Bank of the West 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.
This article is part of a larger series on Business Banking.
On Feb. 1, 2023, BMO completed its planned acquisition of Bank of the West. The company plans to integrate Bank of the West into BMO by September, with Bank of the West accounts and services transitioning to BMO. For now, customers can continue conducting their banking transactions at their respective BMO and Bank of the West branches, websites, and mobile applications. Check out our review of BMO’s business checking for more information.
Bank of the West is great for businesses with low transaction volumes as its basic Any Deposit Checking for Business account has an easy-to-waive $10 monthly fee and 50 free transactions monthly. Its two other checking options, Classic Business Checking and Choice Business Checking, also have waivable monthly fees. All accounts include a free business debit card, a $5 overdraft fee buffer, and online and mobile banking access.
What We Like
- Waivable monthly fees plus two months’ waiver for new accounts
- No fixed deposit amount to waive the monthly fee for Any Deposit Checking for Business
- 10 free incoming wires per statement cycle for Choice Business Checking
Drawbacks
- Branches in 19 states only: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming
- No annual percentage yield (APY)
- Low number of free transactions for basic tier
Features
- Free business debit card
- Online and mobile banking
- View balances, pay bills, and deposit checks via mobile app
- $5 overdraft fee buffer
- Several benefits under Choice Business Checking, such as bonus rates on linked money market account, free incoming wires, or waived annual fee for BusinessLink Reserve Line
- Variety of lending options
How Bank of the West Stacks Up With Its Competitors
APY | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Any Deposit Checking for Business | N/A | Up to $2,500 per month free, then 25 cents per $100 | None at Bank of the West ATMs; $3 per transaction at non-Bank of the West ATMs | $100 |
 Silver Business Checking | N/A | Up to $2,500 per month free, then 30 cents per $100, per statement cycle | None at U.S. Bank ATMs; $2.50 for non-network ATMs | $100 |
 Business Checking | 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 |
When Bank of the West Is a Good Fit
- Businesses with a low transaction volume: With Any Deposit Checking for Business, you get 50 free monthly transactions and up to $2,500 free cash deposits.
- Business owners who want an easy-to-waive monthly fee for a business checking account: Any Deposit Checking for Business has a $10 monthly fee that’s waived easily by depositing any amount at least once each month.
- Businesses that receive wires every month: With Choice Business Checking, you enjoy 10 free incoming domestic and international wires every month.
- Business owners who want protection from overdraft fees: Bank of the West provides a $5 buffer if your account is overdrawn, saving you from paying a hefty overdraft fee.
- Businesses seeking multiple financing options: You can apply for various loans, such as a business line of credit, Small Business Administration (SBA) loan, equipment leasing, commercial real estate (CRE) loan, or construction loan. For startups, you can learn more financing options by checking out our guide to startup business loans.
When Bank of the West Is Not a Good Fit
- You are looking for a reward for account opening: Business owners can consider applying for a business checking account at PNC Bank to earn a $200 or $500 cash back bonus. Discover more options in our list of best business bank account promos and offers.
- Your business is located outside the bank’s service areas: Bank of the West operates in 19 states, but if your business is based elsewhere, you can choose Chase for nationwide branch access. Check out our Chase Business Checking review to see which of its three accounts suits you best.
- You want generous free transactions and high free cash deposits in a basic checking account: Bank of the West offers only 50 free transactions and $2,500 free cash deposits under its basic account, Any Deposit Checking for Business. You can consider Citibank with its higher fee-free transaction allowance and cash deposits. Our Citibank Business Checking review provides detailed information.
- You prefer an interest-drawing checking account: Bank of the West checking accounts currently do not earn interest. If your needs are satisfied by an online bank, you can opt for Grasshopper Bank, where accounts earn a 1.51% APY. You can learn more about its product features from our Grasshopper Business Checking review.
You may also want to see our list of the best small business checking accounts for additional recommendations.
Bank of the West Business Checking Overview
Bank of the West Business Checking Requirements
Only individuals and businesses based in the following states can open accounts with Bank of the West: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, and Wyoming.
You can visit a Bank of the West branch or speak to a bank specialist to open a business checking account. Some entities can open online depending on their business structure. You’ll need to provide your personal and business information, including your Social Security number, tax identification number (TIN), and/or certification of foreign status (nonresident alien) for each signer, beneficial owner, and senior managing official on an account. Additionally, you need to present a government-issued ID and the required business documents.
Listed below are the additional Bank of the West business checking requirements according to structure. Note that the lists are not exhaustive and the bank may require additional business documents.
Sole Proprietorship
- Fictitious business name statement
Partnership
- Fictitious business name statement
- Foreign entity declaration OR certificate of qualification/authority/good standing
- Partnership agreement or partnership statement
Limited Liability Company (LLC)
- Articles of organization
- Operating agreement/authorization OR LLC statement
- Tribal bylaws/constitution
- Limited waiver of sovereign immunity
- Fictitious business name statement
- Foreign entity declaration OR certificate of qualification/authority/good standing
Corporation
- Articles of incorporation
- Corporate resolution
- Tribal bylaws/constitution
- Limited waiver of sovereign immunity
- Fictitious business name statement
- Foreign entity declaration OR certificate of qualification/authority/good standing
Before you open an account, read our guide on how to open a business bank account. It has a free downloadable checklist of required documents.
Bank of the West Business Checking Features
Bank of the West Business Checking accounts offer a business debit card, a $5 overdraft fee buffer, and access to online and mobile banking.
Easy-to-Waive Basic Account
While Bank of the West doesn’t provide a free business checking account, it allows you to easily waive the $10 monthly fee of its basic account, Any Deposit Checking for Business, by depositing any amount at least once per statement cycle. This includes a direct deposit, mobile deposit, ATM deposit, in-branch deposit, or Merchant Services funds settlement. However, transferring funds between Bank of the West accounts or any credit from Bank of the West isn’t counted.
Additional Benefits for Choice Business Checking
- Bonus rates on a linked Business Money Market Select account
- 10 free incoming domestic or international wires per statement cycle
- Waived annual fee on BusinessLink Reserve Line
- No fees to receive a paper or online statement
$5 Overdraft Fee Buffer
The bank protects you from an occasional overdraft with its $5 overdraft fee buffer. However, if your account is overdrawn by more than $5, you’ll still get charged a $35 overdraft fee.
Online & Mobile Banking
You can view balances, transfer funds, and pay bills online. You can also deposit a check using the mobile banking app.
Reviews for the Bank of the West app are favorable on both the App Store (4.8 out of 5) and Play Store (3.7 out of 5). The positive feedback centered on the app’s ease of use, while some dissatisfied users reported experiencing glitches and receiving error messages, leading to check deposit problems.
Other Banking Products
Bank of the West has business savings, money market accounts, certificates of deposit (CDs), business credit cards, and loans. Rates may vary in different locations.
Analyzed Business Checking
Businesses with a higher volume of transactions can open an Analyzed Business Checking account. Fees can be offset by earnings credit which is calculated based on the checking account balances.
Savings Products
Bank of the West has a business savings account, two types of business money market accounts, and two types of business certificates of deposit (CDs):
- Classic business savings: The minimum opening deposit for this account is $200. Its $5 monthly fee can be waived by maintaining a $500 average monthly balance or by setting up Auto-Save with a recurring $100 monthly transfer from any business checking account. The current APY rate is set at 0.01%. It’s variable and may change at any time.
- Business money market: To earn high rates and waive the $10 monthly fee, you must maintain a $1,000 minimum daily balance in this account. The interest ranges between 0.02% to 0.06% depending on your balances. Its rate is variable and subject to change at any time.
- Business money market select: For even better rates, you can link this account to a Choice Business Checking account. To waive the $15 monthly fee, you must maintain a $10,000 average monthly balance. The interest rate starts at 0.02% for balances from 1 cent to $9,999 while it’s set at 0.95% for balances $10,000 and above. Its rates are variable and may change at any time.
- Flexible term CD: With a $1,000 minimum opening deposit, you can open this CD account and earn interest ranging from 0.01% to 0.15%, depending on the CD terms you choose.
- Premium CD: This CD account requires a $2,500 minimum opening deposit. Interest rates start at 0.02% and reach up to 4.50% depending on the length of the CD term.
Credit Cards
For businesses with frequent purchases, the bank provides a business credit card with 2x unlimited reward points for qualifying purchases. It’s suitable if you’re seeking a card with a competitive interest rate. Read our Bank of the West Business Rewards Mastercard review to learn more details.
Lending
Business owners can apply for business lines of credit, business loans, equipment leasing, agriculture financing, construction loan, SBA loans, business equity loans, CRE loans, and secured term loans.
Bank of the West Business Checking User Reviews
| PROS | CONS |
|---|---|
| Positive in-person customer service experience | Online verification takes time |
| Long wait time for customer service phone support | |
| Payment issues | |
| Bad website experience | |
Bank of the West has a 2.5 out of 5 rating on WalletHub1 and a 3.8 out of 5 rating on ConsumerAffairs2. The customers appreciated being helped out by branch staff. However, a lot of the reviews contain negative comments.
Some stated that it takes a long time to speak with a customer service representative over the phone—even reaching more than an hour. Payment issues were also raised. Some claimed that erroneous fees were charged by the bank but refunds were not made. Further, others disliked using the website with its multiple security and fraud blocks. There are no specific reviews on its business checking accounts.
Bottom Line
With Bank of the West’s Any Deposit Checking for Business, you get 50 free monthly transactions and up to $2,500 free cash deposits. It has a $10 monthly fee, but this can easily be waived by depositing any amount at least once each statement cycle. If your business volume increases, you can consider switching to Classic Business Checking or Choice Business Checking to enjoy higher free transactions and cash deposits.
User Review Resources:
