Banking

A Novo business checking account is an excellent choice if your business is looking for a product with unlimited free transactions, no monthly fees, and no opening deposit requirement; however, it is not interest-drawing. Novo refunds all ATM fees but lacks savings and lending products. You can’t physically deposit cash into your Novo account, but you can purchase a money order and deposit it to your account through the mobile app. How Novo Stacks Up With Its Competitors *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine). When Novo Is a Good Fit You make frequent ATM withdrawals: Novo refunds ATM fees at the end of each month. This is what makes Novo one of our choices for the best small business checking accounts. You are comfortable with an online-only bank: Novo is suitable if you don’t need your bank to have a physical location. You don't need to deposit cash directly into your business account: This fintech platform does not offer a facility for cash deposits. You want a fee-free business banking experience: Novo offers no monthly, opening deposit, and ACH fees, which makes Novo one of the best business checking accounts for LLCs. Your business accepts payments through Stripe: This fintech offers Novo Boost, allowing you to get paid faster through your Stripe account at no additional cost. It also has Express ACH, where you can send or accept same-day ACH payments, making your funds immediately available in comparison to other providers. It’s why Novo is part of our lists of best free business checking accounts and best banks for startups. You’re a self-employed professional wanting to save on ATM fees: If you’re a self-employed individual who often withdraws from ATMs for your business funds, Novo provides additional savings by reimbursing all ATM fee refunds each month. This is one of the reasons it’s part of our roundup of best bank accounts for self-employed professionals. When Novo Isn’t a Good Fit You need to deposit cash regularly into your account: You can deposit money orders and checks through the app, but if you deposit cash constantly, you might consider a bank with a physical location such as , or . You want your business checking to earn interest: Novo’s business checking account is a noninterest-bearing account.  is a good alternative, as it offers high interest rates on eligible deposits. You need other services from your bank: If you’re seeking a savings account or lending products, and  offer both. For additional recommendations, check out our roundup of the best small business checking accounts. Novo Business Checking Overview Novo Business Checking Requirements The documents required to open a business checking account vary, depending on how your business is organized and your state of operation. Novo provides a list of documents required for: LLCs Partnerships Corporations Sole proprietorships Regardless of how your business is organized, you must have the following to open an account: A copy of your signed personal identification A mobile phone using one of the major United States carriers A Social Security number A US address For a checklist of documents banks typically require, refer to our guide on how to open a business banking account. Novo Business Checking Features Novo business checking accounts comes with several features that make it an excellent option for your company. ATM Fees Refunded Each Month If you don’t need a physical location for your business banking needs and use ATMs frequently, Novo is a good choice. Despite not having a dedicated ATM network, Novo refunds ATM fees at the end of the month. Novo Mobile App Novo has a very good app that is ranked highly on both Play Store (4.5 out of 5) and the App Store (4.8 out of 5). Users said that they appreciate the quick response time from Novo’s customer service if there are any issues, whereas other reviews noted slow check deposit times. Novo Reserves The fintech solutions provides a feature called Novo Reserves, which allows you to set aside funds for taxes, profit, payroll, and other large business expenses. You can have up to five reserves, with the ability to move money in and out through the app. Business Software Integration Novo has excellent integration with business software services, including Wise, Slack, Xero, Stripe, Square, PayPal, Shopify, and QuickBooks. Novo Virtual Card You can activate your Novo Virtual Card via the app to spend funds online or through Apple Pay or Google Pay before receiving your physical debit card. The physical debit card, which includes an EMV chip, is accepted worldwide. Custom Invoice Creation You can create and send invoices through the app or website. There are no limits to the number of invoices you can make—and they are free. You can connect these invoices directly to Stripe, Square, and PayPal to get paid that way, or you can accept ACH and check payments. Service & Product Discounts You can enjoy exclusive discounts on selected business products and services with the Novo Perks program. Some of these providers are Stripe, Google Cloud, QuickBooks, Gusto, HubSpot, offering business checking account holders great savings. Transfer Funds, Send Payments & Deposit Checks or Money Orders You can transfer money in or out of Novo through the app with no minimum deposit. This includes sending payments directly from Novo. You can also deposit checks and money orders directly through the app. Novo Business Checking Pros & Cons If you are looking for a digital-only bank with no fees and great software integrations, Novo is an excellent choice. Aside from not having to maintain any required balance and enjoying zero ACH fees and incoming wire fees, you gain more savings from its monthly refund of all ATM fees. You can also integrate popular business software tools such as QuickBooks, Xero, Stripe, and PayPal, with your Novo account, making it easy to perform accounting and manage your business payments. However, this fintech does not accept any cash deposits, and its account does not provide interest. It also operates fully online, so if you require in-person banking, you will want to consider traditional banks. Novo User Reviews Novo has a 3.9 rating out of 5 on Trustpilot. Users said that they appreciate how easy it is to open an account and its fee-free features, user-friendly interface, and superb customer service. However, some complained about limited customer support access, check deposit issues, and lag in account updates. Alternatives to Novo Business Checking If you seek an interest-drawing account, need to deposit cash regularly, require other bank products such as savings and loans, or just want to stop into a physical location, you will want to consider an alternative bank. is best for businesses needing to make regular cash deposits or wanting a full-service bank with physical locations for more business banking services. is best for businesses that are looking for an online banking experience or don’t need to deposit cash but want an account that earns interest for qualified deposits. is best for businesses wanting interest-drawing savings or certificates of deposits or those looking for Small Business Administration (SBA) or other commercial loans for their business. Bottom Line If you are looking for a digital-only, fee-free business checking account, offers a great product. If your business has frequent ATM withdrawals, Novo makes sense, as it refunds ATM fees at the end of each month. If you need a facility for regular cash deposits, other banking services besides a checking account, an interest-bearing account, or a physical location to visit, you should consider one of the alternatives.

NBKC Bank has high-yield business savings in the form of a money market account. If you’re looking for a good APY rate without the stress of maintaining a minimum balance or coming up with a hefty required opening deposit, then NBKC Bank’s Business Money Market account is a great option. You only need a negligible 1-cent balance in your account to earn 1.01% APY. There’s also no minimum opening deposit, which is one of NBKC Bank’s trademark account features. How NBKC Bank Stacks Up With Its Competitors When NBKC Bank Is a Good Fit You want to earn competitive interest: With a 1.01% APY benefit starting at 1 cent, and no maintenance fees, you can open a money market account and earn higher interest compared to other banks’ regular business savings accounts. You want access to a full array of bank products: The bank offers business checking, certificates of deposits (CDs), Small Business Administration (SBA) loans, and business credit cards. You want to save on ATM fees: NBKC Bank refunds up to $12 per month for transactions made at non-network ATMs. When NBKC Bank Is Not a Good Fit You prefer in-person banking but are based outside of Kansas and Missouri: NBKC Bank only has 5 branches in Kansas and Missouri—you can consider , , or , which have branches nationwide. You need to withdraw funds from your account frequently: NBKC Bank’s Business Money Market account only allows you to make six transfers and/or withdrawals per statement cycle. You can opt to open a business checking account with , which provides 1.51% APY and unlimited transactions. NBKC Bank Business Savings Overview *If you exceed the allowable transactions, your account may be subjected to closure and placed in another account that you’re eligible to maintain. NBKC Bank Business Savings Requirements You can visit NBKC Bank’s website to open a business bank account. You need to be a United States citizen or permanent resident who is at least 18 years of age. Foreign businesses aren’t allowed to open an account. You’ll be asked to provide the following: Name Address Date of birth Social Security number or tax identification number (TIN) Business information Government-issued ID Legal business documents NBKC Bank Business Savings Features NBKC Bank features a lot of fee-free features, a competitive APY, and mobile banking. Zero Fees $0 monthly fees $0 minimum balance requirement $0 minimum opening deposit $0 fees for online banking, $0 for Bill Pay on your phone, tablet, and desktop $0 to deposit checks at a branch or using the NBKC app $0 e-statements, $0 for stop payments, whether in-branch or online $0 for incoming domestic wires Competitive APY The Business Money Market account provides an Annual Percentage Yield (APY) of 1.01% on all balances. You only need to have 1 cent in your account to obtain it. Note that the rates are subject to change without prior notice. Mobile Banking NBKC Bank clients can check balances, transfer funds, and view transactions of their savings accounts through the website. They can also download the mobile app at the App Store and Google Play. Other Banking Products NBKC Bank has a full range of banking products, from business CDs and business checking accounts to commercial loans and business credit cards. Business CDs: For a $1,000 minimum opening deposit, you can earn an APY from 0.10% to 2.02%, depending on fixed terms ranging from 3 months to 5 years. Business Checking: NBKC Bank offers a Business Checking account that has no required opening deposit, minimum balance, and monthly fee. It doesn’t earn interest, but you can perform unlimited transactions with no fees. For in-depth product features, read our NBKC Bank Business Checking review. Small business lending: The bank provides a wide variety of lending products. Online small business: Business owners can apply for a $25,000 to $75,000 loan with low interest rates at 5.95%. You need to be in business for at least 2 years and based in Kansas City. Line of credit: This is a revolving loan that has a 12-month interest-only draw period and a 36-month amortizing repayment period. The rate is fixed throughout the loan term and you only pay the interest on the funds used. Term loan: Businesses can have a lump sum of capital with a 48-month term with principal and interest payments. The rate is fixed throughout the loan period. SBA Loans: NBKC Bank offers sole proprietors, corporations, and professional partnerships an SBA loan to help provide working capital or finance asset purchases or upgrades. Commercial lending: For businesses needing higher financing, NBKC Bank offers more lending options. Line of credit: Businesses can apply for a traditional secured line of credit by providing collateral. They can also choose a real estate line of credit based on the equity they have in a piece of property. Equipment loans: The bank provides financing for equipment and machinery purchases, including inventory and supplies. Real estate and construction: For business owners planning to purchase a new property, an SBA 504 Loan, Bridge Loan, and Income Product Real Estate Investment are available. Commercial loans: NBKC Bank offers commercial financing for office spaces, retail spaces, multi-family residential real estate, warehouses and industrial spaces, and special-use properties. Business credit cards: NBKC Bank offers four business credit cards to businesses. Business Cash Preferred Card: Earn up to 3% cash back for eligible business purchases. Business Card: Save on interest with its extended low introductory rate. Smart Business Rewards Card: Earn 2x rewards points for every dollar you spend in your top two spending categories per month. Business Real Rewards Card: Earn 1.5 rewards points each month for every $1 spent on eligible purchases. NBKC Bank Business Savings Pros & Cons NBKC Bank’s Business Money Market account has high APY savings compared to other traditional savings accounts. With no monthly fees and only 1 cent required to earn interest, it’s easy to open this account. However, the bank only has five branches, which limits in-person banking—and the account doesn’t allow more than 6 debit transactions per month. If you exceed it, the account may be subjected to closure and reclassified as another account. Additionally, the bank’s international wire fees are steep, and you can find cheaper options. Alternatives to NBKC Bank Business Savings While NBKC Business Money Market account is a great product, your needs may not be satisfied if you want nationwide access to brick-and-mortar branches, cheaper wire fees, and higher APY earnings. Here are three alternatives to consider: is best for business owners preferring nationwide branch access. It covers a 48-state service area. is best for businesses frequently sending and receiving wire transfers. Incoming and outgoing wires are free for both domestic and international transactions. is best for businesses seeking to earn 2.0% APY for qualified deposits on a checking account. While NBKC Bank has a Business CD that generates up to 2.02% within a five-year term, withdrawals aren’t allowed within that fixed period. If you withdraw early, your account will be subjected to high penalty fees. Check out more providers in our list of the best small business checking accounts. Bottom Line The Business Money Market of is an excellent savings account, rewarding business owners in Kansas and Missouri with 1.01% APY for all balances and plenty of savings on fees. With in-person banking and a full suite of business banking products, NBKC Bank brings great convenience to its customers.

Overdraft protection is a business checking service that allows your bank to transfer funds from a backup account, credit card, or a line of credit to pay for transactions in the event that your main checking account’s balance is insufficient. It protects you from overdraft fees and nonsufficient funds (NSF) fees. In many cases, you have the option to set it up for free when you open a business bank account. If you’re looking for a bank that offers overdraft protection,  is an excellent choice as it lets you link your small business checking account to up to five other backup accounts. If your checking overdraws, it’ll transfer the money from one of your backup accounts for free, so long as you haven't exceeded the limit of free monthly savings transactions. Visit Bank of America’s website for more information. How Business Overdraft Protection Works Whenever you write a check or make a payment, the bank will first check if your account has enough funds to cover the transaction. If your balance is insufficient, the bank will do one of the following things: Pay the check or payment and charge you an overdraft fee Return the check or payment unpaid and charge you an NSF fee Returned checks can be damaging to your business's financial health and reputation. However, with overdraft protection, you can avoid such instances as the service transfers funds automatically from your linked account, line of credit, or credit card to cover any transaction against insufficient funds. Some banks offer the service for free while others charge a small fee, usually less than $20. Many banks won’t charge for transferring money from the backup account to the primary to cover an overdraft. However, if the backup account is a business savings account, it’ll count toward any monthly transaction limits placed on the savings account. Most business savings offer at least six free transactions per month. Pros & Cons of Overdraft Protection Types of Business Overdraft Protection Plans Here are the three most commonly used overdraft protection plans for business accounts. Linked to a business savings account: If your checking is overdrawn, the bank transfers money from your savings to cover it. Transactions made with overdraft protection count against any limited free monthly savings transactions, so fees can apply. Examples of banks that offer overdraft protection through linked accounts include and . Linked to a small line of credit: Some banks offer a small line of credit and will transfer money from that when your checking is overdrawn. This account type typically has rates similar to a credit card.  offers overdraft lines of credit. Linked to a business credit card: This is used the same way as the small line of credit, with a cash advance pulled from the credit card to cover the overdraft. Note that rates on cash advances are often higher than typical credit card annual percentage rates (APRs), and there’s usually a limit to how much you can advance. is an example of an account that lets you use your credit card for overdraft protection. Who Needs Business Overdraft Protection Many small businesses will never find themselves in a position to need business overdraft protection. Nevertheless, if your bank offers it free of charge, it doesn’t hurt to have it as a backup. You can often set up the linked backup account when you open your account. Here are some examples of businesses that might need overdraft protection: If you’re just starting and have a low amount of capital: When just getting off the ground, you might not have a cushion in your bank account to cover initial expenses. If you’re a very small business with limited income and expenses: When your business is still very small, you might never have a large balance in your account. Overdraft protection gives you peace of mind when something happens and your account is overdrawn. If you get paid irregularly: If you’re a freelancer or contractor, you often get paid monthly or when jobs are completed. This can cause widely-fluctuating balances in your checking account, putting it at risk of being overdrawn. If you get paid quarterly, semiannually, or annually: Farmers, for example, usually don’t get paid until crops are harvested. This makes things run tight financially until a large check arrives. If you don’t have a financial professional keeping track of finances: Not every small business can afford to have a full-time accountant on hand. While there’s no guarantee that you can’t keep your books accurate yourself, you also have many other things to worry about, so mistakes can happen. How To Avoid Business Account Overdrafts Here are a few best practices to avoid business account overdrafts. Use mobile and online banking to keep an eye on your accounts: Almost every business bank offers mobile and online banking. Use these digital banking options to keep track of your account balances on the go. Make a budget and stick to it as best as possible: If you have a budget and stick to it, you limit the chances of an overdrawn account. Record all ATM withdrawals and debit transactions as soon as possible: When you keep accurate records of all business spending, you gain a clearer picture of your spending, which helps you avoid making excessive transactions. Build up your savings account for emergencies: The best way to avoid having an overdrawn account is to build up the savings account that’s linked to your checking. Not only will that cover you in the event of a small overdraft, but it’ll prepare you for any emergency expenses that might come up. Get access to a small business line of credit: Access to a small business line of credit gives you the working capital you need to cover small and short-term expenses. This means you won’t have to pay for them immediately out of your checking account, which gives you a chance to build up your reserves. In our list of the best small business lines of credit, we ranked  as the best overall because it offers competitive rates and fast funding. Hire an accountant, if your business can afford it: Once your business grows to the point that you can afford to bring in someone to handle your finances full-time, you should hire an accountant. They’ll keep your budget in line and prove valuable come tax season. Limit the number of people with direct access to your checking: When fewer people have access to your account, you lower the chances of excess spending. Bottom Line Overdraft and NSF fees can quickly worsen a bad financial situation. While checks or payments are covered when these fees are charged, they cause negative balances or bounced payments, which can damage your relationship with your bank or client. Overdraft protection is the best way to protect your business against these situations. When you consider your options for a business checking account, finding the best small business checking provider that offers free overdraft protection might be necessary. This is especially true if you operate with low capital, receive income irregularly, or get paid just a few times a year.

If you operate in New York or New Jersey and need an affordable business checking account with low fees and high transaction limits, Northfield Bank is a great provider. It offers two business checking products: a free noninterest-drawing account and an $8 interest-earning account. The bank’s other products include money market accounts, specialty accounts, term loans, lines of credit, mortgages, construction loans, land loans, and working capital loans. How Northfield Bank Stacks Up With Its Competitors When Northfield Bank Is a Good Fit You want fee-free business checking: The Simply Free Business Checking account has no monthly fee or minimum balance requirements. You make 1,000 or fewer transactions a month: It offers 1,000 fee-free combined debits and credits per month. You want access to rewards-earning credit cards: The Northfield Bank Business Visa Debit Card can be linked to the uChoose Rewards program, which lets cardholders earn redeemable points for debit card purchases. When Northfield Bank Is Not a Good Fit You want nationwide access to physical banks: Northfield Bank only has physical branches in New York and New Jersey. If you need access to more branches, consider  as it has 4,700 branches across 48 states. You want to earn competitive interest on checking deposits: Business Interest Checking, Northfield Bank’s interest-earning checking account, only earns interest at a rate of 0.01%. Meanwhile,  offers qualified users an industry-leading APY of 1.5% on balances up to $100,000. You want access to basic savings accounts and certificates of deposit (CDs): The only savings product Northfield Bank offers is its money market account. Companies needing access to savings accounts and business CDs should choose . In our list of the best small business savings accounts, we ranked it the best overall for its high APY rates. You want unlimited transactions: Northfield Bank doesn’t allow users to make transactions past its monthly limit of 1,000. Accounts that exceed the limit will be converted to a different type of checking product*. offers unlimited fee-free transactions for a monthly service fee of $15. *We were unable to obtain information on the type of checking product the account would be converted to. Contact your local branch for more information. If your small business meets one or more of these scenarios, read our guide to the best small business checking accounts for additional recommendations. Northfield Bank Business Checking Overview *Third-party fees may apply. Northfield Bank Business Checking Requirements To open a business checking account with Northfield Bank, applicants must first schedule an appointment at one of the provider’s physical locations. Our guide on how to open a business bank account outlines the list of business documents banks typically require. Northfield Bank Business Checking Features Basic & Interest-earning Options Northfield Bank offers two types of checking accounts for small businesses. Simply Free Business Checking: A basic account that offers 1,000 fee-free transactions per month. It has no monthly fee nor minimum balance requirements but requires an opening deposit of $50. Business Interest Checking: An interest-earning account with an APY of 0.01%. Like Simply Free Business Checking, it offers 1,000 fee-free transactions per month. The account charges a monthly fee of $8, which can be waived with a minimum balance of $5,000. The opening deposit minimum is $50. Business Visa Debit Card Both Simply Free Business Checking and Business Interest Checking provide account holders with free Business Visa Debit Cards. These are accepted anywhere where Visa is accepted, and cardholders may enroll in the uChoose Rewards Program to earn 1 point for every $2 spent using their debit card. Points can be redeemed for event tickets, merchandise, travel, gift cards, and cash back. Digital Banking Clients can bank digitally through the provider’s browser-based online banking platform and mobile app (available on iOS and Android devices). Through digital banking, users can pay bills, schedule bill reminders, transfer funds, deposit checks, and view balances, checks, and transaction histories. Business owners may also give their employees and teammates account access and customize dual control privileges and spending limits. The mobile app comes with a mobile check deposit feature that lets users make deposits by submitting images of their physical checks. Although the app has no reviews on Google Play, it’s well-received on App Store, with a rating of 4.8 stars. Users say that the app makes it easy to deposit checks and transfer funds. Text Banking Customers can enroll their phone numbers for the provider’s Text Banking service and balance details, transfer funds, search transaction histories, locate Northfield branches, and more via SMS. Other Northfield Bank Business Products Specialty Checking Accounts Northfield Bank offers business checking accounts for nonprofit organizations and local governments. Charitable NOW account: A fee-free checking account for nonprofits that offers competitive interest rates and unlimited transactions. Government checking: A fee-free checking account for local governments and municipalities that provides competitive interest rates, unlimited checks and deposits, and fee-free account analysis. Industry Solutions Northfield Bank can tailor banking and financial services solutions according to specific industry needs. It offers customized online cash management, remote deposit capture, credit card processing, and lending solutions for service professionals, such as accountants, attorneys, and doctors. Money Market Account The Northfield Bank Business Money Market account earns competitive rates while offering limited check-writing abilities. It has a minimum balance requirement of $25,000. Lending Products Northfield Bank offers commercial loans and small business loans: Commercial loans include term loans, lines of credit, construction loans, short-term adjustable rate land loans, commercial mortgages, and working capital loans. Small business loans include loans up to $250,000 for lines of credit or one-, three-, five-, or seven-year fixed-rate loans. Northfield Bank Business Checking Pros & Cons With 1,000 fee-free combined debits and credits and no monthly service charges or minimum balance requirements, Northfield Bank’s Simply Free Business checking account is affordable to maintain. However, unlike most banks, which charge fees for transactions exceeding the limit, Northfield Bank won’t process transactions that exceed the limit of 1,000. Instead, it’ll convert your checking account into a new type of checking product; however, we couldn’t verify the details of the converted checking product with the bank. Another one of Northfield Bank’s strengths is that it offers a free business debit card that earns rewards on debit card purchases through the uChoose Rewards program. Enrolling in the uChoose rewards program lets businesses earn 1 point for every $2 spent using their debit cards. Points can be redeemed for event tickets, merchandise, travel, gift cards, or cash back. However, Northfield Bank doesn’t offer business credit cards. Also, businesses wanting their savings and checking accounts under one provider may have to look elsewhere. The only business savings product Northfield Bank offers is its money market account, which requires a high minimum balance of $25,000 to maintain. Alternatives to Northfield Bank Business Checking Although Northfield Bank’s lack of monthly service fees and transaction fees make it an affordable business checking option, other institutions might take your money further. Digital banks and credit unions typically can offer lower fees, higher interest rates, and other cost-saving features. Here are three options to consider: is best for businesses that prefer credit unions over banks. It allows unlimited fee-free transactions while charging no monthly fees and earning interest at a rate of 0.20%. Although based in New York, Bethpage FCU accepts members from anywhere in the US and offers remote digital banking options for businesses. * is best for fee-free ATM transactions. It refunds all ATM fees at the end of each month, giving users the freedom to make fee-free transactions at any network of their choice. * is best for affordable wire transfers as it charges some of the lowest fees in the market. Its basic account, Relay Standard, offers fee-free incoming wire transfers, $5 outgoing domestic wire transfers, and $10 outgoing international wire transfers. Under its premium account, Relay Pro, all wire transfers are free. *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Evolve Bank & Trust for Relay). Bottom Line If your New York- or New Jersey-based company needs affordable business checking options,  is an excellent provider. With a $50 minimum opening deposit, no monthly service charges, no minimum balance requirements, and 1,000 fee-free transactions per month, its free account, Simply Free Business Checking, is easy to open and affordable to maintain. However, businesses looking for access to credit cards and savings accounts should look elsewhere.  

If you’re looking for an affordable business checking account that can scale as your business grows, Comerica Bank is a good option. The bank, which operates in Arizona, California, Florida, Michigan, and Texas, offers four checking products for small businesses: A free checking account that offers 75 fee-free transactions A $16 small business checking account with 300 fee-free transactions A $21 interest-earning account that has 300 fee-free transactions and variable annual percentage yield (APY) A $27 commercial checking account with earnings credit allowance and unlimited transactions Other business products include savings accounts, money market accounts, certificates of deposits (CDs), lending products, and credit cards. How Comerica Bank Stacks Up With Its Competitors When Comerica Bank Is a Good Fit You don’t want to pay a monthly fee for business checking: Its Basic Business Checking doesn’t charge a monthly fee nor require a minimum monthly balance. You make 75 or fewer transactions per month: Basic Business Checking comes with 75 fee-free transactions each month. Businesses wanting to raise their limit should upgrade to either Small Business Checking or Small Business Interest Checking as each offers 300 fee-free transactions monthly. You deposit less than $2,500 worth of cash each month: Basic Business Checking offers up to $2,500 worth of fee-free cash deposits per month. For Small Business Checking and Small Business Interest Checking, the fee-free cash deposit limit is $5,000 each month. You use QuickBooks or Quicken for accounting: Comerica Bank users can sync their banking data with QuickBooks and Quicken accounting software. When Comerica Bank Is Not a Good Fit You want nationwide access to physical branch banking: Comerica Bank only operates in Arizona, California, Florida, Michigan, and Texas. A provider with a better geographical range is , which has 4,700 branches across 48 states. You need unlimited fee-free transactions: All Comerica Bank accounts charge fees for transactions after certain limits. Many digital banks provide unlimited fee-free transactions, and the bank we named overall best in our list of the best online banks for small businesses is  because it also offers a full range of banking services. You’re looking for free bill pay: Comerica Bank charges a $6.95 monthly fee for online bill pay services. Meanwhile,  offers online bill pay services for free. If your small business meets one or more of these scenarios, see our roundup of the best small business checking accounts for additional recommendations. Comerica Bank Business Checking Overview Comerica Bank Business Checking Requirements To open a business checking account, you must speak to a Comerica Bank financial advisor by calling (888) 852-4541 or visiting a physical banking center. For a checklist of documents banks typically require, refer to our guide on how to open a business banking account. Comerica Bank Business Checking Features Scalable Checking Accounts Comerica Bank offers a fee-free basic account, a small business checking account, an interest-earning account, and an analyzed commercial account. All accounts require a minimum opening deposit of $50: Basic Business Checking charges no monthly fee and offers 75 fee-free transactions per month, with the transaction fee after the limit at 55 cents per item. It has a cash deposit limit of $2,500 per month, then it charges 25 cents per $100 deposited after the limit. Small Business Checking charges $16, which is waivable with a minimum balance of $7,500 and comes with 300 fee-free transactions per month. The transaction fee after the limit is 65 cents per item. It has a cash deposit limit of $5,000 per month, then it charges 25 cents per $100 deposited after the limit. Small Business Interest Checking earns variable interest on checking balances. It has a monthly fee of $21, which is waivable with a minimum balance of $15,000 and provides 300 fee-free transactions per month. It comes with a cash deposit limit of $5,000 per month, then charges 25 cents per $100 deposited after the limit. Commercial Checking charges a monthly fee of $27, which can be waived with earnings credit. It charges 25 cents per debit item, 25 cents per electronic credit, $1.50 per paper credit, 20 cents per paper item deposited, and 25 cents per $100 deposited in cash. Comerica Business Debit Card Comerica Bank offers business debit cards through Mastercard. Cards come with built-in fraud detection, Zero Liability protection, identity theft resolution services, and digital instant issuance for lost or stolen cards. They can also be added to Apple Pay, Google Pay, and Samsung Pay for mobile checkouts. Cardholders may participate in Mastercard Easy Savings, which offers rebates on gas, dining, hotels, car rentals, and other business services. It also provides discounts for Office Depot and SHI. Comerica Web Banking The free Comerica Web Banking service lets users check account balances and transfer funds, and they can even schedule recurring and future-dated fund transfers between Comerica accounts. With QuickBooks and Quicken integrations, users can export banking data to their accounting software. Comerica Web Bill Pay For an extra fee of $6.95 per month, Comerica Web Banking users can manage their bills and payments online. Comerica Web Bill Pay is free for the first 12 months of use. Mobile Banking Comerica Bank’s Small Business Mobile Banking is available on iOS and Android. The app lets users check account balances, transfer funds between Comerica accounts, pay bills, send money through Zelle, and locate Comerica banks and ATMs. It also offers Click&Capture Deposit®, a feature that lets users deposit funds by uploading images of their physical checks. The app is poorly rated on both the Apple and Google Play stores. Users cited system errors, slow loading times, and limited feature functionality as common problems. Other Comerica Bank Business Products Business Credit Cards Comerica Bank offers business credit cards via Mastercard: Mastercard Business Cash Card Mastercard Business Real Rewards Card Mastercard Business Platinum Card Smart Business Rewards MasterCard All Comerica Business Credit Cards come with expense management tools, EMV smart chip technology, and support for mobile and contactless payments. Comerica Bank charges no fees for additional employee cards. Small Business Savings Small Business Savings accounts earn interest at a rate of 0.01% on balances of $1 and above. It charges a monthly maintenance fee of $5, which can be waived with a minimum balance of $500. The minimum opening deposit requirement is $50. Small Business Money Market accounts earn interest at a rate of 0.03% on balances of $1 and over. It charges a monthly maintenance fee of $18, which can be waived with a minimum balance of $10,000. The minimum opening deposit requirement is $50. Fixed-rate CDs let accounts earn interest at locked-in rates. Terms range from seven days to 10 years. The smallest APY a customer can earn from fixed CDs is 0.03%, while the largest is 0.20%. The minimum opening balance requirement is $1,000. Flexible Rate CDs offer competitive interest rates while allowing early withdrawals and unlimited additional deposits. Balances between $1 and $2,499 earn interest at a rate of 0.05%, while balances of $2,500 and over earn interest at a rate of 0.10%. The minimum opening balance