Carver Federal Savings Bank is a great business bank for small businesses operating in Brooklyn, Manhattan, and Jamaica in New York. Its business checking products include:
- Carver Community Business Free Checking: A fee-free basic checking account that offers 200 free transactions.
- Business Partner Checking: A standard account for businesses with high transaction volumes and balances.
- Business Value Plus Interest Checking: An interest-earning account that earns an annual percentage yield (APY) of 0.05% on all balances and is suitable for nonprofit and faith-based organizations.
Although Carver Bank offers online and mobile banking, you are required to visit a branch to open an account. It currently has seven brick-and-mortar branches in New York, but as a member of Allpoint, Wells Fargo, and Chase ATM networks, it offers access to more than 84,000 ATMs. With the bank, your money has Federal Deposit Insurance Corp. (FDIC) insurance of up to $250,000.
Pros
- No monthly fee for basic accounts
- No minimum balance requirements
- Access to 84,000 ATMs nationwide
Cons
- Must visit a branch to open an account
- $50 opening deposit requirement
- Only 0.05% APY for Business Value Plus Interest Checking accounts
Features
- Free Business Visa Debit Card
- Online and mobile banking with bill pay
- Complimentary personal financial management through Digital Banking
- Integrates with Apple Pay, Google Pay, and Samsung Pay
- Free fraud detection tool (positive pay)
- Small Business Administration (SBA) loans
- Commercial real estate (CRE) loans
- Free financial literacy workshops via Bank@Work program
How Carver Bank Stacks Up With Its Competitors
When Carver Bank Is a Good Fit
- You want a bank that supports minority- or women-owned businesses: Carver Bank is an African American-operated bank that focuses on supporting minority- and women-owned businesses. For every dollar each customer deposits, Carver Bank invests 80 cents into low- to moderate-income communities in the greater New York City region.
- You want to bank without a monthly fee: The Carver Community Business Free Checking account charges no monthly service fee and thus has no minimum balance requirements.
- You have a low to moderate monthly transaction volume: The Carver Community Business Free Checking and Business Value Plus Interest Checking accounts both allow up to 200 fee-free transactions per month.
When To Consider Carver Bank Alternatives
- You want a bank with nationwide branches: New York-based Carver Bank only has seven brick-and-mortar stores located in Brooklyn, Manhattan, and Jamaica. Chase has 4,700 physical branches across all 48 mainland states. Our Chase business checking review can help you choose between the three available Chase accounts.
- You want to earn interest at competitive rates: Business Value Plus Interest Checking (the only non-specialized business checking account that earns interest) offers an APY of just 0.05%. For competitive interest, we recommend Bluevine, which offers 2.0% APY on qualifying balances up to $250,000 for its Standard Checking account. Refer to our review of Bluevine business checking for the list of requirements you need to meet.
- You make wire transfers regularly: Carver Bank charges $25 for incoming wire transfers, $35 for outgoing domestic wire transfers, and $40 for outgoing international wire transfers. For affordable wire transfers, consider Mercury, which charges nothing. Read our Mercury business checking review for more information.
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. For alternatives in New York, see our guide to the best banks for small businesses in New York.
Carver Bank Business Checking Overview
Carver Bank Business Checking Requirements
There are no specific Carver Bank business checking requirements stated on the bank’s website. However, you are required to visit a branch to open a business checking account. Upon application, you will be asked to provide the following:
- Name
- Address
- Date of birth
- Social Security number
- Valid identification, such as a driver’s license or any government-issued ID
The bank may also ask for additional business documents.
Carver Bank Business Checking Features
Business Visa Debit Card
All of Carver Bank’s business checking products come with free Business Visa Debit Cards. These cards provide access to over 84,000 ATMs in the Carver, Allpoint, Wells Fargo, and Chase ATM networks.
Digital Banking Options
Carver Bank offers two free digital banking services: web banking and mobile banking. Through web banking, businesses can do the following:
- Schedule payments
- Transfer funds
- Make direct payroll deposits
- Manage cards
- View balances, transaction histories, and check images
- Set up text message alerts
The Carver Bank mobile app offers e-statement viewing and remote deposit capture. On the App Store[1], it has a rating of 4.7 from around 1,100 reviews while on Google Play[2], it has a rating of 4.5 from nearly 300 reviews. Satisfied customers mentioned the app was secure, reliable, and user-friendly. However, some who left low ratings commented that it takes a while for the app to load. They also mentioned having encountered errors.
Apple Pay, Google Pay, & Samsung Pay Integrations
Carver Bank business checking account cards connect with Apple Pay, Google Pay, and Samsung Pay.
Bank@Work Program
The Carver Bank@Work program provides business owners and their employees with products and services to help them manage their finances. The bank also holds complementary financial literacy workshops and seminars to increase the participants’ financial knowledge.
Other Carver Bank Business Products
Carver Bank also offers specialized interest-earning business checking solutions for landlords. These accounts, also called tenant security accounts, have no monthly maintenance fees, per-item fees, or minimum balance requirements to earn interest. They provide subaccounts for deposits and monthly master account statements in paper and electronic formats.
Carver Bank offers short-term CDs with terms from 30 days to 12 months and long-term CDs with terms of up to 60 months. The minimum opening deposit requirement is $2,500 for short-term CDs and $1,000 for long-term CDs.
- Small Business MicroLoan: Businesses that need working capital for expenses like payroll, equipment, office renovations, and inventory can go through Carver Bank to access low-fixed interest rate Small Business MicroLoans from $5,000 to $50,000.
- Term loans: Carver Bank provides term loans for businesses that need financing for equipment purchases, permanent working capital, leasehold improvements, and expansion.
- SBA loans: You can borrow up to $5 million through Carver Bank’s SBA 504 and SBA 7(a) loan programs.
- CRE loans: Carver Bank offers financing options for multi-family residences and mixed-use properties.
- Nonprofit and faith-based lending: As a community bank, Carver Bank offers financing solutions for faith-based organizations, nonprofit organizations, and foundations.
To learn more about loan rates and terms, check out our guides on
Carver Bank offers Visa credit cards with low rates, cash back, and flexible rewards. Business credit cards come with free online expense reporting tools and mobile payment capabilities. Account holders can issue credit cards to their employees fee-free.
Carver Bank Business Checking Reviews From Users
There are no recent specific Carver Bank business checking reviews available online. The bank shows a rating of 1.8 on Yelp[3] from around 20 reviews and 3.0 on WalletHub[4] from almost 50 reviews.
Some clients had friendly interactions with the bank’s tellers and chose the bank for its personalized and professional service. However, others reported that the representatives were unable to help resolve their account issues. One user even commented that the customer service line just kept ringing when they contacted the bank.
Frequently Asked Questions (FAQs)
Funds from check deposits will be available on the second business day Carver Bank receives the deposit. If you use the mobile check deposit service after 5:00 p.m. Eastern time, the deposit will be considered received on the second business day.
Carver Bank was established in 1948 by civic-minded community leaders to serve African American communities with limited access to financial services.
Carver Federal Savings Bank has approximately $776.9 million in assets as of the bank’s most recently filed call report in December 2023.
Bottom Line
Carver Bank’s business checking accounts Carver Community Business Free Checking and Business Value Plus Interest Checking are great options for New York-based businesses looking for affordable banking solutions. Given Carver Bank’s civic-minded nature, it is an especially suitable choice for minority and women business owners and businesses looking to support low- to moderate-income communities in the greater New York City region.
User review references:
[1]App Store
[2]Google Play
[3]Yelp
[4]WalletHub
