Centennial Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
Centennial Bank is an excellent choice if you’re seeking a traditional bank that provides low monthly fees, unlimited transactions, and a generous free monthly cash deposit limit. It has five business checking options and allows online account opening for its lowest-tier product, Business Checking:
- Business Checking is a basic account offering small businesses 375 fee-free transactions. It only charges a $10 monthly maintenance fee if your daily balance falls below $0.
- Commercial Checking is an analyzed checking account for businesses with larger balances. It offers unlimited transactions and lets you offset fees through an earnings credit.
- Qualified Interest Checking is designed for government units or sole proprietors wanting unlimited transactions. Its $10 monthly maintenance fee is waived by maintaining a $2,500 daily balance.
- Business Opportunity 100 is for businesses needing to reestablish a strong financial reputation. It provides unlimited transactions, but its $12.95 monthly maintenance fee cannot be waived.
- Community Checking is for nonprofits seeking no monthly maintenance fees and unlimited transactions.
Centennial Bank is a Federal Deposit Insurance Corp. (FDIC)-insured bank with branches in Arkansas, Florida, Alabama, and New York. Some of its business accounts can be opened online, and not all business products are offered in all locations.
Pros
- Offers unlimited transactions
- Low monthly fees
- $7,500 free monthly cash deposit limit
- Can open Business Checking account online
Cons
- Limited locations; available in Arkansas, Florida, Alabama (southern area), and New York
- $100 deposit fee
- No free wire transactions
Features
- Free instant issue business debit card
- Multiple business checking account options
- Reimburses ATM fees upon presenting an ATM receipt within 60 days of the transaction
- Online and mobile banking
- Basic bill pay
- Overdraft privilege for eligible business checking accounts
- Small Business Administration (SBA) loans and United States Department of Agriculture (USDA) programs
- Has business savings, business money market accounts, business cards, and other lending products
How Centennial Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
Business Checking | $10; waivable | 375 items, then 40 cents per item | $7,500 free, then 20 cents per $100 | $100 | |
 Business Complete Banking | $15; waivable | 20 paper transactions, then 40 cents per item | $5,000 free, then $2.50 per $1,000 | None | |
 Business Advantage Fundamentals Banking | $16; waivable | 200 items, then 45 cents per item | $7,500 free, then 30 cents per $100 | $100 | |
When Centennial Bank Is a Good Fit
- You have a low monthly transaction activity: Centennial Bank’s Business Checking account provides 375 fee-free monthly transactions and charges 40 cents per item beyond that limit.
- You seek to reestablish a strong financial reputation: For a monthly fee of $12.95, you can open a Centennial Bank Business Opportunity 100 account to restore your business’ financial status. The monthly fee can’t be waived, but you may be eligible for other checking products after 12 months of maintaining a good account standing.
- You are a nonprofit looking for a free account with unlimited transactions: The Community Checking account doesn’t charge a monthly fee and offers unlimited transactions, allowing nonprofits to save more.
- You make large cash deposits each month: Centennial Bank offers a generous free monthly cash deposit limit of $7,500 for all its business checking accounts. Cash-reliant businesses won’t need to worry about paying cash deposit fees often.
- You want to save on ATM fees: Centennial Bank reimburses ATM fees if you present an ATM receipt to a teller or banker within the 60-day transaction period.
When Centennial Bank Is Not a Good Fit
- You prefer in-person banking but your business is based outside Centennial Bank’s service areas: Although you can open Centennial Bank’s Business Checking account online, you can only access the bank’s physical branches in four states: Arkansas, Florida, Alabama, and New York. You can opt for Chase with its nationwide branch presence, and to learn which account fits your needs, read our Chase Business Checking review.
- You want to save on wire transaction fees: Centennial Bank charges $15 for receiving wire transactions, $25 for sending domestic wires, and $50 for sending international wires. We recommend Mercury for free wire transfers for both domestic and international transactions. Our review of Mercury Business Checking has more details about the account’s fee-free features.
- You want an interest-earning basic business checking account: Centennial Bank’s lowest-tier checking product, Business Checking, does not offer an APY. This is unlike Bluevine, which provides up to 2.00% for qualifying balances up to $250,000. Check our Bluevine Business Checking review to discover how it helps small business owners earn more.
See more alternatives in our roundup of the best small business checking accounts.
Centennial Bank Business Checking Overview
Centennial Bank Business Checking Requirements
You can visit the Centennial Bank website to open a basic tier account, Business Checking. But if you’re interested in opening its other business checking accounts—Commercial Checking, Qualified Interest Checking, Business Opportunity 100, and Community Checking—you must head to one of Centennial Bank’s branches. Note that not all products are available at all locations.
Centennial Bank requires interested business checking account holders to be:
- At least 18 years of age
- A legal resident of the US
Centennial Bank applies restrictions and limitations to opening deposits and funding methods. You can fund online accounts through a check or wire transfer for at least $100 to a maximum of $250.
See our guide on how to open a business bank account before opening an account. It includes a free downloadable checklist of required documents.
