Bank of Oklahoma Business Checking Review 2023
This article is part of a larger series on Business Banking.
Bank of Oklahoma is a traditional Federal Deposit Insurance Corp. (FDIC)-insured bank offering two business checking accounts with unlimited monthly transactions:
- Business Access fits small businesses with basic banking needs since it has no monthly service fee and provides up to $3,000 in free monthly cash deposits.
- Business Advantage features higher free monthly cash deposits at $15,000, fee waivers, and service discounts, matching the complex banking needs of larger businesses.
Bank of Oklahoma has branches in eight states: Arizona, Arkansas, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It has more than 450 ATMs across Oklahoma, including QuikTrip and Kum-N-Go locations in Tulsa and 7-Eleven and OnCue locations in Oklahoma City.
Customers can open a business checking account by starting an application online, visiting a branch, or calling a business banker. An online appointment is also available; however, the bank accommodates client meetings for account opening only for residents of the states specified above. Those based outside the selected areas must contact Bank of Oklahoma’s ExpressBank at (800) 234-6181.
Pros
- No monthly service fee for Business Access checking account
- Unlimited monthly transactions
- High cash deposit allowance
- Free incoming domestic and international wires under Business Advantage checking
Cons
- Limited branch locations
- Only two business checking accounts
- No annual percentage yield (APY)
Features
- Free business debit card
- Online and mobile banking
- Free Bill Pay transactions and overdraft protection
- Preferred business lending rates
- Discounted business checks
- Service fee grace period (three months) for new Business Advantage checking accounts
- Merchant services (discounted or waived setup fee)
- Business savings, business investor funds, and certificates of deposit (CDs)
- Small Business Administration (SBA) loans, credit cards, and commercial real estate (CRE) loans
How Bank of Oklahoma Stacks Up With Its Competitors
When Bank of Oklahoma Is a Good Fit
- You want to avoid monthly service fees: Businesses can save with Bank of Oklahoma’s Business Access checking account since it does not charge a monthly maintenance fee.
- You have higher cash deposit needs: Under Business Advantage checking account, you get up to $15,000 in free monthly cash deposits. Even the bank’s basic account, Business Access, provides up to $3,000, which is higher than what other traditional banks offer.
- You’re looking for unlimited transactions: Both Business Access and Business Advantage accounts do not impose transaction limits, but cash deposit fees apply after the cash deposit allowance is met.
- You want to maximize product benefits: The Business Advantage checking account offers the following: free incoming wires, two free official checks per visit, setup fee waiver for Merchant Services, fee-free paper statements, and discounted business checks on your first order.
When To Consider Bank of Oklahoma Alternatives
- You prefer nationwide branch access: Bank of Oklahoma has a branch presence in Arizona, Arkansas, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. However, if you’re looking for more service areas, we recommend Chase for its wider geographic footprint. Learn more about its basic checking account by reading our Chase Business Complete Banking review.
- You seek APY earnings: Bank of Oklahoma’s Business Access and Business Advantage checking solutions do not earn APY. Consider Bluevine with its 2.00% APY for qualifying balances up to $250,000. Check out our review of Bluevine business checking to see if the account fits the bill.
- You want to save on ATM fees: Bank of Oklahoma ATMs are limited in some states. You may incur a $2 fee for transacting at nonnetwork ATMs. On top of that, operator surcharges may also apply. Novo is highly recommended for reimbursing all ATM fees, which the provider credits at the month’s end. See our Novo business checking review for more details.
Check out more providers in our list of the best small business checking accounts.
Bank of Oklahoma Business Checking Overview
Bank of Oklahoma Business Checking Requirements
To open a Bank of Oklahoma business checking account, you can start an application online, visit one of its banking centers, or call a business banker. You can also arrange an appointment online.
Note that the bank can only schedule appointments to open accounts for clients living in Arizona, Arkansas, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. If you’re based outside these areas, you need to contact ExpressBank at (800) 234-6181.
See our guide on how to open a business bank account, which includes a free downloadable checklist of documents banks typically require upon account opening, for more information.
Bank of Oklahoma Business Checking Features
Bank of Oklahoma provides two business checking accounts that offer monthly service fee waivers, online and mobile banking access, and discounts on business solutions and checks.
Business Checking Accounts
- Business Access: Business owners looking for basic business banking solutions can open this account. No monthly service fee is charged, and transactions are unlimited. However, monthly cash deposits are free up to $3,000; a $3 fee is charged per $1,000 past the limit.
- Business Advantage: This is suitable for growing businesses with more complex business banking needs seeking to maximize more features and benefits. It has higher free monthly cash deposits of up to $15,000 and offers free domestic and international incoming wires, plus various discounts and waivers for bank services.
