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’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.
How Bank of Hope Stacks Up With Its Competitors
None; no stated limit on cash deposit
None at Bank of Hope ATMs, Allpoint, and MoneyPass networks; ATM operator fees apply to nonnetworks
|Visit Bank of Hope|
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
|Visit PNC Bank|
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
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
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.
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
Remote Deposit Capture
$25 RDC Module monthly fee for up to two accounts, then $10 for each additional linked account
$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
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.
- 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
|$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.
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.