This article is part of a larger series on Business Banking.
If your business is looking for a regional bank that can accommodate all of your banking needs, Chemung Canal Trust Company is an excellent option. The company, which operates in New York and northern Pennsylvania, offers four checking products for businesses of different sizes and transaction volumes. It also has savings products, lending products, debit cards and credit cards, online and mobile banking, and special accounts for employee benefits.
How Chemung Canal Trust Company Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Minimum Opening Deposit
$10 with eStatements; $15 without eStatements; waivable
100, then 35 cents per transaction
Business Complete Banking
20, then 40 cents per transaction
Basic Business Checking
When Chemung Canal Trust Company Is a Good Fit
- You make 100 or fewer transactions per month: Chemung Canal’s lowest tier account, Business Checking, offers 100 fee-free transactions per month. Transactions are defined as checks paid and deposited, deposit tickets, and electronic transactions.
- You can maintain a daily balance of $500: Although Chemung Canal charges a monthly maintenance fee of $10 for accounts with eStatements or $15 for accounts without eStatements, customers can waive fees easily by maintaining an average daily balance of $500.
- You want to earn rewards on debit card purchases: As part of the UChoose Rewards Program, Chemung Canal business debit cards earn 1 reward point for every $2 spent on qualifying purchases.
- You want help administering employee benefits: Chemung Canal helps businesses set up health savings accounts (HSAs), individual retirement accounts (IRAs), and simplified employee pension IRA (SEP-IRA) plans.
When Chemung Canal Trust Company Is Not a Good Fit
- You want nationwide access to in-person banking services: It operates exclusively in New York and northern Pennsylvania. Businesses wanting the freedom to bank in person from anywhere in the country should choose Chase, which has 4,700 branches across 48 states.
- You rely on wire transfers: It charges $15 for incoming wire transfers, $25 for outgoing domestic wire transfers, and $40 for outgoing international wire transfers. The best provider for affordable wire transfers is Relay as its standard account charges $5 for outgoing domestic wires and $10 for outgoing international wire transfers. All wire transfers are free under the Relay Pro account.
- You need unlimited fee-free transactions: All of its business checking accounts charge transaction fees, although Business Checking and Premier Business offer a limited number of free transactions. Capital One offers unlimited fee-free transactions.
- You want to earn interest on checking balances: None of its business checking accounts earn interest. Under Bluevine, qualified accounts earn interest at a rate of 1.50% on balances up to $100,000.
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.
Chemung Canal Trust Company Business Checking Overview
Required Opening Deposit
Required Balance Minimum
$500 to waive monthly fee
$10,000 to waive monthly fee
$10 with eStatements;
$15 without eStatements; waivable
$15 with eStatements;
$20 without eStatements; waivable
Transaction Limit Before Fees
100, then 35 cents per transaction
300, then 25 cents per transaction
None; 15 cents per transaction
Wire Transfer Fees
$15 for incoming;
$25 for outgoing domestic;
$40 for outgoing international
25 cents per $1,000 cash deposited
Chemung Canal Trust Company Business Checking Requirements
Chemung Canal applicants have the option to open their business checking account online. The website will request the following information:
- Email address
- Social Security number
- Date of birth
For a list of documents banks typically require from applicants, check out the checklist provided in our guide on how to open a business bank account.
Chemung Canal Trust Company Business Checking Features
Chemung Canal offers four types of business checking accounts for businesses of different sizes and transaction volumes. It also provides free digital banking and rewards-earning debit cards.
Scalable Business Checking
Chemung Canal’s regular checking accounts come in two tiers:
- Business Checking: Designed for businesses with low transaction volume, Business Checking offers 100 fee-free transactions and charges a 35-cent fee per transaction after the limit. The monthly maintenance fee is $10 with eStatements and $15 without eStatements, but account holders can waive the fee by maintaining the minimum balance requirement of $500.
- Premier Business: Chemung Canal’s second-tier business checking account has a higher fee-free transaction limit of 300. The transaction fee after the limit is also lower at 25 cents per item. The monthly fee for Premier Business is not much larger than Business Checking at $15 with eStatements or $20 without eStatements. However, waiving monthly fees is much harder with Premier Business as it has a minimum balance requirement of $10,000.
Instead of maintaining a minimum balance, Analyzed Checking accounts let businesses offset the monthly fee of $15 by building their earnings allowance. The amount account holders receive in earnings allowance depends on their available average daily balance. However, unlike regular checking accounts, Analyzed Checking accounts offer no fee-free transactions and charge 15 cents per item and 25 cents per $1,000 cash deposited.
Zero Balance Accounts
Zero Balance accounts let businesses create separate subaccounts outside their general operating account. These subaccounts can be earmarked for different types of expenses, such as payroll and petty cash. The monthly maintenance fee for Zero Balance accounts is $25.
Chemung Canal offers two digital banking options: an online Business Banker platform and a Chemung Canal mobile app, available on iOS and Android. Digital banking lets businesses view account balances, transfer funds, schedule bill payments, deposit checks, and approve automated clearing house (ACH), wire, and positive pay transactions. Businesses can also add team members and employees as authorized users and customize their access levels.
Business Debit Cards
Business debit cards at Chemung Canal let account holders make withdrawals, deposits, transfers, and ATM transactions. They charge no annual fees and are protected from losses from unauthorized use.
Chemung Canal cards are part of the UChoose Rewards Program. Purchases earn one reward point for every $2 spent.
Other Chemung Canal Trust Company Business Products
The NOW account is an interest-drawing checking account designed to give municipalities and not-for-profit organizations check-writing privileges. It earns interest at a rate of 0.02% and charges a monthly service fee of $10 to accounts that fail to meet the average daily balance minimum of $1,000. The minimum opening deposit is also $1,000.
Chemung Canal has a basic savings account, investment certificates, and two types of money market accounts:
- Variable rate savings: This account, which has a minimum opening deposit of $25, lets businesses earn a variable interest rate on excess funds. There is a monthly fee for accounts with balances that fall below $250.
- Investment certificates: Chemung Canal offers short- and long-term investment certificates for a minimum opening deposit of $1,000. There is a $35 penalty fee for early withdrawals.
- Insured money market account: For a minimum deposit of $1,000, businesses can access an APY of 0.02% for balances of $1,000 to $24,999.99 and 0.3% for balances of $25,000 and over. Account holders can make up to six checks per month fee-free. Each additional check after the limit costs $3.
- Prestige Business insured money market account: For a minimum deposit of $2,500, this account earns interest at a rate of 0.05% for balances of $1,000 to $24,999.99 and 0.10% for balances of $25,000 and over. As with the insured money market account, this offers six fee-free checks per month and charges $3 for each additional check after the limit.
Chemung Canal offers term loans, lines of credit, overdraft lines of credit, commercial equity lines of credit, and mortgages. Payments are automatically deducted from the borrower’s Chemung Canal checking or savings account.
- Term loans: Interest rates for Chemung Canal term loans are fixed. The maximum length for a term loan is seven years.
- Line of credit: The Chemung Canal business line of credit has a variable interest rate that changes daily. There is a three-year renewal period and no out-of-debt period.
- Overdraft line of credit: This type of line of credit provides $1,000 to $10,000 worth of overdraft protection for a three-year term.
- Commercial equity line of credit: The Chemung Canal commercial equity line of credit can be used to finance commercial or multi-family properties. It has a variable interest rate that is adjusted daily. Borrowers must make monthly payments based on a 15-year amortization.
- Mortgage: A type of loan that can be used to purchase, construct, expand or renovate commercial and multifamily properties. The interest rate is fixed for the first five years and becomes adjustable every five years thereafter. The maximum term is 20 years.
Before applying for a loan, check out our guide on how to get a small business loan to help you through the process.
Business Credit Card
Chemung Canal offers business credit cards that come with expense tracking through monthly statements, spending limit customization, 24/7 VIP customer service, and fraud protection.
Through Chemung Canal, businesses can offer their employees a number of benefits, including HSAs, IRAs, and SEP-IRAs. It also provides payroll direct deposit, which lets employers directly deposit payroll funds into employee accounts at any financial institution in the United States.
Chemung Canal Trust Company Business Checking Pros & Cons
|Full-service banking available||No fee-free checking accounts|
|Rewards on debit card purchases||No unlimited transactions|
|Free digital banking||Limited branches|
Chemung Canal is a great fit for businesses looking for a full selection of banking products. Aside from business checking, it offers savings accounts, lending products, and credit cards. Debit card purchases earn redeemable points through the UChoose Rewards Program.
All of Chemung Canal’s business checking accounts charge monthly service fees. However, Business Checking and Premier Business account holders can waive fees by maintaining specific average daily balance minimums, while Analyzed Checking account holders can offset fees with earnings allowance. Additionally, all business checking accounts charge transaction fees, though Business Checking and Premier Business offer a limited number of fee-free transactions.
Chemung Canal’s brick-and-mortar branches are located exclusively in New York and northern Pennsylvania. However, it provides digital banking options through its Business Banker platform and mobile app.
Alternatives to Chemung Canal Trust Company Business Checking
Chemung Canal offers good business products for those wanting traditional, in-person banking. However, if you don’t mind conducting your banking activities exclusively online, some digital-only banks offer better features, such as lower fees, support for reserve accounts, tax preparation assistance, and cash back. Here are three options to consider:
- Relay*: Best for businesses wanting multiple subaccounts under one main checking account. Although Chemung Canal has a Zero Balance account that lets businesses separate balances into dedicated expense buckets, the account charges a $25 monthly maintenance fee that cannot be waived. Relay lets businesses create up to 20 checking accounts under one account number fee-free.
- Lili*: Best for tax preparation assistance. Businesses looking to streamline tax preparation can benefit from Lili’s Tax Optimizer feature, which automatically sets aside income for taxes into a dedicated subaccount. It also uses banking data to fill out the Schedule C.
- Grasshopper: Best for cash back on debit card purchases. Accounts that maintain a Grasshopper’s minimum balance requirement of $10,000 can access Grasshopper’s cash back promo, which offers 1% cash back on all qualifying debit card purchases.
*Providers are financial technology (fintech) platforms backed and Federal Deposit Insurance Corp. (FDIC)-insured by a supporting bank partnership (Evolve Bank & Trust for Relay and Choice Financial Group for Lili)
The product offerings of Chemung Canal—which include business checking accounts, savings accounts, lending products, and credit cards—are complete enough to accommodate the needs of the average small business. However, all of its business checking accounts charge fees for monthly maintenance and day-to-day transactions. As a regional bank, its physical presence is limited to New York and select towns in northern Pennsylvania.