Northwest 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.
If you operate in New York, Ohio, Indiana, or Pennsylvania and need affordable business checking products, Northwest Bank is an excellent provider. It offers basic, analyzed, and interest-earning checking options with low fees and generous transaction limits. However, opening an account can only be done at a branch. Northwest Bank’s other products include a rewards-earning credit card, savings products, lending products, trust services, small business investment planning services, and employee retirement planning services.
What We Like
- 300 fee-free transactions with Business Checking PLUS
- Employee retirement planning services available
- Rewards-earning credit card available
What's Missing
- Only available in New York, Ohio, Indiana, and Pennsylvania
- Must visit a branch to open a business checking account
- High wire transfer fees
Features
- Basic, analyzed, and interest-earning checking options available
- Business debit card
- Online banking with bill pay
- Mobile banking
- Text banking
- Integrates with QuickBooks and Quicken by enrolling in Direct Connect
How Northwest Bank Stacks Up With Its Competitors
Monthly Fee | Transaction Limit Before Fees | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Checking PLUS | None | 300 fee-free transactions per month, then 40 cents per item | None at Northwest Bank and Allpoint ATMs; $2 at nonnetwork ATMs* | $100 |
 Business Complete Banking | $15; waivable | 20 fee-free paper transactions per month, then 40 cents per item | None at Chase ATMs; $3 at nonnetwork ATMs* | None |
 Basic Business Checking | N/A | Unlimited ACH and bill pay transactions; 200 combined transactions, then 40 cents per item | None at KeyBank and Allpoint ATMs; $3 per transaction at non-KeyBank ATMs | $25 |
*Third-party operator fees may also apply.
When Northwest Bank Is a Good Fit
- You make 300 or fewer transactions per month: Its basic business checking account, Business Checking Plus, offers 300 fee-free transactions per month. Transactions include debits, credits, and deposited items.
- You want access to investment and trust services: The bank has long and short-term investment planning, legacy planning, succession plan development, Escrow services, and endowment and trust services.
- You want assistance with employee retirement plans: Businesses can work with Northwest to design and implement employee retirement plans, including pension plans, 401(k) plans, 403(b) plans, and 457(b) plans. The bank will also help companies educate employees through enrollment assistance, presentations, and one-on-one consultations.
- You want a rewards-earning credit card: Purchases on the Northwest Platinum Visa Business Card earn points that can be redeemed for gift cards, travel, and other merchandise.
- Your business is based in western New York: Northwest Bank is considered a great choice for businesses in New York state for easy access to branches in western New York and Finger Lakes. It’s one of our best banks for small businesses in New York.
When Northwest Bank Is Not a Good Fit
- You want nationwide branch access: It only has branches in New York, Indiana, Ohio, and Pennsylvania. Businesses needing greater access to physical branches should check out Chase, which has over 4,700 branches across 48 states. Read our review of Chase’s business checking accounts to learn which of the three fits your needs.
- You want access to certificates of deposit (CDs): This bank doesn’t offer business CDs. Meanwhile, Live Oak Bank offers six-month to five-year term CDs with rates as high as 4.80%. Learn more about this product in our Live Oak Bank Business Savings review.
- You rely on wire transfers: It charges steep fees for wire transfers. Businesses that make wire transfers regularly should go with Relay, which charges no fees for incoming wire transfers, $5 for outgoing domestic wire transfers, and $10 for international wire transfers. Check out our Relay Business Checking review, which provides more information on the product.
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.
Northwest Bank Business Checking Overview
Northwest Bank Business Checking Requirements
To open a Northwest Bank business checking account, applicants must visit a physical branch location or call (877) 672-5678. Customer service representatives are available by phone from Mondays to Fridays, from 8 a.m. to 8 p.m., ET, and on Saturdays from 9 a.m. to 1 p.m. ET.
For a checklist of business documents most banks require, refer to our guide on how to open a business bank account.
Northwest Bank Business Checking Features
Basic, Analyzed & Interest-earning Checking Options
The bank offers three business checking products, each requiring a minimum opening deposit of $100.
- Business Checking PLUS is a basic business checking account that lets businesses make 300 free combined debits, credits, and deposited items per month with a fee of 40 cents for every item after the limit. It charges no monthly fee and has no minimum balance requirements.
- Business Analysis Checking offers competitive earnings credit to offset transaction fees or debits, credits, and deposited items.
- Business Tiered Interest Checking earns tiered interest based on an account’s balance. It offers 100 free combined debits, credits, and deposited items per month with a fee of 40 cents for every item after the limit. The account has a monthly fee of $10, which can be waived by maintaining a minimum balance of $5,000.
Business Debit Card
The Northwest Bank Business Debit Card can be used for purchases anywhere Visa cards are accepted. Cardholders can use their debit cards to bank at Allpoint network machines or make cash and check deposits at Northwest Automatic Deposit ATMs.
Digital Banking
Its online banking platform lets businesses check balances, transfer funds, pay bills, and initiate wire or automated clearing house (ACH) transfers. Mobile banking with mobile deposit functionality is also available on iOS and Android devices. To get started, you need to enroll in Online Banking by contacting or visiting your local office—only branches can create online profiles for business users.
Although the app is well-rated, with a rating of 4.6 on App Store and 4.3 stars on Google Play, we noticed that recent reviews skewed negative. Users complained that the app’s user interface (UI) is difficult to navigate and that Face ID logins function poorly. There are also remarks that its Bill Pay page has issues.
Text Banking
Northwest Bank has a text banking feature that lets customers check balances, view transactions, transfer funds between accounts, and request customer service assistance via short message service (SMS).
Other Northwest Bank Business Products
Savings Products
Northwest Bank offers two interest-earning business savings products: a basic savings account and a money market account.
- Business Statement Savings compounds and credits interest monthly. It requires an opening deposit of $50 and charges a $5 monthly fee that can be waived with a minimum balance of $1,500.
- Business Money Market offers unlimited account access to account funds through the Northwest Bank office or at an ATM. However, it has a limit for check and electronic transactions.
Lending Products
The bank has lines of credit, business vehicle, and equipment loans with up to 100% financing, commercial real estate loans with up to 25-year payment terms, and SBA loans.
Credit Cards
The Northwest Platinum Visa Business Card is a rewards-earning credit card with no annual fee and a low interest rate. Each dollar spent using the card earns points, which can be redeemed for travel, gift cards, and other merchandise. Cardholders can also issue cards to employees and team members and customize credit limits per card.
Trust Services
Northwest Bank offers legacy planning, succession plan development, escrow services, and endowments and foundations.
- Legacy planning: The Northwest Bank legacy planning service helps businesses control the most valuable assets in their financial portfolios to mitigate risk and ensure protection during the step-down process.
- Succession plan development: Northwest Bank works with businesses to ensure fair buy-sell agreements between old and new owners and facilitate smooth transitions during step-downs.
- Escrow Services: Through Escrow Services, Northwest Bank guarantees fair disbursement of money and assets between transacting parties. Types of transactions Northwest Bank oversees include non-cash asset appraisals, investments, fund distributions, tax reporting, asset reporting, and fund transfers.
- Endowments and foundations: Northwest Bank combines investment management and custodial services to safeguard business assets for the present and future. It partners with Stellar Technologies to provide account-level detail for donor-advised funds.
Small Business Investments
The bank’s representatives work with businesses to develop customized short-term or long-term investment strategies. It offers two investment services: Professional Investments/Institutional Management, which helps businesses create investment portfolios that address their financial objectives, and short-term/liquidity management, which helps businesses generate high yields through short-term securities.
Retirement Services
Northwest Bank helps businesses plan and implement retirement plans for their employees. The plans it offers include defined benefit plans, such as traditional pension plans, and defined contribution plans (such as 401(k) plans, 403(b) plans, money purchase plans, and 457(b) plans).
The bank will also help businesses educate employees on their retirement plans. It provides enrollment assistance, one-on-one consultations, and in-person retirement and financial education presentations.
Northwest Bank Business Checking User Reviews
Northwest Bank has a 2.3 out of 5 rating on WalletHub1 with around 160 reviews. There are no specific reviews on the business checking product, and most of the feedback focused on a bad customer service experience. Some reviewers stated that chat sessions were dropped several times, while others mentioned disputes with bank charges—and that these were denied. There are also complaints about the unreliability of the ATMs and the outdated technology used in bank systems.
There are a few positive reviews, however. Some clients appreciate the low loan and credit card rates and good online payment tools, and one user said that they’re satisfied with the bank’s support in fixing fraud charges.
Bottom Line
With a low opening deposit requirement, no monthly fee, and 300 fee-free transactions per month, Northwest Bank has great business checking options for companies operating in New York, Ohio, Indiana, and Pennsylvania. Businesses looking to expand may benefit from the provider’s small business investment services.
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