9 Best Banks for Trucking Business 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.
When choosing the best bank for the trucking business, you should pick a bank that provides business or personal checking accounts to serve the wide variety of needs of your trucking company. Fleet owners or owner-operators need a business checking provider with wide availability to provide products and services to support business operations.
Meanwhile, individual truck drivers may need a personal checking account that is accessible nationwide that can serve their personal banking needs.
We are spotlighting six business checking accounts and three personal checking accounts that are the best options for those in the trucking industry. Some of these providers offer both business and personal accounts.
Here are the nine best banks for the trucking business, with links directly to the provider websites:
- Bank of America: Best overall business bank account for ongoing rewards, business support with personal accounts available
- TAB Bank: Best overall personal bank account with dedicated trucker banking product
- Chase: Best for full-service banking tools, premium checking with personal account options
- Bluevine*: Best business checking account for earning interest on deposits
- Novo*: Best digital-only bank for rapid access to funds and faster payments
- Live Oak Bank: Best for freelancers looking for access to high-yield business savings
- SoFi: Best personal account with interest-earning checking and savings
- Mercury*: Best for startups that want spend controls and businesses that need additional Federal Deposit Insurance Corp. (FDIC) insurance
- Go2Bank: Best personal account with wide availability and easy access to funds
*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership.
(Partnerships: Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, and Choice Financial Group and Evolve Bank & Trust for Mercury)
Best Banks for Trucking Business at a Glance
BUSINESS CHECKING | |||||
|---|---|---|---|---|---|
Account Name | Monthly Fee | Free Monthly Transactions | Annual Percentage Yield (APY) | Personal Checking Option? | |
 | Fundamentals Business Checking | $16; waivable | 200 | N/A | Yes |
 | Business Complete Banking | $15; waivable | 20 | N/A | Yes |
 | Business Checking | None | No limit | 2.0% on qualifying balances of $250,000 or less | No |
 | Business Checking | None | No limit | N/A | No |
 | Tidal Business Checking | None | No limit | N/A | Yes |
 | Business Checking | None | No limit | N/A | No |
PERSONAL CHECKING | |||||
Account Name | Monthly Fee | Free Monthly Transactions | APY | Business Checking Option? | |
 | Chrome Checking | $8; waivable | No limit | 0.10% | Yes |
 | Checking | None | No limit | 1.2% if direct deposit is set up | No |
 | Checking | $5; waivable | No limit | N/A | No |
Bank of America: Best Overall for Ongoing Rewards & Other Business Support Services
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or via social media messages
- Merchant services available through Expensify
- Other products include business savings, certificates of deposits (CDs), lending products, and financial analysis through Merrill financial advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200 monthly, then 45 cents per item |
ACH Fees | May vary |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fees vary |
International Wire Transfer Fees | Fees vary |
ATM Fees | None at approximately 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100, per statement cycle |
APY | N/A |
When To Choose Bank of America’s Business Advantage Fundamentals Checking
Bank of America and its Business Advantage Fundamentals Checking is our choice for the best business bank account for the trucking business. It includes ongoing rewards, low cash deposit fees, and outstanding business support products and services.
In addition, for truckers on the go, Bank of America offers nearly 4,000 branch locations in 37 states. Accounts can be completely handled online through the company’s website or mobile app.
Both of Bank of America’s business checking options have waivable monthly fees. With the Business Advantage Fundamentals Checking, you get up to 200 free transactions and $7,500 in cash deposits free each month. You can also earn $500 in combined cash back rewards and statement credits with its business checking and credit card products.
The $16 monthly fee with Business Advantage Fundamentals can be waived in one of three ways:
- Maintain a $5,000 combined average monthly balance.
- Spend at least $250 in new net purchases on a business debit card.
- Become a member of Preferred Rewards for Business.
With the company’s preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on Business Advantage savings accounts.
Another major perk of Bank of America business checking is getting your company’s Dun & Bradstreet business credit score for free. It’s one of the reasons this account tops our list of the best small business checking accounts.
It also has excellent software integrations and a wide range of additional business products. These include savings, certificates of deposit (CDs), lending products, and financial analysis through Merrill financial advisor.
What’s more, Bank of America offers three personal checking options for employees looking for banking options. All three have waivable monthly fees, with the Advantage Relationship Banking earning interest on balances.
