This article is part of a larger series on Business Banking.
Flushing Bank is a regional bank with 25 branches across Queens, Brooklyn, Manhattan, and Long Island. It offers two business checking accounts:
- Complete Business Checking, a basic account that offers 500 fee-free transactions per month and charges 50 cents per additional transaction
- Complete Business Checking Plus, an interest-drawing account for businesses with larger transaction volumes, which charges 10 cents for every transaction
Both accounts charge no monthly fees and require an opening deposit of $100.
How Flushing Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Transaction Limit Before Fees
Minimum Opening Deposit
Complete Business Checking
Carver Community Business Free Checking
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 criteria 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, 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 that want access to a wider selection of physical bank branches should choose Chase, which has 4,700 branches in 48 states.
- You want unlimited fee-free transactions: Both Flushing Bank business checking accounts charge fees for transactions. Capital One offers unlimited fee-free transactions every month.
- You rely on wire transfers: For businesses that make wire transfers on a regular basis, Flushing Bank’s transfer fees can add up easily. Under Relay, incoming wire transfers are free, while incoming wire transfers cost $5 and outgoing wire transfers cost $10.
- You want fee-free ATM transactions: Flushing Bank ATM transactions are fee-free in Flushing Bank and Allpoint ATMs. However, customers may still have to pay third-party operator fees for Allpoint transactions. Businesses wanting to make fee-free ATM transactions at any location should choose Novo, which reimburses all ATM fees at the end of each month.
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 to how to open a business bank account contains a checklist of documents banks typically require from applying businesses.
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. Neither account charges a monthly fee and 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.
Flushing Bank offers digital banking through its website and mobile app, available on Android and iOS. Through digital banking, users can manage accounts, check balances, pay balances, deposit checks, transfer funds, and more. Flushing Bank’s online banking platform lets account holders add additional users, such as employees and team members, to their accounts.
Reviews for the app are generally mixed, with 3.4 out of 5 stars for Android and 3.1 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, new accounts must maintain a minimum balance of $15,000 or over. The value of their gift card is based on their 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 higher: $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. $200 is the maximum an account can earn in cash bonuses.
Flushing Bank defines new business checking accounts as 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
- 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.
- Interest on lawyer account (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.
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 Federal Deposit Insurance Corporation (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.
- Small Business Administration (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 loans 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 Pros & Cons
|No monthly fee or minimum balance requirements||$15,000 minimum balance requirement for interest-earning checking|
|500 fee-free transactions per month||Only 25 physical branches|
|Rewards for account opening||Poor consumer ratings on mobile app|
It’s affordable to open and maintain a business checking account with Flushing Bank. Neither of its business checking accounts charges monthly fees, and its basic account, Complete Business Checking, offers 500 fee-free transactions per month.
Although its higher-tier account, Complete Business Checking Plus, doesn’t offer free transactions, it charges an affordable transaction fee of 10 cents. Accounts may also receive cash bonuses or gift cards for completing certain activity requirements.
Complete Business Checking Plus earns interest, but only on balances of $15,000 and above.
We don’t recommend the institution to businesses that operate outside of New York State as it only has 10 branches in Queens, five branches in Brooklyn, three branches in Manhattan, and seven branches in Long Island. Although it offers digital banking options, consumers have given the mobile app middling reviews, citing poor UI and slow loading times as common problems.
Alternatives to Flushing Bank Business Checking
Flushing Bank offers affordable business checking services, but some businesses might want to increase their savings through interest, cash back, and lower fees. Here are three options to consider:
- Bluevine*: Best for high-yield APY on checking deposits. Qualified Bluevine accounts earn 1.50% APY on balances up to $100,000.
- Grasshopper: Best for cash back on debit card purchases. Users who meet the minimum balance requirement of $10,000 earn 1% cash back on all qualified debit card purchases.
- Bethpage Federal Credit Union: Best for businesses looking for a credit union instead of a bank. Credit unions usually offer lower fees and higher rates than commercial banks. The New York-based credit union Bethpage FCU offers business checking accounts that have no monthly fees, no transaction fees, and an APY of 0.20%.
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank.
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.