Centennial Bank Business Checking Features
Centennial Bank business checking accounts feature a business debit card, online and mobile banking access, and overdraft privilege.
Multiple Business Checking Account Options
- Business Checking: Ideal for small businesses with low monthly transactions, this account provides 375 fee-free transactions and charges 40 cents per item beyond the limit. A $10 monthly maintenance fee is charged only when daily balances fall below zero.
- Commercial Checking: Suitable for fast-growing or established businesses with higher balances and monthly transactions, this analyzed checking account offers unlimited transactions. An earnings credit can offset its monthly maintenance fee, but you need to contact the bank to request a monthly account analysis.
- Qualified Interest Checking: This account is designed for government units or sole proprietorships. Transactions are unlimited, and the $10 maintenance fee is waived if you maintain a daily balance of $2,500. Contact the bank to learn the updated interest rates.
- Business Opportunity 100: Businesses wanting to rebuild a solid financial reputation can open this account. Similar to the accounts, it offers unlimited transactions, but its monthly maintenance fee of $12.95 cannot be waived. It does not pay an APY and requires the client to sign up for an e-statement to avoid paying an additional fee of $5.
- Community Checking: Nonprofits can consider this account since it has no monthly maintenance fees and offers unlimited free transactions. This account draws interest, but you need to contact the bank to learn the current rates.
Business Debit Card
Centennial Bank instantly issues a business debit card when you open a checking account. The card keeps your transactions secure with an embedded chip. You will be charged a $2 ATM fee when you use the card at nonnetwork domestic ATMs and $5 at international ATMs. However, if you save the ATM receipts and present them to the teller or banker within the 60-day transaction period, the bank reimburses the ATM fees.
Online & Mobile Banking
Centennial Bank allows business owners to take advantage of its online banking. It lets customers:
- View account information and transaction history
- Check bank statements for 24 consecutive months since the enrollment date
- Access the Electronic Federal Tax Payment System® tax payment service to pay tax dues
- Set up automatic alerts of account activities
- Transfer funds
- Pay bills
- Order checks
Downloading the Centennial mobile banking app allows users to deposit checks through their smartphones. The app has a 4.8 out of 5-star rating on the App Store1 from about 23,000 reviews. Meanwhile, it got 3.4 out of 5 stars on Google Play2 from more than 4,700 reviews.
Customers gave positive feedback about quick logins and easy transfers on the app. Still, others reported login issues and frequent app reinstallation, which led to frustration. Some also received authentication errors and noted that the app had failed to work well since its last update.
Overdraft Privilege
Centennial Bank extends an overdraft privilege for eligible business checking accounts. An overdraft privilege is a discretionary service where the bank allows payment of reasonable overdrafts.
Other Centennial Bank Business Products
Centennial Bank offers savings accounts, money market accounts, credit cards, and lending services for small businesses.
With no minimum opening deposit, Centennial Bank’s Business Savings account lets business owners earn interest on their extra funds. The $3 monthly service charge is waived if you maintain at least a $100 daily balance in your account.
Business owners can open an interest-earning Business Money Market account to store their emergency funds safely. It requires an opening deposit of at least $100. If your daily balance falls below $2,500, a $10 monthly service fee is charged. Also, Centennial Bank offers a Business Relationship Money Market account if you maintain $15,000 in combined deposit balances each statement cycle.
To learn more about money market accounts, see our guide on what a business money market account is and how it works.
Centennial Bank supports
- SBA 7a programs
- SBA 504 loans
- SBA Express/ line of credit
- SBA veteran’s advantage
- SBA international trade
- SBA export working capital program
- SBA export express
- USDA B & I program (rural)
- USDA agricultural program (rural)
You may be interested in our guide on SBA loan types, rates, and requirements for more information.
Centennial Bank simplifies purchasing and eliminates costly payroll checks by issuing business cards.
- Visa Business Credit Cards
- Visa Purchasing Cards
- Payroll cards
Centennial Bank provides additional financing products.
- Accounts receivable (A/R) financing
- Dealer floor plan financing
- Marine financing
Read our guide on A/R financing to learn about costs, terms, and qualifications.
Under Centennial Bank, you can manage your cash flow better through its various treasury management services.
- ACH and wire transfers
- Remote deposit capture (RDC)
- Positive pay and ACH block and filter services
- Lockbox services
- Zero balance accounts
Centennial Bank Business Checking Reviews from Users
On WalletHub3, Centennial Bank obtained 2.3 out of 5 stars from around 40 reviews. There are no Centennial Bank business checking reviews, and most customers gave low ratings and stated that Centennial Bank is not business-friendly with its limited working hours. Others also mentioned that the bank’s computer system needs to be improved since it constantly requires password resetting. Several also expressed having bad loan experiences.
Bottom Line
Centennial Bank is a superb choice if your business is located within its four-state service area or you only require a basic business checking account that can be opened online. The low monthly maintenance fees, generous cash deposit limit, ATM fee refunds, and unlimited transactions are attractive Centennial Bank business checking features for those wanting to reduce their transaction fees to save more.
User review resources:
