Offering unlimited withdrawals and deposits, no overdraft fees, and waivable and tiered monthly fees, New York Community Bank (NYCB) is a great choice for small businesses seeking to save on banking fees. It offers four types of business checking accounts:
- Business Solutions Checking
- Business Solutions Checking with Interest
- Business Solutions Analysis Checking
- Business Solutions Analysis Checking with Interest
Business Solutions Checking accounts have waivable monthly fees and a 250 free check transaction limit. Meanwhile, Business Solutions Analysis Checking accounts charge a monthly fee of $25 that can be offset by an earnings credit. Only a $1 minimum daily balance is required to earn interest from its interest-drawing checking accounts.
Pros
- Waivable and tiered monthly fees under Business Solutions Checking and Business Solutions Checking with Interest
- $1 minimum daily balance to earn interest from two interest-bearing checking accounts
- No cash deposit fees
Cons
- Limited branches
- $100 opening deposit
- No online account opening
Features
- Free Visa debit card
- Online and mobile banking
- No overdraft fees
- Free bill pay
- Cash management solutions
- Unlimited deposits and withdrawals at NYCB branches and ATMs
How New York Community Bank Stacks Up With Its Competitors
When New York Community Bank Is a Good Fit
- You want to maximize free cash deposits and withdrawals: NYCB offers unlimited deposits and withdrawals at branches and ATMs.
- You have a low to moderate monthly check transaction volume: With NYCB’s Business Solutions Checking account, you get up to 250 free monthly check transactions.
- You need an interest-bearing business checking account: You only need a $1 minimum balance to earn interest under NYCB’s interest-bearing business checking accounts. The interest compounds daily and credits each month.
- You want to benefit from tiered or waived monthly fees: NYCB’s monthly fee for both its Business Solutions Checking accounts diminishes or gets waived the higher the ADB.
- You want to save on overdraft fees: New York Community Bank does not charge overdraft fees for nonsufficient (NSF), uncollected (UCF), and unavailable funds. Since this can be some of the steep fees banks charge, this is beneficial to account holders.
When To Consider New York Community Bank Business Checking Alternatives
- You prefer a traditional bank, but your business is located outside its service area: Currently, NYCB serves Arizona, Florida, Michigan, New Jersey, New York, and Ohio. If you prefer nationwide branch access, you can opt for Chase. Check out our Chase Business Complete Banking review to learn more about the bank’s basic tier checking product.
- You want to save on ATM fees: Using a non-NYCB ATM results in paying a fee of $2.50 plus potential ATM operator surcharges, which can add up. We recommend Novo since the provider reimburses all ATM fees with no limits. Read our Novo business checking review for additional information on features.
- You regularly send or receive wire transfers: NYCB’s wire fees are steep and can become costly if you frequently send and receive wires. Consider Mercury, a fintech platform that offers free incoming and outgoing wire transfers. Our Mercury business checking review provides more details.
Find more alternative options in our list of the best small business checking accounts if your small business meets one or more of these scenarios.
If your business is New York-based, you may be interested in checking out our roundup of the leading banks for small business in New York.
New York Community Bank Business Checking Overview
New York Community Bank Business Checking Requirements
You can visit a New York Community Bank branch to open a business checking account.
All legal structures must provide the following:
- IRS letter with your business’s employer identification number (EIN) or tax ID number (TIN); sole proprietors can use the owner’s Social Security number
- A government-issued photo ID and Social Security number for all account signers
Click on your business type to see the bank’s additional business checking requirements:
- Trade name or business certificate (filed with the county clerk’s office)
- Trade name authorization form
- Partnership agreement
- Partnership certificate (copy filed with county clerk’s office)
- Operating agreement
- Articles of organization (New York or New Jersey only) or limited partnership certificate (pre-July 1991: filed with County Clerk’s Office; post-July 1991: filed with secretary of state)
Note: For Ohio, Florida, and Arizona, LPs aren’t required to file, but LLPs must file with the state. - Operating agreement or limited partnership account authorization form (New York or New Jersey only)
- Articles of organization (filed with the secretary of state)
- Copy of operating agreement (LLC agreement) or affidavit of sole ownership (New York or New Jersey only)
- Certificate of incorporation (filed with secretary of state)
- DBA or fictitious name filing, if applicable
- Certificate of incorporation
- IRS exempt form
- IRS exempt form, if applicable
- Letter from organization/association
Before opening an account, check out our guide on how to open a business bank account. It has a free downloadable checklist of required documents.
New York Community Bank Business Checking Features
New York Community Bank’s business checking features include tiered to waived monthly fees, interest-bearing accounts, no overdraft fees, and online and mobile banking access.
Tiered to Waived Monthly Fees
New York Community Bank offers Business Solutions Checking users options to waive or lower the monthly fees. The fee diminishes the higher the ADB. If it’s $999.99 and below, you pay $15 monthly; $1,000 to $2,999.99, you spend $10.
To waive the monthly fee, you must maintain a $3,000 ADB or $10,000 combined in eligible linked accounts under Business Solutions Checking. Account holders of Business Solutions Checking with Interest must meet a $3,000 ADB or $15,000 combined in eligible linked accounts.
Eligible linked accounts are Business Solutions Checking, Business Solutions Checking with Interest, Business Solutions Savings, Business Solutions Money Market Checking, Business Solutions Money Market Savings, and Business Solutions Platinum Money Market.
Interest-bearing Accounts
Business owners seeking to earn interest from NYCB’s Business Solutions Checking with Interest and Business Solutions Analysis Checking with Interest accounts must have a $1 minimum daily balance in their checking accounts. The interest compounds daily and credits monthly.
No Overdraft Fees
Business owners who overlook having low balances and write checks without enough funds can benefit from the bank’s policy of not charging overdraft fees for nonsufficient funds (NSF), uncollected funds (UCF), and unavailable funds.
Read our guide to business overdraft protection to learn how it works.
Online & Mobile Banking
NYCB Online has convenient features and allows users to
- View account balances
- Pay bills and schedule payments
- Use Zelle for sending and receiving payments
- Transfer funds between internal and external bank accounts
- Monitor credit scores and credit reports
- Access e-statements, tax documents, account notices, and more
Customers can download the NYCB mobile app to access their accounts 24/7. On the App Store[1], the NYCB mobile app has a rating of 4.7 out of 5 while on Google Play[2], it shows a 4.4 out of 5 rating. Reviewers said the app is secure, reliable, and easy to use. However, some mentioned experiencing app crashes multiple times and needing to reinstall the app frequently.
Businesses seeking robust cash management solutions can download the NYCB Business+ app to originate ACH and wire transfers, conduct mobile deposits, and approve Positive Pay transactions.
Free Bill Pay
NYCB Bill Pay lets business owners pay their bills conveniently and securely. You can schedule one-time and recurring payments in advance, set up bill reminders, and check your NYCB Bill Pay history to track your payments to vendors and suppliers.
Business Services
- Account reconciliation positive pay
- Wire transfers
- Lockbox
- Remote deposit capture (RDC)
- Merchant services
- Zero/target balance accounts
Escrow Management Services
- Attorney escrow management account
- Interest on Lawyer Account (IOLA) or Interest on Lawyer Trust Account (IOLTA)
- Lease security account
- 1031 exchange escrow account
Other New York Community Bank Business Products
- A Business Solutions Savings account requires a minimum opening deposit of $100. It starts earning interest with a daily balance of $100. The monthly fee is waived by keeping a $500 daily minimum balance.
- A Business Money Market account has a minimum opening deposit of $1,000. Tiered interest can be earned with a daily balance of $1. The monthly fee can be avoided if you maintain a $1,000 daily minimum balance.
Read our guide on the business money market account to learn what it is and how it works.
New York Community Bank’s business credit cards are issued by the First National Bank of Omaha (FNBO®).
- A Business Edition® Secured Visa® Card helps business owners rebuild their credit.
- A Business Edition® Visa® Card with Reward Simplicity offers cardholders rewards, bonuses, and a low introductory offer.
- A Business Edition® Visa® Card provides unlimited 2% cash back on purchases.
- Multi-family lending solutions
- Commercial and industrial (C&I) lending
New York Community Bank Business Checking Reviews From Users
Recent New York Community Bank business checking reviews are unavailable online. Most reviewers left comments on the bank’s customer service. On WalletHub[3], NYCB has a 2.7 out of 5 rating with more than 120 reviews, while on DepositAccounts[4], it has a 1.5 out of 5 rating from about 10 reviews.
Reviewers stated that the bank has good interest rates for its high-yield savings product and that opening an account was easy. However, many complained about the long wait time to speak with customer service and reported experiencing representatives hanging up during calls. Others were also dissatisfied with the long bank hold for incoming funds, which took over a week.
Bottom Line
NYCB’s business checking accounts are excellent choices for business owners based within the bank’s service area. The high monthly check transaction limit, waivable and tiered monthly fees, and unlimited withdrawals and deposits in branches and ATMs let you avoid excess transaction costs.
In addition, the bank does not charge overdraft fees for NSF, UCF, and unavailable funds, extending your savings further. Maintaining a $1 minimum daily balance to earn interest is also easy for those seeking to open interest-bearing business accounts.
User review resources:
