Fremont Bank offers four business checking accounts that can match different transaction volumes and balances. It provides waivable monthly fees, generous free cash deposit allowances, a free business debit Mastercard, digital banking access, fee rebates, and complimentary services. Its other business banking products include analyzed checking, savings accounts, credit cards, and lending products.
Fremont Bank operates 21 full-service branches in California. You are required to visit a branch to open an account.
Pros
- Flexible requirements for waiving monthly fees
- Generous fee-free cash deposit limits
- Highly rated mobile app
Cons
- No branches outside of California
- Branch visit required for account opening
- High monthly fees for higher-tier accounts
Features
- Free Business Debit Mastercard
- Online banking and mobile banking with small business bill pay
- Fee rebates and complimentary services
- Free single-feed remote deposit capture (RDC) unit or discounted multiple-feed RDC unit under Business Premier Checking
- Full range of business products—savings, certificates of deposit, credit cards, and lending
- Access 55,000-plus Allpoint ATMs
How Fremont Bank Stacks Up With Its Competitors
When Fremont Bank Is a Good Fit
- You have a low business transaction activity: With Business Plus Checking, you get 100 total deposits, deposited checks, presented checks, and automated clearing house (ACH) debits/credits combined per statement.
- You plan to open additional accounts: If you have a Business Preferred Checking or Business Premier Checking account, you’re allowed to open an additional one or two Business Plus Checking accounts with no monthly service fee.
- You need access to a wide range of lending products: Fremont Bank offers term loans, lines of credit, Small Business Administration (SBA) loans, real estate loans, and specialty financing. If you have a Fremont Bank Commercial Lending relationship, you can waive the $12 Business Plus Checking monthly fee.
When To Choose Fremont Bank Alternatives
- Your business is based outside California: If your business isn’t in California, you can opt for Chase, with its wider branch footprint in 48 states. Read our Chase business checking review to find out which of the three accounts suits your business.
- You prefer to earn a high annual percentage yield (APY) without paying a monthly fee: While Fremont Bank has a Business Interest Checking option, you need to maintain a $10,000 ADB to waive its $25 monthly service fee. Consider Bluevine, which offers a free business checking account and provides 2.0% APY for qualifying balances up to $250,000. Our review of Bluevine business checking gives detailed information about the account’s features.
- You want to open a business checking account online: Fremont Bank requires you to speak with a bank representative or head to a branch to open a business checking account. If you prioritize convenience, you can check our list of the best online business banks to find a solution that fits your needs.
Check out more providers in our list of the best small business checking accounts.
Fremont Bank Business Checking Overview
Fremont Bank Business Checking Requirements
Opening a Fremont Bank business checking account online requires contacting a bank relationship manager by calling (510) 723-5831 or (866) 222-7215. You can also visit one of its 21 branches to open an account.
See the additional Fremont Bank business checking requirements by selecting your business type:
- Business license ( required only if fictitious business name statement is not required)
- Fictitious business name statement
- Fictitious business name statement
- Statement by foreign partnership―must be filed with the California Secretary of State
- Fictitious business name statement
- Certificate of limited partnership―must be filed with the California Secretary of State, if amended, then also obtain amendment to certificate of limited partnership (LP-2)
- Fictitious business name statement
- Certificate of limited partnership―must be filed with the California Secretary of State, if amended, then also obtain amendment to certificate of limited partnership
- Certificate of registration or application for registration of foreign limited partnership if client no longer has the original certificate of registration―must be filed with the California Secretary of State
- Fictitious business name statement
- Articles of incorporation (plus any amendments/modifications)―must be filed with the California Secretary of State. If the client can’t provide articles, print business entity detail from the California Secretary of State website that indicates active status.
- Statement of information (California stock, agricultural cooperative, and foreign corporations)―must be filed with the California Secretary of State and be the most recent completed copy If the provided statement of information indicates there has been no change in any information since the last filing, the client must also provide the most recent filed copy that details the members/managers. . The declaration instead of statement of information may only be used while awaiting the filed copy from the State of California, such as in cases of a new business that recently filed or an old filing where the state website does not contain a completed statement of information.
- Fictitious business name statement―only required if the business is operating in a name other than the corporate name. It must be filed with the respective county clerk’s office.
- Articles of organization―must be filed with the California Secretary of State. If the client can’t provide articles, print business entity detail from the California Secretary of State website that indicates active status. If amended, also obtain an amendment to the articles of organization of an LLC.
- Statement of information (LLC)―must be filed with the California Secretary of State and be the most recent completed. The declaration instead of statement of information may only be used while awaiting the filed copy from the State of California.
- Fictitious business name statement―only required if the business is operating in a name other than the LLC name. It must be filed with the respective county clerk’s office.
Before heading to the bank, you can check our guide on how to open a business bank account to view a free downloadable checklist of required documents.
Fremont Bank Business Checking Features
Fremont Bank offers five types of business checking accounts, a debit card, digital banking access, rebates, and complimentary services.
Access to 55,000-plus Allpoint ATMs
Fremont Bank business customers can use over 55,000 Allpoint ATMs without paying any surcharge.
Waived Monthly Fees for Additional Accounts
Fremont Bank provides additional accounts with waived monthly fees under a Business Preferred Checking and a Business Premier Checking account.
