California Bank & Trust Business Checking Review 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.
For businesses in California, California Bank & Trust (CB&T) is a good option for business bank accounts. It’s suitable for small businesses with low and moderate transaction volumes and those looking to customize their bank accounts to earn more benefits, such as premium rates for eligible savings and money market accounts.
It offers five business checking accounts, including one for nonprofit organizations. They come with waivable fees, high free cash deposits, a free debit card, and business online and mobile banking access.
What We Like
- Waivable monthly fees
- Up to $15,000 free cash deposits, except for Business Inspire Checking
- Up to $2,500 welcome bonus
What's Missing
- 80-plus branches limited to California (Bay Area, Central Valley, Sacramento, Greater Los Angeles, Greater San Bernardino and Riverside, Orange County, and San Diego)
- Nonprofit account, Community Checking, has a $10 monthly fee
Features
- Free business debit card
- Business online and mobile banking
- Multiple business checking options and business checking packages
- Integration with Quicken and QuickBooks
- Cash bonus for new business checking accounts
- Variety of lending products, including small business administration (SBA) loans and business access online loans
How California Bank & Trust Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
Business Inspire Checking | N/A | $3,000 per month free; then 20 cents per $100 | None at CB&T and Zions Bancorporation, N.A. ATMs; $2.50 per transaction at non-CB&T ATMs and non-Zions ATMs* | $50 |
 Any Deposit Checking for Business | N/A | $2,500 per month free, then 25 cents per $100 | None at Bank of the West ATMs; $3 per transaction at nonnetwork ATMs | $100 |
 Silver Business Checking | N/A | $2,500 per month free; then 30 cents per $100, per statement cycle | None at U.S. Bank ATMs; $2.50 for nonnetwork ATMs, no surcharges at MoneyPass network ATMs | $100 |
*Third-party operator fees may apply.
When California Bank & Trust Is a Good Fit
- You need to deposit heavy cash each month or are a nonprofit receiving a lot of cash donations: CB&T provides up to $15,000 free monthly cash deposits for its mid-tier business checking accounts, Business Growth Checking, Business Interest Checking, and Business Connect Checking, and its nonprofit account, Community Checking.
- You have a low transaction volume: With Business Inspire Checking, the most basic account, you get up to 50 free monthly transactions and up to $3,000 in free cash deposits.
- You have a moderate transaction volume: The three mid-tier business checking options, Business Growth Checking, Business Interest Checking, and Business Connect Checking, feature more free monthly transactions and higher free cash deposit limits.
- You want to earn premium interest rates on your eligible savings and money market accounts: Business Interest Checking, Business Connect Checking, and Community Checking account holders can access premium-rate tiers on their business savings and business money market accounts.
- You send domestic wires often: Business Connect Checking and Community Checking provide two free outgoing wires monthly if you initiate the transfers using the Business Online Banking platform.
When California Bank & Trust Is Not a Good Fit
- Your business is not in California: While CB&T has more than 80 branches in several areas (Bay Area, Central Valley, Sacramento, Greater Los Angeles, Greater San Bernardino and Riverside, Orange County, and San Diego), it’s still limited to California. We recommend Chase for its nationwide branch coverage. Read our Chase Business Checking review to find which of its three featured accounts suits your needs.
- You are a nonprofit seeking a free business checking account: CB&T offers a Community Checking account for nonprofits with a waivable monthly fee. However, if you prefer not to have a monthly fee at all, you can opt for First Citizens Bank. For more information, check out our First Citizens Bank Business Checking review.
- You want unlimited fee-free transactions: CB&T has fixed free transaction limits. If you want free unlimited transactions, consider Bluevine, a fintech backed by Coastal Community Bank. It also offers 2.0% APY for accounts with qualifying balances of $250,000 and less. Our Bluevine Business Checking review details its beneficial features.
Our guide to the best small business checking accounts features additional recommendations.
California Bank & Trust Business Checking Overview
California Bank & Trust Business Checking Requirements
You can visit a branch to open a business checking account. CB&T will ask you to provide information about your business and the identity of all direct owners and certain beneficial owners of the account.
Entities will be required to present adequate documentation to establish good standing, ownership, and entity authorization for individuals who will be authorized signers, principals, and beneficial owners. All accounts will also require a federal taxpayer identification number.
For a checklist of documents banks typically require, see our guide on how to open a business bank account.
California Bank & Trust Business Checking Features
CB&T business checking accounts offer an interest-earning option, a Visa debit card, and business online and mobile banking access.
Interest-earning Business Account
You can open a Business Interest Checking account and earn interest that’s compounded daily and credited to the account monthly. CB&T uses a daily balance method to calculate the interest on your checking account.
Welcome Bonus for New Business Checking Accounts
New business checking account holders can earn up to $250 if they open with new money from April 1, 2023, to Dec. 31, 2023. To receive the cash bonus, you need to satisfy the following conditions:
- Open a Business Inspire, Business Growth, Business Interest, Business Connect, or Community Checking account
- Have an average ledger balance of $25,000, $50,000, $100,000, or $250,000 in the third full calendar month after account opening
- Perform 10 of any of these transactions: Bill pay, checks paid, debit card, and incoming/outgoing wires by the third full calendar month
The applicable bonus will be deposited into the open checking account within 60 days of completion of qualifications—and there is only one bonus payment per customer tax-id number. Your cash bonus depends on your average current minimum balance; check the table below for the specific amounts.
Average Current Minimum Balance | Cash Bonus |
|---|---|
$25,000 | $250 |
$50,000 | $500 |
$100,000 | $1,000 |
$250,000 | $2,500 |
Business Online & Mobile Banking
Owners of small and midsize businesses can take advantage of free Business Online Banking. They can view all their accounts and current-day transactions, transfer funds, pay bills, set up user access controls, and export account activity to Quicken and QuickBooks.
Business owners can also enroll in Business Online Banking Plus for extra benefits. This lets them transfer payroll and reimburse funds directly to employee accounts. It’s available at $20 per month.
Downloading the CB&T mobile banking app is required to deposit checks using a mobile device. Daily and monthly deposit limits apply, subject to the banking relationship period.
Banking Relationship Age | Daily Mobile Deposit Limit | 30 Days Deposit Limit |
|---|---|---|
1 to 179 days | $7,500 per day | $15,000 |
180 days and above | $30,000 per day | $120,000 |
Reviews for the CB&T app are excellent on both the App Store (4.8 out of 5) and Play Store (4.6 out of 5). Users gave positive feedback on its straightforward layout, though some had issues using the mobile deposit feature and, recently, logging in through FaceID. This resulted in lower ratings.
Business Checking Packages
CB&T offers several customizable business checking accounts and packages. Here are the additional features for each business checking account:
Business Interest Checking | Business Connect Checking | Community Checking | |
|---|---|---|---|
Premium Interest Rates on Eligible Savings & Money Market Accounts | ✓ | ✓ | ✓ |
2 Free Outgoing Domestic Wires When Sent Using Business Online Banking | N/A | ✓ | ✓ |
No Monthly Fee for Additional Linked Savings & Money Market Accounts | ✓ | ✓ | N/A |
Other Banking Products
Additional Business Checking
- Attorney Client Checking: As an approved depository of Interest on Lawyer’s Trust Accounts (IOLTAs), California Bank and Trust offers this account for a $200 minimum opening deposit and no monthly fee. Monthly transactions and monthly cash deposits are unlimited.
- Commercial Analyzed Checking: Created for businesses with high activity and complex treasury management needs, CB&T provides this account with no opening deposit and a $25 monthly fee. Maintaining larger account balances is required to offset service fees with an earnings credit.
Savings
- Business savings: For a minimum opening deposit of $100, you can open a savings account and waive the $5 monthly fee by maintaining a $500 minimum daily balance. Premium rates can be applied when you have a qualifying business checking account.
Money Market
- Business money market: With a $1,000 minimum opening deposit, you can earn tiered interest from a business money market account. Maintain a $2,500 daily balance to waive the $10 monthly fee. Like business savings accounts, premium rates can be applied when you have a qualifying business checking account.
- Business money market sweep: No minimum deposit is required when you open a business money market sweep account. The monthly fee is $25 and the rate is variable, compounded daily, and paid monthly. You need a primary business checking account to open this account.
Certificate of Deposit (CD)
- Business CD: For a $1,000 minimum opening deposit, you can open a business CD where you earn a fixed interest rate, compounded daily. The terms are flexible from 28 days to 5 years. This account has no monthly fee.
Credit Card
- Business credit card: Depending on your priority, CB&T offers three business credit cards to match your needs. If you’re looking for a low interest rate credit card, the AmaZing Rate® for Business Visa® credit card is suitable. If you’re seeking limitless reward options, you can apply for an AmaZing Rewards® for Business Visa® credit card. For cash back on everyday purchases, the AmaZing Cash Back for Business Visa® credit card will fit your needs.
Lending
- Lending: CB&T offers Business Access Online loans under $175,000, lines of credit, term loans, equipment financing and leasing, SBA loans, acquisition financing, asset-based financing, and factoring.
- Real estate financing: For real estate deals, CB&T provides owner-occupied real estate financing, multifamily and commercial financing, and residential development.
- Specialty financing: Specialized financing is available through employee stock ownership plans, loan syndications, public finance, power and project finance, municipal underwriting, and entertainment and media finance.
International Services
- International banking and foreign exchange: For global businesses, CB&T has foreign exchange solutions, foreign currency services, and international trade solutions.
California Bank and Trust Business Checking User Reviews
On WalletHub1 California Bank & Trust has a 3.2 out of 5 rating with 30-plus reviews. The feedback mostly centered on bad customer service experiences. Some stated that their accounts were closed while another mentioned constant erroneous charges resulting from bounced checks. Still, these negative reviews are minimal.
Previous reviews dated almost a decade ago gave stellar feedback on the bank’s top-notch customer service. At present, there is no specific feedback on the bank’s business checking accounts.
Bottom Line
California Bank & Trust is a superb choice if your business is located near one of its branches in California. It offers five business checking accounts for small and midsize businesses (SMBs). With high free cash deposits, it’s ideal for business owners who need to deposit heavy cash every month. You also benefit more if you open a Business Interest, Business Connect, or Community checking account since you can add accounts with no monthly fees, send free wires, and earn premium rates for eligible accounts. In addition, bonus rewards up to $2,500 are available for new business account holders.
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