Champlain National 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.
If your Northern New York state-based business is looking for a no-frills business checking account with affordable fees, Champlain National Bank is a good option. It offers three checking accounts for small businesses:
- Free Business Checking, a fee-free checking account for businesses making up to 260 transactions per month
- Business Checking, a checking account for businesses with higher transaction volumes
- Interest Business Checking, an interest-drawing account for businesses with high balances
Champlain National Bank, which has 10 branches in New York, also has multiple savings products, lending products, special accounts, and cards.
What We Like
- Earnings Credit to offset fees for standard account
- Low monthly fees
- Access to full range of banking services
What's Missing
- Low annual percentage yield (APY) rate for interest-bearing checking account
- No way to waive monthly fee
- $100 minimum deposit
Features
- Free business debit card
- Business NetTeller Cash Management
- iOS and Android mobile app
- Access to Champlain National Bank and Allpoint ATMs
How Champlain National Bank Stacks Up With Its Competitors
APY | Monthly Fee | Monthly Transaction Limit | Minimum Opening Deposit | |
|---|---|---|---|---|
 Free Business Checking | None | None | 260 free, then 25 cents per transaction | None |
 Business Complete Banking | None | $15; waivable | 20 free, then 40 cents per transaction | None |
 Business Fundamentals Checking | None | $16; waivable | 200 free, then 45 cents per transaction | $100 |
When Champlain National Bank Is a Good Fit
- You make 260 or fewer transactions per month: Its Free Business Checking account, which has no monthly maintenance fee, lets businesses make up to 260 fee-free transactions.
- You can maintain high balances: Business Checking, its standard account, lets account holders offset monthly fees by providing Earnings Credit based on available balances. The higher an account’s balance, the more Earnings Credit it receives.
- You need access to a full range of banking services: The bank offers checking products, savings products, lending products, and special accounts, such as public funds checking and New York State Interest on Lawyer (IOLA) accounts.
- You want increased Federal Deposit Insurance Corporation (FDIC) insurance: To extend Federal Deposit Insurance Corporation (FDIC) insurance beyond the usual $250,000, it offers IntraFi Network Deposits, an account that spreads excess balances across multiple third-party bank accounts. Balances in IntraFi Network Deposits still earn interest.
When Champlain National Bank Is Not a Good Fit
- You want a bank with nationwide branches: Champlain National Bank is a New York-based regional bank with only 10 branches. If you want the freedom to bank from anywhere in the country, Chase is a better option. It has 4,700 branches across 48 states. Check out our Chase Business Complete Banking review to see if the account meets your business needs.
- You want unlimited fee-free transactions: Free Business Checking, the bank’s free account, only provides 260 fee-free transactions per month and charges 25 cents for every transaction over the limit. Its higher-tier accounts, Business Checking and Interest Business Checking, don’t offer fee-free transactions at all. Capital One, which has branches in New York, offers unlimited fee-free transactions. Discover the features of its checking account through our review of Capital One Business Checking.
- You want to earn interest at competitive rates: The APY for the Interest Business Checking account is 0.05%, which is much lower than most rates on the market. The best checking account for earning interest is Bluevine, which earns interest at a rate of 2.0% on qualifying balances of $250,000 or less. Read our Bluevine Business Checking review for more product details.
- You rely on ACH and wire transfers: Under Champlain National Bank, ACH and wire transfers are only available to accounts subscribed to the NetTeller Cash Management Premium Package, which has a monthly fee of $20 on top of regular ACH and wire transfer fees. With Relay, all ACH transfers and incoming wire transfers are free, while outgoing domestic wire transfers cost $5 and outgoing international wire transfers cost $10. Our review of Relay Business Checking provides additional information on the account’s features.
If your small business meets one or more of these scenarios, see our guide to the best small business checking accounts for additional recommendations.
Champlain National Bank Business Checking Overview
Free Business Checking | Business Checking | Interest Business Checking | |
|---|---|---|---|
Required Opening Deposit | None | $100 | $100 |
Required Balance Minimum | None | ||
Monthly Fee | None | $10 | $10 |
APY | None | 0.05% | |
Transaction Limit Before Fees | 260 per month; 25 cents per transaction thereafter | None; 15 cents per item deposited, 15 cents per credit, and 25 cents per debit transacted | |
ACH Fees | $20 monthly* | ||
Wire Transfer Fees | $20 monthly* | ||
ATM Fees | None at Champlain National Bank and Allpoint networks | ||
Debit Card | Champlain National Bank Debit Mastercard or a Debit BusinessCard | ||
Business Payment Integrations | NetTeller Cash Management | ||
Customer Service | Telephone Banking: (800) 246 9554 or contact local branch Email: info@champlainbank.com | ||
Other Products | Business savings, money market, certificates of deposits (CDs), lending, and credit card | ||
*ACH and wire transfers are only available to accounts subscribed to Champlain National Bank’s Business NetTeller Cash Management Premium Package, which charges a monthly fee of $20. Regular ACH and wire transfer fees still apply.
