Cadence Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
Cadence Bank is a great fit for small and midsized businesses (SMBs) that need affordable business checking solutions from a traditional bank. It offers four types of business checking accounts:
- Business My Way Checking charges a monthly fee of $10 and offers 225 fee-free transactions per month.
- Business Interest Checking also costs $10 and earns tiered interest based on your balance.
- Business Checking Plus offers 500 free transactions per month for a monthly fee of $20.
- Non-Profit Checking earns interest and charges an easy-to-waive $10 monthly fee.
All business checking accounts come with their own complimentary Mastercard debit card, and hitting your account’s monthly debit card transaction requirement lets you waive monthly fees. Additionally, you can earn up to 20% cash back when using your debit card with select merchants.
Cadence Bank operates exclusively in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas. You are required to visit a branch to open an account.
Pros
- Easy-to-waive monthly fees
- 225 free transactions for basic accounts
- Cashback on qualified debit card purchases
Cons
- Branches only in a few states
- No online account opening
- Only 10 free bill payments per month
Features
- Three general business accounts and a nonprofit account
- Online banking with 10 free bill payments
- Integrates with QuickBooks and Quicken
- Merchant services powered by Clover
- Business savings, business lending, credit cards, business insurance, and wealth management also available
How Cadence Bank Stacks Up With Its Competitors
When Cadence Bank Is a Good Fit
- You have a low-to-moderate transaction volume: Cadence Bank’s Business My Way Checking account offers a fee-free transaction allowance of 225 items per month.
- You want to earn cash back on debit card purchases: If you enroll in Cadence Bank’s easy savings program, you can earn up to 20% cash back when making purchases at select merchants.
- You run a nonprofit organization: The Cadence Bank Non-Profit Checking account earns interest based on your balances. Although it charges a monthly fee of $10, you can waive the fee easily by maintaining a daily ledger balance of $100 or greater or by making at least five debit card transactions per month.
When To Choose Cadence Bank Alternatives
- You need nationwide access to in-person banking services: Cadence Bank has no brick-and-mortar branch locations outside of Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas. We recommend Chase, which operates in all 48 mainland states. Read our Chase business checking review for a breakdown of the bank’s three accounts.
- You pay more than 10 billers per month: All Cadence Bank business checking accounts have a monthly limit of 10 free bill payments. The financial technology (fintech) solution Relay lets you initiate bill payments via ACH and check for free or via wire transfer for a fee of $0 to $10, depending on your subscription. You can also import unpaid bills directly from QuickBooks and Xero. Learn more about our recommendation through our Relay business checking review.
- You want to bank without a monthly fee: Cadence Bank charges monthly fees on all its business checking accounts. A good alternative would be the U.S. Bank’s Silver Business Checking account, which charges no monthly fees and offers 125 free transactions per month. Our U.S. Bank business checking review outlines the accounts’ features, pros, cons, and costs.
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.
Cadence Bank Business Checking Terms
Business My Way Checking | Business Interest Checking | Business Checking Plus | Non-Profit Checking | |
|---|---|---|---|---|
Required Opening Deposit | $50 | $1,000 | $50 | $100 |
Monthly Fee | $10 | $10 | $20 | $10 |
Monthly Activity Requirements to Waive Monthly Fee | Maintain a minimum daily ledger balance of $500 OR make five debit card transactions | Maintain a minimum daily ledger balance of $5,000 OR make 10 debit card transactions | Maintain a minimum daily ledger balance of $5,000 OR make 10 debit card transactions | Maintain a minimum daily ledger balance of $100 OR make five debit card transactions |
Annual Percentage Yield (APY) | N/A | Varies | N/A | Varies |
Monthly Transaction Limit Before Fees | 225 items | 50 items | 500 items | 100 items |
Excess Transaction Fee | 50 cents | 35 cents | 50 cents | 35 cents |
Monthly Bill Pay Limit Before Fees | 10 payments | |||
Excess Bill Payment Fee | 75 cents | |||
Paper Statement Fee | $2 | $0 | $2 | $0 |
Online Statement Fee | $0 | |||
Out-of-network ATM Fee | $2, plus third-party operator fees | |||
Cadence Bank Business Checking Requirements
To open a business checking account, you are required to visit a branch. You may also be required to submit relevant business documents during the account opening process. Refer to our guide on how to open a business bank account for a downloadable checklist of documents that banks typically request.
