Bank of Hope 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.
Bank of Hope offers five business checking accounts with waivable fees, including a basic account with a low monthly fee of $5. It is suitable for businesses with low- and moderate-volume transactions. You have the option to earn interest, and you can access online and mobile banking and enjoy specialized Treasury Management services. The bank partners with Allpoint and MoneyPass networks, allowing more savings from fee-free ATM access.
Headquartered in Los Angeles, Bank of Hope has full-service branches in nine states: Alabama, California, Georgia, Illinois, New Jersey, New York, Texas, Virginia, and Washington.
What We Like
- $5 monthly fee and $100 opening deposit for Business Econo Checking
- Waivable monthly fees
- Fee-free access at Bank of Hope ATMs, Allpoint, and MoneyPass networks
Drawbacks
- Branches limited to Alabama, California, Georgia, Illinois, New Jersey, New York, Texas, Virginia, and Washington.
- $1,000 minimum opening deposit for all other account types
Features
- Online and mobile banking
- Checkfree Bill Pay
- Waived wire fees for Business Choice and Business Premier Checking
- Integrates with QuickBooks, Quicken, and Microsoft Money
- Access to partial Treasury Management services for Business Choice and Business Premier Checking
How Bank of Hope Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
| N/A | $5 | None; no stated limit on cash deposit | None at Bank of Hope ATMs, Allpoint, and MoneyPass networks* | $100 |
 | N/A | $12; waivable | $5,000 per month free; then 30 cents per $100, per statement cycle | $3 per transaction at any non-PNC Bank ATM | $100 |
 | N/A | $15 | $10,000 per month free, then 17 cents per $100 | None at Citibank and MoneyPass ATMs | $1 |
*Third-party operator fees may also apply.
When Bank of Hope Is a Good Fit
- You have a low transaction volume: With Business Econo Checking, you’ll only be charged for debits from checks or OTC withdrawals above 50 per statement period.
- You have a moderate transaction volume: You get 300 free transactions with Business Choice and 500 free transactions with Business Premier Checking per statement period.
- You want to benefit from Treasury Management services: Bank of Hope provides various Treasury Management solutions—automated clearing house (ACH) and wire payments, Remote Deposit Capture (RDC), and Positive Pay, a fraud prevention tool (exclusive to Business Premier Checking)—for waived or reduced fees.
- You seek monthly maintenance fee discounts: If you enroll in e-statements, $3 will be deducted from your account’s monthly service charge, allowing more savings. For a Business Econo Checking account, $2 is deducted from the monthly fee, provided you have a point-of-sale (POS) debit card transaction every statement period.
- You are keen to save on ATM fees: Bank of Hope partners with Allpoint and MoneyPass networks, letting you enjoy surcharge-free ATM access.
When Bank of Hope Is Not a Good Fit
- Your business is outside the bank’s service area: While Bank of Hope has branches in nine states (Alabama, California, Georgia, Illinois, New Jersey, New York, Texas, Virginia, and Washington), it’s still limited if you prefer in-person banking. You can consider Chase for nationwide branch access, and you can read our Chase Business Checking Accounts review to find which account fits the bill.
- You’re seeking rewards for account opening: Bank of Hope doesn’t provide a welcome bonus when you open a new account. You can read our list of the best business bank account promos and offers to see which one provides rewards that suit your needs.
- You prefer unlimited fee-free transactions: Bank of Hope sets a transaction limit while Capital One provides unlimited everyday transactions for its business checking accounts. That’s why it’s on our lists of the leading small business checking accounts and top free business checking accounts.
- You want to earn a fixed (APY: Bank of Hope offers variable interest for its Business Interest Checking account while Bluevine provides a competitive 2.0% interest on qualifying balances up to $250,000. Our Bluevine Business Checking review can help you decide if it fits your needs.
Bank of Hope Business Checking Overview
Bank of Hope Business Checking Requirements
You can schedule an in-branch appointment before visiting a branch to open an account. To get started, you can contact (855) 325-2226 from Mondays to Fridays, 5:30 a.m. to 6 p.m. Pacific time and on Saturdays, from 6 a.m. to 1 p.m. PT.
Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
Bank of Hope Business Checking Features
Bank of Hope’s business checking accounts offer low or waivable monthly fees, online and mobile banking access, and free transactions at Bank of Hope, Allpoint, and MoneyPass networks.
Five Business Checking Options
- Business Econo Checking is a basic account offering 50 fee-free transactions each statement period. Beyond that, 50 cents is charged for every debit from a check and OTC withdrawal. This account has the lowest opening deposit ($100) among the five accounts. Its $5 monthly fee can’t be waived.
- Business Regular Checking is ideal for daily banking transactions, charging only 25 cents for every debit from a check and OTC withdrawal. The opening deposit is $1,000, and its $15 monthly fee is waivable.
- Business Interest Checking earns interest that’s credited to the account monthly. The rates vary depending on your location. For every debit from a check and OTC withdrawal, you get charged 50 cents. Similar to Business Regular Checking, the opening deposit is $1,000, and the $15 monthly fee is waivable.
- Business Choice Checking allows 300 free transactions per statement period and then charges 25 cents per item beyond that. It offers the first five incoming wire transfers for free. The opening deposit is set at $1,000, and its $40 monthly fee can be waived.
- Business Premier Checking provides 500 fee-free transactions and charges 25 cents per item in excess of that. Its $75 monthly fee can be waived. Similar to Business Choice Checking, the first five incoming wire transfers are free, and the opening deposit is $1,000.
The Business Choice Checking and Business Premier Checking accounts are ideal for businesses with moderate transaction activity and those wanting to benefit from specialized treasury management services.
For current rates on Business Interest Checking, you can either contact the bank’s call center at (855) 325-2226 or visit the branch nearest you.
Fee-free ATM Transactions
Bank of Hope doesn’t charge ATM fees when you use its ATMs or MoneyPass and Allpoint networks, but other ATM networks may charge a fee depending on the provider.
Business Online & Mobile Banking
Business owners can access their account balances in real-time, view and customize account history, and export transactions through QuickBooks, Quicken, and Microsoft Money files. They can also pay bills, make stop-payment requests, transfer funds between Bank of Hope accounts, initiate wire transfers, and deposit checks using their mobile devices.
Reviews for the Bank of Hope Business Mobile app are dismal on the App Store (1.3 out of 5) and average on the Play Store (2.8 out of 5). Some users report positive experiences due to its simplicity. However, others had issues with logging in, contacting customer support, and receiving error messages, which resulted in lower ratings.
Business Checking Packages
Bank of Hope offers additional Treasury Management services for two business checking accounts, Business Choice Checking, and Business Premier Checking.
Business Choice Checking | Business Premier Checking | |
|---|---|---|
Treasury Management Online Wire Module |
|
|
RDC | $25 RDC Module monthly fee for up to two accounts, then $10 for each additional linked account | |
RDC Scanner | $0 monthly scanner lease with a two-year contract (early cancellation fee: $250 for single feed scanner, $350 for multifeed scanner) | |
Online Stop Payment | First three fees waived per month, then $20 thereafter | First five fees waived per month, then $20 thereafter |
ACH Origination | $30 per month ACH credit prefund module (no debit origination), $5 per ACH batch | |
Fraud Prevention Tool | None | Check Payee/ACH Positive Pay: Waived fees up to four accounts per month, then $30 per additional account |
*Only Bank of Hope fees are waived. Additional fees may be charged by third parties or other banks.
E-Statements
Viewing your accounts is quicker with e-statements, and it can limit the risk of mail fraud and identity theft. By enrolling in this free service, your monthly fee will be reduced by $3.
Other Banking Products
Bank of Hope has business money market accounts (MMAs), CDs, lending products, trade services, and foreign exchange services.
This account is suitable for businesses with high transaction activity. The opening deposit is $100, and an earnings credit can be applied to reduce the monthly fees. You also obtain full access to Bank of Hope’s Treasury Management services. To learn the monthly service charge, you need to contact a nearby branch.
The bank has two kinds of money market accounts:
- Business Money Market: For a $2,500 minimum deposit, you can earn interest, which varies depending on your location. You have to maintain a $2,500 minimum daily balance or a $5,000 average daily balance to waive the $15 monthly fee.
- Business Prestige Money Market: With a $25,000 minimum deposit, you can earn higher interest rates, which vary depending on your location. You have to maintain a $25,000 minimum daily balance to waive the $25 monthly fee.
For business money market accounts, only six withdrawals and/or transfers are allowed per monthly statement period. Beyond that, $10 per debit will be charged.
For a $1,000 opening deposit, you can earn interest from a business CD. The rates vary depending on your location. The terms range from one to 60 months. Additional deposits are not allowed before maturity, and early withdrawals may result in a penalty.
The bank offers a specialty account, an IOLTA as an Attorney–Client Trust Account with no monthly fee. It requires a $100 opening deposit and credits accrued interest to your account every month. The rate varies depending on your location.
Bank of Hope has plenty of lending solutions for business owners.
- Small Business Administration (SBA) lending: The bank is considered an SBA preferred lender and offers an SBA 7(a) loan, SBA 504 loan, SBA export working capital program, and SBA Express Loan. Learn more about the different types in our guide to SBA loans.
- Corporate lending: For greater financial flexibility and easy access to funds, Bank of Hope offers lines of credit, asset-based lending, and trade financing.
- Commercial lending: If you need additional business capital, the bank provides commercial loans and lines of credit, commercial real estate (CRE) loans, construction loans, professional loans, and multifamily loans.
- Commercial equipment leasing: Suitable for different business needs, it has competitive commercial equipment lease financing with customizable terms and structures.
- Mortgage warehouse lending: Through the bank’s web-based platform, customers can submit funding requests and initiate shipments.
The bank helps businesses facilitate international trade through commercial letters of credit, standby letters of credit, and documentary collections. It offers Trade Services Online. Business owners can also enjoy competitive rates with more than 70 currencies available for purchase and sale at Bank of Hope branches.
Bank of Hope Business Checking User Reviews
Bank of Hope has a 2.4 out of 5 rating on WalletHub1 and a 1.5 out of 5 on Yelp2. Only one review was written on WalletHub, and the rest are just ratings. The feedback was positive and focused on the excellent mortgage rates of the bank, surpassing even top-tier banks’ offered rates.
On Yelp, the Los Angeles branch received mixed reviews for its customer service. Some reviewers said that they were happy with the helpful and responsive service they got while others complained about the unfriendly and unprofessional service they received from the personnel. This includes unanswered customer service phone lines. There were also negative reviews about the outdated technology systems used by the bank.
Bottom Line
Bank of Hope provides great business checking account options to new and established businesses located near its branches. You can enjoy a low monthly fee with Business Econo Checking and benefit from various waived Treasury Management service fees with a Business Choice Checking or Business Premier Checking account. Further, its vast network partnership with Allpoint and MoneyPass allows you to save a lot on ATM fees. It also has several lending products available for additional business financing.
User Review Resources:
