Exchange Bank Business Checking Review 2023

Exchange Bank is a great choice for sole proprietors and nonprofit organizations with low monthly transactions looking for waivable monthly fees and an option to earn interest.

The bank offers six business checking accounts:

Sole Proprietor Checking: Waivable $10 monthly fee, up to 100 free monthly transactions, and a free cash deposit limit of $5,000.
Business Checking: Waivable $15 monthly fee, up to 200 free monthly transactions, and a free cash deposit limit of $10,000.
Business Advantage Checking: Waivable $25 monthly fee with 400 free monthly transactions and a free cash deposit limit of $20,000.
Non-Profit Checking: 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: Waivable $13 monthly fee, up to 150 free monthly transactions, and a free cash deposit limit of $10,000

The Exchange Bank business checking accounts come with a free debit card, online and mobile banking, and access to Merchant Services.

Exchange Bank is a Federal Deposit Insurance Corp. (FDIC)-insured traditional bank in California with branches largely concentrated in Sonoma County, specifically Santa Rosa. You must visit a branch to open an Exchange Bank business checking account.

Pros

Multiple ways to waive the monthly fees
Variety of business checking options, including interest-bearing accounts
High free cash deposit limits
Wide range of lending products

Cons

Branches limited to California
No free business checking account
No online account opening
Low interest rates

Features

Free debit card
Online and mobile banking
Connect to QuickBooks and Quicken
Access to Merchant Services
Integrates with Apple Pay, Google Pay, and Samsung Pay
Business overdraft services
Business savings, money market, and certificates of deposit (CDs) available
Business credit cards, Small Business Administration (SBA) loans, commercial real estate (CRE) loans, and vineyard, winery, and agricultural loans
Offers Insured Cash Sweep (ICS) or Certificate of Deposit Account Registry Service (CDARS) for money market and CD accounts Contact the bank for more information.

Visit Exchange Bank

How Exchange Bank Stacks Up With Its Competitors

	Annual Percentage Yield (APY)	Cash Deposit Fee	ATM Fee	Minimum Opening Deposit	Geographic Availability
Sole Proprietor Checking	$10; waivable	$2,500 ADB ADB refers to Average Daily Balance or $10,000 ADB in combined accounts Combined accounts are related business checking, savings, money market, and time deposit accounts.	100, then 40 cents per item thereafter	$5,000, then 18 cents per $100	California
Sole Proprietor Checking	Visit Exchange Bank
Silver Business Checking	$0	N/A	125, then 50 cents per item	$2,500, then 33 cents per unit	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.
Silver Business Checking	Visit U.S. Bank
Smart Business Checking	$10; waivable	$3,000 average monthly balance or $6,000 in eligible accounts	150 Contact the bank for fee information on excess transactions.	$5,000 Contact the bank for fee information on excess transactions.	California
Smart Business Checking	Visit Mechanics Bank

Exchange Bank’s Sole Proprietor Checking has a low monthly maintenance fee that can be waived by maintaining fixed daily balances, which is similar to Mechanics Bank’s Smart Business Checking. Meanwhile, U.S. Bank’s Silver Business Checking does not charge any monthly maintenance fee at all.

For monthly transaction limits, Exchange Bank provides a typical free allowance of 100, which is surpassed by U.S. Bank and Mechanics Bank. In terms of fee-free cash deposits, Exchange Bank and Mechanics Bank provide double the allowance U.S. Bank gives. However, U.S. Bank beats the two providers for its wide accessibility to users through online banking and branch presence in several states.

When Exchange Bank Is a Good Fit

You’re a sole proprietor 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.
Your business has a moderate to high monthly transaction volume: The Business Checking and Business Advantage Checking accounts offer higher free monthly transactions and cash deposit limits.
You’re a sole proprietor or nonprofit looking to earn interest on a checking account: Sole Proprietor Interest Checking and Non-Profit Interest Checking accounts generate an increasing APY the higher the balances are.
You prefer having overdraft protection: Exchange Bank offers three business overdraft services and two of which, Overdraft Line of Credit and the Business Overdraft Program, are available to Sole Proprietor checking account holders.

