NBKC Bank Business Accounts: What You Need to Know
Choosing a business bank account will be one of the first and most important decisions you’ll make in regards to your finances. After all, the right bank account will allow you to separate your personal and business finances, manage your funds, and hopefully, grow your business.
This being said, deciding which bank account is best for your business isn’t always a quick and easy process. There are a number of options on the market—including both checking and savings accounts—from a variety of different banks, both brick-and-mortar and online-based.
With this in mind, if you’d prefer a business bank account with little to no fees, a quick and easy application process, and a high level of accessibility, you’ll want to focus your search on online-based options, like the NBKC Bank business accounts.
Is an NBKC business account right for you?
This review is here to help you find out. We’ll break down everything you need to know about the NBKC business checking and savings accounts—including features, fees, and add-ons—plus, we’ll discuss some top NBKC alternatives so that you have all the information you need to make the right decision for your business.
NBKC Business Account Options
With the mostly online-based NBKC Bank (they have a few physical branches in Kansas), you’ll have two business account options—the NBKC Business Account and the NBKC Business Money Market Account.
The NBKC Business Account is your traditional business checking account option, designed to house your finances for everyday use. The Money Market Account, on the other hand, is a traditional savings account, allowing you to store extra capital and earn interest on those funds.
Both of these accounts, however, can be opened quickly and easily online—in just five minutes, according to the NBKC website—and can be used by business owners with any entity type and in a variety of industries.
In fact, you can open both an NBKC Business Account and Money Market Account at the same time and use them in tandem with one another.
On the whole, (as we’ll discuss below) these two NBKC Bank business accounts actually have a number of similarities in terms of both features and fees.
NBKC Business Checking Account
With this brief overview in mind, let’s take a look at what the NBKC Business Account, also known as NBKC business checking, has to offer.
One of the most notable features of the NBKC Business Account is that it’s a completely free business checking account. NBKC does not charge a monthly service fee, there are no minimum balance requirements, and they do not require a minimum opening deposit.
Additionally, NBKC does not charge for:
- Your NBKC business debit card
- Returned electronic or paper items
- Overdrafts or NSFs (nonsufficient funds)
- Business online banking
- Basic bill pay via phone, tablet, or desktop
- Check deposit (whether at a branch or through the NBKC app)
- Cashier’s checks
- Stop payments
- Incoming domestic wires
- Access to an NBKC banker on the phone, via email, or in person
Ultimately, there are only two standard scenarios in which NBKC will charge you a fee. First, you’ll pay a $5 per-wire fee to send domestic wires. Second, you’ll pay a $45 per-wire fee to send or receive international wires.
Another impressive feature of the NBKC Business Account is that it does not have any transaction limits. You can perform an unlimited number of transactions—which include checks, debit card transactions, and receiving ACH transactions originated from an external source— with no fees, every month.
A typical downside of online banks is lack of ATM access. With the NBKC business checking account, however, you’ll have access to over 32,000 MoneyPass ATMs, for free, across the U.S. and Puerto Rico. You will be able to withdraw cash from any of these ATMs at no charge—plus, NBKC offers a $12 per month refund for fees any other banks charge you to use an ATM.
Additionally, NBKC allows you to deposit cash using ATMs within this network. It’s important to note though, not all MoneyPass ATMs accept deposits. Therefore, you’ll want to use the MoneyPass online locator to be sure that the ATM you’re looking to visit accepts deposits.
Moreover, because of the way the MoneyPass systems work, any cash you deposit will be subject to a mandatory five business day hold—NBKC can’t see what is deposited through these ATMs, and therefore, needs the time to verify any deposits that are made.
This NBKC Business Account allows you to deposit an unlimited number of checks per month whether you’re doing so at a branch or through the NBKC app on your phone or tablet. If you use mobile deposit, you’ll be able to deposit multiple checks and transfer money between your accounts.
As we mentioned above, there are no fees for check deposit regardless of the method you use.
In addition, you can also deposit cash, with no charge, by using one of the applicable MoneyPass ATMs. NBKC does not limit the amount of cash you can deposit per month.
NBKC does not limit the amount of wires you can send; however, as we mentioned above, you will face fees for outgoing domestic wires and any international wires.
Incoming domestic wires, on the other hand, will not incur any fees.
- Sign-up Bonus$0
- Minimum First DepositNone
- Monthly FeeNone
- Balance to Waive FeeNone
NBKC Business Money Market Account
Now that we have a better sense of what the NBKC business checking account has to offer, let’s explore the Business Money Market Account.
Once again, this NBKC business account is actually very similar to the business checking account, with the major difference being that the Money Market Account accrues interest.
Like the NBKC business checking account, the Business Money Market Account has virtually no fees—a very uncommon feature for a savings account.
With this NBKC Bank business account, you’ll have no monthly fees, no minimum balance requirement, and no minimum opening deposit.
In fact, this business savings account will not charge fees for any of the items listed above—including everything from online banking to check deposit to stop payments. Once again, the only two instances in which you’ll face fees for this NBKC account will be for outgoing domestic wires ($5) and incoming or outgoing international wires ($45).
The interest rate, often referred to as APY or annual percentage yield, will be one of the most important features of any business savings account.
This being said, the NBKC Business Money Market Account has an APY of .25%, which is applicable to balances of $0.01 through $1 million. If you have an account balance greater than $1 million, your APY will range, so see NBKC’s terms for details.
One big difference between the NBKC Business Checking Account and the Money Market Account is that there is a maximum limit of withdrawals you can make from your business savings account on a monthly basis.
The Federal Reserve implements this restriction, dictating that you can only make a maximum of six withdrawals per month.
Therefore, any transaction where money comes out of your Money Market Account would be subject to this restriction—including cash withdrawals, ACH transfers, outgoing wires, etc.
If you exceed this limit three times within a 12-month period, NBKC is federally obligated to change your account from a business savings account to a business checking account.
Transaction, Deposit, and Wiring Allowances
Keeping in mind the withdrawal restrictions associated with this NBKC Business Account, the remaining features are largely the same as the NBKC Business Checking Account.
In short, you’ll be able to:
- Perform an unlimited number of transactions (excluding withdrawals) for free
- Withdraw cash and make cash deposits at applicable MoneyPass ATMs
- Make free, unlimited check deposits at a branch or by using the mobile app
- Send and receive wires, with the associated fees for outgoing domestic wires and all international wires (sending wires will, of course, also be subject to the maximum monthly withdrawal limit)
- Sign-up Bonus$0
- Minimum First Deposit$0
- Monthly Fee$0
- Regular APY.25%
NBKC Business Account Add-Ons
Although both of the NBKC business accounts are essentially free, NBKC does offer a few add-on products that you can use to expand the capabilities of your accounts.
It’s important to note, however, at this time these features are only available on an approval basis. You have to apply with NBKC and be approved to add these tools to your account.
This being said, NBKC offers a “Desktop Deposit” add-on, as well as an “ACH Credits and Debits” add-on—these tools can be added to either the business checking or business savings account, and will default to both accounts if you are using them together.
The Desktop Deposit add-on allows you to make check deposits from your laptop or desktop computer. With this feature, you receive access to check scanning equipment, unlimited NBKC account support, and the ability to deposit an unlimited number of checks per month.
This NBKC Bank Business Account add-on will cost $15 per month.
ACH Credits and Debits
With this feature, you’ll be able to manage direct deposit, payroll, and vendor payments, as well as rent, subscriptions, and fee collections. The ACH Credits and Debits add-on gives you access to dual control capabilities and out-of-band authentication.
Like the Desktop Deposit tool, this add-on will also cost $15 per month.
NBKC Business Accounts: Pros and Cons
Now that we’ve explored both of these accounts in detail, let’s continue our NBKC Bank business account review by discussing how these options stand up within the business banking market.
Why should you choose an NBKC business account over a product from another bank?
Here are some top advantages and disadvantages to consider.
Pros of NBKC Business Accounts
When it comes down to it, the NBKC business accounts—both checking and savings—stand out for their affordability, accessibility, and usability.
First, both of these accounts have no minimum opening deposit requirement, no average balance requirement, and no monthly fees. In fact, there are only two instances in which you’ll incur fees with either of these accounts, and all other transactions, deposits, and tools are included for free.
For a business savings account, in particular, it’s pretty unusual to find such an affordable option. Certainly, most brick-and-mortar banks will not only charge a range of fees, but also restrict your abilities. With either of the NBKC business accounts, you have no restrictions or limitations (other than the federal savings account withdrawal limit).
Additionally, these accounts are highly accessible—you can apply for one or both accounts quickly and easily online—and manage your account via computer, tablet, or mobile device. Plus, if you’re located in the Kansas area, you can visit one of the four NBKC branches. Along these lines, a common criticism of online-based banks is lack of access, especially to ATMs. With NBKC, however, you can use any of the 32,000 MoneyPass ATMs around the country, with no fees—plus, for any ATM you use that does charge you a fee, you have the $12 monthly refund from NBKC to cover those costs.
Finally, all of the features of these NBKC business accounts make them easy to use and manage. For your business checking account, you can easily manage your day-to-day funds whether that includes depositing checks or paying bills. With the business savings account, you have impressive flexibility, as you’re only limited by the federal regulations. Plus, the Money Market account is one of the highest-yield business savings accounts out there, with an impressive .80% APY.
All in all, whether you’re looking for a business checking account, business savings account, or both, the NBKC products are great, affordable options—especially for digital-first and newer businesses.
Cons of NBKC Business Accounts
On the other hand, there are downsides to the NBKC Bank business accounts that you’ll want to consider as well.
First, although NBKC does have a few branch locations in Kansas, if you’re looking for branch access from your small business bank outside of this one state, you’ll want to refocus your search to traditional brick-and-mortar banks like Chase or Bank of America.
Along these lines, even though you can use MoneyPass ATMs to withdraw (and in some cases, deposit) cash, you may find that a brick-and-mortar bank can offer greater ATM accessibility if your business operates mostly in cash.
Additionally, despite the lack of fees NBKC charges for most features, the fees they charge for wire transfers, particularly international transfers, are relatively expensive. You may find another business bank account that includes a certain number of incoming and outgoing wires for free per month, as well as those with lower international wire fees.
Moreover, if you’d like to consider multiple account options from one bank, like the multiple business checking and savings accounts offered by either Chase or Bank of America, then NBKC probably isn’t the right solution for you. Although NBKC offers two highly competitive business accounts, they only have one business checking account option and one business savings account option. Whereas some banks provide multiple accounts so that you can upgrade as your business grows, you don’t have this option with NBKC.
Finally, although NBKC provides two add-on options for their business accounts, they don’t offer integration solutions for top online tools, like many other digital-based banks do. Some of these banks will allow you to directly connect to an online payments platform, like Stripe or Square, or integrate seamlessly with an accounting software like QuickBooks. With NBKC, however, it seems like you’ll need to operate these accounts separately from your business bank account.
Ultimately, most of the downsides of the NBKC Bank business accounts are directly related to the fact that these are online-based accounts. If you’re looking for better branch and ATM access, multiple account options, and even a more expansive business suite at large, you’ll likely want to turn to traditional brick-and-mortar banks.
Top Alternatives to NBKC Bank Business Accounts
Whether you think an NBKC Business Checking or Savings account is right for you, or you think you might be able to find an option that better suits your business, it’s always worth considering alternatives before making a final decision.
Here are three top alternatives—including both online-based accounts and more traditional account options.
BlueVine Business Checking
First, you might consider the interest-earning BlueVine business checking account as a top alternative to NBKC.
With the BlueVine business checking account, you have the ability to earn 1% interest (which is more than the NBKC Money Market account) on balances up to $100,000. That said, like NBKC, the BlueVine bank account can be opened quickly and easily online and includes unlimited transactions.
In addition, it has no minimum opening deposit requirement, no NSF fees, and gives you the ability to withdraw cash fee-free at over 38,000 MoneyPass ATMs around the U.S. Moreover, unlike many other online-based business checking accounts, you also have the option to deposit cash through BlueVine’s partnership with Green Dot—you can deposit cash at over 90,000 Green Dot locations around the country.
On top of these benefits, the BlueVine business checking account includes two free checkbooks, mobile check deposit, and it also gives you the ability to pay vendors and bills using ACH transfer, wire payments, or checks.
Ultimately, BlueVine is a worthwhile alternative to NBKC if you’re looking to earn interest on your business checking account and you’re looking for more flexibility with cash deposits.
Chase Business Accounts
If you’re looking for the branch access and variety of options that the NBKC business accounts are lacking, you might consider the Chase Business suite as one of your best alternatives.
Chase is well-known as a top provider for both business checking and savings accounts, with three checking options and three savings options to choose from.
With all of these accounts, you’ll have access to Chase branches and ATMs around the U.S., as well as their online and mobile banking tools.
More specifically, the Chase Business Complete Checking account is typically considered a top option for small businesses, with a low monthly fee that has multiple ways to waive it.
This being said, the Chase Business Complete account includes $5,000 in fee-free cash deposits per month and unlimited electronic deposits. The two additional Chase business checking accounts will have fewer restrictions, but also higher fees and higher balances to meet to waive those fees.
In terms of the Chase business savings accounts, on the other hand, each of these options (aside from the Certificate of Deposit) will offer an average APY with monthly fees of $20 or lower (that can be waived) and benefits if you link your account with a Chase business checking account.
Ultimately, with a sizable welcome bonus with their checking accounts and the options and accessibility of a traditional brick-and-mortar bank, Chase is a worthwhile alternative to NBKC for business owners who do most of their business in cash, as well as those who simply prefer in-person banking.
The Bottom Line
At the end of the day, only you can decide which bank account is right for your business—whether an NBKC business checking account, savings account, or an account from another bank entirely.
This being said, however, with two virtually fee-free, easily accessible, user-friendly accounts, there’s no doubt that the NBKC Bank business accounts can serve a variety of small business owners well. In particular, the ability to deposit cash and the high APY of the Money Market account are standout features of these NBKC products in comparison to competitors.
Ultimately, you’ll want to think about what features are most important to you and your business—fees, transactions, wires, cash deposits, etc.—and determine if NBKC (or any other bank) measures up to your qualifications. By comparing different business bank accounts to your established requirements, you’ll be able to find the option that’s best for your business.