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.
Pros
- $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
Features
- Online and mobile banking
- Checkfree Bill Pay
- Waived wire fees for Business Choice Checking and Business Premier Checking
- Integrates with QuickBooks and Quicken
- Access to partial Treasury Management services for Business Choice Checking and Business Premier Checking
How Bank of Hope Stacks Up With Its Competitors
When Bank of Hope Is a Good Fit
- You have a low transaction volume: Business Econo Checking only charges $5 and offers 50 free items. These include debits from checks and OTC withdrawals.
- 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: You get $3 off on your monthly service charges for enrolling in e-statements. Business Econo Checking accounts also offer $2 monthly service fee discounts when you conduct at least one point-of-sale (POS) debit card transaction within a statement period.
When To Consider Bank of Hope Alternatives
- 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 review of Chase business checking to find which account fits the bill.
- You want to bank without a monthly fee: The $5 monthly fee for Business Econo Checking is non-waivable. Higher-tier accounts offer waivable fees, but their balance requirements tend to be steep. Meanwhile, U.S. Bank’s Silver Business Checking charges no monthly fees while offering 125 free transactions per month. Read our U.S. Bank business checking review to see if the account fits the bill.
- You want to earn a fixed annual percentage yield (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 review of Bluevine business checking 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. PT, and on Saturdays, 6 a.m. to 1 p.m. PT.
There may be additional Bank of Hope business checking requirements depending on your business entity type. 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.
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 view their account balances, transfer funds between Bank of Hope accounts, initiate wire transfers, and deposit checks using their mobile devices.
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.
The app received poor feedback from the few users who left reviews. It has a rating of 1.2 on the App Store[1] (based on more than 10 reviews) and 2.6 on Google Play[2] (based on 30-plus reviews). While a couple of users found the app convenient and simple, many reported that it often crashed on login.
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 | |
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 |
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 Bank of Hope Business 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. There is a $10 fee per excess debit.
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 sixty 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:
- 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 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 over 70 currencies available for purchase and sale at Bank of Hope branches.
Bank of Hope Business Checking Reviews From Users
Few customers have left a Bank of Hope business checking review on user review platforms. Although the bank earned a rating of 2.4 on WalletHub[3] (based on about 40 reviews), only one user posted a written review. The bank also has a Yelp[4] rating of 1.9 (based on around 40 reviews from customers of varying branch locations).
Most reviews focused on the bank’s customer service arm. Feedback was mixed; while a few customers said they received helpful and responsive service, others said that they found representatives unfriendly, unprofessional, and difficult to reach.
Bottom Line
Although Bank of Hope offers affordable business checking products, the transaction allowances its accounts provide are quite limiting. Many Bank of Hope competitors provide larger transaction limits at lower price points. If you want greater value for your money, it’s best to look elsewhere.
[1]App Store
[2]Google Play
[3]WalletHub
[4]Yelp