Community Bank N.A. is a good option if you’re seeking a provider that can accommodate your business checking needs at an affordable cost. It provides a high fee-free transaction limit and cash deposit allowance. Its three business checking accounts are:
- Carefree Business Checking is a basic account that provides 350 fee-free transactions per month and does not charge a monthly service fee.
- Business Interest Checking is an interest-drawing account that has a variable annual percentage yield (APY) rate, a 350 transaction monthly allowance, and a waivable $6 monthly service fee.
- Commercial Checking is an analyzed account that offers an earnings credit, which may offset bank charges. This account has a monthly service fee of $15.
- Only available in Massachusetts, New York, Pennsylvania, and Vermont
- Lacks business certificates of deposit (CDs)
- Fee for Autobooks integration
- Free Visa business debit card
- Free mobile banking and mobile deposit
- Online banking and bill pay
- Autobooks integration
- Credit score monitoring via Credit CompanionSM Credit Companion is included with your online and mobile banking accounts.
- Text alert fraud prevention Enrollment is required to activate the text alert fraud prevention service.
- Savings accounts and money market accounts
- Term loans, lines of credit, and credit cards
- Small Business Administration (SBA) loans
How Community Bank Stacks Up With Its Competitors
When Community Bank Is a Good Fit
- You make 350 or fewer transactions per month: Community Bank’s regular checking accounts, Carefree Business Checking, and Business Interest Checking, offer 350 fee-free transactions Transaction items include checks paid, checks deposited, deposits, ATM and ACH debits, and ACH credits. per statement cycle. Each additional transaction after the limit costs 35 cents.
- You deposit less than $10,000 per month: Customers are only charged cash deposit fees after exceeding the limit of $10,000 per month. Cash deposits after the limit cost $1.50 per $1,000 deposited.
- You want to monitor your credit score: Community Bank N.A. provides a free service called Credit CompanionSM. It lets clients view their credit reports and alerts them for credit score changes to catch suspicious account activity. Through this service, users can gauge the impact of their financial moves on their credit scores without affecting their credit.
When To Consider Community Bank Alternatives
- You want nationwide branch access: Community Bank N.A. is a regional bank that operates exclusively in Massachusetts, New York, Pennsylvania, and Vermont. Businesses looking to bank physically anywhere in the country should choose Chase, which has about 4,700 branches across 48 states. Our review of Chase business checking covers its different checking accounts for easy comparison.
- You want unlimited fee-free transactions: The monthly transaction limit for Carefree Business Checking and Business Interest Checking is 350, whereas commercial Checking charges a fee of 19 cents for every transaction. Given, we recommend Capital One, which offers unlimited fee-free digital transactions. Read our Capital One business checking review to learn if the provider is a good fit.
- You seek high APY earnings under a fee-free account: While the Community Bank Business Interest Checking account offers a variable APY, you must maintain a $1,500 minimum balance to waive its $6 monthly service fee. Bluevine provides an excellent free checking option with an APY of 2.0% on qualifying balances up to $250,000. Discover more of its features through our review of Bluevine business checking.
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. You may also be interested in our roundup of the best banks for small business in New York if your business is based in this state.
Community Bank Business Checking Overview
Community Bank Business Checking Requirements
Applicants must visit a local branch to open an account. As part of the Community Bank business checking requirements, you need to provide your Social Security number, driver’s license, and valid email address. Check out our guide on how to open a business bank account, which includes a checklist of business documents most banks typically require.
Community Bank Business Checking Features
Three Business Checking Options
Community Bank N.A. offers three business checking products:
- Community Bank Carefree Business Checking is a free account that caters to businesses with smaller transaction volumes. It provides 350 fee-free transactions and charges no monthly fees.
- Community Bank Business Interest Checking is an interest-drawing account that charges a monthly service fee of $6. Customers can waive the fee by maintaining a minimum balance of $1,500. This account offers 350 fee-free transactions.
- Community Bank Commercial Checking is an analyzed checking account designed for business owners with higher transaction volume and balances. It charges a monthly service fee of $15 and a transaction fee of 19 cents per item. Users can offset fees by building their earnings credit allowance, which is based on deposit balances.
Free Visa Business Debit Card
All Community Bank checking accounts come with a free Visa business debit card. Business debit cards have a daily purchase limit of $5,000 and a daily ATM withdrawal limit of $500.
For a monthly fee of $9.99, waived within the first 60 days, businesses can integrate their checking account with Autobooks, a payment and accounting services platform that lets businesses receive payments online, send invoices, manage cash flow, and automate accounting processes.
The Community Bank mobile app, available on Android and iOS, lets customers manage accounts, pay bills, and transfer funds. Through Community Bank’s mobile check deposit feature, users can also upload pictures of physical checks to deposit them remotely.
Users gave the Community Bank mobile app good ratings on the App Store (4.8 from around 26,500 reviews ) and Google Play (4.4 from about 3,500 reviews). Reviewers stated that the app is easy to navigate, reliable, and convenient. However, others reported getting locked out and needing to reset their passwords constantly.
- Remote deposit capture
- ACH and wire transfers
- Fraud protection via positive pay
- Sweep services
- Bill pay
- Merchant services
- Payroll services
- Lockbox services
Community Bank N.A. offers Credit CompanionSM Credit Companion is included with your online and mobile banking accounts. , a free service that provides access to your credit report and notifies you when your credit score changes, alerting you of suspicious account activity. It also helps you assess the impact of your financial moves on your credit score without affecting your credit.
Other Community Bank Business Products
Community Bank N.A. provides business savings accounts, money market accounts, business loans, lines of credit, and credit cards.
- Statement savings for business: Community Bank’s basic interest-earning savings account charges a quarterly fee of $12 for accounts with balances of $300 or less. The account offers 18 free withdrawals and charges 50 cents for every withdrawal after the limit.
- Money market for business: Community Bank’s money market account offers tiered APY, earning higher interest on higher balances. The minimum requirement to open an account and earn interest is $1,000. Accounts with a balance of $1,000 or less must pay a monthly fee of $5.
- Prime money market for business: This account earns high interest on balances over $25,000. Accounts with a balance of $25,000 or below must pay a monthly fee of $10. Customers can make unlimited deposits and are allowed six fee-free withdrawals per month.
- Business loans: The business loans Community Bank offers include short-term loans, long-term loans, SBA-guaranteed loans, and commercial mortgages, including construction loans.
- Lines of credit: Community Bank lines of credit lets businesses access funds for working capital, equipment financing, or other small business needs. Borrowers only pay interest on the amounts they withdraw.
Community Bank N.A. offers three types of credit cards with free management reports, which help with expense tracking, monitoring spending, expense forecasts, and tax preparations:
- Business Edition Mastercard with Reward Simplicity has a low introductory rate, unlimited 1.5% cash back, and no annual fee.
- Business Edition Secured Mastercard lets you request your own credit limit and earn interest on your security deposit.
- VOX Business Card features unlimited reward points you can redeem for travel, cash back, merchandise, or gift cards.
Community Bank Business Checking Reviews From Users
On WalletHub, Community Bank N.A. has a rating of 4.0 out of 5 from users, but none have left a specific Community Bank business checking review. Positive feedback came from clients who were approved for loans with low interest rates and had good customer service.
However, there were some who complained about rude service and unreasonable overdraft charges. Some also said that the bank’s services were limited and inconvenient since customers need to call or visit a branch in person.
Community Bank N.A. is an excellent provider for businesses seeking affordable, no-frills business checking products. Its free account, Carefree Business Checking, offers 350 fee-free transactions per statement cycle. If you want to grow your checking balances, the bank also has an interest-drawing account called Business Interest Checking, which charges a small, easy-to-waive monthly service fee of $6.