When To Consider Exchange Bank Alternatives

You’re a nonprofit seeking higher free transactions and no monthly fees: While Non-Profit Checking has a waivable monthly fee, some banks don’t charge monthly fees, such as U.S. Bank. It also offers 1,800 free transactions annually (or around 150 per month) for its nonprofit account. In contrast, Exchange Bank provides only 100 fee-free monthly transactions. For more information, read our U.S. Bank business checking review.
You want high interest earnings: Although Exchange Bank offers interest-drawing checking accounts, the rate is lower compared to the financial technology (fintech) company, Bluevine. It provides 2.0% APY for qualifying balances up to $250,000. That’s why it earned a spot in our roundup of the leading online business banks. Check out our Bluevine business checking review to learn more details.
You need in-person banking and your business is based outside California: Exchange Bank’s brick-and-mortar branches are confined to California, mostly in Sonoma County. We recommend Chase for its 48-state branch presence, and you can read our Chase business checking accounts review to discover which of the three suits you best.
You’re a sole proprietor seeking a free payment software: Exchange Bank does not provide a free integrated payment system. Consider Grasshopper Bank as it offers a built-in payment and invoicing software, Autobooks, which streamlines the business operations of sole proprietors. Our Grasshopper Bank business checking review discusses the product features.

Check out more options in our list of the leading small business checking accounts. You may also be interested in our guide to the best banks for small businesses in California.

Exchange Bank Business Checking Overview

	Sole Proprietor Checking	Business Checking	Business Advantage Checking	Non-Profit Checking	Sole Proprietor Interest Checking and Non-Profit Interest Checking
Best For	Sole proprietors with basic checking needs	Small and medium businesses (SMBs) with low or moderate activity	Midsize businesses with higher transaction volumes	Incorporated and unincorporated nonprofit organizations	Sole proprietors and nonprofits seeking to earn interest
Required Opening Deposit	$100				$500
Transaction Limit Before Fees Processed transactions include checks paid, deposits, in-branch withdrawals and all deposited items. Transactions excluded are automated clearing house (ACH) debits or credits and ATM/point-of-sale (POS) transactions.	100	200	400	100 For non-profit organizations with a Non-Profit Interest Checking or Non-Profit Checking, the processed transaction count does not include deposited items.	150
Cost per Excess Transaction	40 cents per item
Monthly Fees The monthly maintenance fee is waived for two account cycles after account opening. Please see the section for conditions to be met to regularly waive the fee.	$10	$15	$25	$6	$13
Domestic Wire Transfer Fees	Incoming: $15 Outgoing: $30 ($25 for online) Business Advantage Checking gets rebate for up to 2 incoming wires per month
International Wire Transfer Fees	Incoming: $15 Outgoing: $40 ($35 for online plus fees) Business Advantage Checking gets rebate for up to two incoming wires per month
ATM Fees	None at over 55,000 Allpoint ATMs, $1.50 for withdrawals at non-Exchange Bank ATMs, and 1.20% FX conversion fee Foreign conversion fee on point-of-sale debit card and ATM withdrawal transactions outside the US for international transactions
Cash Deposit Fees	Up to $5,000 per month free, then 18 cents per $100	Up to $10,000 per month free, then 18 cents per $100	Up to $20,000 per month free, then 18 cents per $100	Up to $10,000 per month free, then 18 cents per $100	Up to $10,000 per month free, then 18 cents per $100
APY	N/A	N/A	N/A	N/A	Tiered rates $249,999 and below: 0.10% $250,000 to $499,999: 0.13% $500,000 and above: 0.15% Rates are effective as of 9/20/2023 and subject to change.

	Sole Proprietor Checking	Business Checking	Business Advantage Checking	Non-Profit Checking	Sole Proprietor Interest Checking and Non-Profit Interest Checking
Debit Card	Free Business Debit Mastercard^®
Physical Checks	Cost varies depending on quantity and style
Software Integrations	QuickBooks and Quicken
Business Payment Integrations	Clover and Zelle
Customer Service	24/7 telephone banking: (866) 506-9583 Business online banking: (707) 524-3000 or (800) 995-4066 Mondays to Fridays, 7 a.m. to 6 p.m. Pacific time Saturdays, 8:30 a.m. to 2:30 p.m. PT
Other Products	Business savings, business money market, business certificates of deposit (CDs), business credit cards, and loans

Sole Proprietor Checking	Maintain $2,500 average daily collected balance OR Maintain $10,000 average daily collected balance in combined accounts Combined accounts are related business checking, savings, money market, and time deposit accounts. OR 50% waiver of monthly fee with 15 or more POS debit card transactions in the current monthly statement period OR Enrolled in Cash Manager Plus or Cash Manager Executive services
Business Checking	Maintain $5,000 average daily collected balance OR Maintain $15,000 average daily collected balance in combined accounts Combined accounts are related business checking, savings, money market, and time deposit accounts. OR Enrolled in Cash Manager Plus or Cash Manager Executive services
Business Advantage Checking	Maintain $10,000 average daily collected balance OR Maintain $30,000 average daily collected balance in combined accounts Combined accounts are related business checking, savings, money market, and time deposit accounts. OR Maintain $75,000 average daily collected balance in checking, savings, money market, time deposit, and loan accounts OR Enrolled in Cash Manager Plus or Cash Manager Executive services
Non-Profit Business Checking	Maintain $1,000 average daily collected balance OR Maintain $10,000 average daily collected balance in combined accounts Combined accounts are related business checking, savings, money market, and time deposit accounts. Enrolled in Cash Manager Plus or Cash Manager Executive services
Sole Proprietor Interest Checking/Nonprofit Interest Checking	Maintain $5,000 average daily collected balance OR Maintain $10,000 average daily collected balance in combined accounts Combined accounts are related business checking, savings, money market, and time deposit accounts.

Exchange Bank Business Checking Requirements

You can visit a branch to open a business checking account. The bank will collect information on all beneficial owner(s) Beneficial owners are individuals who own 25% or more of the equity interest of the Legal Entity. and control persons Control persons are identified as high-level officials responsible for running the organization and have access to a range of information involving day-to-day company operations. of legal entities, whether they have a personal relationship with the bank.

As part of the Exchange Bank business checking requirements, you’ll need to provide your

Name
Address (personal or business)
Date of birth
Social Security number or tax identification number (TIN)
Identification documents, such as 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)

Articles of organization (LLC-1) and amendments (LLC-2)
Operating agreement
LLC statement of information (LLC-12)

If applicable:

Addendum to LLC (GO0228)
LLC application & certification for registration (LLC-5)
Fictitious business name statement

LLP partnership agreement
LLP registration (LLP-1)

If applicable:

Amendment to registration of LLP (LLP-2)
Fictitious business name statement

Articles of incorporation or (ARTS-GS)
Corporate resolution

If applicable:

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.

Business Checking Accounts

All Exchange Bank business checking accounts require a $100 opening deposit.

Sole Proprietor Checking is ideal for sole proprietors who make 100 or fewer transactions per month. Past the limit, each item is charged 40 cents. The cash deposit allowance is $5,000, and beyond this, 18 cents per $100 is collected.
Business Checking fits small and midsized businesses (SMBs) with low or moderate transaction volumes. They can make 200 fee-free monthly transactions and deposit cash without fees up to $10,000.
Business Advantage Checking is suitable for mid-sized businesses with higher transaction activity. It provides a free monthly transaction allowance of 400 and up to $20,000 in cash deposits.
Non-Profit Checking, designed for nonprofits, offers up to 100 free monthly transactions and a $10,000 cash deposit limit. Similar to the above accounts, the same excess fees are charged past the set limits.
Sole Proprietor Interest Checking and Non-Profit Interest Checking provides tiered interest earnings and offers a free monthly transaction limit of 150 and cash deposit allowance of $10,000.

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 bill payments with the funds directly deducted from your checking account. Business checking account holders can use their debit card at over 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	Account Balance	Interest Rate The interest rates and APYs are effective as of 9/13/2023. They may change at any time, at the bank’s discretion.	APY The interest rates and APYs are effective as of 9/13/2023. They may change at any time, at the bank’s discretion.
Non-Profit Interest Checking and Sole Proprietor Interest Checking	$500	$13 The monthly maintenance fee can be waived by maintaining - $5,000 average daily collected balance OR - $10,000 average daily collected balance in combined accounts	Less than $50,000 $50,000 to $99,999 $100,000 to $249,999 $250,000 to $499,999 $500,000 or greater	0.10% 0.10% 0.10% 0.13% 0.15%	0.10% 0.10% 0.10% 0.13% 0.15%

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.

Reviewers rated Exchange Bank’s mobile banking app 4.4 out of 5 on both App Store^[1] (based on around 2,000 reviews) and Google Play^[2] (based on about 340 reviews). Customers praise the app for its ease of use, convenience, and intuitive features. Some, however, stated it was difficult for them to set up automatic online payments, while others experienced login issues.

Mobile Wallet

Exchange Bank provides a safe and easy way of paying with your debit or credit card using your mobile device. It integrates with Apple Pay, Google Pay, and Samsung Pay.

Business Overdraft Services

To prevent business owners from incurring overdraft fees, Exchange Bank offers overdraft protection options:

Overdraft protection service: This moves funds from your nominated business checking or savings or business money market account automatically to prevent overdrafts in your business checking account. This covers daily debit card transactions, ATM transactions, checks, ACH transactions, electronically converted checks and electronic bill payments, and recurring debit card transactions. A $10 fee is collected once at the end of the day.
Overdraft line of credit: This is available to Sole Proprietor checking products only and subject for credit approval after submitting an application. It also covers daily debit card transactions, ATM transactions, checks, ACH transactions, electronically converted checks and electronic bill payments, and recurring debit card transactions.
Business Overdraft Program: This is for Sole Proprietor checking products only and considered as a discretionary service. It can be costly, and your account needs to be eligible to be assigned a Business Overdraft Program limit. Check Exchange Bank’s Business Overdraft Program Disclosure for complete details of the terms and conditions.

Merchant Services

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 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.

You can learn more about the user-friendly solution through our review of Clover POS.

Other Exchange Bank Business Products

Exchange Bank has a wide range of business products and services for small businesses. It includes business savings, money market accounts, CDs, credit cards, and loans.

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.

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 (ADB) of at least $750 in your savings and linked business accounts per month. Currently, all balances earn 0.10% interest.
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 ADB of $3,000 to waive the $12 monthly fee. This product earns tiered interest rates, starting at 0.20% for balances less than $10,000 and up to 0.75% for balances of $1,000,000 or higher.
Business CD: For a minimum $1,000 opening deposit, you can earn tiered interest rates, with terms ranging from three months to five years. For three-month CD terms, the interest is 3.00% for balances ranging from $1,000 to $99,999. The highest interest rate of 4.01% is offered by 18-month to 23-month CDs for balances of $100,000 and more.
Flex Business CD: The bank provides CDs with a 15-month term, which is open to renewals only. The current interest rate is 2.99% for balances less than $100,000. For rate information on higher balances, please refer to Exchange Bank’s rate schedule for business accounts.

Those with new funds (outside of the current deposits with the bank) can also take advantage of the Business CD Promotion, which are 12-month CD terms earning interest at 4.88%.

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. It features zero fraud liability and an auto rental collision damage waiver—you can learn more about how it can benefit your business by reading our Exchange Bank Visa Business Cash Preferred Card review.

For more rewards and no point limits, you can apply for the Exchange Bank Smart Business Rewards Card. You may also be interested in the Exchange Bank Business Real Rewards Card, which offers 1.5 points monthly for every $1 spent on eligible purchases.

Term loans provide fixed rates and one- to five-year terms available for purchasing capital, equipment, vehicles, and tenant improvements.
Lines of credit can support inventory and other short-term business needs.
SBA loans are offered for inventory, working capital, purchase of equipment and business, construction, or upgrading of occupied commercial real estate.
Vineyard, winery, and agricultural loans aid in the growth of agribusinesses.
CRE loans can be utilized for business construction or expansion and provide variable rates.

Exchange Bank Business Checking Reviews From Users

There are currently no Exchange Bank business checking reviews available. On WalletHub^[3], the bank has a 3 out of 5 rating from around 60 reviews, and on Yelp^[4], it has a 1.6 out of 5 rating from about 30 reviews. Some users praised the bank for its excellent customer service for over two decades. They mentioned that the staff is friendly, helpful, and pleasant.

Meanwhile, other reviewers were left unsatisfied with the bank’s service and stated that phone calls and emails went unreturned. They also complained that it takes a long time to speak with a bank representative over the phone. Some also reported that the ATMs break down a lot of times.

Bottom Line

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. These come with more free monthly transactions and greater free cash deposit limits.

User review resources:

¹App Store
²Google Play
³WalletHub
⁴Yelp

Exchange Bank Business Checking Review 2023

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