Bank of Hope Business Checking Review 2023

Bank of Hope offers five business checking accounts with waivable fees, including a basic account with a low monthly fee of $5. It’s 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

What's Missing

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
Transfer funds, pay bills, and deposit checks via mobile app
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

Visit Bank of Hope

How Bank of Hope Stacks Up With Its Competitors


Annual Percentage Yield (APY)	Cash Deposit Fee	ATM Fee	Minimum Opening Deposit
N/A	None; no stated limit on cash deposit	None at Bank of Hope ATMs, Allpoint, and MoneyPass networks; ATM operator fees apply to nonnetworks	$100
Visit Bank of Hope
N/A	Up to $5,000 per month free, then 25 cents per $100, per statement cycle	$3 per transaction at any non-PNC Bank ATM; two reimbursements for non-PNC Bank ATM per statement period	$100
Visit PNC Bank
N/A	Up to $10,000 per month free, then 17 cents per $100	None at Citibank ATMs and more than 60,000 ATMs in the United States, including MoneyPass ATMs	$1
Visit Citibank

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 over-the-counter (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’re 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, Bank of America, or Wells Fargo for nationwide branch access.
You’re seeking rewards for account opening: Business owners can opt to apply for a business checking account at PNC Bank to get an account opening bonus. If your business is located in California, you can also consider California Bank & Trust. Read our list of best business bank account promos and offers.
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.

Bank of Hope Business Checking Overview

	Business Econo Checking	Business Regular Checking	Business Interest Checking	Business Choice Checking	Business Premier Checking
Required Opening Deposit	$100	$1,000
Transaction Limit Before Fees	50-cent fee per debit created by a check or over-the-counter (OTC) withdrawal exceeding 50 per statement period	25-cent fee per debit created by a check or OTC withdrawal	50-cent fee per debit created by a check or OTC withdrawal	300 free transactions per statement period, then 25 cents per item thereafter*	500 free transactions per statement period, then 25 cents per item thereafter*
Monthly Fees**	$5; not waivable***	$15; waivable	$15; waivable	$40; waivable	$75; waivable
Domestic Wire Transfer Fees	Incoming: $10 Outgoing: $28			First five incoming wire fees waived per month, $10 thereafter; one online outgoing wire fee waived per month, then $15	First five incoming wire fees waived per month, $10 thereafter; four online outgoing wire fees waived per month, then $15
International Wire Transfer Fees	Incoming: $10 Outgoing: $33			First five incoming wire fees waived per month, $10 thereafter Outgoing (online): $20	First 5 incoming wire fees waived per month, $10 thereafter; two online outgoing wires waived per month, then $20
ATM Fees	None at Bank of Hope ATMs, Allpoint, and MoneyPass networks, ATM operator fees apply on nonnetworks
Cash Deposit Fees	None; no stated limit on cash deposit
APY	N/A		Yes (varies depending on location)	N/A
Open an Account	Visit Bank of Hope

*Transaction count includes paid checks, deposited items, and posted deposits (includes over the counter deposits, remote deposit capture deposits, mobile deposits, and ATM deposits) per statement period
**Please see third tab for conditions to waive monthly fees
***$2 deducted from the monthly fee if you have a POS debit card transaction per statement period

	Business Econo Checking	Business Regular Checking	Business Interest Checking	Business Choice Checking	Business Premier Checking
Debit Card	✓
Physical Checks	✓ (Cost varies)
Software Integrations	QuickBooks, Quicken, Microsoft Money files
Business Payment Integrations	BankCard Services - NAVYZ
Customer Service	Hotline: 1-855-325-2226 Mondays to Fridays, 5:30 a.m. to 6 p.m, PST Saturdays, from 6 a.m. to 1 p.m., PST 1-800-788-4580 (Treasury Management/ Business Online Banking) Mondays to Fridays, 6 a.m. to 5 p.m., PST
Other Products	Money market, certificates of deposit (CDs), credit cards, lending
Additional Features	Checkfree Bill Pay	Checkfree Bill Pay, unlimited check writing	Checkfree Bill Pay, unlimited check writing	Checkfree Bill Pay, partial access to Treasury Management services	Checkfree Bill Pay, partial access to Treasury Management services
E-statement Enrollment	$3 will be deducted from the monthly fee if enrolled in e-statements
Open an Account	Visit Bank of Hope

Business Regular Checking	Maintain $2,500 minimum daily balance OR Maintain $5,000 average daily balance per statement period
Business Interest Checking	Maintain $5,000 minimum daily balance OR Maintain $10,000 average daily balance per statement period
Business Choice Checking	Maintain $35,000 combined average available daily balance in the linked qualifying business deposit accounts per statement period to waive the monthly fee. The first 3 Business Choice Checking accounts within a billing relationship are included in the monthly fee. In excess of that, an additional $20 is charged per account per statement period
Business Premier Checking	Maintain $75,000 combined average available daily balance in the linked qualifying business deposit accounts per statement period to waive the monthly fee. The first 4 Business Premier Checking accounts within a billing relationship are included in the monthly fee. In excess of that, an additional $20 is charged per account per statement period.

Bank of Hope Business Checking Requirements

You can schedule an in-branch new account opening appointment before visiting a branch. 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.

Interest-drawing Account

You can open a Business Interest Checking account and earn interest that’s credited to the account monthly. The rates can vary depending on your location.

Fee-free ATM Transactions

Bank of Hope doesn’t charge ATM fees when you use its ATMs or MoneyPass and Allpoint networks. Note that MoneyPass and Allpoint are withdrawal-only ATMs.

Online & Mobile Banking

Business owners can view their account balances, 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 (1.6 out of 5) and average on the Play Store (2.8 out of 5 stars). Some users report positive experiences due to its simplicity. However, others had issues with logging in 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	Waived $30 monthly fee One domestic online outgoing wire waived per month; $15 thereafter $20 for international online outgoing wire First five incoming wires waived per month; $10 thereafter	Waived $30 monthly fee Four domestic online outgoing wire waived per month; $15 thereafter First two international online outgoing wire waived per month; then $20 thereafter* First five incoming wires waived per month; $10 thereafter
Remote Deposit Capture	$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
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.

Business Services

Merchant services: BankCard Services―NAVYZ provides POS, kiosk, online ordering, and chip insert, and tap payments for all businesses.
Treasury management services: Bank of Hope provides ACH and wire payments, RDC, cash vault and smart safe, lockbox, Payee Positive Pay and ACH Positive Pay, zero balance accounting, and title and escrow banking.

Other Banking Products

Bank of Hope has business money market accounts (MMAs), certificates of deposit (CDs), lending products, trade services, and foreign exchange services.

Business money market: The bank has two kinds of MMAs:
- Business Money Market: For a $2,500 minimum deposit, you can earn interest, which varies depending on your location. 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. Maintain a $25,000 minimum daily balance to waive the $25 monthly fee.
CDs: For $1,000 opening deposit, you can earn interest with rates, which vary depending on your location. The terms range from 1 month to 60 months.
Interest on Lawyer Trust Accounts (IOLTA) accounts: The bank offers this as an attorney-client trust account with no monthly fee. It requires a $100 opening deposit and credits accrued interest in your account every month. The rate varies depending on your location.
Business lending: Bank of Hope offers Small Business Administration (SBA) lending, multifamily lending, commercial lending, mortgage warehouse lending, commercial equipment leasing, and corporate lending.
Trade services: The bank helps businesses facilitate trade through commercial letters of credit, standby letters of credit, and documentary collections. It also offers Trade Services Online.
Foreign currency exchange: Business owners can enjoy competitive rates with more than 70 currencies available for purchase and sale at Bank of Hope branches.

Bank of Hope Business Checking Pros & Cons


PROS	CONS
$3 deduction from the monthly fee if enrolled in e-statements	No free business checking account for nonprofits
$2 deducted from the monthly fee of Business Econo Checking if with POS debit card transaction per statement period	High monthly fee for Business Premier Checking
Free wire fees for Business Choice and Business Premier Checking	No welcome bonus

Bank of Hope has excellent business checking accounts overall. For all types, you get $3 deducted from the monthly fee if you enroll in e-statements. Moreover, for Business Econo Checking, you get $2 deducted from the monthly fee if you have a POS debit card transaction each statement period. If you open a Business Choice or Business Premier Checking, you also get to enjoy free wire fees (check the Business Checking Packages table to see specific limits).

However, the bank doesn’t provide a free business checking account for nonprofits and has no welcome bonus for new business checking account holders. Its monthly fee for Business Premier Checking is also steep at $75.

Alternatives To Bank of Hope Business Checking

For those who find Bank of Hope’s service area limited, need a nonprofit checking account, and want to earn a high APY, here are three alternatives to consider:

Chase is best for business owners seeking in-person banking services. It has branch coverage in 48 states.
Truist is best for nonprofit organizations wanting to open checking accounts with no monthly fees.
Bluevine is best for business owners looking to generate a high 2.0 % APY from their qualified deposits.

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.