First United Bank Business Checking Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
This article is part of a larger series on Business Banking.
First United Bank is an excellent option for Oklahoma- and Texas-based businesses looking for a banking solution. It offers three separate checking accounts:
- A basic account for businesses with lower transaction volumes.
- A standard account for the average small business.
- A commercial account for businesses with bigger cash management needs.
Besides that, the bank also has a wide selection of lending products that can help you finance anything, be it for agriculture, real estate, or equipment.
First United Bank
What We Like
- Scalable checking accounts
- Transaction limit of 300 for free accounts
- No monthly fee for basic accounts
What's Missing
- $100 opening deposit
- Doesn’t earn interest
- Costly international wire transfers
Features
- Three business checking accounts
- Mobile and online banking options
- Support for e-Statements
- Free Visa debit card
How First United Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 United Business Free | None | $0 | Free at First United Bank ATMs; $1.50 for nonnetwork ATMs | $100 |
 Business Complete Checking | None | $15; waivable | Free at Chase ATMs; $2.50 for nonnetwork ATMs | $0 |
 Fundamentals Business Checking | None | $16; waivable | Free at Bank of America ATMs; $2.50 for nonnetwork ATMs | $100 |
When First United Bank Is a Good Fit
- You make fewer than 300 transactions per month: First United Bank’s lowest-tier checking account, United Business Free, offers up to 300 fee-free transactions per month. This particular account charges no monthly fees.
- You want scalable business checking products: First United Bank offers three business checking products. Its lowest tier charges low fees but sets lower transaction limits. Growing businesses can upgrade to First United Bank’s higher-tier accounts to gain access to more features and higher transaction limits.
- You want access to a wide range of lending products: The lending products First United Bank offers include SBA lending, agricultural loans, builder finance loans, and commercial loans.
When First United Bank Is Not a Good Fit
- You operate outside of Oklahoma or Texas: First United Bank’s 80 branches are all located in Texas and Oklahoma. Businesses looking for in-person banking from a provider with nationwide reach should choose Chase, which has about 4,700 branches across 48 states.
- You make more than 450 transactions per month: First United Bank’s middle tier checking account, United Business, charges a 45-cent fee per transaction after an account exceeds the 450 transaction limit for debits, credits, and deposited items per month. Most digital-only banking solutions offer unlimited fee-free transactions. First Internet Bank is a good option since it also provides a full range of banking services.
- You want to earn interest on checking deposits: None of First United Bank’s checking accounts earn interest. In our list of the best small business checking accounts, our choice for the best interest-earning checking account is Bluevine, which offers qualified accounts an APY of 1.5% for balances up to $100,000.
- You make frequent international wire transfers: First United Bank charges a steep $65 fee for international wire transfers. Under the banking solution Relay, incoming international wire transfers are free, and outgoing international wire transfers cost $10.
If your small business meets one or more of these scenarios, check out our guide to the best small business banks for additional recommendations.
First United Bank Business Checking Overview
United Business Free | United Business | United Commercial | |
|---|---|---|---|
Required Opening Deposit | $100 | $100 | $100 |
Required Balance Minimum | None | $15,000 to waive monthly fee* | None |
Monthly Fee | $0 | $9.95; waivable* | Varies** |
APY | None | None | None |
Transaction Limit Before Fees | 300; then 35 cents per transaction thereafter | 450; then 45 cents per transaction thereafter | Varies |
Wire Transfer Fees | $10 for incoming domestic $15 for outgoing domestic $65 for foreign | $10 for incoming domestic $15 for outgoing domestic $65 for foreign | $10 for incoming domestic $15 for outgoing domestic $65 for foreign |
ATM Fees | Free at First United Bank ATMs; $1.50 for nonnetwork ATMs | Free at First United Bank ATMs; $1.50 for nonnetwork ATMs | Free at First United Bank ATMs; $1.50 for nonnetwork ATMs |
*The $9.95 monthly fee for United Business can also be waived by maintaining a loan balance of $50,000.
**The monthly fee for United Commercial varies depending on an account’s transaction volume, services utilized, and earnings credit for balances maintained.
First United Bank Business Checking Requirements
The First United Bank business checking account application form will ask for the following pieces of identifying information:
- Preferred bank location
- First name
- Last name
- Address, including city, state, and ZIP code
- Primary phone number
- Email address
- Business name
Upon submission, it may request specific business documents. Our guide to opening a business bank account comes with a checklist that can help you determine which documents banking institutions typically require.
First United Bank Business Checking Features
First United Bank offers scalable checking accounts, digital banking, and a free Visa debit card.
Scalable Checking Accounts
Its business checking accounts scale according to your business’s needs and size, but First United Bank’s checking fees differ depending on the type of account you choose. Its basic account, United Business Free, and standard account, United Business, charge lower fees and are targeted at smaller businesses with more basic needs.
It also has an account called United Commercial, which is designed for larger businesses or businesses with complex cash management needs. What sets United Commercial apart from the first two tiers is that it earns credit on a percentage of collected balances. Credits earned can be used to offset transaction charges.
Digital Banking
First United Bank offers two digital banking options: online banking on web browsers and mobile banking through the First United Bank app, which is available on iOS and Android. Through digital banking, customers can make mobile deposits, pay bills, transfer funds, create budgets, and view e-statements on the go.
Free Visa Debit Card
All business checking accounts opened at First United Bank come with a free Visa debit card. First United Bank has a program called Instant Issue Debit Card, which prints First United debit cards immediately upon account opening; this reduces the time it takes for debit cards to arrive in the mail.
Other First United Bank Business Products
Interest-earning Accounts
First United Bank offers three interest-earning products: a basic business savings account called Business Savings, a money market account called United Business Money Market Gold, and a checking account called United Business Interest Checking. Business Savings requires an opening deposit of $100 and charges no monthly fees, while United Business Money Market Gold and United Business Interest Checking both require opening deposits of $1,000 and charge monthly fees of $9.95.
Lending Products
First United Bank offers Small Business Administration (SBA) lending, agriculture loans, builder finance loans, and commercial loans.
- SBA lending: First United Bank’s two SBA lending options include the SBA 7(A) program and the SBA 504 program. Because First United Bank is a Preferred SBA Lender, it can offer flexible terms, competitive rates, and faster approval times.
- Agriculture loans: First Internet Bank offers crop and livestock loans, equipment loans, operating loans, real estate loans, and farm and ranch insurance.
- Builder finance loans: The First United Bank Builder Finance Group provides financing for interim construction, finished developed lots, land acquisition and development, and entitled raw land.
- Commercial loans: First Internet Bank’s commercial loans include commercial real estate (CRE) loans and construction loans, equipment financing, and lines of credit.
First United Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| 300 transaction limit for the free account | Noninterest-drawing |
| No monthly fee for basic account | Strict requirements for waiving monthly fee |
| Mobile banking also available | Limited branch access to Oklahoma and Texas |
First United Bank’s lowest tier account, United Business Free, lets businesses make up to 300 transactions, including credits, debits, and items deposited, fee-free. The account charges no monthly maintenance fee and thus has no minimum balance requirements.
However, once businesses progress to First United Bank’s middle tier, United Business, the account becomes more difficult to maintain. United Business charges a $9.95 monthly maintenance fee. To waive the fee, account holders must maintain either an average daily balance of $15,000 or a loan balance of $50,000. Additionally, none of First United Bank’s checking accounts draw interest.
First United Bank has only 80 branches across Oklahoma and Texas. It compensates for its lack of physical presence by providing two digital banking options: online and mobile. The First United Bank mobile app, available on iOS and Android, lets customers make mobile deposits, pay bills, transfer funds, create budgets, and view e-statements.
Alternatives To First United Bank Business Checking
Although First Internet Bank’s checking products are complete enough to accommodate most small business needs, some customers may want additional features, such as cash back, ATM reimbursements, and nationwide branches.
Here are three options to consider:
- Chase is best for businesses looking for a full-service banking provider with nationwide reach. Our list of best small business checking accounts names it as the best provider for full-service small business banking tools. It offers checking accounts, savings products, lending products, and merchant services and operates in 4,700 branches across 48 states.
- Grasshopper is optimal for businesses looking for cash back on debit card purchases and are content with banking exclusively online. The online bank lets businesses save on debit card purchases by earning 1% cash back on all online and in-store debit card purchases.
- Novo* is ideal for businesses looking for a digital-only bank that will help them save on ATM fees. The digital banking solution lets businesses withdraw money from any ATM of their choice for free by reimbursing all ATM fees at the end of each month.
*Novo is a business financial technology (fintech) platform backed by Federal Deposit Insurance Corporation (FDIC)-insured Middlesex Federal Savings.
Bottom Line
First United Bank is an excellent provider for businesses operating in Oklahoma and Texas. If you make fewer than 300 transactions per month, First United Bank’s lowest tier account, United Business Free, might be able to meet your needs at an affordable cost. However, its middle-tier account, United Business, charges a $9.95 fee that can be costly to waive. Larger businesses should instead choose United Commercial, which earns credit on a percentage of balances to help you save on transaction charges.
