BankUnited provides decent business checking products for organizations that generate a low to moderate monthly transaction volume. There are two types of accounts:
- A $12-per-month basic account offering 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 their high cash processing limits, these accounts are especially fit for cash-reliant businesses. Your account will also come with a free Visa debit card and access to online and mobile banking.
Pros
- Waivable $12 monthly fee for entry-level account
- Monthly cash processing limit of $10,000 for entry-level account
- Highly rated mobile app
Cons
- Branch visit required for account opening
- No interest-earning account
- Average daily balance requirement of $1,500 to waive monthly fees for entry-level account
Features
- Two nonanalyzed business checking accounts
- Business Visa Debit Card
- Online and mobile banking
- Analyzed checking also available
- Savings accounts, money market accounts, certificates of deposit (CDs), lending products, and credit cards
How BankUnited Stacks Up With Its Competitors
When BankUnited Is a Good Fit
- 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 cash transaction volume per month: Your Primary Business Checking account comes with a cash processing allowance of $10,000, which means you can withdraw and deposit up to $10,000 worth of cash 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.
When To Use a BankUnited Alternative
- You need nationwide access to in-person banking: BankUnited operates exclusively in Florida, New York, and Texas. If you want a bank with a wider branch network, choose Chase. It has brick-and-mortar stores in all 48 mainland states. Refer to our Chase business checking review for a breakdown of the three available accounts.
- You seek to earn interest on checking deposits: There are no interest-earning BankUnited business checking accounts. The best bank for competitive interest is Bluevine, which can earn 2.0% APY on balances of $250,000 if you meet specific monthly activity requirements. Learn more by reading our review of Bluevine business checking.
- You want to bank without a monthly fee: Primary Business Checking offers 150 transactions but has a monthly fee of $12, waivable only with an average daily balance of $1,500 or a combined minimum balance of $4,500. Meanwhile, U.S. Bank’s Silver Business Checking account offers 125 fee-free transactions per month with no monthly fees. For more information, read our U.S. Bank business checking review.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
BankUnited Business Checking Overview
BankUnited Business Checking Requirements
To open a business bank account with BankUnited, you need to submit the following:
- Name
- Street address
- Date of birth
- 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 banks typically require.
BankUnited Business Checking Features
Business Debit Card
Your business checking account comes with a free Business Visa Debit Card, which can be used anywhere Visa is accepted. It comes with fee-free access to BankUnited and Allpoint ATMs. There is a $2.50-per-item fee for out-of-network use, plus third-party operator fees.
Online & Mobile Banking
You can access the following BankUnited banking services through the website or mobile app (available on iOS and Android).
- View transaction history
- View account balances
- Transfer money
- Pay bills
- Set up alerts for balances and activity
- Contact bankers via secure message
- Locate branches and ATMs
- Deposit checks (mobile only).
The app has a rating of 4.8 stars on the App Store[1] (based on 1,100-plus reviews) and 4.6 stars on Google Play[2] (based on 300-plus reviews). While a handful of users said that the app tended to crash upon opening, the majority found it intuitive and easy to use.
Other BankUnited Business Banking Products
If you make more than 300 transactions per month, you can upgrade to BankUnited’s Commercial Analysis Checking account. While it offers no free transactions, you can offset fees using earnings credit. The higher your balance, the more earnings credit you receive. The $10 monthly fee can also be offset by earnings credit.
Savings accounts, money market accounts, and CDs are available:
- The Business Savings Account pays interest quarterly. It has a monthly fee of $5, which you can waive with a minimum daily balance of $500 or an average monthly balance of $1,500. The minimum opening deposit requirement is $100.
- The Business Money Market Account has a monthly fee of $15, waivable with a minimum daily balance of $2,500. It has a minimum opening deposit requirement of $100 and pays interest monthly.
- CDs have an opening deposit requirement of $1,000. There is no monthly fee.
BankUnited offers the following types of business lending products:
- Lines of credit
- Term loans
- Real estate loans
- SBA financing
- Business equipment financing
You can choose between low-rate, cash back, or rewards-earning business credit cards. All cards come with free expense reporting tools and are protected under zero fraud liability. You can issue additional employee cards without having to pay a fee.
BankUnited Business Checking Reviews From Users
Few BankUnited business checking reviews have been published on review websites. The Bank has a rating of 2 on DepositAccounts[3] (based on fewer than 20 reviews). Despite the low rating, recent reviews were mostly positive. Customers said that they found the bank’s tellers helpful and friendly.
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 that include similar transaction allowances while charging lower monthly fees or having easier requirements for waiving these fees.