Champlain National Bank Business Checking Requirements
There’s no option to apply for a business bank account on the Champlain National Bank website. Instead, applicants must visit one of the bank’s 10 physical locations in the North Country region of New York.
The checklist provided in our guide on how to open a business bank account can help you identify the business documents that banks typically require.
Champlain National Bank Business Checking Features
Champlain National Bank offers Earnings Credit (only for Business Checking), a free business debit card, Business NetTeller Cash Management, and a mobile app.
Earnings Credit
Business Checking, Champlain National Bank’s account for businesses with high transaction volumes, comes with a monthly Earnings Credit that helps account holders offset part or all of their monthly maintenance fees. The amount offered depends on the account’s balance and the bank’s chosen variable rate.
Free Business Debit Card
Business checking account holders can choose between a Champlain National Bank Debit Mastercard or a Debit BusinessCard. Debit cards connected to business checking accounts offer fee-free access to over 55,000 Allpoint ATMs and integrate with payment solutions Apple Pay and Google Pay. To keep the cards secure, it features chip technology, Zero Liability Protection, and fraud alert notifications.
Business NetTeller Cash Management
The online banking program NetTeller Cash Management lets businesses pay bills, transfer funds, make loan payments, and view accounts and statements. Paying a monthly fee of $20 for the Premium NetTeller Cash Management service also gives businesses access to wire transfers and ACH transfers.
Mobile App
Champlain National Bank’s mobile app, available on iOS and Android, enables businesses to pay bills and transfer funds. Its mobile deposit features let account holders make deposits by taking pictures of physical checks and uploading them to the app. Take note that businesses can only deposit up to 10 checks per day, with a dollar amount restriction of $15,000 per day.
There are only a few reviews of Champlain National Bank’s mobile app. It earned a 4.2 out of 5 on the App Store and 3.8 out of 5 on Google Play. Clients said that the app is intuitive and simple to use, though some reported mobile deposit and account lockout issues.
Other Champlain National Bank Business Products
Special Checking Accounts
Champlain National Bank offers public funds checking and IOLA.
- Public funds checking: An account for public entities, such as schools and town offices, that charges lower fees for transactions and monthly maintenance. The monthly fee for Public Funds Checking is $8. Items deposited cost 13 cents each, credits 15 cents each, and debits transacted 18 cents each.
- Interest public funds checking: An account for public entities that earns interest at a rate of 0.05%. It charges the same fees as Public Funds Checking.
- IOLA: Designed for lawyers, this interest-drawing account pays its earnings directly to the IOLA Fund to provide money for nonprofit civil legal services in New York state.
Savings Products
The savings products Champlain National Bank offers include basic savings accounts, business money market accounts, CDs, and IntraFi Network Deposits.
- Business statement savings: A basic savings account that earns interest at a rate of 0.05%. The account charges a monthly fee of $2, which can be waived by maintaining an average daily balance of $100. The minimum opening deposit is $25.
- Business money market: This has a tiered APY system, which increases interest rates on higher balances. It charges a monthly fee of $5, which can be waived by maintaining an average daily balance of $1,000. The minimum opening deposit is also $1,000. The bank also offers a Public Funds Money Market account which has a lower minimum opening deposit of $100.
- Business CDs: The bank offers CDs with terms ranging from 30 days to 60 months. Its 30-day CDs earn interest at a rate of 0.35%, while the 60-month CDs earn interest at a rate of 1%.
- IntraFi network deposits: To help businesses with balances over $250,000 keep their FDIC insurance, Champlain National Bank offers IntraFi Network Deposits, which spreads balances across multiple banks in amounts of less than $250,000. Balances continue to earn interest.
Lending Products
Champlain National Bank offers real estate financing, business lines of credit, term loans, and government loans from the Small Business Administration (SBA) and the United States Department of Agriculture (USDA).
Through the SBA 504 Loan Program and a partnership with the Empire State Certified Development Corporation, Champlain National Bank can provide fixed-rate and low down payment financing for real estate, construction, and equipment purchases. It also participates in the New York State Linked Deposit Program.
You may want to read our guide on SBA 504 Loans to learn about what they are and how they work.
Visa Platinum Credit Card
The Visa Platinum Credit Card gives businesses access to credit at competitive rates. As a rewards credit card, it earns one reward point for every dollar spent on net purchases. Points don’t expire and can be redeemed for merchandise, rental cars, cruises, hotels, and airline travel.
Businesses can also issue Visa Platinum Credit Cards to their employees at no additional cost. To control employee spending, main cardholders can set spending limits, request consolidated statements, and generate transaction reports for all employee cards.
Champlain National Bank Business Checking User Reviews
There are currently no Champlain National Bank business checking reviews on third-party sites as of this writing.
Bottom Line
Champlain National Bank is an excellent option for businesses looking for regional banking providers in New York’s North Country. Compared to larger national banks, it charges lower fees for monthly maintenance and transactions. However, its higher-tier accounts don’t come with any fee-free transactions and don’t allow customers to waive monthly maintenance fees.
