Bank OZK Business Checking Review 2023
This article is part of a larger series on Business Banking.
Bank OZK is a decent traditional bank for organizations with low or moderate transaction volume. It offers four types of business banking products:
- OZK Business Checking, which offers 250 monthly transactions for a waivable $10 monthly fee.
- OZK Growth Business Checking, which provides 500 monthly transactions at a waivable monthly fee of $20.
- OZK Interest+ Business Checking, which earns interest but has a monthly fee of $15 and a lowered monthly transaction allowance of 100 items.
- OZK Non-Profit Checking, which has no monthly fee and 50 free transactions.
Your business checking account comes with a free debit card and access to online banking. You also have the option to enroll in overdraft protection. Other products include savings accounts, money market accounts, lending products, specialized industry solutions, treasury management solutions, and merchant processing via Clover.
Bank OZK is a regional bank with branches in Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina, and Texas. You are required to visit a branch to open an account.
Pros
- 250 free transactions for basic account
- $500 minimum balance requirement to waive basic account monthly fee
- No fee for nonprofit accounts
Cons
- Branch visit required for account opening
- Only available in eight states
- Poorly rated mobile app
Features
- Online banking
- Instant issue debit card
- Overdraft protection
- Travel notifications
- Savings products, lending products, specialty banking solutions, treasury management services, and merchant processing
How Bank OZK Stacks Up With Its Competitors
When Bank OZK Is a Good Fit
- Your business has a low or moderate transaction volume: Bank OZK’s basic account, OZK Business Checking, includes 250 free transactions per month at a monthly fee of just $10. You can easily waive the monthly fee with a balance of $500 or more.
- You run a nonprofit with low transaction volume: The OZK Non-Profit Checking account has no monthly service fees or minimum balance requirements. However, it only includes 50 free transactions per month.
- You belong to an industry Bank OZK specializes in: Bank OZK offers specialized banking services for farms, aviation businesses, and community associations.
When To Choose an Alternative
- You seek nationwide access to in-person banking: Bank OZK operates exclusively in Arkansas, California, Florida, Georgia, Mississippi, New York, North Carolina, and Texas. If you want a bank with a wider geographic presence, consider Chase, which has branches in all 48 mainland states. Read our Chase business checking review for a breakdown of the bank’s three business accounts.
- You want to earn interest on a fee-free account: OZK Business+ Interest Checking charges a monthly fee of $15. If you want to earn interest without paying monthly fees, choose Bluevine, an online-only banking solution that pays 2.0% APY on qualifying balances of $250,000 and less. Our review of Bluevine business checking gives further details on how to qualify for Bluevine’s APY.
- You need access to certificates of deposit (CDs): Bank OZK only offers business savings and money market accounts. For competitive business CDs, consider Live Oak Bank, which offers CD rates as high as 5.10%. Read our Live Oak Bank business savings review for more information.
If your small business meets one or more of these scenarios, see our roundup of the best small business checking accounts for additional recommendations.
Bank OZK Business Checking Overview
Bank OZK Business Checking Requirements
You are required to visit a brick-and-mortar Bank OZK branch to open a business account. During the application process, you will be asked to provide the following:
- Name
- Date of birth
- Social Security number
- Physical address and mailing address
- Business establishment date with signer’s full name
- Percent of ownership and annual gross revenue
- Email address and phone number
- Legal name of business and type of business
- Tax identification number (TIN), ownership structure, and number of employees
- Business license
- ID image/s for beneficial owners, control person, and at least one signer
Additional Bank OZK business checking requirements depend on your business type. Click on your business entity structure for a list of required documents.
- Fictitious name certificate (if applicable)
- Articles of incorporation or certificate of formation
- Operating agreement/bylaws
- IRS 501(C) tax determination letter
- Certificate of authority to do business (if applicable)
- Fictitious name certificate (if applicable)
- Partnership agreement
- Fictitious name certificate (if applicable)
- Articles of incorporation or certificate of formation
- Operating agreement/bylaws
- IRS 501(C) tax determination letter
- Certificate of authority to do business (if applicable)
- Fictitious name certificate (if applicable)
- Partnership agreement
- Certificate of limited partnership or limited partnership agreement, registered with the secretary of state
- Fictitious name certificate (if applicable)
- Partnership agreement
- Certificate of limited partnership or limited partnership agreement, registered with the secretary of state
- Articles of incorporation or certificate of formation
- Operating agreement/bylaws
- IRS 501(C) tax determination letter
- Certificate of authority to do business (if applicable)
For easy reference, download the business bank application document checklist provided in our guide to how to open a business bank account.
