Fremont 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.
Fremont Bank offers five business checking accounts that can match different transaction volumes and balances. It provides waivable fees, generous free cash deposit limits, a free business debit Mastercard, digital banking access, fee rebates, and complimentary services. This community bank is best for businesses of all sizes based in California since it operates solely in that state. It has 21 full-service branches, several of which are located in Fremont.
What We Like
- Multiple ways to waive the monthly fee for Business Plus Checking
- Generous fee-free cash deposit limits
- Waived fees for additional Business Plus Checking accounts if linked with Business Preferred a or Business Premier Checking
Drawbacks
- Branches limited to California
- High monthly fees
- High maintaining balances to qualify for monthly fee waivers
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
Annual Percentage Yield (APY) | Cash Deposit Fee | Monthly Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Plus Checking | None | $2,500 free per statement period, then $3 per $1,000 | $12; waivable | $100 |
 Free Business Checking | None | $10,000 free per statement cycle (applies to deposits and withdrawals) | None | $50 |
 Silver Business Checking | None | $2,500 free per statement cycle, then 30 cents per $100 | None | $100 |
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 have a moderate transaction volume and want high fee-free cash deposits: Both Business Preferred Checking and Business Premier Checking accounts provide clients with 500 total deposits, deposited checks, presented checks, and ACH debits/credits combined per statement. They also offer generous free cash deposits up to $15,000 per statement period.
- You want to waive the monthly service fee: Fremont Bank’s lowest tier product, Business Plus Checking, has multiple ways to waive the $12 monthly fee: customers can maintain a $5,000 average daily balance, make qualifying purchases with the business debit card, establish a Fremont Bank commercial lending relationship, pay an RDC monthly fee, or enroll in Merchant Services.
- 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 seek more account benefits: Business Plus Checking provides two complimentary services per month, while Business Preferred Checking offers four free services each month. These services include online stop payments, cashier’s checks, and linked account overdraft transfers.
When Fremont Bank Is Not a Good Fit
- 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 Accounts review to find out which of the three accounts suits your business.
- You prefer to earn a high APY without paying a monthly fee: While Fremont Bank has a Business Interest Checking option, you need to maintain a $10,000 average daily balance 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.
Here are additional Fremont Bank business checking requirements according to 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*. The declaration in lieu 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 who 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.
*If the provided statement of information indicates that 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.
- 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 copy*. The declaration in lieu 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.
*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.
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.
Scalable Business Checking Accounts
Fremont Bank has a low-tier account, two regular checking accounts, one interest-bearing checking option, and an analyzed checking product:
- Business Plus Checking: Ideal for businesses with low transaction activity, Business Plus Checking provides 100 total deposits, deposited checks, presented checks, and ACH debits/credits combined per statement. Exceeding this, you’re charged 50 cents per item. The $12 monthly service fee can be waived in several ways and one of which is by maintaining an average daily balance of $5,000. You also get a $2 rebate when you enroll in e-statements.
- Business Preferred Checking: For midsized businesses with a moderate number of transactions, Business Preferred Checking is suitable. It has a fee-free limit of 500 total deposits, deposited checks, presented checks, and ACH debits/credits combined per statement. Beyond this limit, a 50-cent fee is charged. Its monthly service fee is higher at $40, but a $6 rebate is given if you enroll in Business Bill Pay and have a minimum of one bill payment cleared that month. The monthly fee can be waived by meeting the $15,000 average daily balance or establishing a commercial lending relationship.
- Business Premier Checking: Aimed at companies with slightly higher balances seeking relationship-based benefits, Business Premier Checking has a similar fee-free transaction limit to Business Preferred Checking. But the monthly service fee is steep at $90, which can be waived by maintaining a higher $100,000 average daily balance or $250,000 combined balance.
- Business Interest Checking: Catering to businesses seeking an interest-drawing account, Business Interest Checking is a good match for businesses with moderate account activity. It offers 200 total deposits, deposited checks, presented checks, and ACH debits/credits combined per statement. The monthly service fee is set at $25 but can be waived by reaching a $10,000 average daily balance.
- Business Analyzed Checking: 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.
Access To More Than 55,000 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 bank’s mobile banking app is available for download on iOS and Android devices.
Reviews for Fremont Bank’s mobile banking app are low on the App Store (1.4 out of 5 with around 10 ratings) and average on the Play Store (3.8 out of 5 with about 10 reviews). One user stated that the app is easy to use, though most find it glitchy and unreliable due to frequent crashes and login failures.
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 remote deposit capture 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
- 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 Corporation (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 loans, multi-family loans, construction loans, and specialty financing.
The bank’s treasury management solutions include providing Electronic Fund Transfers (EFTs), payroll services, merchant services, remote deposit capture, lockbox services, and Positive Pay, a fraud detection tool.
Fremont Bank Business Checking User Reviews
On WalletHub1, Fremont Bank has a 3.4 out of 5 rating, and on Yelp2, its rating is 3.5 out of 5. Some users stated they had a pleasant customer service experience, while others reported having encountered rude staff. Others expressed frustration with their loan applications being rejected. No reviews focused on its business checking accounts.
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.
User Review Resources:
