This article is part of a larger series on Business Banking.
New York Community Bank (NYCB) is a traditional bank found in five states: New York, New Jersey, Florida, Ohio, and Arizona. It’s a great choice for small businesses seeking unlimited deposits and withdrawals, waivable fees, and an interest-earning account. It offers two types of business checking accounts: Business Solutions Checking and Business Solutions Checking with Interest. Both have waivable monthly fees, a 250 free check transaction limit, no overdraft fees, free Bill Pay, and online and mobile banking.
How New York Community Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
Business Solutions Checking
Unlimited deposits at NYCB branches and ATMs
$2.50 at non-NYCB ATM, plus operator fees
Small Business Checking
Up to $25,000 per month free, then 15 cents per $100, per month
Free at Valley ATMs and 55,000 Allpoint ATMs (except in New Jersey & New York), $2 for non-Valley ATMs
KeyBank Basic Business Checking
Up to $25,000 per statement cycle free, then 18 cents per $100 thereafter
Free at 40,000+ KeyBank and Allpoint ATMs nationwide; $3 per transaction at non-KeyBank ATMs
When New York Community Bank Is a Good Fit
- You have a low to moderate monthly check transaction volume: With Business Solutions Checking, you get up to 250 free check transactions per month.
- You need an interest-bearing business checking account: You only need to have a $1 balance to earn interest with the Business Solutions Checking with Interest account. Interest is compounded daily and credited each month.
- You want to maximize free cash deposits and withdrawals: NYCB offers unlimited deposits and withdrawals at its branches and ATMs.
- You’re looking to benefit from tiered monthly fees: NYCB’s monthly fee for both its business checking accounts diminishes the higher your average daily balance (ADB). If it’s $999.99 and below, you pay $15 monthly; $1,000 to $2,999.99, you pay $10.
When New York Community Bank Is Not a Good Fit
- You want a traditional bank but your business is located outside its service area: Currently, NYCB serves New York, New Jersey, Florida, Ohio, and Arizona. If you prefer nationwide branch access, you can opt for Chase Bank, Wells Fargo, and Bank of America.
- You need more business checking account options: While NYCB has two great checking accounts, you can consider Regions Bank, Huntington Bank, BMO Harris Bank, and TIAA Bank for their variety of business checking accounts that can meet your specific banking needs, provided your business is located near their branches.
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.
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 (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:
Sole Proprietorship/Trade Name/Doing-Business-As (DBA)―New York & New Jersey only
- Trade name
- Business certificate (filed with the county clerk’s office) and trade name authorization form
Partnership―New York & New Jersey only
- Partnership agreement
- Partnership certificate (copy filed with county clerk’s office)
- Operating agreement
Limited Partnership (LP)/Limited Liability Partnership (LLP)
- 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)
Limited Liability Company (LLC)
- 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
Nonprofit Organization/Association (Corporation)
- Certificate of incorporation
- IRS exempt form
Nonprofit Organization/Association (Unincorporated)
- 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 accounts offer a free Visa® debit card, no overdraft fees, and online and mobile banking access.
Business owners have an option to earn interest from New York Community Bank’s Business Solutions Checking with Interest account. You only need to have a $1 daily balance in your checking account to earn interest, which is compounded daily and credited 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 Non-Sufficient (NSF), Uncollected (UCF), and Unavailable Funds.
Online & Mobile Banking
New York Community Bank allows bill payments, fund transfers, and viewing of account balances online. You can also deposit checks securely and view e-statements and check images using your mobile device.
The bank also offers access to your credit score and credit report, making it easy to monitor, improve, or maintain it. You can download New York Community Bank’s mobile banking app via the App Store and Google Play.
Reviews for the NYCB mobile app on the App Store and Play Store are good. It earned 4.4 out of 5 stars on Play Store with almost 2,000 ratings. In the App Store, it has 4.7 out of 5 stars with more than 6,000 ratings. Users found the app easy to use for online banking, particularly its mobile deposit function. However, some have difficulty logging in after app updates.
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.
- Payables management: Account reconciliation positive pay and wire transfers
- Receivables management: Lockbox, remote deposit capture, and merchant services
- Liquidity management: Zero/target balance accounts
- Escrow management: Attorney escrow management account, interest on lawyer account (IOLA) or interest on lawyer trust account (IOLTA), lease security account, and 1031 exchange escrow account
- Cash management solutions: NYCB Business and NYCB Business Corporate
- Merchant services: Point-of-sale (POS) solutions and Terminal+
Other Checking Products
New York Community Bank offers Business Solutions Analysis Checking and Business Solutions Analysis Checking with Interest accounts for businesses with a higher number of transactions.
Other Banking Products
New York Community Bank offers business savings, money market accounts, business credit cards, and commercial loans.
- Business savings: For a minimum opening deposit of $100, you can open a Business Solutions Savings account and earn interest with a daily balance of $100. The monthly fee is waivable if you keep a $500 daily balance.
- Business money market: For a minimum deposit of $1,000, you can open a Business Solutions Money Market Checking and earn interest at tiered rates with a daily balance of $1. The monthly fee is waivable if you maintain a $1,000 daily balance.
- Business credit cards: Business credit cards are issued by the First National Bank of Omaha (FNBO®). Business owners can rebuild their credit scores with a First National Bank of Omaha Business Edition® Secured Visa® Card. For rewards and a bonus offer, you can apply for an FNBO Business Edition® Visa® Card with Reward Simplicity. If you prioritize earning unlimited cash back on purchases, then the FNBO Business Edition® Visa® Card with 2% Cash Back is ideal.
- Commercial lending: New York Community Bank leads in producing multi-family loans in New York City. Business owners can apply for working capital, capital equipment financing, or acquisition financing.
New York Community Bank Business Checking Pros & Cons
|Interest compounded daily and credited monthly for Business Solutions Checking with Interest account||Expensive outgoing international wires|
|High free check transaction limit||Requires high average balance to waive monthly fees|
|Tiered monthly fees||Few checking account options for small business owners|
New York Community Bank provides business owners with great business checking account options. With the Business Solutions Checking with Interest account, interest is compounded daily, generating a higher yield, and is credited monthly. Both checking accounts give out 250 free monthly check transactions. The monthly fee is reduced the higher your ADB goes, which is advantageous in case you won’t meet the required amount for the complete waiver of the fee.
However, in contrast to other banks, NYCB only has two business checking options for small business owners—and both require a high level of ADB to waive the monthly fees. There are also cheaper banks when it comes to outgoing international wires.
Alternatives To New York Community Bank Business Checking
New York Community Bank has two great business checking accounts. However, if you want a free checking account, low-cost wire fees, and access to more brick-and-mortar branches nationwide, you’ll want to look elsewhere.
Here are three alternatives to consider:
- Relay is best for business owners with frequent wire transfers as it has low fees.
- Chase is best for businesses needing in-person banking and a nationwide service area.
- Bluevine is best for businesses wanting to open a free business account and earn an APY when qualified deposits are met.
The business checking accounts of New York Community Bank are great choices for small business owners as it has unlimited deposits and withdrawals and waivable and tiered monthly fees. The high monthly check transaction limit also lets you avoid excess transaction costs. When you open the Business Solutions Checking with Interest, you only need to maintain a $1 minimum balance to earn interest. This is a superb option if your business is located in NYCB’s service area.