You can open one Business Plus Checking account with no monthly fees if it’s linked to a Business Preferred Checking account. Two Business Plus Checking accounts with no monthly fees can be opened when linked to a Business Premier Checking account.
Complimentary Services
- Business Preferred Checking account holders can benefit from two free services each month, which include online stop payments, cashier’s checks, or linked account overdraft transfers.
- Business Premier Checking clients are offered several benefits:
- Four free services per month, which cover online stop payments, cashier’s checks, or linked account overdraft transfers
- Free checks up to $150 each year
- Access to a Premier Business Money Market account with waived monthly fees if linked to a Premier Business Checking account with a $1 daily balance
- Business Analyzed Checking customers obtain cash management services and tiered earnings credit rates when maintaining higher balances.
Digital Banking
Enrolling in online banking lets you transfer funds securely and deposit checks conveniently. You can also view balances and loan information, send domestic and international wires, and set user authority levels.
Mobile banking lets you view balances, review your transaction history, and approve fund transfers, bill payments, loan payments, and wire transfers. You can also initiate check deposits using your smartphone’s camera and perform fund transfers and single-item ACH transfers.
The app received user feedback. It earned a rating of 4.7 on the App Store[1] (based on more than 2,100 reviews) and 4.6 on Google Play[2] (based on 200-plus reviews). Most users found the app well-designed and intuitive. No negative reviews have been published within the past year.
Multiple Rebates
Fremont Bank provides rebates for Business Plus Checking and Business Analyzed Checking accounts if it’s enrolled in e-statements. Business Preferred Checking and Business Premier Checking accounts are also given rebates when enrolled in Business Bill Pay or are linked with business loans or lines of credit amounting up to $500,000.
Free/Discounted RDC Unit
Business Premier Checking account holders can get a single-feed RDC unit with no fee or a discounted multifeed unit. This saves business owners a lot of time since they can deposit checks at their desks and skip bank trips.
Other Fremont Bank Business Products
Businesses with larger balances can opt for Business Analyzed Checking, where the $22 monthly service fee can be offset by earnings credit. If enrolled in e-statements, a $6 credit is given. Business Analyzed Checking also comes with an interest-bearing option with variable interest.
- Statement Savings: Excess funds can be placed in a Statement Savings account to earn competitive interest. The opening deposit is $100 and the $5 monthly service fee can be waived by maintaining a $500 minimum daily balance.
- Money Market Checking: A Money Market Checking account provides higher tiered interest rates on extra funds and combines the convenience of check writing. Clients can write up to six checks each month. The opening deposit is $100 and the $16 monthly service fee can be waived by meeting a $2,500 daily average balance. Currently, balances up to $49,999 earn 0.10% while balances $100,000 and above generate 1.00%
- Premier Money Market Checking: The Premier Money Market Checking account is available only to Business Premier Checking clients. This is a high-yield business product that provides tiered interest rates and offers check-writing privileges. Similar to Money Market Checking, business owners can write up to six checks per month. The opening deposit is $100, and no monthly service fee is charged when it’s linked to a Business Premier Checking account with a $1 minimum daily balance. Otherwise, $30 per statement period applies.
For business savings products, deposits exceeding $1,000 are charged $3 per $1,000. Only six authorized withdrawals and/or transfers are allowed each month. Beyond this, a $15 transaction fee applies. Note that in-person withdrawals at the branches and ATMs are unlimited.
Fremont Bank offers business CDs with guaranteed fixed returns and competitive interest rates. The minimum opening deposit is $2,500 and the terms are flexible from one month to five years. CDs are Federal Deposit Insurance Corp. (FDIC)-insured and early withdrawals can be subjected to a penalty. Currently, 1-month CD terms with $2,500 and above balances earn 0.10% while 5-year CD terms with the same balances generate 0.25%.
Fremont Bank provides a variety of business credit cards to help manage business spending. The benefits include earning cash back, higher credit limits, travel rewards, waived annual fees, and special introductory financing. Customers can apply for a Business Platinum Mastercard, Business Platinum Rewards Mastercard, Business Platinum Low Rate Mastercard, or a Business World Elite Mastercard.
Fremont Bank offers diverse financing options and competitive rates to help small businesses expand, purchase inventory, or upgrade equipment. Funding solutions include business term loans, business lines of credit, Small Business Administration (SBA) loans, commercial real estate (CRE) loans, multifamily loans, construction loans, and specialty financing.
The bank’s treasury management solutions include providing electronic fund transfers (EFTs), payroll services, merchant services, RDC, lockbox services, and positive pay, a fraud detection tool.
Fremont Bank Business Checking Reviews From Users
Few clients have given a Fremont Bank business checking review on user review platforms. While the bank received a 3.4-star rating on WalletHub[3] (based on more than 200 reviews) and a 3.4-star rating on Yelp[4] (based on about 80 reviews), most comments focused on customer service. A handful of users found its products serviceable, though many complained of unprofessional and unhelpful service from representatives.
Bottom Line
Fremont Bank is an excellent choice for businesses in California. It offers a great variety of business checking accounts for different business needs. You can open a starter account–– Business Plus Checking—and switch to the next tier as your business grows. If you seek more account benefits, then opening a Business Preferred or Business Premier Checking account is recommended, with monthly fee waivers and superb complimentary services.
[1]App Store
[2]Google Play
[3]WalletHub
[4]Yelp