requirement is $1,000. Lending Products Lines of credit: Comerica Bank offers secured and unsecured lines of credit. Secured lines of credit offer borrowers up to $500,000 and require either real estate or business assets as collateral. Unsecured lines of credit offer borrowers up to $100,000 revolving credit with no collateral requirement. Term loans: Comerica Bank term loans let customers borrow up to $750,000 at competitive fixed or variable interest rates. Loans can be either unsecured or secured with flexible collateral options. Small Business Administration (SBA) loans: As a National SBA Preferred Lender, Comerica Bank offers SBA loans up to $300,000, with no guarantee fees due at closing. Commercial real estate (CRE) loans: Comerica Bank provides financing options for businesses wanting to purchase, build, refinance, or renovate owner-occupied commercial property and buildings. Commercial real estate loans use property equity as collateral and can last up to five years. Insurance Comerica Bank offers customized insurance solutions, including Commercial property insurance Business automobile insurance Errors and omissions (E&O) insurance General liability insurance Directors and officers (D&O) insurance Workers' compensation insurance Comerica Bank Business Checking Pros & Cons Comerica Bank isn’t suitable for businesses that operate outside of Arizona, California, Florida, Michigan, and Texas. However, for companies within its service area, its business checking products are affordable and comprehensive enough to be worth considering, especially since it also has a full selection of banking products, including savings accounts and lending products. Rarely are there brick-and-mortar banking providers that offer business checking with no monthly fees or minimum balance requirements to waive fees. Comerica Bank stands out because of its Basic Business Checking account, which charges no monthly fees and is a good choice for businesses with low transaction volume (75 transactions per month or fewer). Although the upgraded accounts are more expensive, Comerica’s analyzed and interest-earning business checking helps customers save on fees as their businesses grow. The bank even has decent digital banking services, and integrations with QuickBooks and Quicken help reduce the manual data entry load involved in bookkeeping. However, the provider charges an additional $6.95 monthly fee for bill pay—a service many banks in today’s market offer for free. Additionally, its mobile app has received overwhelmingly negative feedback from users. Alternatives To Comerica Bank Business Checking Although Comerica Bank offers a good selection of business banking services, many may feel restricted by its fees and limits. Online-only banks typically offer lower fees, higher transaction limits, higher APY, and other cost-saving features. Here are three options to consider: * is best for fee-free ATM usage. Because it reimburses all ATM fees at the end of each month, customers can bank at any ATM of their choice without being burdened by out-of-network fees. * is best for earning interest on checking deposits since it pays qualified businesses an APY of 1.5% on balances up to $100,000. is best for earning cash back on debit card deposits. Accounts that meet its minimum balance requirement of $10,000 qualify to earn 1% cash back on all valid debit card purchases. *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine). Bottom Line With , you get what you pay for. Although its Basic Business Checking option charges no monthly fee, the account offers lower and possibly restrictive transaction limits. Still, Comerica is a decent choice for those looking for an affordable full-service banking provider with scalable business checking products. Be sure to check whether Comerica Bank’s service area covers your business’ geographical location.

If you’re looking for affordable regional banking in Southern California, Farmers & Merchants Bank is a great option. It offers four types of business checking products: a basic, noninterest-drawing checking account with low transaction limits; an analyzed checking account with earnings credit; a non-interest-drawing account with higher transaction limits; and an interest-drawing account with 0.05% APY. Farmers & Merchants Bank also offers specialty banking services for faith-based organizations and healthcare businesses. How Farmers & Merchants Bank Stacks Up With Its Competitors See fullscreen table × *Third-party operator fees may apply. When Farmers & Merchants Bank Is a Good Fit You want unlimited check-writing, deposits, and transactions: All business checking accounts come with unlimited fee-free check-writing, deposits, and transactions. You run a healthcare business or faith-based organization: It offers specialty services, including customized lending, to clients running healthcare- or faith-related organizations. You want access to commercial lending products: It has commercial real estate and construction lending, lines of credit, equipment loans, and business credit cards. When Farmers & Merchants Bank Is Not a Good Fit You want nationwide access to in-person banking: Farmers & Merchants Bank operates exclusively in California, while  has 4,700 branches in 48 states. You cannot maintain an average daily balance of $5,000: Farmers & Merchants Bank charges a monthly maintenance fee of $20, which can only be waived with a minimum balance of $5,000. We recommended the Burbank-based credit union , which lets customers waive the $10 monthly service fee by signing up for e-statements. You want to manage your business accounts with a team: Although Farmers & Merchants Bank lets customers add additional users to business accounts, it charges a $5 fee per user. The online-only banking solution  lets users invite additional team members and customize access levels and spending limits. It issues up to 50 employee debit cards, free of charge. If your small business meets one or more of these scenarios, see our guide to the best small business checking accounts for additional recommendations. Farmers & Merchants Bank Business Checking Overview Farmers & Merchants Bank Business Checking Requirements To open a business checking account with Farmers & Merchants Bank, you need to visit a branch location or submit a contact request online. You can ask to be contacted by phone or email. The contact request form will require the following information: First name Last name Phone number Email address ZIP code Farmers & Merchants Bank accepts businesses that operate outside of California. However, non-California businesses must call Farmers & Merchants Bank at (866) 437-0011 to inquire. On application, you may be asked to provide relevant business documents. For a checklist of documents most business banks require, refer to our guide on how to open a small business checking account. Farmers & Merchants Bank Business Checking Features Scalable Business Checking Accounts Farmers & Merchants business checking accounts scale according to your business needs, with differing limits for debit transactions (withdrawals, checks, automatic transfers, or payments). The opening deposit for all business checking accounts is $200. Business Checking Non-Analyzed: A basic account that charges a monthly fee of $20, which can be waived with a minimum balance of $5,000. The debit transaction limit is 300 per statement