Hancock Whitney has three checking accounts designed to fit the needs of business owners at various stages of business growth and development. The Essential Banking account has no monthly fee and allows customers to process a fairly high amount of paper, electronic, and cash transactions monthly with no additional fees.
The bank also offers various additional business services tailored to financial management and business growth, such as business savings accounts, business money market accounts, and business certificates of deposits. It also provides business lending with options for real estate and equipment financing, along with wealth management and international banking options.
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I used a few different methods to evaluate Hancock Whitney Bank’s business checking accounts. I first looked at as much information as possible on the bank’s website to ensure I had a good overview of the checking account structure. I also looked at online reviews from account holders and even compared them with competitors.
Since Hancock Whitney is a traditional bank with in-person services, I compared it with similar banking models for pricing, ease of use, features, and software integrations. In general, Hancock Whitney is comparable, offering a variety of similar business services—such as business checking and savings, international banking, overdraft services, lines of credit, credit cards, and equipment financing.
Pros
- Monthly maintenance fees are easy to waive
- Interest rates are competitive
- Premium accounts include concierge services such as identity monitoring and fraud protection
Cons
- Limited states with branches
- Overdraft protection charges a fee
- Debit cards can take a long time to arrive
- Business owners wanting to set up automatic transfers to savings: Hancock Whitney makes saving money a breeze with its automatic transfers function. This allows users to set up automatic deposits to savings from their business checking account so that they happen on a regular schedule.
- Businesses needing to allow employee access to online banking: The bank allows you to grant access to sub-users. You can strictly define what’s visible and what actions they are allowed to perform, making financial management seamless.
- Business owners needing access to foreign banking options: Many businesses in the US work with international companies to import and export goods. When these exchanges occur, international currency transfers—such as wires, foreign check clearing, or foreign currency exchange—are needed. Hancock Whitney has a dedicated international banking team that assists with this process to make it fast and easy.
Hancock Whitney Bank Alternatives & Comparison
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | ||
|---|---|---|---|---|
Essential Checking | $0 | 100, then $0.50 per transaction | $5,000, then $0.25 per $100 | Mississippi, Alabama, Florida, Louisiana, and Texas |
 Relay Business Checking | $0 | Unlimited | Free at Allpoint ATMs or $4.95 at Green Dot retailers | |
Visit Relay
Relay is a financial technology company and is not a bank. Banking services provided by Thread Bank, Member FDIC.
| ||||
 Silver Business Checking | $0 | 125 | 25 free cash deposit units
Cash deposit units are calculated by dividing each cash deposit amount by 100 and rounding the resulting value to a whole number. • less than $0.50/$50 is rounded down • ≥$.50/$50 is rounded up per statement cycle | |
 Business Checking | $0 | Unlimited | Cash deposits not accepted | Online only; available in all states |
Visit Novo
Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.
| ||||
Best For | Learn More | |
|---|---|---|
| Business owners wishing to segment funds: Hancock Whitney allows customers to open multiple accounts—but the accounts are individual and not linked under one main account. For business owners wishing to have funds segmented automatically into different accounts by percentages or dollar amounts, Relay may be the better option. | Read our Relay business checking review |
| Businesses wanting access to in-person branches across the US: Hancock Whitney Bank covers five states in the southern Gulf of the US. For businesses needing access to additional states, I recommend U.S. Bank, with a banking footprint spanning 26 states
Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.
. | Read our U.S. Bank business checking review |
| Business owners needing faster access to Stripe payouts: Hancock Whitney Bank does not offer an expedited service for electronic Stripe deposits. For a faster turnaround on Stripe payouts, Novo offers Novo Boost, which posts Stripe funds up to two days earlier than most banks. | Read our Novo business checking review |
Hancock Whitney Bank Reviews From Users
Note: The reviews listed below are for the bank as a whole. There were no specific reviews listed for the business checking accounts individually.
| Users Like | Users Dislike |
|---|---|
| Online app dashboard is clean and easy to use | Many branches close at 4 pm and are closed on Saturday and Monday |
| Zelle integrations make money transfers quick | Long hold times for phone service |
| Branch staff is supportive and understanding | Mobile deposit images are hard to capture with the short length of time the camera is activated |
When reading the reviews for Hancock Whitney, I noticed a few consistent themes across many user comments. The highest star ratings I noticed were regarding the app, and iOS and Android users seemed pleased in general. The updated version has great reviews due to the changes in functionality; users felt the original version of the app was a bit antiquated, but updates over the years have added more modern technology features, making banking easier.
The branch reviews show a lower rating. Some stated it’s hard to bank since the branch closes at 4 pm daily and is closed on Mondays and Saturdays. The drive-through is open a bit later from Tuesday to Friday and on Saturday. However, some of the hours the bank is open, it’s the drive-through only—not the branch portion—and since the branch doors are locked, it has caused some issues for customers needing to go inside for in-person services. Also, one user stated it’s hard to work a full-time job and bank with Hancock Whitney since its hours are difficult when working around a full-time work schedule.
Here’s how Hancock Whitney scored on third-party review sites:
- WalletHub: 1.6 out of 5
- Trustpilot: 2.4 out of 5
- Google Play: 4.7 out of 5
- App Store: 4.8 out of 5
Hancock Whitney Bank Business Checking Terms
Hancock Whitney Bank Requirements
The document requirements to open a business account are not listed on the Hancock Whitney website. In general, most banks require similar documentation based on the type of entity of your business.
How to Open Hancock Whitney Bank Account
- Step 1: Collect legal business documents. Gather all documents you received with the formation of your business. You will need to bring these documents to the bank at the time of your account opening.
- Step 2: Schedule with your business partners. When opening a new business checking account, all signers should be present to sign the required account opening documentation. They will also need to provide their legal name, address, phone number, social security number, and a copy of a state-issued identification card or passport.
- Step 3: Visit a branch. The bank does not support opening a business checking account online. You must visit one of the Hancock Whitney branches and open the account in person.
Hancock Whitney Bank Features
There are a number of standout features at Hancock Whitney. A few worth noting are:
Next-day Funding
Hancock Whitney Bank has partnered with Clover merchant services to streamline the flow of cash into your business checking account. This allows you to get paid faster with features such as next-day funding. This system also opens up access to a large variety of all-in-one payment processing systems.
Mobile Wallet
Apple Pay, Google Pay, and Samsung Pay are some of the latest features added to the mobile payment options at Hancock Whitney Bank. By loading your credit and debit card information, you have access to fast and secure shopping using a mobile wallet instead of your physical card.
Automatic Bill Pay
Bill pay is a feature available to Hancock Whitney online banking customers. To streamline the process, the automatic bill pay feature allows you to schedule recurring payments, therefore taking all the guesswork out of manual payment transmission.
Other Hancock Whitney Bank Business Products
Hancock Whitney is truly dedicated to offering upscale banking products to business owners, allowing them to prosper financially when making investment decisions. Some of these options include:
Hancock Whitney offers term loans, such as:
- Owner-occupied real estate financing
- Construction loans on commercial buildings
- Real estate investment loans for individuals, developers, and corporations
Partnering with Hancock Whitney gives you access to its private banking sector. This is a group of private bankers working directly with customers to ensure funds are managed according to their financial goals, providing investment solutions to grow a strong portfolio. You will receive a 360° picture of your accounts, holdings, and unique financial needs.
Derivatives allow customers to manage their exposure to interest rate risk, preventing future operating costs from getting out of control, regardless of what happens in the markets. The Hancock Whitney derivative product specialists work with customers directly, structuring products that fit their individual needs and manage their risk.
Frequently Asked Questions (FAQs)
Yes. Hancock Whitney Bank is a member of the FDIC, which provides financial protection for depositors up to $250,000 each. It was also named one of America’s strongest, safest banks for 35 years in a row in the BauerFinancial press release[1] on June 30, 2024.
A regular checking is generally a personal account designated for household bills or personal expenses. It can have multiple signers, with all deposits being made payable to the account owners. A business checking account is owned by an entity instead of an individual and uses an Employee Identification Number (EIN) instead of a social security number. Business accounts are also tailored to add treasury services such as ACH, merchant services, and online wires—which are unavailable for personal accounts.
It is not recommended to use a business account to pay personal expenses. This could cause a comingling of funds, making accounting difficult. It could also add significant time to an otherwise simple process of calculating a profit and loss statement. Mixing funds can also lead to confusion regarding which funds are business and which are personal, removing the liability protection offered when registering a legal entity.
Bottom Line
Hancock Whitney offers a variety of business banking options to business owners in Mississippi, Alabama, Florida, Louisiana, and Texas. It operates over 200 full-service branches and 300 ATMs throughout the Gulf region.
It has three business checking accounts, with the entry-level account offering a $0 monthly maintenance fee and a large number of paper, electronic, and cash deposits at no fee. In addition, it offers savings, money market, certificates of deposit, credit cards, loans, wealth management, and private banking solutions for businesses of all sizes.
FAQ reference:
[1]BauerFinancial Again Hails Hancock Whitney as Strong and Safe