Northfield Bank is an excellent choice for business owners based in the boroughs of New York City, including Staten Island and Brooklyn, and many locations in New Jersey. It has a full selection of business products, including three business checking accounts and two savings options. It also serves nonprofit customers and has a special account for closing attorneys needing access to IOLA/IOLTA accounts.
Its roots date back to 1887 with a community-first attitude, assisting business owners with products that promote financial wellness and business growth. In addition, it offers business loans, corporate credit cards, and ICS services to increase FDIC coverage for businesses with over $250,000 in cash reserves.
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When I was evaluating Northfield Bank business checking, I compared financial providers offering similar business checking accounts. Northfield is a traditional bank with in-person services, so I compared it with similar banking models for pricing, ease of use, features, and software integrations. In general, Northfield is comparable and proved to offer a high cash deposit limit, which is much higher than what I observed at similar traditional banks.
Pros
- Business debit cards earn reward points
- High cash deposit limit before fees are accessed
- In-person branch service representatives are very knowledgeable
Cons
- Business accounts must be opened in the branch with a pre-set appointment
- Branches cover a limited area
- Hold times for customer service are longer than expected
Opening Deposit Requirement | $.01 for all three tiers |
Monthly Maintenance Fee | |
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ATM Fees |
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Other Standout Features | uChoose Rewards debit card program, online banking, mobile banking, bill pay, cash management options available, real-time account alerts |
- Business owners looking for an interest-earning checking account: Northfield Bank has a business account called Business Interest Checking. This account pays interest at a variable rate. It charges an $8 monthly maintenance fee that can be waived Maintain a minimum balance of $5,000 to avoid the monthly maintenance fee by meeting the account requirements.
- Businesses looking for personalized service: As a full-service community bank, it allows for in-person banking options, cash deposits, and investment services. Each of these products has special banking representatives to give you personalized service.
Northfield Bank Business Checking Alternatives & Comparison
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | ||
|---|---|---|---|---|
Simply Free Business Checking | $0 | $1,000 | $10,000 | $10,000 |
 Innovator Business Checking | $0 | Unlimited | Cash deposits not accepted | Online only; available in all states |
 Spark Business Basic Checking | Unlimited digital transactions | $5,000 | ||
Visit Capital One
Capital One, N.A., is a member of the Federal Deposit Insurance Corporation (FDIC)
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 Business Checking Account | $0 | Unlimited | Cash deposits not accepted | Online only; available in all states |
Visit Novo
Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.
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Best For | Learn More | |
 | Businesses seeking an interest-earning account with no maintenance fees: Northfield Bank has an interest-earning checking account option with an $8 monthly fee, which can be waived by meeting certain criteria. Meanwhile, Grasshopper has an interest-bearing account with no monthly maintenance fee, making it a better choice. | Read our Grasshopper business checking review |
 | Business owners looking for unlimited digital transactions: Northfield Bank allows digital transactions but has a cap of $1,000 per statement cycle. For businesses needing unlimited digital transactions, Capital One offers unlimited transactions each month. | Read our Capital One business checking review |
| Business Owners needing faster access to Stripe payouts: While Northfield Bank posts Stripe payments to business checking, it does not offer an expedited service. For faster turn time on Stripe payouts, Novo offers Novo Boost, which posts Stripe funds up to two days faster. | Read our Novo business checking review |
Northfield Bank Business Checking Reviews From Users
Note: The reviews listed below are for the bank as a whole. There are no specific reviews listed for the business checking accounts.
| Users Like | Users Dislike |
|---|---|
| Mobile app is easy to navigate | Font on mobile banking is small |
| Branch personnel are very helpful | Mobile app often has connectivity issues |
| Mobile check deposits are easy | Phone representatives can’t always solve issues immediately |
When I was reviewing Northfield Bank, I had a hard time finding recent customer feedback, i.e., at least two years old. This could indicate that the bank is not actively encouraging customers to leave reviews or that clients have not thought to do it on their own. WalletHub[1] shows there are eight reviews; however, most of those have no user comments.
I was able to find current reviews for iOS and Android users for the mobile app. Those reviews are also the highest scoring. In general, mobile banking users seem pleased with the app’s functionality and left mostly positive reviews.
