This article is part of a larger series on Business Banking.
Exchange Bank is a traditional bank in California with branches largely concentrated in Sonoma County, specifically Santa Rosa. It’s a great choice for sole proprietors and nonprofit organizations with low monthly transactions looking for waivable monthly fees and an option to earn interest.
It offers six business checking accounts:
- Sole Proprietor Checking has a waivable $10 monthly fee, up to 100 free monthly transactions, and a free cash deposit limit of $5,000.
- Business Checking has a waivable $15 monthly fee, up to 200 free monthly transactions, and a free cash deposit limit of $10,000.
- Business Advantage Checking has a waivable $25 monthly fee with 400 free monthly transactions and a free cash deposit limit of $20,000.
- Non-Profit Checking has a waivable $6 monthly fee, up to 100 free monthly transactions, and a free cash deposit limit of $10,000.
- Sole Proprietor Interest Checking and Non-Profit Interest Checking have a waivable $13 monthly fee, up to 150 free monthly transactions, and a free cash deposit limit of $10,000
These all come with a free debit card, online and mobile banking, and access to Merchant Services.
How Exchange Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
Sole Proprietor Business Checking
Up to $5,000 monthly free, then $0.18 per $100
Free at over 55,000 Allpoint ATMs; $1.50 for withdrawals at non-Exchange Bank ATMs
Initiate Business Checking
Up to $5,000 monthly free, then 30 cents per $100 per statement cycle
Free at 12,000+ ATMs nationwide; $2.50 per transaction out-of-network
Business Complete Banking
Up to $5,000 monthly free, then $2.50 per $1,000 per statement cycle
$2.50 per transaction at any non-Chase ATM, plus ATM operator fees
When Exchange Bank Is a Good Fit
- Sole proprietors with low monthly transaction volumes: With Sole Proprietor Checking, you get up to 100 free monthly transactions and up to $5,000 in free cash deposits each month.
- Businesses with moderate to higher monthly transaction volume: The Business Checking and Business Advantage Checking accounts offer higher free monthly transactions and cash deposit limits.
- Sole proprietors and nonprofits looking to earn interest on checking accounts: Sole Proprietor Interest Checking and Non-Profit Interest Checking accounts generate an increasing APY the higher the balances are.
- Businesses receiving one or two wire transfers every month: With Business Advantage Checking, you get up to two incoming wires per month rebated at the end of the statement cycle.
When Exchange Bank Is Not a Good Fit
- Nonprofits looking for no monthly maintenance fees: While Non-Profit Checking has a waivable monthly fee, there are other banks that don’t charge monthly fees at all, such as Regions Bank and Truist Bank.
- Businesses needing in-person banking and located outside California: Exchange Bank’s brick-and-mortar branches are confined to California, mostly in Sonoma County. It’s best to consider Chase, Bank of America, or Wells Fargo for a nationwide service area.
Exchange Bank Business Checking Overview
Conditions to Waive Monthly Fees
Sole Proprietor Checking
Business Advantage Checking
Non-Profit Business Checking
*Combined accounts are related business checking, savings, money market, and time deposit accounts.
Exchange Bank Business Checking Requirements
You can visit an Exchange Bank branch to open a business checking account. The bank will collect information on all beneficial owner(s) and control persons of legal entities, whether they have a personal relationship with the bank. Beneficial owners are individuals who own 25% or more of the equity interest of the Legal Entity, whereas the Control person is identified as a high-level official responsible for running the organization and someone who has access to a range of information dealing with the day-to-day company operations.
To open a business checking account, you’ll need to provide your name, address (personal or business), date of birth, social security number, or tax identification number. You also need to present acceptable identification, such as a driver’s license, state-issued identification card, passport, and alien identification card.
Click on your entity type to view the bank’s additional business checking requirements.
- Fictitious business name statement: Only required for a sole proprietorship with a name that doesn’t include the owner’s surname or has a name suggesting the existence of additional owners.
- Partnership agreement
- Fictitious business name statement (if applicable)
- Certificate of limited partnership (LP-1)
- Foreign limited partnership (LP-5)
Limited Liability Corporation (LLC)
- Articles of organization (LLC-1) and amendments (LLC-2)
- Operating agreement
- LLC statement of information (LLC-12)
- Addendum to LLC (GO0228)
- LLC application & certification for registration (LLC-5)
- Fictitious business name statement
Limited Liability Partnership (LLP)
- LLP partnership agreement
- LLP registration (LLP-1)
- Amendment to registration of LLP (LLP-2)
- Fictitious business name statement
Corporation (For-Profit and Nonprofit)
- Articles of incorporation or (ARTS-GS)
- Corporate resolution
- 501 (c) (3)
- Certificate of status
- Fictitious business name statement
Before opening an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of required documents.
Exchange Bank Business Checking Features
Exchange Bank’s business checking accounts offer a free debit card, interest for some checking products, and online and mobile banking.
Debit Mastercard & Fee-free Transactions at Allpoint ATMs
Exchange Bank provides a debit Mastercard that gives zero liability protection—so you won’t be held responsible for unauthorized transactions as long as you report the loss promptly. It can be used for automatic monthly bills payment with the funds directly deducted from your checking account. Business checking account holders can use their debit card at more than 55,000 Allpoint ATMs with no surcharges.
Interest-bearing Checking Accounts
Sole proprietors and nonprofit organizations seeking interest on their checking balances can open interest-earning checking accounts.
Business Checking Accounts
Minimum Balance to Open
Monthly Maintenance Fee
Non-Profit Interest Checking and Sole Proprietor Interest Checking
Less than $50,000
$50,000 to $99,999.99
$100,000 to $249,999.99
$250,000 to $499,999.99
$500,000 or greater
*Interest rates and APYs may change at any time, at the bank’s discretion.
**Can be waived by maintaining a $5,000 average daily collected balance or a $10,000 average daily collected balance in combined accounts
Online & Mobile Banking
With Exchange Bank, you can perform online transactions in real time. You can also deposit checks using your mobile, review your cash flow through cash management reports, and manage your payments with online and mobile automated clearing house (ACH), wire, and BillPay. You can download Exchange Bank’s mobile banking app via the App Store and Google Play.
Small business owners can accept safe and secure payments through credit cards and digital wallets. Exchange Bank offers different types of Clover products designed to suit your business needs—from a countertop point-of-sale (POS) system (Clover Station) to a compact terminal (Clover Mini). You can also accept payments on the go with Clover Mobile and connect via Bluetooth to accept cards using a mobile device or tablet with Clover Go.
Other Checking Products
- State Bar Checking and State Bar Comparable Rate Account are interest-earning checking accounts available to California Attorneys and law firms that receive and disburse client funds.
- Analysis Checking is suitable for businesses with high transaction activity or using cash management services.
- Public Funds Interest Checking is available to government agencies wanting to earn interest from a checking account.
Other Banking Products
Exchange Bank has a wide range of business products and services for small businesses. It includes business savings, a money market account, credit cards, and loans.
- Business savings: For a minimum $500 opening deposit, you can earn interest from a Business savings account. The $5 monthly fee can be waived if you maintain a daily balance of at least $500 or a combined average daily balance of at least $750 in your savings and linked checking account.
- Business money market: For a minimum $1,000 opening deposit, you can earn interest from a Business money market account. You need to maintain an average daily balance of $3,000 to waive the $12 monthly fee.
- Business certificate of deposit (CD): For a minimum $1,000 opening deposit, you can earn tiered interest rates, with terms ranging from three months to five years.
- Business credit cards: Business owners who currently have a deposit account with Exchange Bank can apply for the Exchange Bank Visa® Business Cash Preferred Card. It rewards your business with unlimited cash back and has no annual fee. For interest savings and a low introductory rate, this is a great card. For more rewards and no point limits, you can apply for an Exchange Bank Smart Business Rewards Card, while an Exchange Bank Business Real Rewards Card offers 1.5 points monthly for every $1 spent on eligible purchases.
- Business loans: Business owners can seek financing through business term loans; business lines of credit; Small Business Association (SBA) loans; vineyard, winery, and agricultural loans; and commercial real estate (CRE) and construction loans.
Exchange Bank Business Checking Pros & Cons
|Low cash deposit fees||Non-Profit Checking has a monthly fee|
|Business Advantage Checking gets rebates on up to two incoming wires per month||Low APY rates for interest-bearing accounts|
|Fee-free at over 55,000 Allpoint ATMs||High average balances required to waive fees|
Exchange Bank provides great business checking accounts that allow more savings with its low cash deposit fees if you exceed the free cash deposit limit. It also offers a rebate of up to two incoming wires per month with its Business Advantage Checking account. Further, you can conduct fee-free transactions at more than 55,000 Allpoint ATMs.
However, the bank’s Non-Profit Checking account has a monthly fee while other banks offer this account type for free. Moreover, the APY rates for Exchange Bank’s interest-earning accounts are low. And to waive your monthly fees, you need to maintain a high average balance in your account.
Alternatives to Exchange Bank Business Checking
Exchange Bank has excellent business checking options, but if you’re searching for an institution that offers a free checking account with a high APY, more branch service areas, and cash back earnings from your debit card, then you’ll have to look elsewhere.
Here are three alternatives to consider:
- Chase is best for business owners looking for nationwide branches.
- Grasshopper Bank is ideal for businesses wanting to earn cash back rewards from their debit cards.
- Axos Bank is optimal for businesses seeking a free checking account that earns up to 1.01% APY for a reasonable $5,000 average daily balance.
Check out more options in our list of the best small business checking accounts.
Exchange Bank is a great option if you need the services of a traditional bank and your business is located in Sonoma County, California. It provides sole proprietors with low transaction activities a basic account—Sole Proprietor Checking—which has an option to earn interest. As your business volume increases, you can shift to the higher-tier Business Checking and Business Advantage Checking accounts, which come with more free monthly transactions and greater free cash deposit limits.