Hanmi 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.
Hanmi Bank is a traditional bank with three business checking accounts. Its Smart Business Checking has no monthly fees, while its Regular Business Checking and Business Super Plus Checking offer waivable fees and unlimited deposits. Only Business Super Plus Checking lets you earn interest, but all accounts come with a free business debit card that gains reward points when you use it for purchases. The bank has branches across six states—California, Illinois, New Jersey, New York, Texas, and Virginia—and focuses on serving multiethnic communities.
What We Like
- No monthly fee for Smart Business Checking with e-statement enrollment
- Waivable monthly fees for Regular Business Checking and Business Super Plus Checking
- Reward points and cash back for debit card purchases
What's Missing
- Branches limited to six states: California, Illinois, New Jersey, New York, Texas, and Virginia
- Low free transaction limits
Features
- Free debit card with Rewards Program
- Online, mobile, and telephone banking
- Unlimited deposits (Regular Business Checking and Business Super Plus Checking)
- Fraud monitoring through text fraud alerts
- Small business administration (SBA) loans and commercial loans
- No ATM fees at around 40,000 MoneyPass ATMs
How Hanmi Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 | N/A | $2 per deposit after the first 15 deposits | None at Hanmi Bank ATMs and about 40,000 MoneyPass ATMs* | $100 |
 | N/A | Up to $7,500 per month free, then 30 cents per $100 | None at 16,000-plus ATMs nationwide; $2.50 per transaction for nonnetwork | $100 |
 | N/A | Up to $10,000 per month free, then 17 cents per $100 (varies based on location) | None at Citibank ATMs and over 60,000 ATMs in the United States, including MoneyPass ATMs | $1 |
*Third-party operator fees may also apply.
When Hanmi Bank Is a Good Fit
- You need a fee-free basic business checking account: With Smart Business Checking, you don’t need to pay a monthly maintenance fee as long as you enroll in e-statements.
- You want to benefit from fee-free unlimited deposits: The bank’s Regular Business Checking and Business Super Plus Checking accounts come with unlimited deposits.
- You want low and waivable monthly fees: Regular Business Checking charges $8 monthly, whereas Business Super Plus checking charges $6 monthly. You can waive these fees if you meet the required maintaining balances.
- You’re looking to earn debit card rewards: Hanmi Bank offers a business debit card program, allowing you to earn points and redeem them for gift cards, travel points, and cash back.
When Hanmi Bank Is Not a Good Fit
- Your business is located outside Hanmi Bank’s service area: Although Hanmi Bank has branches in six states—California, Illinois, New Jersey, New York, Texas, and Virginia—if your business is located outside of these areas, you may consider Chase for its nationwide branches. Read our review of Chase’s Business Checking to learn which of the three accounts fits your needs.
- You want a free business checking account: Hanmi Bank’s opening deposits range from $100 to $2,500. If online banks or financial technology (fintech) companies can serve your business needs, check out our guide to the best free business checking accounts to select which provider suits you.
- You need higher free transaction limits and a low opening deposit: Hanmi Bank’s Smart Business Checking account offers limited free transactions and requires an opening deposit of $100. While higher tiers offer 100 debits per statement cycle and unlimited deposits, they have steep opening deposit requirements. You may consider Citibank, which has free transaction limits of 250 to 500. Its minimum opening deposit is only a dollar for all business checking accounts. Our Citibank Business Checking review provides more detailed information.
Check out more providers in our list of the best small business checking accounts if you need additional recommendations.
Hanmi Bank Business Checking Overview
Hanmi Business Checking Requirements
You can visit the Hanmi Bank website to open a business checking account. However, if you have one of the following business types, you need to visit a branch for an account opening:
- Property management
- Unincorporated organization (including a nonprofit organization)
- Money service business
- Business based in a foreign country
For additional Hanmi Bank business checking requirements, click the header that corresponds to your company structure.
- Photocopy of ID card
- Fictitious business name statement if doing-business-as (DBA)
- Business operations declaration
- Sole proprietorship resolution
- Photocopy of ID card
- Fictitious business name statement (if DBA)
- Partnership resolution
- Business operations declaration
- Photocopy of ID card
- Fictitious business name statement (if DBA)
- Certificate of LP or LLP
- Partnership resolution
- Business operations declaration
- Photocopy of ID card
- Fictitious business name Statement (if DBA)
- Articles of organization of LLC
- Operation agreement
- Current statement of information
- Certificate of good standing
- LLC resolution
- Business operations declaration
- Photocopy of ID card
- Fictitious business name statement (if DBA)
- Articles of incorporation
- Current statement of information
- Certificate of good standing
- Corporate resolution
- Business operations declaration
- Photocopy of ID card
- Fictitious business name statement (if DBA)
- Articles of incorporation
- Certificate of good standing
- 501(c)(3) form (if applicable)
- All controlling interests statement of information
- Corporate resolution
- Business operations declaration
Before opening an account, see our guide on how to open a business bank account. It contains a free downloadable checklist of required documents.
Hanmi Bank Business Checking Features
Hanmi Bank’s business checking accounts provide a Visa debit card that earns rewards, online and mobile banking access, and fee-free withdrawals with the MoneyPass network.
No Fees at MoneyPass ATM Network
Business owners can withdraw cash free of charge at around 40,000 MoneyPass ATM networks.
Interest-bearing Account
For businesses preferring a checking account that generates interest, the Business Super Plus Checking account is ideal. The interest is compounded and credited to the account monthly. We recommend contacting the branch nearest you for the current interest rate and APY since they’re subject to change without notice.
