Bank of the Sierra 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.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
This article is part of a larger series on Business Banking.
Bank of the Sierra offers great products for California-based organizations needing affordable business checking solutions. It has four types of accounts: a $0 monthly fee business checking account, an interest-earning checking account, an analyzed checking account, and a specialized account for money services businesses.
However, none of these offer fee-free transaction allowances, which means that you will be required to pay small fees for every transaction item. To open an account, you have to get in touch with one of Bank of the Sierra’s bankers or visit a branch.
What We Like
- $0 monthly fee on basic account
- $0 minimum balance requirement on basic account
- Cash management plans available
Drawbacks
- No branches outside California
- No fee-free transactions
- Steep wire transfer fees
Features
- Three small business checking accounts
- Specialized account for money services businesses
- Business debit card
- Business mobile banking app
- Free e-statements and e-notices
- Sweep accounts, savings accounts, money market accounts, credit cards, and lending products available
How Bank of the Sierra Stacks Up With Its Competitors
Minimum Opening Deposit | Monthly Fee | Out-of-Network ATM Fee | Geographic Availability | |
|---|---|---|---|---|
Sierra Business Checking | $50 | $0 | $2.50* | California |
 Startup Business Checking | $100 | $10; waivable | $3* | California |
 Business Complete Banking | $0 | $15; waivable | $3* | All states except Alaska and Hawaii |
*Third-party operator fees may apply.
When Bank of the Sierra Is a Good Fit
- You want a fee-free business checking account: The Sierra Business Checking account has a $0 monthly fee and no minimum balance requirement.
- You run a money services business: Bank of the Sierra offers a specialized checking account for businesses involved in check cashing, money transfers, money orders, prepaid cards, traveler’s checks, and currency conversion.
- You need access to a wide range of banking products: Other Bank of the Sierra products include savings accounts, money market accounts, certificates of deposit (CDs), small business lending, and business credit cards.
When Bank of the Sierra Is Not a Good Fit
- You operate outside Bank of the Sierra’s service area: Bank of the Sierra operates exclusively in California. If you want a bank with wider geographic coverage, choose Chase, which has branches in all 48 mainland states. Our review of Chase’s business checking can help you select the best account for your business.
- You want fee-free transactions: None of Bank of the Sierra’s business checking accounts offer fee-free transaction allowances. With Bank of America’s Fundamentals Business Checking account, you get 200 fee-free transactions for a waivable $16 monthly fee. Read our Bank of America business checking review to see if it fits the bill.
- You want affordable wire transfers: Bank of the Sierra charges a $15 fee for incoming wire transfers and a $20 to $50 fee for outgoing wire transfers. Under the online-only banking platform Mercury, all wire transfers are free. Learn more by reading our review of Mercury’s business checking.
If your small business meets one or more of these scenarios, see our guide to the best small business checking accounts for additional recommendations.
Bank of the Sierra Business Checking Overview
Bank of the Sierra Business Checking Requirements
To open a business checking account with Bank of the Sierra, you are required to contact one of its bankers or visit a branch. Additionally, all beneficial owners* are required to sign Bank of the Sierra’s Beneficial Owner Certification document and provide the following information:
- Name
- Title
- Ownership percentage
- Date of birth
- Residential or business street address
- Social security number (for United States citizens)
- Social security number, passport number and country of issuance, or other similar identification numbers (for non-US citizens)
*Beneficial owner refers to any individual with at least 25% of the equity interests of your legal business entity or any individual with significant management responsibilities over your legal business entity.
You will also be asked to provide additional documentation depending on your organization’s structure. Click on your business entity type for more information.
- Fictitious name statement (if applicable)
- Partnership agreement
- Fictitious name statement (if applicable)
- Certificate of limited partnership (LP-1) (if applicable)
- Appropriate documentation for all businesses within the LLP (if applicable)
- Fictitious name statement (if applicable)
- Articles of incorporation
- Corporate resolution or minutes from board of director’s meeting listing names/titles of officers stating who is authorized to sign and authorizing the opening of the account, signed by the secretary of the corporation
- Letter or resolution signed by the secretary authorizing the establishment of the account
- Article of organization
- Operating agreement
- Fictitious name statement (if applicable)
- Appropriate documentation for all businesses (members) within the LLC (if applicable)
- May require additional documentation
Check out our guide to opening a business bank account for additional tips on preparing your application.
Bank of the Sierra Business Checking Features
Business Debit Card
All Bank of the Sierra business checking accounts provide their own Visa business debit card. Cards are accepted in all locations where Visa is accepted.
Digital Banking
You can access your accounts through the Bank of the Sierra website or the business mobile app, available for iOS and Android. Through mobile banking, you can
- View account balances
- View transaction history
- Transfer money between accounts
- Set up account alerts
- Pay bills
- Deposit checks remotely
The app has a rating of 3.5 stars on Google Play (based on 400-plus reviews) and 2.0 stars on the App Store (based on 200-plus reviews). Very few positive reviews have been posted within the past few years.
Meanwhile, negative reviews claimed that the app crashes frequently. Several users said that the app blocks them from logging in even when they enter the correct ID and password. Others mentioned that they found the lack of an online password retrieval option inconvenient, as it required them to contact customer service to access their accounts.
Free e-Statements
All Bank of the Sierra business checking accounts offer free e-statements, which allow you to view statements and notices from your enrollment date going forward.
Cash Management
There are four available Sierra Cash Management plans.
- Sierra Cash Management Basic Plan, which has no monthly fee, offers the following features:
- The ability to make an unlimited number of accounts
- The ability to add and manage additional users
- The ability to set spending limits
- Information reporting, such as balance summaries and details
- Downloadable reports in comma-separated values (CSV) files and QuickBooks
- Receipt capture
- Stop payments
- Fraud prevention services
- Sierra Cash Management, which costs $30 per month, provides access to the same features as the basic plan plus wire origination services.
- Sierra Cash Management provides access to the same features as the basic plan plus ACH for $50 per month.
- Sierra Cash Management Plus, which costs $70 per month, offers access to ACH, wire origination and all features included in the basic plan.
Other Bank of the Sierra Business Products
Money Services Business Checking
Bank of the Sierra’s MSB Checking account caters to businesses involved in check cashing, money transfers, money orders, prepaid cards, traveler’s checks, and currency conversion. By signing up for MSB Checking, you can work with Bank of the Sierra’s bankers to discuss how their services can best address your needs.
Sweep Accounts
Sierra Platinum Sweep connects your Sierra Business Analysis account to a sweep service that automatically transfers a set percentage of your excess income into an interest-drawing account. It also transfers money back into your main checking account in case your checking account balance falls below your target amount.
Savings Products
Bank of the Sierra offers savings accounts, CDs, and money market accounts:
- Sierra Business Savings earns interest on balances of $1,500 and greater. It charges a quarterly fee of $9, which can be waived with a minimum daily balance of $1,500. It has a minimum opening deposit of $50.
- The Business Money Market account charges a monthly fee of $10, waivable with a minimum daily balance of $5,000. It earns competitive interest that increases with higher balances. The minimum opening deposit is $50.
- The Sierra Prime Index CD offers competitive variable interest and fixed terms from 90 days to one year. It was designed for deposit amounts worth $10,000 and greater.
- 91-Day Variable Savings offers competitive variable interest rates and fixed terms of 91 days. It has a minimum opening deposit of $1,000.
Credit Cards
There are three types of credit cards: low-rate, cash back, and rewards-earning. All cards come with the following features:
- Online expense reporting tools
- Free employee credit cards
- Mobile payment capability
- Zero fraud liability
Lending Products
Bank of the Sierra offers the following lending products:
- Lines of credit from $1,000 to $250,000
- Term loans from $10,000 to $250,000
- Small Business Administration (SBA) loans from $100,000 to $5 million
- Express small business loans
- Agricultural lending solutions
- Mortgage banking finance
- Commercial real estate (CRE) loans
- Commercial construction loans
- Letters of credit
Bank of the Sierra Business Checking User Reviews
Bank of the Sierra has a rating of 1.5 stars on Yelp1, based on 30+ reviews. Written feedback centered mostly on the bank’s customer service quality rather than its business checking products.
A handful of customers claimed that they found the bank’s customer service friendly and helpful. However, the majority said the opposite. Many complained of long wait times for teller lines and unresponsive customer service phone lines. Others said that they had to contact the bank multiple times to have their issues resolved.
Bottom Line
Bank of the Sierra is a good choice for businesses that want to bank without paying a monthly fee or maintaining a minimum balance. It provides free access to helpful cash management services, such as the ability to create multiple accounts, add and manage additional authorized users, and download financial reports. However, its lack of fee-free allowances for day-to-day transactions might be a dealbreaker for some business owners.
User reviews reference:
1Yelp
