BankUnited provides decent business checking products for organizations that generate a low to moderate monthly transaction volume. There are two types of regular checking accounts:
- A $12-per-month basic account with 150 free monthly transactions and a monthly cash processing allowance of $10,000.
- A $20-per-month premium account with 300 free monthly transactions and a monthly cash processing allowance of $15,000.
With high cash processing limits, these accounts suit cash-reliant businesses. Your account will also come with a free Visa debit card and access to online and mobile banking.
Why you can trust Fit Small Business
How I Evaluated BankUnited Business Checking
When I updated this BankUnited business checking review, I visited the bank’s website and checked its Business Fee Schedule to ensure the accuracy of the following information:
- Product features
- Monthly fee
- Opening balance
- Required balances
- Account opening requirements
- ATM fees
- Cash deposit fees
- Annual Percentage Yield (APY)
- Monthly transaction limits
- Cash deposit allowances
- Branch accessibility
- Other business banking product
I also compared the bank’s fees, interest rates, and free transaction allowance with other providers to see if it’s competitive. It did offer higher free transactions than the other traditional bank (U.S. Bank) listed in the competitors’ table below. However, you are required to maintain a fixed average monthly balance to waive its monthly fee.
Terms & Features
| Special Offer | Waived monthly fee for two months (new Primary Business Checking users only) |
|---|---|
| Opening Deposit Requirement | $100 |
| Monthly Maintenance Feex |
|
| APY | None |
| ATM Fees | None at BankUnited and Allpoint ATMs; $2.50 at out-of-network ATMs |
| Other Standout Features |
|
Use Cases
- You have a low to moderate transaction volume: Primary Business Checking offers a monthly transaction allowance of 150, while Business Express Checking, the higher tier, offers 300.
- You generate a high monthly cash transaction volume: A Primary Business Checking account comes with a monthly cash processing allowance of $10,000, allowing you to withdraw and deposit up to $10,000 each month.
- You need access to a wide range of lending products: BankUnited offers lines of credit, term loans, real estate loans, Small Business Administration (SBA) loans, and business equipment financing. It also has low-rate, cash back, and rewards-earning credit cards.
BankUnited Alternatives & Comparison
| Account Name | Monthly Service Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
 | Primary Business Checking | $12 | None | 150, then 40 cents per item |
| Visit BankUnited | ||||
 | Business Essentials Checking | None | None | Unlimited digital transactions and 25 free teller transactions |
| Visit U.S. Bank | ||||
 | Standard | None | 1.3% | Unlimited |
| Visit Bluevine | ||||
 | Business Checking | None | None | Unlimited |
| Visit Novo | ||||
Best For | Learn More | |
|---|---|---|
| You want to bank without a monthly fee: BankUnited’s Primary Business Checking offers 150 transactions but carries a monthly fee of $12. In contrast, U.S. Bank’s Silver Business Checking offers 125 fee-free transactions per month with no monthly fees. | Read our U.S. Bank business checking review |
| You seek to earn interest on checking deposits: BankUnited has no interest-earning business checking accounts. Meanwhile, Bluevine offers a competitive APY of 1.3% on qualifying balances of up to $250,000. | Read our Bluevine business checking review |
| You want to save on ATM fees: BankUnited charges $2.50 for withdrawals at nonnetwork ATMs, whereas Novo refunds all ATM operator fees up to $7 monthly. | Read our Novo business checking review |
BankUnited Business Checking Reviews From Users
Few BankUnited business checking reviews have been published on third-party review websites. I noticed that ratings are low to average, but we’re aware that unsatisfied clients are often the most outspoken when reviewing their banking experiences. BankUnited has a rating of 2.0 on DepositAccounts[1] from one review and 2.7 on Yelp[2] from around 10 reviews.
Most of the comments focused on the bank’s customer service. Some long-time clients stated they had positive experiences and received courteous and professional treatment. Others found the bank’s representatives accommodating and efficient. However, some remained unsatisfied and commented that some staff were rude to them.
BankUnited’s mobile app has a rating of 4.8 on the App Store[3] from about 1,400 reviews and 4.4 on Google Play[4] from around 400 reviews. Although some users reported they encountered login issues when they used the app, these comments were written in the earlier months of 2024. Many still found the app intuitive, easy to use, and reliable.
BankUnited Business Checking Terms
| Primary Business Checking | Business Express Checking | |
|---|---|---|
| Required Opening Deposit | $100 | $100 |
| Monthly Fees | $12; waivable | $20; waivable |
| APY | None | None |
| Transaction Limit Before Fees | 150 | 300 |
| Excess Transaction Fee per Item | 40 cents | 40 cents |
| Domestic Wire Transfer Fees | Incoming: $15 Outgoing: $25 | Incoming: $15 Outgoing: $25 |
| International Wire Transfer Fees | Incoming: $25 Outgoing (USD & non-USD): $45 | Incoming: $25 Outgoing (USD & non-USD): $45 |
| Cash Processing Fees | $1.50 per $1,000 after $10,000 in cash deposits and withdrawals | $1.50 per $1,000 after $15,000 in cash deposits and withdrawals |
| ATM Fees | None at BankUnited and Allpoint ATMs; $2.50 at out-of-network ATMs | |
BankUnited Business Checking Requirements
To open a business bank account with BankUnited, you need to submit the following:
- Name
- Physical address
- Telephone number
- Email address
- Date of birth
- Social security number
- Government-issued ID or other identifying documents
- Employer identification number
There may be additional BankUnited business checking requirements depending on your business entity type. Refer to our article on how to open a business bank account for a list of documents that banks typically require.
BankUnited Business Checking Features
| Description | |
|---|---|
| Business Debit Card |
|
| Online and Mobile Banking |
|
| Treasury Solutions |
|
| Physical Checkbooks | Contact the bank for details |
| Customer Service | Phone: 877-779-2265 Monday to Friday, 8 a.m. to 8 p.m. ET Saturday, 9 a.m. to 2 p.m. ET |
Other BankUnited Business Products
- Commercial Analysis Checking
- Business Savings
- Money Market
- CDs
- Lines of credit
- Term loans
- Real estate loans
- SBA financing
- Business equipment financing
- Credit cards
- Commercial deposit accounts
- Commercial lending solution
Frequently Asked Questions (FAQs)
Is BankUnited a safe bank?
Yes. BankUnited is a safe bank and is a member of the FDIC. Deposits are FDIC-insured up to $250,000 per depositor and account ownership category.
Is BankUnited a real bank?
Yes, BankUnited is a real bank headquartered in Florida. It offers a full array of banking products for consumer and business markets and has approximately $35.4 billion in assets as of the bank’s most recently filed call report in June 2024.
How long has BankUnited been in business?
BankUnited was founded in 1984 and has branches in Florida, New York, and Dallas, Texas.
Who are BankUnited competitors?
BankUnited’s top traditional bank competitors in the Florida market are Chase, Bank of America, Wells Fargo, PNC, Regions Bank, and TD Bank.
Bottom Line
While BankUnited offers serviceable business checking products at low monthly fees, they may not give the best value for money. Competitor banks provide accounts with similar transaction allowances while charging lower monthly fees or having easier fee waiver requirements. However, those who have a low or moderate transaction volume, generate a high monthly cash transaction volume, and need access to a wide range of lending products may find BankUnited business checking accounts a great fit.
User review resources:
[1]DepositAccounts
[2]Yelp
[3]App Store
[4]Google Play
