Community Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
If your East Coast-based business needs a provider that can accommodate your business checking needs at an affordable cost, Community Bank is a good option. The bank, which operates in Massachusetts, New York, New Hampshire, and Pennsylvania, offers two regular checking accounts (Carefree Business Checking and Commercial Checking) and one interest-drawing checking account (Business Interest Checking).
Its basic account, Carefree Business Checking, offers 350 fee-free transactions per month and charges no monthly maintenance fee.
What We Like
- 350 fee-free transactions per month for Carefree Business Checking
- No monthly fee for Carefree Business Checking
- Up to $10,000 fee-free cash deposits
What's Missing
- Only available in Massachusetts, New York, New Hampshire, and Pennsylvania
- No certificates of deposit (CDs)
- Fee for Autobooks integration
Features
- Free Visa business debit card
- Free mobile banking and mobile deposit
- Autobooks integration
How Community Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Monthly Fee | Transaction Limit | Minimum Opening Deposit | |
|---|---|---|---|---|
 Carefree Business Checking | None | None | 350 per month; 35 cents per item after the limit | $50 |
 Business Complete Banking | None | $15; waivable | 20 paper transactions per month; 40 cents per item after the limit | None |
 Fundamentals Business Checking | None | $16; waivable | 200 per month; 45 cents per item after the limit | $100 |
When Community Bank Is a Good Fit
- You make fewer than 350 transactions per month: Both Community Bank’s basic account, Carefree Business Checking, and its interest-earning checking account, Business Interest Checking, offer 350 fee-free transactions per statement cycle. Each additional transaction after the limit costs 35 cents. Transaction items are defined as checks paid, checks deposited, deposits, ATM and automated clearing house (ACH) debits, and ACH credits.
- 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 access to a full range of banking services: Community Bank offers basic savings accounts, money market accounts, lines of credit, term loans, and credit cards.
- Your business is established in the Southern Tier area of New York: In our guide to the best banks for small business in New York, Community Bank is considered among the few standout banks in the Southern Tier. It has a strong physical presence in nearly all of New York, save for New York City and Long Island.
When Community Bank Is Not a Good Fit
- You want nationwide branch access: Community Bank is a regional bank that operates exclusively in Massachusetts, New York, New Hampshire, and Pennsylvania. Businesses wanting to bank physically anywhere in the country should choose Chase, which has 4,700 branches across 48 states. Our Chase Business Checking review 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. Commercial Checking charges a fee of 19 cents for all transactions. Businesses can choose First Internet Bank, an internet-only bank that charges no fees for transactions or monthly maintenance. Read our review of First Internet Bank Business Checking to learn if the provider’s a good fit for your business.
- You seek high APY earnings under a fee-free account: Community Bank offers a Business Interest Checking account with variable APY, but it requires you to maintain $1,500 to waive its $6 monthly fee. Bluevine is an excellent option as it charges no monthly fee and has a leading APY of 2.0% on qualifying balances up to $250,000. Discover more features of this free checking account through our Bluevine Business Checking review.
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.
Community Bank Business Checking Overview
Community Bank Business Checking Requirements
Community Bank business checking account applicants can open their accounts online. The website asks applicants to provide the following documents:
- Social Security number
- Driver’s license
- Applicable funding account information
- Valid email address
- Joint account holder information (if applicable)
Our guide on how to open a business bank account comes with a checklist of business documents most banks typically require.
Community Bank Business Checking Features
In-branch New Account Opening Gifts
Community Bank currently offers a gift when you open a business checking account or refer a friend who opens one. At the branch, specific items are provided upon account opening. A $50 minimum opening deposit is required. See the list of free gifts; it varies each month.
Three Business Checking Options
Community Bank offers three business checking products:
- Carefree Business Checking: A free account that caters to businesses with smaller transaction volumes. It offers 350 fee-free transactions and charges no monthly fees.
- Commercial Checking: An analyzed checking account designed for business owners with higher transaction volume. It charges a monthly service fee of $15 and a transaction fee of 19 cents. Users can offset fees by building their earnings credit allowance, which is based on deposit balances.
- Business Interest Checking: An interest-drawing account that charges a monthly fee of $6. Customers can waive the fee by maintaining a minimum balance of $1,500. As with Carefree Business Checking, Business Interest Checking offers 350 fee-free transactions.
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.
Autobooks Integration
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.
Mobile App
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.
Reviews for the Community Bank mobile app are stellar on the App Store (4.4 out of 5) and Google Play (4.8 out of 5). Many clients appreciate the app’s ease of use and user interface. However, some stated that the balances displayed are inaccurate at times, making it difficult to make payments.
Other Community Bank Business Products
Savings Accounts
Community Bank offers a basic savings account and two money market accounts:
- Statement savings: 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 that have balances fall below $1,000 must pay a monthly fee of $5.
- Prime money market for business: This account earns high interest on balances over $25,000. Accounts with balances of $25,000 or below must pay a monthly fee of $10. Customers are allowed six fee-free withdrawals per statement cycle.
Lending Products
Community Bank offers business loans and lines of credit:
- 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.
Business Credit Card
Community Bank offers three types of credit cards: the Business Edition Mastercard with Reward Simplicity, the Business Edition Secured Mastercard, and the VOX Business Card. Business credit cards come with free management reports that help with expense tracking, monitoring spending, expense forecasts, and tax preparations.
Community Bank Business Checking User Reviews
On WalletHub1, Community Bank has a 4.0 out of 5 rating, but there are no specific reviews on the business checking products. Most positive reviews come from clients who were happy with the low loan interest rates and quick lending approval. Others gave negative comments about being charged late fees and service fees, while some claimed they had a bad customer service experience due to errors committed by the bank personnel.
Bottom Line
Community Bank is an excellent provider for East Coast businesses looking for affordable no-frills business checking products. Its free account, Carefree Business Checking, charges no monthly maintenance fees and offers 350 fee-free transactions per statement cycle. If you want to grow your checking balances, Community Bank also has an interest-drawing account called Business Interest Checking, which charges a small, easy-to-waive monthly maintenance fee of $6.
User review resource:
