America First Basic Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
If your small business needs an affordable checking account that also provides access to other useful banking services, the America First Basic Business Checking account is a great option. It charges no monthly fees and imposes no minimum balance requirements. It comes with 250 fee-free transactions, including written checks, deposited checks, and deposited items, each month and charges a fee of 15 cents for every transaction after the limit.
America First also offers savings accounts, money market accounts, business certificates, lending products, and other business services. For those in a geographic location or career served by America First, its basic business checking is a great product.
What We Like
- No monthly fee
- No minimum balance requirements
- Money market savings accounts, business loans, and business savings
What's Missing
- No interest
- Limited branch locations and memberships not open to everyone
- Steep wire transfer fees
Features
- 250 free transactions monthly
- Digital banking with free online bill pay
- Free Business Visa debit card
- High-volume, high-yield, and nonprofit checking accounts also available
How America First Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | ATM Fee | Minimum Opening Deposit | Membership Open to Everyone | |
|---|---|---|---|---|---|
None | $0 | None at America First ATMs, $1.50 for out-of-network ATMs | None | ||
0.05% or 0.10% | $0 or $15 | None at Affinity Plus, MoneyPass, Co-op, and SUM ATM networks | None | ||
0.05% | $15; waivable** | None at Self-Help and Co-op networks | None | ||
*America First Credit Union, Affinity Plus Federal Credit Union, and Self-Help Federal Credit Union are member-National Credit Union Administration (NCUA) insured.
**To waive Self-Help FCU’s monthly fee, users must maintain a minimum balance of $25,000 across all accounts (checking, savings, and certificates).
When America First Is a Good Fit
- You make 250 or fewer transactions per month: The America First Basic Business Checking account was designed for businesses with low transaction volumes and provides 250 fee-free transactions per monthly statement cycle.
- You need access to a full range of banking services: Aside from business checking accounts, America First also offers savings products, lending products, and business services.
- You prefer in-person banking and operate within Utah, Idaho, Oregon, New Mexico, Arizona, or Nevada: America First has 131 brick-and-mortar locations, mostly concentrated in Utah and Nevada.
- You qualify for an America First Credit Union Membership: Membership to America First isn’t open to everyone. Visit the company’s website for membership information.
When America First Is Not a Good Fit
- You want to earn interest on checking balances: America First Basic Business Checking doesn’t earn interest. Businesses wanting to grow their checking balances through a credit union can look into Affinity Plus Federal Credit Union, which can earn interest at a rate of 0.05% or 0.10%.
- You make more than 250 transactions per month: The America First Basic Business Checking account charges a 15-cent fee for every transaction that goes over its limit of 250. A better option would be Capital One, which offers unlimited fee-free transactions.
- You prefer in-person banking but operate outside America First’s jurisdiction: Though America First has many brick-and-mortar branches, it only operates in the states of Utah, Idaho, Oregon, New Mexico, Arizona, and Nevada. Businesses needing in-person banking access should look into Chase, which has more than 4,700 branches across the country.
If your small business meets one or more of these scenarios, see our guides to the best small business checking accounts and leading small business credit unions for additional recommendations.
America First Basic Business Checking Overview
Required Opening Deposit | $0 |
|---|---|
Required Balance Minimum | $0 |
Transaction Limit Before Fees | 250 per month, then 15 cents after limit |
Monthly Fee | None |
APY | None |
Automated Clearing House (ACH) Fees | 10 cents |
Wire Transfer Fees | $10 for incoming $15 for outgoing domestic $30 for outgoing international |
ATM Fees | Free for America First ATMs $1.50 for out-of-network ATMs |
Cash Deposits | None |
Open an Account |
America First Basic Business Checking Requirements
Applicants wanting to open a business bank account need to apply for membership with America First Credit Union. Only individuals who meet the following criteria qualify:
- Those who live, work (or regularly conduct business in), worship, volunteer, or attend school in select areas in Utah, Arizona, Idaho, Oregon, New Mexico, or Nevada.
- Owners, employees, or suppliers involved in the Utah food industry
- Members and employees of America First’s select employer groups (SEG) or affiliated associations
- Immediate family members or household members of existing or eligible America First members
- Spouses of members who died within the field of membership
- Employees of America First Federal Credit Union or its subsidiary corporations
The application form will ask all signers and anyone who owns 25% or more of the business for the following:
- Name
- Address
- Phone number
- Date of birth
- Social Security number
- ID information
- Existing account number, if applicable
Applicants must also prepare certain business documents. Click on your entity type below to learn more.
America First Basic Business Checking Features
The America First Basic Business Checking account comes with 250 fee-free transactions per month, a free Business Visa Debit Card, and digital banking.
250 Free Transactions
Under the America First Basic Business Checking account, businesses can make 250 transactions per monthly statement cycle. America First defines “transactions” as written checks cleared, deposited checks, and deposited tickets. Subsequent transactions after the limit of 250 cost 15 cents per item. No fees are charged for debit card and electronic transactions.
Business Visa Debit Card
The America First Basic Business Checking account comes with a free Business Visa Debit Card that’s accepted in more than 23 million locations worldwide. It can function as a debit, ATM, or credit card. Businesses needing extra funds have the option to apply for limit increases on their card.
Digital Banking
America First customers can access their checking accounts through America First’s website, iOS app, and Android app. Digital Banking lets customers transfer money, pay bills, apply for loans, check FICO scores, track spending, review debts, manage budgets, and calculate net worth.
Reviews for America First Credit Union’s mobile app are outstanding in the App Store (4.9 out of 5) and Google Play (4.7 out of 5). Most users appreciate the ease of navigation, convenience in bill payment, and quick expenditure tracking. However, some ranted about the lag in balance updates.
Other America First Business Products
Other Business Checking Accounts
America First offers three additional business checking accounts: Premier Business Checking for businesses with higher transaction volumes, High Yield Business Checking for businesses wanting to earn interest, and Non-Profit Business Checking for non-profit corporations and associations of members.
- Premier Business Checking: It’s designed for businesses that make over 250 transactions per month and has a monthly maintenance fee of $8. It charges 15 cents per written check, 15 cents per deposit, and 5 cents per deposited item, with no transaction limits. Depending on the account balance, customers can get an earnings credit they can use to offset fees.
- High-Yield Business Checking: The America First High-Yield Business Checking account has a monthly fee of $50 and earns interest at a rate of 0.05%. It charges 15 cents per written check or deposited item, and 5 cents per deposited check. Accounts need a minimum of $10,000 to open an account and a minimum of $2,000 to earn interest.
- Non-Profit Business Checking: Like Basic Business Checking, Non-Profit Business Checking offers 250 fee-free transactions per month and charges no monthly fee. After the limit, transactions cost 15 cents per item. Non-Profit Business Checking earns interest at a rate of 0.10%.
Business Visa Credit Card
America First Business Visa Credit Cards can earn either cash back or rewards. Points can be redeemed for cash, travel, merchandise, and items at the America First online store. Business credit cards come with Visa Business Reporting, a tool that tracks and analyzes card spending. Chip-enabled (EMV) and Card Guard protect America First credit cards from fraud and theft.
Business Savings Products
America First’s business savings offerings include Business Share Savings, Business Money Market Savings, Dedicated Savings, Health Savings (HSA), and Business Certificates.
- Business Share Savings: America First members receive a Business Share Savings account automatically after applying. It has no monthly fees, has no fees or limits for withdrawals and deposits, and earns interest at a rate of 0.05% on balances that meet the minimum requirement of $1.
- Business Money Market Savings: This account has a tiered APY system that lets businesses access higher interest rates as their balances increase. Balances from 1 cent to $4,999.99 earn interest at a rate of 0.75%, while balances of $5,000 to $9,999.99 earn interest at a rate of 1.24%. Balances worth $250,000 and above earn interest at a rate of 2.96%. The account has no fees or limits for withdrawals and deposits.
- Dedicated Savings: To help businesses save for future expenses, the America First Dedicated Savings account deducts shares automatically from a main account on a monthly basis, then earns interest on the deducted funds over a set period of time. The minimum a main account can contribute is $10, while the maximum is $10,000. Accounts can hold a maximum of $100,000.
- Health Savings: Through America First’s HSA offerings, employers can give their employees fee-free health savings accounts with low premiums and high deductibles. Employers can make pretax contributions to their employees’ health savings accounts (HSAs) through checks or ACH.
Business Certificates
America First offers regular business, bump business, flexible business, and ladder business certificates. The minimum opening deposit for any America First business certificate is $500.
- Regular Business: America First’s most basic business certificate offers terms as short as three months to as long as five years. APY is 2.35% for the shortest terms and 4.25% for the longest terms.
- Bump Business: Unlike regular business certificates, which have fixed rates, bump business certificates give account holders the option to move their funds to higher rates when rates increase. APY is 2.35% for the shortest term of three months and 4.25% for the longest term of five years.
- Flexible Business: This gives businesses penalty-free access to their certificate balances during the first five calendar days of each quarter. Currently, only 12-month flexible certificates are available.
- Ladder Business: This sets up CD ladders that ladder the maturity rates of certificate accounts automatically, giving businesses access to premium rates while offering more flexible access to their money.
Business Loans
The lending products America First offers include lines of credit, vehicle loans, equipment and machinery loans, unsecured capital loans, business acquisition loans, and commercial real estate loans.
- Lines of credit: Businesses can connect their America First checking accounts with lines of credit to access funds for necessary business expenses, including inventory, late invoice payments, and repairs. Monthly payments can be as low as $25 or 3.5% of the balance.
- Vehicle loans: Businesses can access low-rate loans with terms of up to 72 months to purchase new company vehicles. Fees may apply if loans exceed $50,000.
- Equipment and machinery moans: These can pay for industrial equipment, medical equipment, or additional business equipment. Loan terms can last as long as seven years. America First charges low down payments and has no pre-payment or annual fees.
- Unsecured capital loans: Businesses can access funds without providing collateral using America First’s unsecured capital loans. Loans have a maximum amount of $15,000 and a maximum term length of 60 months.
- Business acquisition loans: America First offers competitive rates for business owners looking to purchase franchises or independent businesses. Details are available upon request.
- Commercial real estate (CRE): Businesses needing to buy, build, or improve business properties can connect with America First to access commercial real estate loans, which charge as little as 10% down payment and can have term lengths as long as 25 years. Financing for acquisition and construction are both available.
Business Services
Additional services America First offers include business ACH, speech access, merchant services, and payroll services. America First business accounts integrate with Zelle for payments and Intuit QuickBooks to simplify the process of inputting banking data into accounting records.
America First also has a business resources page that describes useful business banking products and services in detail. And through its partnership with Live Plan, businesses can use software to create better business proposals.
What’s more, America First Business Registration Services can help new business owners manage paperwork through the different steps of establishing a business. These include incorporating, getting a doing-business-as (DBA) name, obtaining an employee identification number (EIN) tax ID, and formulating operating agreements.
America First Basic Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| No minimum balance requirements or monthly fees | Limited physical branches and membership not open to everyone |
| Access to a full range of banking services | Doesn’t earn interest |
| Highly rated mobile app | Expensive wire transfers |
With no minimum balance requirements or monthly maintenance fees, the America First Basic Business Checking account is affordable to open and maintain. Choosing America First as a banking institution gives businesses access to a good selection of banking services, including savings products like savings accounts, money market accounts, CDs, lending products like lines of credit and loans, and business services such as software integration and business registration assistance. The America First mobile app, available on iOS and Android, is often praised for being intuitive and easy to use.
However, America First cannot accommodate customers needing access to in-person banking services unless their businesses operate within Utah, Idaho, Oregon, New Mexico, Arizona, or Nevada. Additionally, the America First Basic Business Checking account doesn’t earn interest and charges steep fees for wire transfers. Plus, you must be a member of America First Credit Union, and that isn’t open to everyone.
America First Business Checking User Reviews
| PROS | CONS |
|---|---|
| Friendly and professional loan specialists | Hidden fees |
| Fast processing of loan applications | Long wait time when contacting the call center |
| Great loan interest rates | Apps are reported as constantly down |
| Credit card with amazing rates and high credit limit | Sudden application of collateral insurance for car loan |
| Multiple product options | |
America First has low to average ratings on Yelp (1.5 out of 5), DepositAccounts (2 out of 5), and WalletHub (2.7 out of 5). Users mentioned that they appreciate the plethora of options for savings, the responsiveness of the loan officers, and the quick loan approval process. Moreover, customers mentioned that it took only a day to send documents and claimed that its loan rates are the best and unbeatable. Others even like that their credit cards have low rates, no annual fees, and a high credit limit.
However, several clients said that they got charged multiple overdraft and late fees, leading to low credit scores after having been reported to credit bureaus. Some dissatisfied users also shared their experiences of waiting for 30 minutes, some even up to two hours, when they called customer service. Others also commented that they weren’t informed that collateral insurance was applied to their car loans, resulting in additional payments.
Alternatives To America First Basic Business Checking
The America First Basic Business Checking account was designed specifically for smaller businesses with lower monthly transaction volume. If you run a larger business, or simply have other banking needs America First cannot address, here are three options to consider:
- Relay* is best for affordable wire transfers. Under Relay, receiving wire transfers is free, while sending domestic wire transfers costs $5 for domestic recipients and $10 for international recipients. America First charges $10 to receive wire transfers, $15 to send domestically, and $30 to send internationally.
- Grasshopper Bank is ideal for cash back on debit card purchases. Its debit card earns 1% cash back on all online and in-store debit card purchases, whereas the America First business debit card earns no rewards.
- Bluevine is great for earning competitive APY. With Bluevine, qualified business checking accounts can earn interest at a rate of 2.0%. The America First Basic Business Checking account doesn’t earn interest.
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corporation (FDIC)-insured through a supporting bank partnership (Evolve Bank & Trust for Relay and Coastal Community Bank for Bluevine).
Bottom Line
America First Basic Business Checking is a great option for businesses with low transaction volumes. The credit union offers business savings products, lending products, and business services, making it a good choice for businesses wanting all of their banking activities under one platform. However, if your business relies on in-person banking and operates outside of Utah, Idaho, Oregon, New Mexico, Arizona, or Nevada, then America First may not be able to accommodate your needs.
