Carver Bank 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.
Carver Federal Savings Bank is a great business banking provider for small businesses operating in Brooklyn, Manhattan, and Jamaica. Its business checking products include Carver Community Business Free Checking, a fee-free checking account that offers 200 free transactions; Business Partner Checking, a standard account for businesses with high transaction volumes; and Business Value Plus Interest Checking, a checking account that earns an annual percentage yield (APY) of 0.05% on all balances.
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. It offers online and mobile banking and access to 84,000 ATMs nationwide, as a member of Allpoint, Wells Fargo, and JP Morgan ATM networks. Currently, the bank has seven branches in New York. Under Carver Bank, your money is Federal Deposit Insurance Corporation (FDIC)-insured up to $250,000.
What We Like
- No monthly fee for basic accounts
- No minimum balance requirements
- Access to 84,000 ATMs nationwide
Drawbacks
- Steep wire transfer fees
- $50 opening deposit requirement
- Only 0.05% APY for its Business Value Plus Interest Checking
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
APY | Monthly Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Carver Community Business Free Checking
| None | None | None at Carver ATMs; $2.50 for non-Carver ATMs* | $50 |
 Business Complete Banking
| None | $15; waivable | None at Chase ATMs; $3 for nonnetwork ATMs* | $100 |
 Business Advantage Fundamentals Banking | None | $16; waivable | None at Bank of America ATMs nationwide; $2.50 per transaction at nonnetwork ATMs | $100 |
*Access 84,000 Allpoint, Wells Fargo, and JP Morgan ATMs; third-party operator fees may apply.
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. Per dollar deposited by consumers, Carver bank reinvests 80 cents into low- to moderate-income communities in the greater New York City region.
- You want fee-free business checking: Carver Bank has a free business checking option called Carver Community Business Free Checking. It doesn’t charge a monthly service fee and has no minimum balance requirements.
- You make 200 or fewer transactions per month: Carver Community Business Free Checking and Business Value Plus Interest Checking both allow up to 200 fee-free transactions per month.
- You want access to business lending products: Carver Bank offers small business MicroLoans, and term loans.
- You prefer nationwide ATM access: Carver Bank is a member of Allpoint, Wells Fargo, and JP Morgan ATM networks, making it easy to transact at 84,000 ATMs located throughout the country.
When Carver Bank Is Not a Good Fit
- You want a bank with nationwide branches: Carver Bank only has eight brick-and-mortar stores located in Brooklyn, Manhattan, and Jamaica. Chase has 4,700 physical branches across all 48 lower states.
- 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. Businesses that make frequent wire transfers would be best suited to Relay, which charges no fees for incoming wire transfers, $5 for outgoing domestic wire transfers, and $10 for outgoing international wire transfers. Under the Relay Pro account, all wire transfers are free.
- You want access to a basic savings account: Although Carver Bank offers money market accounts and certificates of deposit (CDs), it has no basic savings products. Live Oak Bank offers both a business checking account and a high-yield interest-earning savings account.
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
When opening a business bank account, Carver Bank will ask for the following:
- Name
- Address
- Date of birth
- Social Security number
- Valid ID, such as a driver’s license or any government-issued ID
Our guide to opening a business bank account comes with a checklist naming important business documents banks typically require.
Carver Bank Business Checking Features
Carver Bank offers 200 free transactions, a free Business Visa Debit Card, free mobile and online banking with bill pay, access to 84,000 ATMs, and integrations with Apple Pay, Google Pay, and Samsung Pay.
200 Free Transactions
Two of Carver Bank’s business checking accounts, Carver Community Business Checking and Business Value Plus Interest Checking, come with 200 fee-free transactions per statement cycle. After the limit, transactions cost 25 cents per item. Carver Bank defines transactions as checks paid, deposits, checks deposited, and automated clearing house (ACH) debits and credit.
Business Visa Debit Card
All of Carver Bank’s business checking products come with free Business Visa Debit Cards.
Digital Banking Options
Carver Bank offers two free digital banking services: online banking and mobile banking. Through online banking, businesses can schedule payments, transfer funds, make direct payroll deposits, manage cards, and view balances, transaction histories, and check images. The mobile app, also available on iOS and Android, also offers e-statement viewing and remote deposit capture.
Reviews for Carver Bank’s mobile app generated a rating of 4.7 out of 5 on both the App Store and Google Play. The positive feedback from users centers on the app’s convenience and efficiency. They also said that they appreciate the user-friendly interface and secure system. However, some are looking for more robust features such as an easy connection to Zelle and the ability to add another account for Bill Pay.
Apple Pay, Google Pay & Samsung Pay Integrations
Carver Bank business checking accounts work with Apple Pay, Google Pay, and Samsung Pay.
Nationwide ATM Access
Carver Bank allows convenient access to 84,000 ATMs nationwide as a member of Allpoint, Wells Fargo, and JP Morgan ATM networks.
Other Carver Bank Business Products
Landlord Accounts
Carver Bank also offers special 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
Carver Bank offers two business money market accounts: the Business Promo Money Market Account and the Business Premier Money Market account.
- Business Promo Money Market: This account earns interest at a rate of 0.50% for balances of $24,999.99 and below, and a promotional 2.0% rate for balances of $25,000 and above. Promo period is from Jan. 3, 2023, until June 30, 2023. The minimum opening deposit is $25,000 and a $25 monthly fee is collected if the minimum daily balance is less than $25,000.To receive the promo rate, fresh funds are required. You’ll also need to open a Carver Free Checking, Carver Community Business Free Checking, Carver Value Plus Checking, or Business Value Plus Interest Checking account to link to the Promo Money Market account.
- Business Premier Money Market: This account earns interest at a rate of 0.50% for balances of $24,999.99 and below, 0.75% for balances between $25,000 to $99,999.99, and 0.80% for balances of $100,000 and above.
CDs
Businesses that want access to Carver Bank’s highest interest rates should consider Carver Bank’s business CDs. Rates range from 1.25% APY for 91-day CDs and 2.75% APY for 60-month CDs. The minimum deposit is $2,500 for terms of 12 months or lower, and $1,000 for terms of 18 months or higher.
Lending Products
The lending products Carver Bank offers include a Small Business MicroLoan Program, business lines of credit, and business term loans.
- 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 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.
Business Credit Cards
Carver Bank offers 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 Pros & Cons
| PROS | CONS |
|---|---|
| No monthly fee and minimum balance for basic business checking product | Strict requirements for waiving Business Partner Checking monthly maintenance fee |
| Free mobile and online banking | Only seven full-service brick-and-mortar branches in Brooklyn, Manhattan, and Jamaica |
| Access to money market accounts, CDs, credit cards, and lending products | No savings accounts |
Carver Bank’s basic business checking product, Carver Community Business Free Checking, offers no monthly fees and no minimum balance. Business Partner Checking, however, charges a monthly maintenance fee of $25, which can only be waived by maintaining a minimum daily balance of $25,000.
The bank only has branches in seven New York locations. However, it offers free online and mobile banking with bill pay. Although it has no basic savings accounts, it has money market accounts and business CDs. It also provides a decent selection of lending products and business credit cards.
Carver Bank User Reviews
| PROS | CONS |
|---|---|
| Friendly and helpful bank tellers | No refund received from unsent wire transfer |
| Call center support line keeps ringing | |
| Low mobile check deposit limit | |
| Frequent locked card/account for no reason | |
Carver Bank has a low to average rating on Yelp (2 out of 5) and WalletHub (3 out of 5). There are few reviews—and several date back more than three years ago.
One user said that they appreciate the professional and personalized branch service they received. On the flip side, there are several negative reviews from clients regarding long wait times when calling customer support. They claimed that lines are down or just keep ringing, especially on Sundays. Another user also complained about a rejected wire transfer and unreimbursed funds for the debited amount, but it has since been resolved.
Carver Bank isn’t accredited by the Better Business Bureau (BBB). There are around a dozen complaints listed in the last three years, and three were closed in the last 12 months.
Alternatives To Carver Bank Business Checking
Although Carver Bank is an affordable business banking option, other banking solutions can offer better ways to save, including ATM reimbursements, cash back, and interest on deposits. Here are three alternative options to consider:
- Novo*: Best digital-only bank with free ATM usage. Carver Bank customers can only make fee-free transactions in Allpoint and Carver Bank ATMs. Novo gives customers more options for fee-free ATM locations by reimbursing all ATM fees at the end of each month.
- Grasshopper: Best digital-only bank for cash back on debit card purchases. Carver Bank only earns cash back on credit card purchases. Grasshopper earns 1% cash back on all online and in-store debit card purchases.
- Bluevine*: Best for earning interest on deposits. Although Carver Bank offers interest-earning checking through Business Value Plus Interest Checking, the account only offers a rate of 0.05%. Qualified Bluevine accounts earn interest at a rate of 2.0% on balances of $250,000 or less.
*Providers are financial technology (fintech) platforms backed by and FDIC-insured through supporting bank partnerships (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine).
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’s 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.
