First United Bank Business Checking Review 2023
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.
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 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.
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. Furthermore, it provides protection for businesses through insurance solutions.
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 | None at First United Bank ATMs; $1.50 for nonnetwork ATMs | $100 |
 Business Complete Banking | None | $15; waivable | None at Chase ATMs; $3 for nonnetwork ATMs | $0 |
 Business Banking | None | N/A when enrolled in paperless statements | None at First Citizens ATMs; $2.50 per transaction at non-First Citizens Bank 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 Small Business Administration (SBA) lending, agricultural loans, builder finance loans, and commercial loans.
- You need business insurance protection: First United Bank offers a suite of insurance solutions such as commercial insurance, life insurance, and employee benefits.
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. Learn more about its business checking products from our Chase Business Complete Banking review.
- 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. Read our First Internet Bank Business Checking review for additional information.
- 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 2.0% for balances up to $100,000. Find out if it fits your business needs by reading our in-depth Bluevine Business Checking review.
- 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. Check out how Mercury’s free checking account can benefit your business through our Mercury Business Checking review.
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 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.
First United Bank’s mobile banking app scored 4.5 out of 5 rating on both App Store and Google Play. Users like it for the ease of navigation, reliability, and frequent addition of new features. However, some customers said that the app is glitchy, the data display isn’t real-time, and the online bill pay functionality needs improvement.
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 Banking 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 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’s able to offer flexible terms, competitive rates, and faster approval times. Read our guide on the different types, rates and requirements of SBA loans for more information.
- 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.
Insurance Products
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.
- Life insurance: Among the First United insurance products designed for businesses and families are Term Life, Universal Life, and Whole Life.
- 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, and flexible spending accounts for employees.
First United Bank User Reviews
| PROS | CONS |
|---|---|
| Efficient branch staff | Customer service lacks proper communication |
| High fees | |
First United Bank has a 3.5 out of 5 rating on both WalletHub and DepositAccounts. There are only a few reviews, and none focused on the business checking product. However, clients mentioned that they had a positive branch experience and that the personnel are responsive and can tailor solutions for you.
However, several said that they are dissatisfied with customer service. They explained that it takes multiple follow-up calls to get the right information, some vital details are left out, and there’s no after-hours customer service. Others commented that the bank’s fees to be steep.
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.
