New York Community 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.
New York Community Bank (NYCB) is a traditional bank found in five states: Arizona, Florida, New York, New Jersey, and Ohio. 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.
What We Like
- Waivable and tiered monthly fees
- $1 daily balance to earn interest from Business Solutions Checking with Interest
- No cash deposit fees
What's Missing
- Branches in five states: New York, New Jersey, Florida, Ohio, and Arizona
- $100 opening deposit
- No online account opening
Features
- Free Visa debit card
- Online and mobile banking
- Transfer funds, view balances, and deposit checks via the mobile app
- No overdraft fees
- Free bill pay
- Access to cash management solutions
- Unlimited deposits and withdrawals at NYCB branches and ATMs
How New York Community Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
Business Solutions Checking | N/A | Unlimited deposits at NYCB branches and ATMs | $2.50 at non-NYCB ATM, plus operator fees | $100 |
 Clearly Better Business Checking | N/A | $5,000 per month free, then $2.50 per $1,000, per statement cycle | None at Citizens ATMs; $3 per transaction at nonnnetwork ATMs | None |
 KeyBank Basic Business Checking | N/A | Up to $25,000 per statement cycle free, then 18 cents per $100 thereafter | Free at 40,000plus KeyBank and Allpoint ATMs nationwide; $3 per transaction at non-KeyBank ATMs | $25 |
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 are 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.
- You want to save on overdraft fees: New York Community Bank doesn’t 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 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. Check out our Chase Business Complete Banking review to learn more about the different business checking products available.
- You need more business checking account options: While NYCB has two great checking accounts, you can consider Regions Bank for its variety of business checking accounts that can meet your specific banking needs, provided your business is located near its branches. Our Regions Bank Business Checking review gives more detailed information.
- You seek ATM fee refunds: If you frequently use a non-NYCB ATM, you’ll be charged fees that can add up. But with Novo, all ATM fees are reimbursed with no limits. Read our Novo Business Checking review for additional account fees you can save on.
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 or business certificate (filed with the county clerk’s office)
- 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)
Corporation
- 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.
Interest-bearing Account
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 NSF, 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.
Reviews for the NYCB mobile app are good on the App Store (4.7 out of 5) and Google Play (4.4 out of 5). Users found the app easy to use for online banking, particularly its mobile deposit function. However, some said that they 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.
Business Services
- 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 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.
- Other business 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.
- 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 multifamily loans in New York City. Business owners can apply for working capital, capital equipment financing, or acquisition financing.
New York Community Bank Business Checking User Reviews
| PROS | CONS |
|---|---|
| More branches in New York | Long wait time to talk to customer service |
| Easy to set up a checking account | Low daily transfer limit |
| Closing of accounts takes a while and closure fees are high | |
| Security issues | |
New York Community Bank has a 2.7 out of 5 rating on WalletHub (around 125 reviews) and a 2 out of 5 rating on DepositAccounts (about 10 reviews). The bank’s clients mentioned that they appreciate the convenient access to several branches in New York and the ease of opening a checking account.
On the flip side, reviewers said that they disliked being put on hold for a long time when calling customer service. Others were also disgruntled over the low limit for external fund transfers. There were also complaints regarding high closure fees and the extensive time it took to close their accounts. Furthermore, users reported security issues since they were asked to provide sensitive personal and login information from their other bank accounts.
Bottom Line
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.
