Champlain National Bank Business Checking Review 2023
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, the Champlain National Bank checking accounts are good options. Small businesses can choose among these three accounts:
- 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 is a Federal Deposit Insurance Corp. (FDIC)-insured traditional bank with 10 branches in New York. The bank offers savings, special checking accounts, lending, and credit cards. Visiting a branch is required to open a Champlain National Bank checking account.
Pros
- Earnings Credit to offset fees for standard account
- Low monthly fees
- 260 free monthly transactions for basic tier, Free Business Checking
Cons
- 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
- Overdraft protection and overdraft line of credit
- Business savings, money market, certificates of deposit (CDs) available
- Credit cards, Small business administration (SBA) loans, and business lines of credit
How Champlain National Bank Stacks Up With Its Competitors
Minimum Opening Deposit | Monthly Fee | Monthly Transaction Limit | Geographic Accessibility | |
|---|---|---|---|---|
 Free Business Checking | None | $0 | 260 free, then 25 cents per transaction | New York (see physical locations) |
 KeyBank Basic Business Checking | $25 | 200, then 40 cents per item | ||
 Silver Business Checking | $100 | $0 | 125, then 50 cents per item | All states
U.S. Bank is available in all states via online banking. It has branches in Arizona, Arkansas, California, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
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Champlain National Bank’s Free Business Checking account has no monthly maintenance fee and minimum opening deposit requirement. In comparison, U.S. Bank and KeyBank require a minimum deposit to open their lowest-tier business checking accounts. Similar to Champlain National Bank, U.S. Bank does not collect any monthly fees while KeyBank charges a minimal fee that’s waivable.
In terms of free monthly transaction allowance, Champlain National Bank provides a higher limit and charges modest excess transaction fees compared to the other two traditional banks. However, its brick-and-mortar branches are limited to 10 locations in New York while U.S. Bank and KeyBank branches are accessible in more states.
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: Apart from Champlain National Bank checking accounts, customers can also apply for loans, savings, and special accounts, such as public funds checking and New York State Interest on Lawyer Account (IOLA).
- You want increased FDIC insurance: To extend 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 To Consider Champlain National Bank Alternatives
- 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% Rate as of July 18, 2023, and subject to change without notice. , 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 up to $250,000. Read our Bluevine Business Checking review for more product details.
- You rely on ACH and wire transfers: Under Champlain National Bank, automated clearing house (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.
If your small business meets one or more of these scenarios, see our guide to the best small business checking accounts for additional recommendations. You may also be interested in our top-recommended banks for small businesses in New York.
Champlain National Bank Business Checking Overview
Champlain National Bank Business Checking Requirements
There’s no option to apply for a business bank account on the provider’s website. To comply with the Champlain National Bank business checking requirements, applicants must visit one of the bank’s 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 has a free service package and a premium service package, which costs $20 per month:
- Free Standard Package allows businesses to:
- Pay bills and transfer funds
- Make loan payments
- View accounts and download statements
- View and print check images
- Initiate stop payments
- Download account information to accounting software
- Move funds from a line of credit to a checking account
- Premium Package provides additional services and lets businesses
- Initiate wire transfers Regular wire fees apply.
- Originate ACH Regular ACH fees apply. files (credit and debit)
- Accommodate payroll direct deposit and collection of receivables
Mobile App
Champlain National Bank’s mobile app 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.
Very few reviews are available for Champlain National Bank’s mobile app. It has a rating of 4.2 out of 5 based on about five reviews on the App Store[1] and 3.8 out of 5 based on around 15 reviews on Google Play[2]. Users mentioned that the app is reliable, simple to use, and intuitive. However, some experienced account lockouts and mobile deposit functionality issues.
Other Champlain National Bank Business Products
Champlain National Bank business accounts also include special checking products, savings, and CD accounts. The bank also offers credit cards and government-backed loans.
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% Rate as of July 18, 2023, and subject to change without notice. . 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. The interest is variable, and a maintenance fee of $10 is collected quarterly.
- Business Statement Savings: The Champlain National Bank savings rate for a basic savings account is 0.05% Rate as of 7/18/2023 and subject to change without notice. . 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 This account is open for governments and schools only. 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 1.00% Rate as of 7/18/2023 and subject to change without notice. .
- 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 under $250,000. Balances continue to earn interest.
Read our guide to FDIC insurance for business accounts to learn about what is included in FDIC insurance and other ways to insure funds exceeding the FDIC limit.
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.
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.
- Merchant services
- Sweep
- Overdraft protection
- Overdraft line of credit
- Remote electronic deposit
- Safe deposit boxes
Champlain National Bank Business Checking Reviews From Users
No customer has left a Champlain National Bank business checking review 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 do not allow customers to waive monthly maintenance fees.
User review resources:
1App Store
2Google Play