Cadence Bank Business Checking Features
Business Debit Mastercard
Your Cadence Bank business checking account will come with a complimentary business debit card powered by Mastercard. The card provides fee-free access to Cadence Bank ATMs. Out-of-network ATM transactions cost $2, plus third-party operator fees.
The card also provides the following benefits:
- Up to 20% cash back on qualified purchases through the Cadence Bank Easy Savings Program
- Insurance coverage for rental vehicles
- Price protection and extended warranty coverage
Business Online Banking
You can access Cadence Bank services through the website or mobile app (available for iOS and Android). Through Business Online Banking, you can do the following:
- View account balances and transactions
- Deposit checks remotely
- Pay bills
- Connect with QuickBooks and Quicken
The Cadence Bank mobile app has a rating of 4.7 on the App Store1 (based on 35,000-plus reviews) and 4.5 on Google Play2 (based on more than 4,000 reviews). According to satisfied customers, the app is reliable and easy to use. Users liked that the company sends out warnings before rolling out updates or putting the system under maintenance. Though most reviews are positive, a handful of customers complained that the app would not let them log in.
Merchant Services
Cadence Bank offers point-of-sale (POS) solutions powered by Clover. These solutions let you accept payments in-store, online, or through mobile devices. To learn more, read our review of Clover POS.
Other Cadence Bank Business Products
Cadence Bank offers business savings accounts, money market accounts, and certificates of deposit (CDs):
- The Business Savings Account charges a monthly fee of $10, which you can waive by maintaining a minimum daily ledger balance of $500 or transferring $50 or more from Cadence Bank checking to savings through online banking within one month. The account has an opening deposit requirement of $50 and offers a fee-free monthly withdrawal allowance of six items.
- Money Market Select earns tiered interest rates and charges a $10 monthly fee, waivable with a minimum daily ledger balance of $10,000. It has an opening deposit requirement of $1,000.
- CDs come in one to 60-month terms. Their opening deposit and minimum balance requirements range from $1,000 to $5,000, depending on your chosen term length.
The Cadence Bank Mastercard BusinessCard charges no annual fee and offers the following benefits:
- Security through EMV chip technology
- Optional enrollment in the Cadence rewards program
- Up to 20% cash back on select merchants through optional enrollment with the Cadence Bank Easy Savings Program
- Up to 5% savings on gas and maintenance locations
- Rebates from establishments in the Mastercard Hotel Network and brand-name car rental agencies
- Optional overdraft protection for Cadence Bank business checking accounts
- 24-hour access to cash with emergency cash advances
Cadence Bank offers the following types of business lending products:
- Small Business Administration (SBA) loans
- Lines of credit
- Term loans
Through Cadence Bank, you can gain access to the following wealth management solutions:
- Corporate trusts
- Business succession planning
- Custodial and escrow services
- Employee benefits and retirement plans
Cadence Bank Business Checking Reviews From Users
Most Cadence Bank business checking reviews are negative. On WalletHub3, the bank has a rating of 2.9 stars (based on nearly 300 reviews). Dissatisfied users said that the bank charges too many account fees, holds deposits for too long, and makes it difficult to deposit checks. No positive reviews have been posted in recent years.
Bottom Line
We recommend Cadence Bank to small and mid-sized organizations that frequently make debit card transactions. It rewards frequent debit card use; most of its business checking accounts waive monthly fees when you meet a target number of debit card transactions. Additionally, you can get up to 20% cash back by using your debit card at select merchants.
User review references:
1App Store
2Google Play
3WalletHub