Monthly Service Fee Waiver
While Business Access checking accounts have no monthly service fees, Business Advantage checking accounts charge $30 monthly. However, the monthly service fee can be waived by:
- Maintaining a $15,000 average monthly collected balance
- Maintaining $30,000 monthly collected balances across personal or business deposit accounts—money market, investor fund, savings, checking, or CDs
New accounts are entitled to a three-month monthly service fee grace period for account setup, fund transfers, and account linking to combine balances. Notifying a bank representative is required since accounts are not automatically linked.
Business Solutions Discounts
Business Access checking account users can get a 20% discount on setup fees for merchant card processing. Meanwhile, Business Advantage checking account holders can benefit from setup fee waivers for Merchant Services and enhanced digital cash management services.
Online and Mobile Banking
The Bank of Oklahoma mobile banking app has an extremely high 4.9 out of 5 rating on the App Store[1] from around 27,000 reviews, while on Google Play[2], the app has an average rating of 3.5 out of 5 from about 1,700 reviews.
Satisfied customers appreciated the app’s convenience, ease of use, and improvements. However, some reported that the biometrics login option disappeared and that notifications stopped working after the app updates.
Other Bank of Oklahoma Business Products
Bank of Oklahoma business products include business savings, investor funds, CDs, credit cards, SBA loans, and other lending products.
This account helps businesses build cash resources while earning interest on business funds. You need to contact the bank to learn about the current interest rates. The $2 monthly service fee is waived by maintaining a $300 average ledger balance.
Established business owners can maximize more interest from higher balances through this account. They can access tiered interest rates and unlimited teller-assisted transactions. Meeting a $1,000 minimum daily balance is required to waive the $10 monthly service fee.
Bank of Oklahoma offers higher fixed interest rates through CD accounts. The interest compounds and credits quarterly. Multiple term periods are available. A $1,000 minimum opening deposit is required, but no monthly service fees are collected.
- A Visa Business Cash Preferred Card provides cashback on eligible purchases, a $100 annual software credit, and a $25 cash back after the first purchase. There is no annual fee. Our Bank of Oklahoma Visa Business Cash Preferred Card review contains more details.
- A Visa Business Real Rewards Card earns 1.5 points per month for each $1 spent on eligible purchases. Points are uncapped and unlimited and can be redeemed for merchandise, gift cards, travel, or cash back. Reward points can also be redeemed as a cash deposit to a Bank of Oklahoma checking or savings account or as a statement credit to a credit card account. Read our review of Bank of Oklahoma Visa Business Real Rewards Credit Card for additional information.
- With a Visa Smart Business Rewards Card, one can earn 2x points for every dollar spent monthly in the top two spend categories. The points can be redeemed for similar rewards with Visa Business Real Rewards Card.
- Business customers looking for a low introductory rate offering interest savings can apply for a Visa Business Platinum Card. This card is suitable for large purchases and unforeseen expenses.
- Nonprofits and municipalities can sign up for a Visa Community Card, offering an optional free rewards program and online management reports. This card does not require a personal guarantee.
- A Visa Signature Company Card is designed for mid-sized and large corporations with a minimum of $5 million in net annual sales. Like the Visa Community Card, it offers an optional free rewards program and online management reports. It also provides a generous credit line.
Bank of Oklahoma is a Preferred SBA Lender and provides flexible loan options with lower down payments and longer repayment terms.
- SBA 7(a) loans can be utilized for a line of credit, buying businesses, refinancing debt, and purchasing commercial real estate and equipment. For non-real estate, the terms are up to 10 years while for commercial real estate, the terms are extended up to 25 years.
Check out our article on SBA 7(a) loans to learn about the rates, requirements, and terms.
- SBA 504 loans are ideal for commercial real estate purchases, construction, refinancing, and renovations. This loan can also be used for heavy equipment purchases. The loan amount is uncapped for the total project size, and the terms reach up to 20 or 25 years for commercial real estate and up to ten years for heavy equipment.
Our SBA 504 loan guide is a great resource to learn about the fees, rates, and how it works.
- Lines of credit
- Equipment and vehicle loans
- CRE loans
- Small business office deposit (SBOD)
- Merchant services via Clover solutions
- Payroll services through Paycor (read our Paycor review to learn more)
Bank of Oklahoma Business Checking Reviews From Users
Few clients left Bank of Oklahoma business checking reviews on third-party websites, but on WalletHub[3], users gave the bank an average rating of 3.1 out of 5 from around 60 reviews. Satisfied customers praised the bank’s excellent customer service, low mortgage rates, and overdraft fee waivers.
However, some reviewers complained about hidden fees, unjust account closures without being notified, and the limited branches in South Oklahoma City. One reported a lack of assistance in getting a business loan despite having a significant deposit in a business deposit account.
Bottom Line
Bank of Oklahoma is recommended for businesses seeking unlimited transactions, high free cash deposits, and service fee discounts. The bank’s free checking account, Business Access, suits small businesses needing only essential banking features. Larger businesses can benefit from the higher-tier account, Business Advantage, which offers more discounts and waivable fees. However, the bank does not have specialty checking accounts or interest-bearing checking options.
User review resources:
