NBKC Business Checking Account Review

Choosing a business bank account is an important decision. After all, the right bank account will allow you to separate your personal and business finances, manage your funds and grow your business. If you 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 on online options such as NBKC Bank business accounts.

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 a traditional business checking account option, designed to house your finances for everyday use.
• The NBKC Money Market Account is a traditional savings account for storing extra capital and earning interest on those funds.

Both accounts 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.

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
• Transactions
• 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)
• E-statements
• 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.

This NBKC business account is actually similar to the business checking account, but it accrues interest.

Like the NBKC business checking account, the Business Money Market Account has virtually no fees—a rare feature for a savings account.

• No monthly fees.
• No minimum balance requirement.
• No minimum opening deposit.

In addition, this business savings account will not charge fees for online banking, check deposit or stop payments. Outgoing domestic wires are $5 and incoming or outgoing international wires are $45.

The NBKC Business Money Market Account has an APY of 1.75%.

One big difference between the NBKC Business Checking Account and the Money Market Account is the Federal Reserve implements this restriction dictating that you can only make a maximum of six withdrawals per month from a savings account.

• Any transaction where money comes out of your Money Market Account is 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.

The remaining features are largely the same as the NBKC Business Checking Account. In short, you’ll be able to:

• Perform unlimited 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).

Although both of the NBKC business accounts are essentially free, NBKC offers add-on products on an approval basis. You have to apply with NBKC and be approved to add these tools to your account.

NBKC offers a “Desktop Deposit” add-on, as well as an “ACH Credits and Debits” add-on for either the business checking or business savings account. It will default to both accounts if you are using them together.

• The Desktop Deposit add-on allows deposits from a laptop or desktop computer. 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 costs $15 per month.

• 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.
• This add-on will costs $15 per month.

Here are some top advantages and disadvantages to consider.

When it comes down to it, the NBKC business accounts—both checking and savings—stand out for their affordability, accessibility, and usability.

• Both accounts have no minimum opening deposit requirement, no average balance requirement and no monthly fees. There are only two instances in which you’ll incur fees with either of these accounts (wires); all other transactions, deposits, and tools are free. This is unusual; most brick-and-mortar banks charge a range of fees and restrict your abilities.
• 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.
• If you’re in Kansas, you can visit an NBKC branch.
• 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.
• The Money Market account has a 1.75% 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.

There are downsides to the NBKC Bank business accounts that you’ll want to consider as well.

• If you’re looking for branch access from a small business bank outside of Kansas, you’ll want to focus on traditional brick-and-mortar banks such as Chase or Bank of America.
• A brick-and-mortar bank may offer better ATM accessibility if your business operates mostly in cash.
• The fees for wire transfers, particularly international transfers, are relatively high.
• NBKC only has one business checking account option and one business savings account option. Some banks provide multiple accounts so you can upgrade as your business grows; you don’t have this option with NBKC.
• NBKC doesn’t offer integration solutions for top online tools like many other digital-based banks do. For example, some banks allow you to directly connect to an online payments platform such as Stripe or Square, or integrate seamlessly with an accounting software like QuickBooks.

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.

The interest-earning Bluevine business checking account is a top alternative to NBKC.

• You can earn 2.00% interest on balances up to and including $100,000 (terms apply). That said, like NBKC, the Bluevine bank account can be opened quickly and easily online and includes unlimited transactions.
• It has no minimum opening deposit requirement, no NSF fees and you can withdraw cash fee-free at over 38,000 MoneyPass ATMs around the U.S. Unlike many other online-based business checking accounts, you can deposit cash at over 90,000 Green Dot locations around the country.
• The Bluevine business checking account includes two free checkbooks, mobile check deposit and 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.

If you’re looking for branch access and a variety of options that the NBKC business accounts are lacking, the Chase Business suite is one of your best alternatives.

• Chase offers three checking options and three savings options to choose from.
• You get access to Chase branches and ATMs around the U.S., as well as online and mobile banking tools.
• The low monthly fee has multiple ways to waive it.
• The account includes $5,000 in fee-free cash deposits per month and unlimited electronic deposits.
• The two additional Chase business checking accounts have fewer restrictions but higher fees and higher balances to meet to waive those fees.
• The Chase business savings accounts 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.

At the end of the day, only you can decide which bank account is right for your business.

This being said, however, with two virtually fee-free, easily accessible, user-friendly accounts, 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.