Bank OZK Business Checking Features
With a Bank OZK business checking account, you get access to an instant-issue debit card, digital and mobile banking, overdraft protection, and travel notifications.
Instant Issue Debit Card
Your business checking account comes with a free business Visa debit card, which you can use for purchases anywhere Visa is accepted.
Digital & Mobile Banking
You can access Bank OZK business banking services through the website or mobile app. Through digital banking, you can do the following:
- Manage accounts
- View balances, transactions, and statements
- Pay bills
- Transfer funds
- Deposit checks (mobile only)
User feedback for the mobile app is mixed. It has an average rating of 1.8 stars on the App Store[1] (based on more than 50 reviews) and 3.2 stars on Google Play[2] (based on more than 3,000 reviews). While positive reviews highlight that the app is easy to use and follow, many users say that it does not let them log in. Others also complained that the mobile check deposit function is unreliable.
Overdraft Protection
Small business checking accounts qualify for Bank OZK’s overdraft protection services:
- Bounce Proof Security: If you make a check, in-person withdrawal, or electronic payment with an amount exceeding your current checking account balance, Bank OZK will cover the missing funds, with a maximum overdraft of $500. There is a fee of $35 per overdraft item.
- Bounce Proof Plus: Eligible accounts can upgrade to Bounce Proof Plus to cover daily debit card and ATM transactions. The overdraft fee is still $35 per item.
- Safety Link: You can also link your main business checking account to another Bank OZK deposit account as a cushion for overdrafts. Bank OZK will transfer funds from your linked account automatically to cover transactions against insufficient balances.
These features are unavailable for non-profits, government entities, and public fund accounts.
Travel Notifications
Card Valet provides alerts for card location and usage. Meanwhile, CardNotify sends fraud text notifications that help you monitor your debit card activity while traveling.
Other Bank OZK Business Products
Bank OZK also offers savings accounts, money market accounts, and SBA loans.
- OZK Business Savings charges a $3 monthly fee, waivable with a minimum balance of $100. The opening deposit requirement is also $100.
- OZK Business Money Market has a $10 monthly fee. The opening deposit requirement and the minimum balance requirement to waive fees are both $5,000.
As a Small Business Administration (SBA) Preferred Lender, Bank OZK offers SBA 7(a) and SBA 504 loans. You can borrow loan amounts from $50,000 to $5,500,000.
- Agricultural lending: Farmers can access specialized loan options for purchasing new farms, new construction, refinancing, improvements or repairs, equipment, and more.
- Association services: Bank OZK provides banking services, such as IntraFi network deposits, lockbox services, and flexible lending solutions, that are tailored to community associations.
- Aviation: Aircraft financing options are available for organizations that use airplanes as essential assets.
With a Bank OZK business checking account, you gain access to a variety of treasury management services, including:
- Payables solutions: Wire transfers, cash disbursement, payroll direct deposit, vendor payments, and commercial credit cards
- Receivables solutions: Remote deposit capture, lockbox, cash concentration, and merchant card services
- Information reporting: Accounting, bank reconciliation and cash position, cash flow forecasting, bank account statements, and risk management
- Liquidity management: Zero balance accounts, investment sweep, credit line sweep
- Fraud and risk mitigation: Positive pay, password authentication, security token integration, multilevel security
Bank OZK provides point-of-sale (POS) systems, readers, and online payment terminals through a partnership with Clover. You can read our review of Clover POS for more information.
Bank OZK Business Checking Reviews from Users
Bank OZK business checking reviews are mixed. Although the bank earned 4.5 stars on DepositAccounts[3] (based on fewer than 10 reviews) it only had 2.5 stars on WalletHub[4] (based on 60-plus reviews). Common sentiments include the following:
- Good customer service: Many satisfied customers said that Bank OZK provided accommodating and attentive customer service.
- Unfair overdraft fee policies: According to a few reviewers, Bank OZK’s overdraft fee policies lack flexibility. While other banks give you more time to deposit money in the event that your current balance cannot cover the transactions you made within the day, Bank OZK sets its deposit deadline too early in the working day, increasing your likelihood of incurring overdraft charges.
- Outdated technology: Reviews for the Bank OZK mobile app are mostly negative. Additionally, a few users complained that Bank OZK still requires in-person meetings for banking tasks that can be done online, such as account opening and account closure. This is inconvenient for customers with busier schedules.
Bottom Line
Aside from charging lower fees than national banks, Bank OZK’s business checking products do not offer any standout features. Its best product is its basic account, OZK Business Checking, which has a low monthly fee and minimum balance requirement in relation to its monthly fee-free transaction allowance. Overall, the bank is a choice for organizations seeking affordable, no-frills business checking.
User review references