TAB Bank: Best Overall Personal Bank Account With Dedicated Trucker Banking Product
What We Like
- Dedicated trucker bank account
- Full-service online bank
- Interest-earning personal checking
Drawbacks
- No physical branches
- No ATM network; bank charges $2 per transaction plus third-party fees
- No cash deposits
Features
- TAB Bank offers both personal and business checking, savings, money market accounts, and CDs
- Business lending products available include A/R financing, asset-based lending, equipment financing, business term loans, factoring, and commercial real estate
- Can deposit Comcheks, T-Cheks, and Electronic Funds Source (EFS) checks by phone or online banking
- Mobile check deposits available for other check deposit types
- Extended customer service hours
| |
|---|---|
Required Opening Deposit | $25 |
Required Balance Minimum | $1 to earn interest |
Transaction Limit Before Fees | No limit |
Monthly Fee | $8; waivable |
Domestic Wire Transfer Fees | $15 for incoming wire; $30 for outgoing |
International Wire Transfer Fees | Unspecified |
ATM Fees | $2 per transaction plus third-party fees |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | 0.10% on all balances over $1 |
When To Choose TAB Bank Chrome Checking
TAB Bank, which started as Transportation Alliance Bank in 1998, is the lone provider on this list that offers a dedicated personal checking account for truckers. It is our choice for the best personal bank account for your small trucking business.
Initially starting as a bank located in Flying J Travel Centers, TAB Bank has now expanded to offer excellent personal and business banking services. This includes Chrome Checking, the company’s dedicated personal checking for truckers.
The account earns 0.10% APY on all balances above $1. It has an $8 monthly service charge, which can be waived if you meet one of the three requirements during the statement cycle:
- $1,000 minimum daily balance.
- Eight debit card transactions posted during the cycle, excluding ATM transactions.
- $1,200 in direct deposits per monthly statement cycle.
What makes TAB Bank’s Chrome Checking unique is the ability to handle alternative check cashing. In addition to regular mobile deposits for standard checks, TAB Bank allows you to deposit, via phone or online banking:
- EFS Checks and T-Cheks: A check offered through Electronic Funds Source LLC. A truck driver or fleet operator gets an issue number and a transaction number, and then EFS provides an authorization number. That authorization number is tied to a specific dollar amount.
- Comcheks: Offered by Comdata, it is a way to pay motor carriers used by brokers, shippers, and factor companies. They can also be used for transportation-related expenses, like fuel, maintenance, and lumpers (someone who unloads cargo from a truck at a warehouse).
TAB Bank also has three lending products that work well with the trucking industry: asset-based lending, equipment finance loans, and invoice factoring for trucking businesses. In addition, the bank offers high-yield personal savings and money market accounts. TAB Bank’s business checking is also interest-earning, and its business savings offers a 3.5% APY on the first $1 million in the account.
Chase: Best for Full-service Banking Tools, Premium Checking With Personal Account Options
What We Like
- Up to $500 bonus when you open an account
- Easy-to-waive monthly fee
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
Drawbacks
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs, depending on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20 monthly, then 40 cents per transaction |
ACH Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Transfer Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
When To Choose Chase Business Complete CheckingSM
For truckers looking for another traditional banking option, Chase is a great choice. With more than 4,700 branch locations in 48 states and more than 16,000 ATMs, Chase can be found wherever your trucking journey takes you.
Chase’s Business Complete Banking has a small number of free transactions each month, with only 20 available. You can deposit up to $5,000 for free each month. Chase has three business checking options, and our review of Chase’s three business checking accounts will allow you to choose the one best suited for your business. For businesses needing a premium account, read our Chase Platinum Business Checking review, which provides insight into the best premium account on the market.
To waive the $15 monthly fee, you must maintain a linked Chase Private Checking Client checking account, meet Chase’s Military Banking requirements, or perform one of the following qualifying activities:
- Maintain a minimum daily ending balance of at least $2,000 in the Chase Business Complete Checking account each business day during the monthly statement period.
- Have at least $2,000 of aggregate eligible deposits into the Chase Business Complete Checking account at least one day before the end of the monthly statement period
- Spend at least $2,000 on eligible purchases in the most recent monthly Chase Ink Business Card billing cycle.
In addition to business checking, Chase offers industry-leading lending products, including credit cards and lines of credit. Through J.P. Morgan, Chase provides commercial lending solutions, including commercial real estate (CRE) loans, payment services, cash flow management, commercial credit cards, and merchant services. It also offers excellent point-of-sale (POS) and software solutions.
Chase also has five different personal checking accounts for truckers looking for a non-business account. Three of those accounts, Total Checking, Secure Banking, and Premier Plus Checking, are considered “every day” accounts by Chase. The other two are considered “Premium”: Sapphire Banking and Private Client Checking.
All accounts except Secure Banking have monthly fees that can be waived. The $4.95 fee for Secure Banking cannot be waived.
Bluevine: Best Business Checking Account for Earning Interest on Deposits
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and certificate of deposit (CD) accounts
- No physical branch locations
- Only one debit card is issued per account
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $15 for outgoing, none for incoming |
International Wire Transfer Fees | $15 for outgoing, none for incoming |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 2.0% on balances of $250,000 or less, once qualifications are met |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When To Choose Bluevine Business Checking
Trucking companies looking for an online-only business checking account should consider Bluevine. The most significant advantage it has compared to other digital-only banks is its interest-bearing business checking account.
You can earn 2.0% APY on balances up to $250,000 if you meet one of two qualifying criteria:
- Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider.
Bluevine has no monthly fees, opening deposit, or minimum balance requirements. ATM withdrawals are free at any one of more than 40,000 MoneyPass ATMs nationwide. Bluevine charges $2.50 for out-of-network transactions plus third-party operator fees.
The other major fee truckers may encounter with Bluevine is cash deposit fees. You must deposit cash through a Green Dot retail location, which can cost up to $4.95 per transaction.
In addition to an excellent checking product, Bluevine offers one of the best small business lines of credit on the market. However, it has no personal banking products.
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Zero maintenance fees
- Refunds all ATM fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Noninterest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When To Choose Novo Business Checking
For truckers, fleet operators and owner-operators, Novo and its Boost and Express ACH products allow you to send and receive payments faster than most other providers.
If you accept payments from Stripe, Novo Boost lets you receive payments sent from your Stripe account faster than other providers. Users can now connect Stripe, Square, and PayPal and get paid via card, Apple Pay, Google Pay, PayPal, and Venmo.
Express ACH enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH allows trucking companies to send and receive payments the same day.
Another perk of Novo is ATM fee reimbursement. Novo refunds all ATM fees at the end of the month with no limits. It also has no monthly fee, transaction limits, minimum opening deposit, or minimum balance requirement.
The biggest drawback to Novo is cash deposits. To deposit cash, you must purchase and deposit a money order through the app. Cost for money orders will vary. One place you can purchase money orders is at United States Postal Service (USPS) locations for up to $2.40 for up to $1,000 money orders.
Novo has no business or personal lending products and doesn’t offer personal banking products.
Live Oak Bank: Best for Freelancers Looking for Access to High-yield Business Savings
What We Like
- Personal and business banking options available
- No monthly maintenance fees
- High-yield return on both savings and short-term CDs
Drawbacks
- Opening deposit required
- No cash deposits
- No free outgoing wires
Features
- Free debit card
- Free access at more than 55,000 Allpoint ATMs
- Online and mobile banking
- Integrates with QuickBooks
- Human-powered customer support
- Wide range of bank products, including high-yield savings, CDs, and loans
- FDIC-insured up to $250,000
- Integrations with Venmo, Square, PayPal, and Stripe
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fee | None |
Domestic Wire Transfer Fees | None for incoming; $19 for outgoing |
International Wire Transfer Fees | Unspecified |
ATM Fees | None at more than 55,000 Allpoint ATMs; third-party fees apply at out-of-network ATMs |
Cash Deposited | Bank doesn’t accept cash deposits |
APY | N/A |
When To Choose Live Oak Bank Tidal Business Checking
For self-employed truck drivers, Live Oak Bank’s business checking is an excellent choice. There are no account opening and monthly maintenance fees. For truckers looking to earn interest on reserve funds, Live Oak’s business saving account tops our list of the best business savings accounts on the market, with 4.0% APY earned on all balances.
You can also earn a $300 bonus when you open a new business savings account. To earn the bonus:
- Open a new account before May 31, 2023.
- Deposit at least $30,000 into the account within 15 days and no later than May 31, 2023.
- Maintain a balance of $30,000 or more for 90 days.
Live Oak’s business checking is geared toward freelancers and solopreneurs. It charges no domestic transaction fees and just 3% of transaction amount for foreign transactions.
If you need to withdraw funds from an ATM, Live Oak Bank charges no fees at more than 55,000 Allpoint ATMs. The bank doesn’t charge for out-of-network transactions, but you may pay third-party fees.
All of the business checking account terms apply to Live Oak’s personal checking as well. Live Oak Bank’s personal savings also earns 4.0% APY.
The provider also offers many small business loans, including Small Business Administration (SBA), US Department of Agriculture (USDA), and commercial loans. Live Oak was the top SBA 7(a) lender by dollar amount in 2022, lending more than $1.6 billion.
One drawback of Live Oak Bank is there is no ATM access to funds in your savings account. So, you’ll need to transfer funds to your Live Oak checking before withdrawing. Also, the bank doesn’t accept cash deposits.
SoFi: Best Personal Account With Interest-earning Checking and Savings
What We Like
- Interest-bearing checking and high-yield savings if direct deposit is set up
- No monthly and minimum balance fees
- Increased FDIC Insurance up to $2 million
Drawbacks
- No free cash deposits
- No physical locations
- APY only applies if you have direct deposit
Features
- Get your paycheck up to two days earlier when you set up direct deposit
- No-fee overdraft coverage
- Get up to 15% cash back at local establishments when you pay with your SoFi debit card
- Deposits insured up to $2 million in FDIC insurance
- Fee-free ATM access at more than 55,000 Allpoint ATMs
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | No minimum |
Transaction Limit Before Fees | No limit |
Monthly Fee | None |
Domestic Wire Transfer Fees | N/A |
International Wire Transfer Fees | N/A |
ATM Fees | None at more than 55,000 Allpoint ATMs; Third-party fees apply at out-of-network ATMs |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 1.2%, as long as direct deposit is set up |
When To Choose SoFi Checking
For truckers looking for a personal checking account that comes with a high-yield savings account, SoFi is a great option. When you open a checking account, you automatically get a savings account. If you set up direct deposit, you earn 1.2% APY on the checking balances and 4.2% APY on savings.
There are no account fees with SoFi, meaning no monthly or minimum balance fees and ATM fees at one of more than 55,000 Allpoint ATMs. Also, there is no opening deposit requirement. The only fees you’ll encounter with SoFi are with cash deposits, which can be done through Green Dot retail locations at $4.95 per transaction.
You can get your paycheck deposited into your account up to two days early. There is no-fee overdraft coverage up to $50. SoFi also uses partner banks to extend your FDIC insurance up to $2 million.
As an additional perk, you can earn up to 15% cash back when shopping at local retailers. Once you open an account, you’ll become a SoFi member. This can earn you additional rewards, which include financial and estate planning.
Besides the cash deposit fee, the only other drawback is that there are no physical locations. But with plenty of Allpoint ATMs, you’ll have access to cash whenever needed.
Mercury: Best for Startups That Want Spend Controls & Businesses That Need Additional FDIC Insurance
What We Like
- No minimum deposit to open an account
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $250,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury product if you have more than $250,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital, and venture debt and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
*Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When To Choose Mercury Business Checking
For a startup trucking company looking for extensive spend controls or additional FDIC insurance on business funds, Mercury is a great option. It provides you with a robust online-only business banking experience geared toward tech and startup companies, which landed it a spot in our roundup of the leading banks for startups.
Fleet owners and owner-operators can issue employee debit and credit cards with custom limits. In addition, you can pay vendors and employees through ACH, wires, checks, and foreign exchange.
You can withdraw money from one of more than 55,000 Allpoint network ATMs for free. The bank doesn’t charge for out-of-network ATM withdrawals, but you must pay third-party operator fees.
If you have more than $250,000 in your Mercury account, you can request Mercury Treasury, allowing you to earn up to 4.89% on your reserves.
Mercury’s newest perk is Vault, which uses partner banks and a sweep network to insure business funds up to $5 million.
Its checking and savings accounts are free, with no minimum deposit or balance requirements. Most businesses incorporated in the US are eligible for an account, except sole proprietorships and trusts.
Mercury also offers a venture capital debt program, which has raised $1.7 billion in funding, supporting more than 630 startups in 32 countries. Mercury also offers the Mercury IO Mastercard, which can help you earn a bonus with a new account. Read our review of Mercury IO Mastercard to learn more about the product.
You can get a $300 cash back bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. You can open an account through Mercury’s website in less than 10 minutes.
One major drawback is its inability to accept cash deposits. Also, outside of its credit card and venture capital term loan program, no standard lending products are available. Also, it has no personal banking products.
Go2Bank: Best Personal Account With Wide Availability and Easy Access to Funds
What We Like
- High interest-earning yield on savings account
- Widely available retail locations and fee-free ATMs
- No fees and minimum balance required to open an account online
Drawbacks
- Interest-earning on savings account is limited to $5,000
- Can’t transfer money out of your account to external accounts
- Fee cannot be waived unless you receive direct deposits into account
Features
- Digital checking account that can be opened online or by purchasing a Go2Bank card at one of 90,000 retail locations, including 7-Eleven, CVS, Dollar General, Dollar Tree, Family Dollar, Rite Aid, Walgreens, and Walmart
- Get your paycheck up to two days early
- Overdraft protection available
- Free to open the account online with no minimum deposit required
- Secured credit card product available
| |
|---|---|
Required Opening Deposit | None if done online; $20 to $500 required if opened at a retail store, plus $2.95 card purchase |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fee | $5; waivable |
Domestic Wire Transfer Fees | N/A |
International Wire Transfer Fees | N/A |
ATM Fees | None at more than 55,000 Allpoint ATMs; $3 per transaction out-of-network plus third-party fees |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | N/A |
When To Choose Go2Bank Checking
For truckers on the go looking for a digital personal bank account that can be accessed nationwide, Go2Bank is a solid option. The account is free to open online with no minimum opening deposit.
If you don’t want to open an account online, you can open an account by purchasing a Go2Bank card at one of more than 90,000 retail locations, including 7-Eleven, CVS, Dollar General, Dollar Tree, Family Dollar, Rite Aid, Walgreens, and Walmart. You can then deposit money into your new account at that location.
However, if you open it with the card, you must pay a one-time purchase price of $2.95 and are required to deposit anywhere from $20 to $500 at account opening. There is a $5 monthly fee for the account which is waived if you set up direct deposit.
Additional cash deposits can be made at Green Dot retail locations, the same locations that carry the Go2Bank card. Those deposits can be made for up to $4.95 each.
You can withdraw cash from any one of more than 55,000 Allpoint ATMs for free. However, out-of-network transactions will cost you $3 each plus third-party fees.
Fees are the biggest drawback of Go2Bank. Many transactions will cost you, including cash deposits, check deposits where funds are immediately available, and money transfers from a linked external debit card.
Checks deposited with immediate access cost between 1% and 5% of the check amount, with a minimum fee of $5 per check. You can also deposit checks for free, but funds are unavailable for 10 days.
Go2Bank is a great option for a nontraditional personal checking account. It is best for people less comfortable with online banking but looking for an account outside of traditional banking.
How We Evaluated the Best Banks for Trucking Business
When we evaluated the best banks for the trucking business, we considered
- Accounts that were available nationwide
- Accounts that allow for easy access to funds at branches and ATMs
- Accounts that offered both outstanding business and personal accounts
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
Other Considerations When Choosing the Best Bank Account for Small Trucking Business
There are things to consider when choosing the best bank for your trucking business. Before selecting an account, consider whether the provider
- Helps you stay on budget: Banks that help you with spending controls or budgeting applications are necessary when you’re on the road constantly. If you can find an account that earns you interest to supplement your budget, that’s a bonus.
- Has many branches or ATMs: You need to be able to access your money no matter where you go, so choose a provider that offers you either the most branch locations or the most ATMs.
- Offers excellent online or phone customer service: While you’d like to pop into a branch if something goes wrong, that’s not always possible on the road. As such, pick a provider with excellent customer service and one with help available late in the evening.
Other Products To Consider for Your Commercial Trucking Business
While you may need a business or personal checking account, there are other providers you should consider as you build or grow your trucking business. Here is a list of our buyer’s guides for products and services that can help your trucking business:
- Insurance: If you need insurance for your trucking business, check out our guide to the best semi-truck insurance providers
- Employees: If you are looking for additional truck drivers, see our roundup of the leading truck driver job boards.
- Accounting: If you need software to handle the accounting for your trucking business, see our top-recommended trucking accounting software. Also, you may be interested in our key trucking company bookkeeping tips and best practices.
- Loans: If you’re looking for financing for your trucking business, check out our list of the top trucking business loans.
- Payroll: If you need payroll software for your trucking business, see our evaluation of the best payroll software for trucking companies.
- Fuel credit card: If you want a fuel card that has the most fueling sites available and the best rewards, see our top-recommended fuel cards for small businesses.
What You Need To Open a Bank Account
Each provider on this list may require different documentation to open an account. The documentation will differ depending on whether you are opening a business or personal account. To open a business account, you will likely need most of 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
For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account.
To open a personal bank account, you will likely need most of the following:
- Name
- Address
- Date of birth
- Citizenship status
- Social security number
- Phone number
- Email address
- Driver’s License or other government identification
Bottom Line
Before you choose a bank for your trucking business, you need to decide whether you need a business or personal account. Fleet owners or owner-operators will need a business account to separate company finances from personal funds. This will prevent potential tax problems. Business banks will also have products and services to support your company.
If you are an employee, a personal account can help you access your finances no matter where your truck takes you. Many providers on this list also will help you earn interest on your savings and support you with other financial products and services.