cycle, with a transaction fee of $0.40 for every item after the limit. Business Checking Analyzed: An analyzed checking account that offsets fees with an earnings credit. It charges a monthly fee of $25. Business Checking Plus: An account designed for businesses with higher transaction volumes. It charges a monthly fee of $35, which can be waived with a minimum balance of $35,000. The debit transaction limit is 400 per statement cycle, with a transaction fee of $0.40 for every item after the limit. Business Interest on Checking: An interest-drawing account with an APY of 0.05. It charges a monthly fee of $25, which can be waived with a minimum balance of $6,000. The debit transaction limit is 300 per statement cycle, with a transaction fee of 40 cents for every item after the limit. Business Debit Mastercard The Farmers & Merchants Bank Business Debit Mastercard can pay for purchases at any location where Mastercard is accepted. It also allows you to withdraw money at Farmers & Merchants Bank ATMs. Digital Banking The bank offers digital banking on web browsers and mobile. Through digital banking, you can check balances, pay bills and taxes, transfer funds, approve transactions, and generate reports. Additionally, mobile banking comes with 15 free remote deposit capture transactions. You may add additional users to your account, but Farmers & Merchants Bank charges a $5 fee per additional user. The mobile app (available on Android and iOS) is well received, with a rating of 4.4 on the Play Store and 4.6 on the App Store. According to reviewers, the app is stable and easy to use. However, some criticize the bill pay feature for being difficult to navigate. Text Banking If you enroll in text banking, Farmers & Merchants Bank will let you view account balances, make transfers, and review recent transaction history by sending your provider the designated text codes via short message services (SMS). Although the service is free under Farmers & Merchants Bank, your wireless carrier may charge fees for texts. e-Statements You have the option to receive your monthly statements online rather than by mail. If you don’t enroll in e-statements, Farmers & Merchants Bank will charge you a $3 fee for each mailed paper statement. Accounting Software Integrations Farmers & Merchants Bank checking accounts integrate with Quicken and QuickBooks. Sweep Accounts A sweep account is a cash pooling system that remits excess funds from your primary checking account into an interest-earning secondary account. To set up a sweep account, you must determine a target balance for your primary account. When your income increases your balance past the designated target balance, Farmers & Merchants Bank will transfer the excess funds to your sweep account automatically. Zero Balance Accounts A zero balance account is a cash pooling system that remits funds from your primary to maintain a balance of zero. The system disperses funds into secondary accounts for expenses, such as payroll, petty cash, or operating expenses. Other Farmers & Merchants Bank Business Products Savings Products Business market rate savings: A basic savings account that earns 0.05% APY and charges a monthly fee of $15, waivable with a minimum balance of $1,000. It has a withdrawal limit of 6 per quarter. The opening deposit requirement is $200. Business market rate money market: A money market account that earns 0.05% APY and charges a monthly fee of $15, waivable with a minimum balance of $4,000. It has no withdrawal limit. The opening deposit requirement is $200. Certificates of deposit (CDs): Timed deposits with terms between 7 days and 60 months. CDs have a minimum opening deposit of $1,000. Lending Products Farmers & Merchants Bank offers specialty lending for owner-occupied real estate, non-profits, and houses of worship; commercial real estate and construction loans, and commercial and industrial lending for short-term financing needs. Specialty lending group: With a team of lenders who specialize in owner-occupied real estate financing, tax-exempt bond financing, and nonprofit lending, Farmers & Merchants Bank can offer customized lending solutions for owner-occupied real estate, nonprofits, and houses of worship. Commercial real estate and construction loans: Farmers & Merchants Bank offers permanent loans, bridge loans, renovation loans, construction loans, and master loan agreements with no prepayment penalties and competitive rates and terms. Commercial and industrial lending: Offers lines of credit, equipment loans, and loans secured by inventory or receivables for businesses with short-term financing needs. Business Credit Cards Farmers & Merchants Bank offers low rates, flexible rewards, and cash back business Visa credit cards. All cards come with Zero Fraud Liability protection and free expense reporting tools. Cardholders may issue additional employee credit cards for free. Farmers & Merchants Bank Business Checking Pros & Cons All Farmers & Merchants Bank business checking accounts offer unlimited check-writing, deposits, and transactions, which can help you save on transaction fees. Sweep accounts and zero balance accounts take your money further: sweep accounts help you grow interest on excess funds, while zero balance accounts ensure every dollar earned goes into business expenses and investments. Additionally, with a wide range of additional banking products (including savings accounts, money market accounts, CDs, and lending products) available, Farmers & Merchants Bank allows you to conduct all business banking activity under a single provider. However, it may not be the best choice if you operate outside of Southern California. Businesses with lower monthly income may find the $20 monthly service fee and $5,000 minimum balance requirement too steep. Also, Farmers & Merchants Bank charges a $5 fee for every new user you add to your business account. If you prefer banking with a team, you may have to look elsewhere. Alternatives to Farmers & Merchants Bank Business Checking Although Farmers & Merchants Bank business checking accounts are comprehensive enough to meet most small business needs, its fees and transaction limits might feel restrictive. Today, businesses can take their money further by choosing online-only banks, which often offer lower fees, higher interest rates, and additional cost-saving features. If you’re content with conducting all banking activity online, here are three options to consider: * is best for fee-free ATM usage. It reimburses all ATM fees at the end of each month, giving organizations the freedom to make ATM transactions at any network of their choice. * is best for earning interest on checking balances since it pays qualified accounts an APY of 1.50% on balances up to $100,000. is best for cash back on debit card purchases. It has a cash back rewards program that lets qualified cardholders earn 1% cash back on debit card purchases. *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through supporting bank partnerships (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine). Bottom Line With unlimited check-writing, deposits, and transactions, the business checking accounts of are a great option for organizations looking for affordable and comprehensive products. However, although the bank accepts non-Californian businesses, fans of in-person banking might prefer providers with wider geographic coverage.

