Best for:

•      Account balances of $2,500 and over
•      Business owners who make no more than six withdrawals per month

For an alternative to Woodforest Bank that’s fee-free, online-based, and allows you to earn interest on your account balance, you might consider Bluevine business checking.

With Bluevine business checking, you can apply for an account quickly and easily online and get access to unlimited transactions, a high APY, no monthly fees, no NSF fees, no incoming wire fees, and no minimum deposit or monthly balance.

This account also allows you to withdraw cash fee-free at over 38,000 ATMs around the U.S., as well as deposit cash at over 90,000 Green Dot locations (for a fee).

Plus, Bluevine business checking offers two free checkbooks, the ability to send wire payments ($15 fee), mobile check deposit, as well as 24/7 online and mobile banking. You also have access to a range of online payment options—including electronic transfers, ACH transfers, and domestic wire transfers.

If you own a mid-sized business and don’t mind paying a monthly fee, or you have the cash to waive it, consider the Chase Performance Checking account. You’ll need $35,000 or more to waive the $30 monthly fee. To get started, you need at least $25 as your opening deposit.

This account does impose limits on the number of monthly transactions and cash deposit amounts. You have 250 free transactions each month. After meeting that cap, each transaction will cost $0.40, so you’ll have to watch your transactions each month so as not to go over. As for cash deposits, you’re limited to $20,000 each month. Depositing any more than that will cost $2.50 for every $1,000 you deposit in cash.

The Axos Business Interest Checking account can help you earn some extra savings on your hard-earned money. Although you’ll need at least $100 to open the account, you can benefit from an APY of up to 1.01%. Balances of $5,000 and over can be extra beneficial by waiving the $10 monthly fee.

The account isn’t great for anyone making a ton of transactions each month, as you’re limited to 100 free items (like deposits and withdrawals) and 60 Remote Deposit Anywhere items per month. Some handy account perks include unlimited domestic ATM fee refunds and a free first set of 50 checks.

If these accounts seem too simple for you, consider the Chase Platinum Checking account. It certainly works better for much higher balances, as you’ll need at least $100,000 to waive the sky-high $95 monthly maintenance fee.

The account also works best for businesses with a high volume of transactions. You’re allowed up to 500 fee-free teller deposits and debits per month. Each additional transaction will cost a $0.40 fee. You can also deposit up to $25,000 in cash each month.

There’s even a chance to earn a $200 bonus reward when you open the account and complete qualifying activities like depositing at least $1,000 and making enough transactions.

Woodforest Bank’s Business Simple Checking account would fit best with businesses with a low number of transactions each month. Larger or mid-sized businesses could end up constricted by its 250-transaction limit.

If you’ve ever had issues with banking or being approved for accounts, the Second Chance Business Checking can give you a much needed boost. To the opposite, more established business owners can benefit from the high limits of the Advantage Business Checking account.

The Business Checking account requires some discipline from account-holders. You’re allowed an unlimited number of transactions, but each transaction will cost a fee. It’s important to focus on keeping within your budget with this account.

The Business Plus Checking account and the Business Money Market Checking account work best for those who want to earn some interest on their balances and perhaps snag some extra perks.

As a smaller bank, it’s not surprising that Woodforest Bank Business Checking accounts aren’t heavy on the perks. Unfortunately, they tend to be heavy on the fees, instead. Each account charges a monthly fee, and there’s not always a way to waive it. This doesn’t have to be the case, as there are fee-free business checking account options out there.