Carver Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
Carver Federal Savings Bank is a great business bank for small businesses operating in Brooklyn, Manhattan, and Jamaica. Its business checking products include:
- A fee-free checking account that offers 200 free transactions
- A standard account for businesses with high transaction volumes
- An interest-earning account that earns an annual percentage yield (APY) of 0.05% on all balances
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 over 84,000 ATMs. With the bank, your money has Federal Deposit Insurance Corp, (FDIC) insurance of up to $250,000.
How Carver Bank operates: Carver Bank aims to help individuals and businesses from low- and moderate-income neighborhoods build wealth. It also supports minority- and women-owned businesses and provides a Bank-at-Work benefit program for employees.
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
How Carver Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | Monthly Transaction Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Carver Community Business Free Checking | None | $0 | 200, then 25 cents per item | New York |
 Free Business Checking with Interest | 0.20% | $0 | Unlimited | New York |
 Business Complete Banking | None | $15; waivable | Unlimited debit card and Chase ATM transactions; 20 fee-free paper transactions, then 40 cents per item | All states except Alaska and Hawaii |
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 Carver Bank Is Not a Good Fit
- 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 (which is the only nonspecialized business checking account that earns interest) offers an APY of just 0.05%. The best provider for competitive interest is Bluevine, which offers 2.0% APY on balances of $250,000 when you meet its monthly activity requirements. 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.
Carver Bank Business Checking Overview
Carver Bank Business Checking Requirements
You are required to visit a Carver Bank 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 ID, such as a driver’s license or any government-issued ID
The bank may also ask for additional business documents.
Our guide on how to open a business bank account includes a downloadable checklist of business documents banks typically require.
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
The mobile app, available on iOS and Android, also offers e-statement viewing and remote deposit capture. It has a rating of 4.7 out of 5 on the App Store1 (based on around 900 reviews) and 4.6 out of 5 on Google Play2 (based on about 200 reviews). Reviewers who left positive ratings said that the app is convenient and runs smoothly. However, others mentioned that it times users out too soon, which forces them to log in multiple times.
Apple Pay, Google Pay & Samsung Pay Integrations
Carver Bank business checking account cards connect with Apple Pay, Google Pay, and Samsung Pay.
Other Carver Bank Business Products
Landlord Accounts
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.
Money Market Accounts
The Business Promo Money Market charges a monthly fee of $25, which is waivable with a minimum balance of $25,000. It earns interest at the following rates:
- 0.50% for balances from $0 to $24,999.99
- 2.00% for balances of $25,000 and higher
It has an opening deposit requirement of $25,000.
Certificates of Deposit (CDs)
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.
Lending Products
- Small Business MicroLoans: 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.
- Small Business Association (SBA) loans: You can borrow up to $5 million through Carver Bank’s SBA 504 and SBA 7(a) loan programs.
- Commercial real estate (CRE) loans: Carver Bank offers financing options for multifamily 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.
Business Credit Cards
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
Very few Carver Bank business checking reviews have been published online. The bank has a 2-star rating on Yelp3, based on around 20 reviews and a 3-star rating on WalletHub4, based on fewer than 50 reviews. Customers complained that checks typically take four to five days to clear and that the day-to-day limits for mobile check deposits are too low.
Other reviews focused on customer service. While one user said that customer service was personalized and professional, the majority said that representatives were hard to reach, especially when using phone helplines.
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:
