Flushing 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.
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.
Flushing Bank is a great choice for New York-based businesses needing affordable business checking products. The bank, which operates 25 branches across Queens, Brooklyn, Manhattan, and Long Island, 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, all transactions cost 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.
What We Like
- No monthly fees
- 500 fee-free transactions for basic account (Complete Business Checking)
- Rewards for account opening
Drawbacks
- Only 25 branches in Queens, Brooklyn, Manhattan, and Long Island
- 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
APY | Monthly Fee | Transaction Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
 Complete Business Checking | None | None | 500, then 50 cents per item | $100 |
 Carver Community Business Free Checking | None | None | 200, then 25 cents per item | $50 |
 Business Checking | 0.20% | None | Unlimited | None |
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 make 500 or fewer transactions per month: 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 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 Bluevine business checking review.
- 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. Our guide on how to open a business bank account contains a checklist of documents banks typically require from applicants.
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.
Tiered Business Checking
The bank has two types of business checking accounts. Although neither charges monthly fees, both require a minimum opening deposit of $100.
- Complete Business Checking offers 500 fee-free transactions per month and charges 50 cents for every additional transaction after the limit.
- Complete Business Checking Plus offers no free transactions but charges a lower transaction fee of 10 cents per item. It earns tiered APY on balances of $15,000 and over.
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 Android and iOS. 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.
Reviews for the app are mixed, with 3.4 out of 5 stars for Android and 3.3 out of 5 stars for iOS. Users criticize its outdated user interface (UI) and slow loading times.
Business Value Program
Flushing Bank’s Business Value Program provides new accounts with gift cards and cash bonuses for completing specific activity requirements.
To qualify for a Value Program gift card, you must maintain a minimum balance of $15,000 or over. The value of their gift card will be based on your 90-day average balance.
- Balances from $15,000 to $24,999: $200 gift card
- Balances from $25,000 to $74,999: $350 gift card
- Balances from $75,000 to $149,999: $600 gift card
- Balances from $150,000 to $249,999: $1,000 gift card
- Balances of $250,000 and over: $1,500 gift card
Additionally, the Business Value Program offers a $100 cash bonus to businesses that complete five debit card purchases within 60 days of account opening. It also gives a $100 cash bonus to businesses that complete five online bill payments within 60 days of account opening. Each individual debit card purchase or online bill payment must be worth $25 or more. The maximum amount an account can earn in cash bonuses is $200.
The term “new business checking accounts” 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.
Other Flushing Bank Business Products
Attorney Accounts
- 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 account: Attorneys wanting to earn interest for the New York IOLA fund can create an IOLA account through Flushing Bank. The provider handles all legal requirements and takes care of all reporting and payments to the state IOLA fund.
Savings Products
Although Flushing Bank has no basic savings accounts, it offers tiered business money market accounts, business certificates of deposit (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 under $250,000 to increase FDIC insurance coverage.
Lending Products
- 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 can 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 amounting to 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 User Reviews
Flushing Bank has a rating of 3.1 out of 5 on WalletHub1 and 1.5 out of 5 on DepositAccounts2. However, only eight reviews have been published across both platforms at this time. Within the past three years, the bank has received three negative reviews and zero positive reviews.
One user claimed to have been falsely accused of fraud. Another reviewer criticized the bank for charging too many fees during the COVID-19 pandemic, while the last claimed that workers at physical Flushing Bank branches were too slow to assist interested customers. Because there are no common threads between the few reviews available, it’s difficult to draw accurate conclusions about overall customer satisfaction.
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’s also a great provider for businesses needing flexible financing options.
User review references:
1WalletHub
2DepositAccounts