Here’s how Northfield Bank scored on third-party review sites:
Northfield Bank Business Checking Terms
Simply Free Business Checking | Business Interest Checking | Business Analysis Checking | |
|---|---|---|---|
Required Opening Deposit | $.01 | $.01 | $.01 |
Monthly Fees | $0 | $20 | |
APY | N/A | Variable | N/A |
Transaction Limit Before Fees | 1,000 | 1,000 | Fees for each transaction |
Standard ACH Fees | $20 monthly fee for ACH origination + $0.15 per item processed | ||
Same-day ACH Fees | $0.25 per item | $0.25 per item | $0.25 per item |
Domestic Wire Transfer Fees |
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International Wire Transfer Fees |
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ATM Fees |
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Cash Deposits | $10,000 | $10,000 | Fees for each transaction |
Northfield Bank Business Checking Requirements
Part of the Northfield Bank business checking requirements is to visit a branch with the required documents based on your business type. It’s also a good idea to call ahead and make an appointment if visiting a busy branch to expedite the opening process. Bring all signers with you so that personal information can be collected by the bank and the account documents can be signed.
How to Open a Northfield Bank Business Checking Account
- Step 1: Visit a branch, as opening an online account is currently unavailable. Check out Northfield Bank’s Branch Locator to find a location near you.
- Step 2: Request an appointment with Northfield Bank. Business customers are required to do this so that they can be served more efficiently.
Northfield Bank Business Checking Features
Debit Card
Free with uChoose Rewards uChoose Rewards is a free program that pays 1 point for every $2 spent using Northfield Banks Visa Debit card. Points can be redeemed for event tickets, merchandise, travel, gift cards, or cash back. registration to all account holders
Physical Checks
Check orders can be placed online, by mail using the reorder form with your existing checks, or by visiting any Northfield branch location.
Customer Service
Northfield Bank customer service can be reached by:
- Phone: 833-301-NFBK (6325)
- Email: customerservice@eNorthfield.com
Real-time Account Alerts
Northfield Bank has a robust alert system that helps customers keep up with activity on their account by receiving real-time messages. These alerts are sent for specific transactions, withdrawals, and balance changes. Users who sign up for this tool protect their funds and have the ability to watch for suspicious activity.
Zelle Money Transfers
Northfield Bank has partnered with Zelle to help online banking users move funds quickly and easily between banks.
Other Northfield Bank Business Products
Many business owners have deposits that exceed the FDIC limit of $250,000. Northfield Bank offers ICS funds placement by partnering with other financial institutions, which allows the deposits to be split and moved to various banks, extending the FDIC coverage. This program allows business customers to manage and view all funds directly through Northfield Bank.
Northfield provides a variety of small business loans up to $100,000. It offers terms as short as one year and as long as seven years on fixed-rate loans and lines of credit. In addition, it has construction loans, land loans, commercial mortgage loans, working capital loans, and real estate investment loans. Decisions are made locally, which speeds up the loan process.
Northfield offers three options for business owners needing a credit card: Business Rewards Credit Card, Business Cash Rewards Credit Card, and Business Edition Credit Card. All come with different perks or rewards and can even be issued to your employees.
Northfield Bank has a special account designed for nonprofits called Charitable NOW. The account offers unlimited free monthly transactions, no minimum balance, and no monthly service charge. As an added bonus, it also earns interest at competitive rates.
Attorneys often collect funds from clients and deposit them into an IOLA or IOLTA for safekeeping. Northfield Bank understands the importance of keeping client funds separate from attorney funds, as it has created a great solution as part of the business account options. Its IOLA/IOLTA requires no minimum balance, has no monthly maintenance fee, and includes unlimited deposits and checks.
Frequently Asked Questions (FAQs)
Northfield is a great bank for business owners operating in New Jersey, along with Staten Island and Brooklyn in New York. It has 39 branches and a full scope of business products to serve businesses of all sizes.
Yes, Northfield Bank has a rewards program called uChoose Rewards. It’s a free program that pays one point for every $2 spent on the Northfield Bank Visa debit card. Points can be redeemed for event tickets, merchandise, travel, gift cards, or cash back. You can even link cards together for users on the same account to earn points faster.
Choosing a bank will largely depend on the structure of your business. If you operate in a cash-heavy industry, you will likely need access to a bank with local branches for in-person cash deposits. If your business primarily operates online, you may find that a fintech online-only financial institution is a better fit. Analyzing different banks and the products they offer will allow you to pick a bank that’s right for your business.
Bottom Line
Northfield Bank is a great choice for business owners in New York and New Jersey looking for a low-cost checking account. It’s a full-service community bank with in-person deposit services available. There are three main business accounts to choose from to accommodate businesses of all sizes. It also has a debit card rewards program so that business owners can earn points on all purchases redeeming them for products, and cash back.
User review references:
