Flushing Bank is a great choice for New York-based businesses needing affordable business checking products. The bank offers two business checking accounts: Complete Business Checking and Complete Business Checking Plus.
With Complete Business Checking, which was designed for businesses with small to moderate transaction volume, you receive an allowance of 500 fee-free transactions. With Complete Business Checking Plus, each transaction costs 10 cents. It also earns annual percentage yield (APY) on balances of $15,000 and above. Both accounts charge no monthly fees and require an opening deposit of $100.
Flushing Bank is a New York-based regional bank with 25 physical branches in Brooklyn, Long Island, Manhattan, and Queens. You are required to set a phone appointment to open a business account.
If you run a New York-based business but operate outside Flushing Bank’s service area, check out our guide to the best banks for small businesses in New York for recommendations. You can also jump to our alternatives section below for options.
Pros
- No monthly fees
- 500 fee-free transactions for basic account (Complete Business Checking)
- Rewards for account opening
Cons
- Only 25 branches
- Requires a minimum balance of $15,000 to earn interest (with Complete Business Checking Plus account)
- Steep wire transfer fees
Features
- Tiered Business Checking
- Business Mastercard ATM or Debit Card
- Online and Mobile Banking
- Business Value Program with gift card and cash bonus rewards
How Flushing Bank Stacks Up With Its Competitors
When Flushing Bank Is a Good Fit
- You want fee-free business checking: Neither of Flushing Bank’s business checking accounts charge monthly fees.
- You have a moderate to high monthly transaction volume: Flushing Bank’s basic business checking account, Complete Business Checking, offers 500 fee-free transactions each month. Each transaction after the limit costs 50 cents.
- You want rewards upon account opening: New business checking accounts This refers to any new business checking account without authorized signatures in common with any other existing Flushing Bank business checking accounts. Existing accounts cannot qualify for the Business Value Program.
- that meet Flushing Bank’s activity requirements may receive gift cards valued up to $1,500 and cash bonuses up to $200.
- You want access to a wide range of lending products: Flushing Bank offers business loans, lines of credit, Small Business Administration (SBA) loans, microloans, digital loans, owner-occupied mortgages, and equipment financing.
When Flushing Bank Is Not a Good Fit
- You want nationwide branch access: Flushing Bank only operates in Queens, Brooklyn, Manhattan, and Long Island. Businesses wanting access to a wider selection of physical bank branches should choose Chase, which has 4,700 branches in 48 states. Read our Chase business checking review to determine which account best suits you.
- You want to earn competitive interest on checking deposits: With Complete Business Checking Plus, the minimum balance requirement for earning interest is $15,000. Bluevine offers 2.00% APY on balances of $100,000 or less to businesses that spend $500 per month with their Bluevine debit card or receive $2,500 per month in customer payments. Learn more through our review of Bluevine business checking.
- You rely on wire transfers: Flushing Bank charges $15 for incoming wire transfers, $30 for outgoing domestic wire transfers, and $50 for outgoing international wire transfers. Mercury charges zero wire transfer fees. Our Mercury business checking review can help you determine if it fits the bill.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
Flushing Bank Business Checking Overview
Flushing Bank Business Checking Requirements
To open a business checking account with Flushing Bank, applicants must schedule a call or appointment.
The exact list of Flushing Bank business checking requirements is unavailable on the website. You can refer to our guide on how to open a business bank account for a checklist of documents typically required during the application process.
Flushing Bank Business Checking Features
Flushing Bank offers tiered business checking, a free business Mastercard ATM or debit card, online and mobile banking, and rewards for new accounts.
Business Mastercard ATM or Debit Card
Both business checking accounts come with a free Business Mastercard ATM or debit card. Flushing Bank debit cards can be used at any location that accepts Mastercard payments.
Digital Banking
Flushing Bank offers digital banking through its website and mobile app (available on iOS and Android). Through digital banking, you can manage accounts, check balances, pay balances, deposit checks, transfer funds, and more. Additionally, Flushing Bank’s online banking platform lets you add additional users, such as employees and team members.
The app earned 3.2 out of 5 stars on the App Store[1] (based on around 20 reviews) and 3.3 out of 5 stars on Google Play[2] (based on more than 100 reviews). The majority of reviewers said that the app consistently fails to load, regardless of internet connection strength.
Business Value Program
Flushing Bank’s Business Value Program offers gift cards and cash bonuses to new business checking accounts This refers to any new business checking account without authorized signatures in common with any other existing Flushing Bank business checking accounts. Existing accounts cannot qualify for the Business Value Program. that meet specific activity requirements.
To qualify for a Value Program gift card, you must maintain a minimum balance of $10,000 or over. The value of the gift card will be based on your 90-day average balance.
- Balances from $10,000 to $49,999: $150 gift card
- Balances from $50,000 to $99,999: $500 gift card
- Balances from $100,000 to $249,999: $1,000 gift card
- Balances of $250,000 and over: $2,500 gift card
Other Flushing Bank Business Products
Flushing Bank offers specialized accounts for attorneys, business savings accounts, and business lending products.
- Escrow account: The Flushing Bank Attorney Escrow Management Account includes a master account for primary fund disbursements. The main account is linked to dedicated interest-bearing accounts for each client. As the client’s funds earn interest, the Escrow account automates recordkeeping and reporting for attorneys.
- IOLA: Attorneys wanting to earn interest for the New York IOLA fund can create an IOLA through Flushing Bank. The provider handles all legal requirements and takes care of all reporting and payments to the state IOLA fund.
Although Flushing Bank has no basic savings accounts, it offers tiered business money market accounts, business CDs, and IntraFi Network Deposits CDs.
IntraFi Network Deposits CDs require a minimum balance of $10,000. Flushing Bank spreads balances across network banks in amounts of less than $250,000 to increase Federal Deposit Insurance Corp. (FDIC) insurance coverage.
- Business term loans: Flushing Bank offers fixed loan amounts up to $15 million. Repayment terms are flexible and can last up to seven years. Borrowers can choose between fixed or variable interest rates.
- Business lines of credit: Customers can secure lines of credit ranging from $500,000 to $15 million. Terms are competitive and flexible.
- SBA loans: As a Preferred SBA Lender, Flushing Bank is able to offer long-term, low-rate, and low-down-payment financing on SBA 7a, SBA 504, and SBA Business Express loans up to $5.5 million.
- Microloans: A partnership with Pursuit lets Flushing Bank provide Microloans up to $100,000.
- Digital loans: Flushing Bank offers speedier loan origination and closing processes through digital loan applications. Digital loan amounts from $25,000 to $500,000 are available.
- Owner-occupied commercial mortgages: Flushing Bank helps businesses acquire, refinance, or improve owner-occupied real estate with loan amounts up to $15 million. Rates are competitive and terms are flexible.
Flushing Bank Business Checking Reviews From Users
No Flushing Bank business checking reviews from users have been published on review platforms. The bank has a rating of 3.2 out of 5 on WalletHub[3] (based on 30-plus reviews) and 1.5 out of 5 on DepositAccounts[4] (based on fewer than 10 reviews), but no users have posted written reviews of its business checking products.
Bottom Line
With no fees for monthly maintenance, high fee-free transaction limits, and rewards programs, Flushing Bank is a great business checking provider for businesses operating in Queens, Brooklyn, Manhattan, and Long Island. Given the bank’s wide selection of business lending products, it is also a great provider for businesses needing flexible financing options.
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