The best business savings accounts should provide your company with an interest-earning account so your reserve funds can grow. As interest rates continue to rise, some providers below offer outstanding APY rates for your business savings. Others provide solid rates while also offering outstanding business products and services. The providers listed below offer many different savings options, including traditional business savings, a business money market account, and business certificates of deposit (CDs). Any of these accounts can allow your company to earn extra money off business reserve funds. Here are the eight best savings accounts and what each is best for: : Best overall with high annual percentage yield (APY) savings and short-term CDs : Best business savings account with the highest APY and tiered APY : Best business savings account with a full-service digital bank *: Best interest-earning digital savings account for high balances : Best traditional bank business savings for introductory APY and large ATM network : Best for interest-earning savings and business financing options : Best for businesses with excess savings transactions : Best business savings for ATM fee reimbursements *Mercury is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corp. (FDIC)-insured Evolve Bank & Trust. Live Oak Bank: Best Overall Business Savings Account With High APY Savings & Short-term CDs Live Oak Bank Business Savings Terms & Features Prime Alliance Bank: Best Business Savings Account With the Highest APY & Tiered APY Prime Alliance Bank Business Savings Terms & Features First Internet Bank: Best Business Savings Account With a Full-service Digital Bank First Internet Bank Business Savings Terms & Features Mercury: Best Interest-earning Digital Savings Account for High Balances Mercury Business Checking Terms & Features Capital One: Best for Introductory APY & Large ATM Network Capital One Business Savings Terms & Features TAB Bank: Best for Interest-earning Savings & Business Financing Options TAB Bank Business Savings Terms & Features Axos Bank: Best for Businesses With Excess Savings Transactions Axos Bank Business Savings Terms & Features NBKC Bank: Best Business Savings for ATM Fee Reimbursements NBKC Business Savings Terms & Features How We Evaluated the Best Business Savings Accounts When we evaluated the best small business savings accounts, we considered the following terms and features: Interest earned (in APY) Monthly fees, and how easy they are to waive Minimum opening deposit and balance requirements ATM fees and withdrawal limits/availability Customer service availability Cash deposit availability and limits Other business products provided by the bank Wire transfer fees and transaction fees Alternatives To the Best Business Savings Accounts : Best for those looking for an interest-earning, digital-only bank account. Earn up to 1.5% APY on balances up to $100,000 with qualifying transactions. Check out our Bluevine business checking review for more information. : Best for businesses looking for interest-earning business checking and cash back on debit card purchases. It offers an uncapped 1% APY on business checking balances over $10,000 and 1% cash back. Read our Grasshopper review to learn more. When choosing a savings account over a checking account, you're looking for an interest-earning account that exceeds most checking account APYs. Choosing one of these accounts would give you more freedom with fee-free transactions, making them two of the best small business checking accounts. What You Need To Open Small Business Savings Accounts The documents required to open a small business savings account are the same as those for a small business checking account. Be sure to confirm whether you can open the account online or if you need to visit a branch to do so. Requirements may vary from bank to bank and depend on your business type, but they typically include the following: Employer identification number (EIN) or Social Security number if you’re a sole proprietor Fictitious business name certificate or doing-business-as (DBA) certificate Business formation documents Organization documents, including your ownership agreements Business licenses Government-issued photo ID, such as a passport or driver’s license Percent of ownership and annual gross revenue Frequently Asked Questions (FAQs) Are business savings accounts worth it? Business savings accounts are a great way to earn interest on reserve business funds. If your business has extra finances that aren't needed for the day-to-day operations of your business, it's worth it to open a business savings account so that money can grow. How much money should a small business have in savings? Depending on which business savings account provider you choose, they may have a minimum or maximum amount of money on which you can earn interest. You should keep at least enough money to make sure you’re drawing interest. If your bank has a tiered APY structure for its savings account, you’d like to keep enough money in your savings to earn the highest interest rate possible. At a minimum, you should figure out how much you need to operate your business for one month and keep anywhere from three to six months' worth of reserves in your savings account in the event of an emergency. What are the benefits of a business savings account? There are four major benefits to having a business savings account: Saving for a future large purchase: Instead of taking out additional business debt, which might not be possible in the early stages of your business, you can put money in a savings account to allow you to make a large capital purchase. Saving for an emergency: You want to keep anywhere from three to six months’ worth of savings in the bank in the event of an emergency. This should hopefully allow your business to weather a short financial crisis without shutting down. Earning extra revenue: A savings account will allow your business to earn revenue on reserve funds. Saving for scheduled payments, such as taxes and insurance: If you have annual or quarterly payments due regularly, having money in a savings account can allow you to budget for these payments in advance and let you earn interest on the money in the meantime. Bottom Line A business savings account can help your business earn extra revenue on its reserve funds. It lets you earn interest while allowing you access to the funds in the event you need to use them—money market accounts and CDs can put restrictions on when you can access the funds, but both often come with higher APY. Compare the options on this list and choose the provider that best meets your business needs.

Negative items on personal ChexSystems reports can stop you from opening a business checking account. Even if you plan on resolving the items, you may need to find an institution without ChexSystems as some items can take up to five years to fall off. With an estimated 80% of banks using ChexSystems, finding a good provider with an outstanding business checking product with no ChexSystems check isn’t easy. However, here are five institutions that don’t use ChexSystems, with links directly to the provider: *: Best digital-only bank for rapid access to funds and faster payments *: Best for earning interest on deposits : Best for unlimited everyday transactions *: Best digital-only provider for cash back on debit card purchases : Best for in-person banking and business products and services *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership. (Partnerships: Middlesex Federal Savings for Novo, Coastal Community Bank for Bluevine, and The Bancorp Bank for Oxygen) See fullscreen table × Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments Bluevine: Best for Earning Interest on Deposits Capital One: Best for Unlimited Everyday Transactions Oxygen: Best Digital-only Provider For Cash Back on Debit Card Purchases Wells Fargo: Best for In-person Banking and Business Products & Services How To Recover From a Negative ChexSystems Report If you have negative items on your ChexSystems report, you should try to get those resolved even if you decide to use an institution that doesn’t use ChexSystems. Check out our guide on how ChexSystems can impact your business, and follow the three steps below to resolve any outstanding issues. Step 1: Request a copy of your report and dispute any errors. You can request a report from the ChexSystems website once a year. You can request it through the website or by mail. You can also dispute any errors directly from the ChexSystems website. Step 2: Pay any debts. Once you have disputed any errors, pay any outstanding debts. If you cannot pay them off completely, set up payment plans to get them paid off. Step 3: Verify that satisfied debts and errors are removed. Check your report annually to make sure paid debts and reported errors were removed from your report. Once your ChexSystems issues are resolved, follow our guide on how to open a business bank account to help you through the process. Frequently Asked Questions (FAQs) Can I open a business bank account if I am on ChexSystems? You can open a business bank account if you’re on ChexSystems, but you’ll have to find a bank that doesn’t use ChexSystems. The better option is to resolve any outstanding issues on your ChexSystems report to limit the impact ChexSystems can have on your business. Which banks don’t use ChexSystems for business accounts? There are many banks that don’t use ChexSystems—including Novo, Bluevine, Capital One, Oxygen, and Wells Fargo. What to do if declined for a business bank account because of ChexSystems? While you could find a bank that doesn’t use ChexSystems to open an account, the best plan of action is to follow these steps to resolve any issues and limit the impact ChexSystems can have on your business: Request a copy of your ChexSystems report from the company’s website. Dispute any errors on the report. Pay any debts or set up payment plans. Review the report annually to make sure the negative reports fall off your report. Bottom Line Many banks offer business checking accounts that don’t require you to have a ChexSystems report run before it’s opened. However, those banks will often use other checks to verify their customers and the risk of opening an account. They may soft pull your credit or use other services such as EWS and TeleCheck. Be sure to check your ChexSystems report regularly so that you can take care of any issues before you need to open any new accounts.