First United Bank’s business checking accounts make banking affordable by providing relatively high monthly transaction limits at low monthly fees. There are three types of accounts available:
- A basic account for sole proprietors, nonprofits, and small businesses with lower transaction volumes.
- A standard account for the average small business.
- A commercial account for businesses with bigger cash management needs.
The bank also offers a wide selection of lending products that can help you finance anything, be it for agriculture, real estate, or equipment. Furthermore, it provides protection for businesses through insurance solutions.
Pros
- $0 monthly fee for basic accounts
- Fee-free transaction allowance of 300 items for basic accounts
- Access to increased Federal Deposit Insurance Corp. (FDIC) insurance through Insured Cash Sweep
Cons
- Operates exclusively in Oklahoma and Texas
- High fee for international wire transfers
- $10,000 minimum balance requirement to waive fees for midtier accounts
Features
- Three business checking accounts
- Mobile and online banking options
- Support for e-statements
- Free Visa debit card
- Business interest accounts, savings accounts, zero balance accounts, sweep accounts, lending products, and insurance solutions also available
How First United Bank Stacks Up With Its Competitors
When First United Bank Is a Good Fit
- You have a low to moderate monthly transaction volume: First United Bank checking fees are relatively low. Its lowest-tier checking account, United Business Free, offers up to 300 fee-free transactions per month, with an excess transaction fee of 35 cents.
- You want to bank without a monthly fee: United Business Free does not have a monthly fee or minimum balance requirements.
- You want access to a wide range of lending products: The lending products First United Bank offers include Small Business Administration (SBA) lending, agricultural loans, builder finance loans, and commercial loans.
- You need help with providing employee benefits: First United Bank helps businesses design cost-effective employee benefit programs, such as voluntary payroll deduction benefits, health savings accounts, and flexible spending accounts.
When To Choose an Alternative
- 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. Learn more about its business checking products from our Chase Business Complete Banking review.
- You want to earn interest on checking deposits: First United Bank offers an interest-earning checking account, but it has limited transactions and charges a fee of $9.95 per month. 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 2.0% on balances up to $250,000. Read our in-depth review of Bluevine business checking to find out how to qualify.
- You make frequent international wire transfers: First United Bank charges a steep $65 fee for international wire transfers. Under the banking solution Mercury, both domestic and international wire transfers are free. Our Mercury Business Checking review can help you determine whether the platform can meet your business needs.
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
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 on how to open a business bank account comes with a free downloadable checklist of 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.
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. Online banking lets you do the following:
- Manage accounts
- View transaction history, balances, and e-statements
- Manage debit cards
- Transfer funds
- Set up one-time or automatic recurring bill payments
- Deposit checks through mobile check deposit (app only)
First United Bank’s mobile banking app scored 4.5 out of 5 rating on both App Store1 (based on more than 3,700 reviews) and Google Play2 (based on 50,000-plus reviews). While the majority of users found the app reliable and easy to navigate, a handful of reviewers complained that it loaded too slowly and failed to update transaction histories and balances in real-time.
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, reducing the time it takes for debit cards to arrive in the mail.
Treasury Management
First United Bank offers the following treasury management solutions:
- ACH origination
- Wire transfers
- Direct deposit
- Payroll card services
- Merchant services
- Lockbox services
- Remote deposit capture (RDC)
Other First United Bank Business Products
A sweep account is a type of account that you link to your main checking account. When you enroll in a sweep account, you set a target balance for your main account. Your sweep account will then pull excess funds from your main account whenever you exceed your target balance.
First United Bank offers three types of sweep accounts:
- Auto Draw-Down Sweep uses your excess funds to pay off lines of credit and credit cards.
- Insured Cash Sweep spreads your funds across multiple demand deposit accounts and money market accounts to earn interest and increase your FDIC insurance.
- Corporate Repurchase Sweep lets excess funds earn interest.
You can create dedicated zero balance accounts for specific operating expenses, such as payroll and petty cash. Whenever you need to make a transaction, your zero balance account will pull the exact cost automatically from your main checking account. This helps you track spending per department, project, or expense category.
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
- United Business Money Market Gold and United Business Interest Checking both require opening deposits of $1,000 and charge monthly fees of $9.95.
First United Bank offers 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. For more information on loan types, rates, and requirements, refer to our guide to SBA loans.
- Agriculture loans: First United 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 United Bank’s commercial loans include commercial real estate (CRE) loans and construction loans, equipment financing, and lines of credit. Check out our guide on the types of commercial real estate loans to learn more about how each works.
First United Family of Insurance Solutions includes commercial insurance, life insurance, and employee benefits:
- Commercial insurance: Some of First United Bank’s coverages include bonding, commercial automobile, commercial property (including builders risk), equipment, general liability, management liability (crime and cybercrime), and surety bonding.
- Employee benefits: The First United team offers group medical, dental, and vision, group life and accidental death and dismemberment (ADD), short- and long-term disability, voluntary payroll deduction benefits, health savings accounts (HSAs), and flexible spending accounts (FSAs) for employees.
First United Bank Business Checking Reviews From Users
The bank has a 3.4 out of 5 rating on both WalletHub3 (based on more than 70 reviews) and a 3 out of 5 rating on DepositAccounts4 (based on around five reviews), though no customer left a specific First United Bank business checking review. Instead, users centered on the bank’s customer service.
Experiences varied from user to user. While a few reviewers reported having positive and efficient interactions with bank representatives, the majority said the opposite. Dissatisfied customers said that getting the right information required multiple follow-up calls, which was especially difficult given the lack of after-hours customer service.
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.
User review references:
1App Store
2Google Play
3WalletHub
4DepositAccounts