Free Business Debit Card With Rewards Program
Hanmi Bank provides uChoose Rewards, which lets you earn reward points when you use your debit card for purchases. You earn one point for every two dollars you spend and can redeem the points for travel points, gift cards, and cashback. You can start redeeming upon reaching 1,500 points; unredeemed points expire after three years.
Online & Mobile Banking
Hanmi Bank allows you to view your transaction history, transfer funds, pay bills, and deposit checks securely using your mobile device. Reviews for its mobile app are excellent on the App Store (4.1 out of 5) and Google Play (4.2 out of 5).
Users find it easy to use, convenient, and time-saving, though some gave lower ratings for lacking confirmation notices upon depositing checks and experiencing minor but time-consuming glitches. See Hanmi Bank on Google Play and Hanmi Bank on App Store for more information.
Digital Wallet
Hanmi Bank offers contactless payments by letting you add your debit card to a digital wallet on your mobile device. Through biometrics and face recognition, your transactions are more secure.
Fraud Monitoring
Clients gain peace of mind through Hanmi Bank’s 24/7 fraud monitoring that alerts you to any unusual activity on your account. The bank has a text fraud alert program where you receive a text message to confirm if a transaction is authorized.
Other Hanmi Bank Business Products
For a minimum opening deposit of $100, you can open a regular savings account and earn 0.05% APY. Interest is compounded daily and credited to your account every quarter. You can waive the $5 monthly fee if you maintain a daily balance of $500 each statement cycle.
For a minimum opening deposit of $2,500, you can open a money market account and earn 0.05% APY. Interest is compounded and credited to your account every month. You can waive the $6 monthly fee if you maintain a daily balance of $2,500 each statement cycle.
The bank offers the Hanmi Bank World Elite and Platinum Credit Card from Mastercard to complement your business needs:
- Business World Elite Credit Card provides access to capital for your business purchases.
- Business World Elite Plus Credit Card lets you enjoy personal concierge service and earn up to $200 airline credits.
- Business Platinum Payback allows you to earn 1% cash back for all your qualifying purchases.
- Business Platinum Preferred gives out reward points for your qualifying everyday purchases.
Hanmi Bank is a preferred SBA lender, offering a fast loan approval process, longer maturity terms, and competitive interest rates. It offers two types of SBA loans:
- SBA 7(a) loan can be used for buying a business property or equipment, performing renovations, refinancing existing debt, or acquiring a business. You can borrow up to $5 million with terms ranging from 10 to 25 years.
- SBA 504 program can be used for purchasing business property or equipment or refinancing qualified debt on eligible assets. The first loan has a 10-year maturity with a 25-year amortization, while the second loan has a range of 20 to 25 years term with full amortization.
Hanmi Bank offers customized lending solutions for your business financing needs:
- Commercial real estate (CRE): Business owners planning to purchase or refinance a commercial property or multifamily property with more than five units can apply for a loan amount of up to $75 million with either a fixed or variable interest rate for up to seven years’ term and more than 25 years amortization.
- Construction: To help finance the construction of various commercial properties, you can apply for up to $75 million in loan amount with a variable interest rate and up to 24 months term.
- Business term loan: If you plan to refinance or consolidate all your current business debts or finance your acquisition, you can apply for a loan amount of up to $75 million with a fixed or variable interest rate and up to a seven-year term.
- Lines of credit: To support your business cash flow, you can apply for short-term financing up to $75 million with a variable interest rate and up to a year or less term that you can renew every year. Find out more about a business line of credit and how it works.
- Equipment leasing: Hanmi Bank offers financing solutions to acquire business equipment in different industries, such as healthcare, industrial, construction, manufacturing, information technology, telecom, and other business essential assets. Learn more about equipment leasing for small business owners.
- Specialty lending: The bank also has charter school lending, healthcare lending, and entertainment lending.
- Trade finance: If you plan to build an international market, Hanmi Bank offers a letter of credit, import/export financing, and documentary collection.
- Professional loans: Licensed professionals—medical professionals, certified public accountants (CPAs), and attorneys—can apply for loans up to $300,000 with maturity terms of up to seven years.
- Merchant services: Hanmi Bank offers a Clover POS system to business owners. You can learn more about the user-friendly solution through our review of Clover POS.
- Treasury management: The bank provides automated clearing house (ACH) collections, remote deposit capture (RDC), Hanmi remote cash depositor (HRCD), commercial cash vault (CCV), lockbox, ACH payments, wire transfer, business bill pay, tax payment, payroll service, and fraud prevention tools (Payee Positive Pay and ACH Positive Pay).
- Korea desk: Professionals working with Korean companies can apply for asset-based lending, equipment financing, credit loans, real estate investments, and more.
Hanmi Bank Business Checking User Reviews
Hanmi Bank only has a few reviews on third-party sites. It has mixed ratings on DepositAccounts1 (4.5 out of 5), Google2 (1.9 out of 5), and Yelp3 (2.0 out of 5).
There are no Hanmi Bank Business Checking reviews, but clients gave positive feedback about the bank. They mentioned the simple and secure web bill pay service and friendly customer service, having stated that the staff offered grade-A service and had an excellent work ethic. Meanwhile, negative reviews mentioned no branch service on weekends, some non-functioning ATMs, and undeclared information about the ACH transfer limit on the online application form.
Bottom Line
Hanmi Bank is a superb choice for business owners who have a low monthly transaction volume and want to save on monthly fees through its Smart Business Checking account. As your business grows and your transactions increase, you can shift to Regular Business Checking to maximize its unlimited deposits feature. If you want to earn interest on top of that, then Business Super Plus Checking is suitable. For business financing needs, Hanmi Bank provides multiple lending options, including SBA loans.
User review resources:
