If your Ohio-based business needs an affordable checking solution, LCNB National Bank is a great choice. Its starter account, Small Business Checking, offers 200 free transactions for an easy-to-waive $5 monthly fee. It also offers interest-earning checking for a monthly fee of $25 and corporate checking for a monthly fee of $12.
Other benefits include free access to online banking, a rebate-earning business debit card, and access to Autobooks for payment acceptance and accounting.
Pros
- Monthly fee of $5 for entry-level account
- Minimum average balance requirement of $500 to waive entry-level account monthly fees
- Debit card provides rebates
Cons
- 50-cent fee per online bill payment for corporations and limited liability companies (LLCs)
- Monthly fee of $25 for interest-bearing account
- Minimum average balance requirement of $50,000 to waive interest-bearing account’s monthly fee
Features
- Free Business Debit Mastercard
- Free e-statements
- Free online banking
- Autobooks access
- Nonprofit checking, business savings, business money market accounts (MMAs), business credit cards, and business lending products available
How LCNB National Bank Stacks Up With Its Competitors
When LCNB National Bank Is a Good Fit
- You want a bank with low monthly fees: The LCNB National Bank Small Business Checking account only charges a monthly fee of $5. You can waive it easily with an average balance of $500 or more.
- You have a low or moderate transaction volume: Small Business Checking comes with 200 free transactions, which include checks written, withdrawal slips, automated clearing house (ACH) debits or credits, or any deposited checks not drawn on LCNB National Bank.
- You want to earn rebates on debit card purchases: The LCNB National Bank business debit card participates in the Mastercard Easy Savings Program. It lets you earn rebates on purchases from participating merchants.
When To Choose an LCNB National Bank Alternative
- You need a bank with a wide geographic presence: LCNB National Bank operates exclusively in Ohio. If you need nationwide access to in-person banking, choose Chase, which has about 4,700 branches in all 48 mainland states. Our Chase business checking review can help you determine which of its accounts suits your business needs.
- You want to earn interest on a fee-free account: The LCNB National Bank Interest-Bearing Checking account charges a monthly fee of $25. The best account for earning interest is Bluevine’s standard business checking account, which charges no monthly fee and earns 2.0% annual percentage yield (APY) on balances of $250,000 and less. Read our review of Bluevine business checking for a list of requirements you need to meet to earn interest.
- You run a corporation or LLC and rely on online bill pay: Corporations and LLCs need to pay a 50-cent fee for every online bill payment. For free online bill payment, it’s best to choose an online-only account. Refer to our list of the best online business banks for a breakdown of today’s top online banking providers.
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.
LCNB National Bank Business Checking Overview
LCNB National Bank Business Checking Requirements
To open an account at LCNB National Bank, you are required to visit a branch to open an account. During the application process, all beneficial owners The term beneficial owner refers to any individual that has a company ownership stake of 25% or more or any individual with a significant management role within the company, such as chief executive officer (CEO), executive officer, or treasurer are required to submit the following information:
- Name
- Address
- Date of birth
- Social security number
You may be asked to provide additional LCNB National Bank business checking requirements depending on how your business is structured. Refer to our guide on how to open a business bank account for the process and a checklist of documents typically required during checking account application processes.
LCNB National Bank Business Checking Features
Debit Card
Your business checking account will come with a free Mastercard Business Debit Card. The card is part of the Mastercard Easy Savings program and provides automatic savings on the following:
- Gas stations, vehicle maintenance, and car rentals
- Dining destinations
- Hotels
- Other business services
With the card, you get fee-free access to LCNB National Bank ATMs. Out-of-network ATM usage costs $2 per item, plus possible third-party-operator fees. The card protects you from unauthorized transactions through Mastercard’s Zero Liability protection.
Business Online Banking
You can bank online using the LCNB National Bank website or mobile app. Online banking lets you view your account history and pay bills. It also connects to Autobooks, invoicing software.
LCNB Mobile Banking has a rating of 4.8 on the App Store[1] (based on more than 2,800-plus reviews) and 4.6 on Google Play[2] (based on 400-plus reviews). While most ratings are positive, a handful of reviewers claimed that the app was nonuser-friendly and prone to crashing.
Autobooks
Your business checking account connects with the payment acceptance software Autobooks. This software lets you create invoices, send secure payment links, use in-app payment acceptance, and generate reusable payment quick response (QR) codes. You can accept payments through the following channels:
- Credit card
- Debit Card
- ACH electronic bank transfer
Payments will arrive in your checking account within two business days.
Autobooks also comes with accounting and reporting features. Benefits include the following:
- Automated reporting: Autobooks updates your business reports whenever you make or receive payments; it uses this data to create profit and loss (P&L) statements
- Cash flow management: You can track your account balance, incoming payments, and outgoing payments
- Business bill pay: Autobooks lets you create a list of recurring vendors. You can then schedule and track payments
Treasury Management
LCNB National Bank offers the following treasury management services:
- ACH origination services
- Online wire transfers
- Lockbox services
- Positive pay services
- Remote deposit services
Merchant Services
Through a partnership with Celero Commerce, LCNB National Bank gives you access to payment processing solutions. You can take payments online or in person. Accepted payment channels include credit and debit cards, Apple Pay, Google Pay, and contactless EMV cards.
Other LCNB National Bank Business Products
LCNB National Bank offers nonprofit checking, business savings, lending products, and credit cards.
At LCNB National Bank, there are two types of nonprofit checking accounts:
- Non-Profit Limited Checking was designed for organizations with minimal banking needs. It has a $5 monthly fee. However, instead of having a minimum average balance requirement, it lets you waive fees by maintaining a maximum average balance of $500. You get 75 free transactions per month.
- Non-Profit/Association Checking is a regular checking account for nonprofits and associations. It charges a $5 monthly fee, waivable with a minimum average balance of $500. It offers 200 free transactions per month.
There are two types of LCNB National Bank business savings accounts:
- Business Savings is a regular business savings account offering six free transactions per month. You can waive the $10 monthly fee by maintaining an average monthly balance of $500 or higher.
- Business Money Market gives you 10 free transactions per month. It charges a $25 monthly fee, waivable with an average balance of $25,000 or higher.
Like most LCNB National Bank accounts, both business savings products have an opening deposit minimum of $50.
The following LCNB Bank lending products are available:
- Commercial real estate (CRE)
- Commercial construction
- Lines of credit
- Equipment financing
- Agricultural lending
LCNB Bank offers the following types of credit cards:
- The Business Cash Preferred Card earns cash back rewards.
- The Business Card offers a low introductory rate for your first 18 billing cycles.
- The Smart Business Rewards Card and the Business Real Rewards Card earn points that you can redeem for cash back, travel, gift cards, and merchandise.
LCNB National Bank Business Checking Reviews From Users
Very few clients have left an LCNB National Bank business checking review on user review platforms. On Yelp[3], the bank has a 1.7 rating (based on fewer than 10 reviews). Due to the small sample size, it is difficult to draw accurate conclusions about customer satisfaction.
One negative review highlighted that the bank made logging in difficult after periods of inactivity. The only positive review published in recent years praised the bank for offering personalized customer service.
Bottom Line
With 200 free transactions for a $5 monthly fee, LCNB Bank’s starter account is great for businesses with low or moderate transactions. The bank’s debit card is a huge selling point, as the Mastercard Easy Savings program provides rebates on many useful services. However, if you want an interest-earning account with low or easy-to-waive monthly fees, other providers may have better account options.
[1]App Store
[2]Google Play
[3]Yelp