Business owners located in Indiana, Ohio, New York, or Pennsylvania looking for a business account with high transaction limits and low monthly maintenance fees will find a good fit with Northwest Bank. It has three checking accounts to choose from, with transaction volume of 100 or 300 per statement cycle.
It also has an interest-earning option along with many products to assist with financial management. These include remote deposit capture (RDC), automated clearing house (ACH), electronic data interchange (EDI), positive pay, domestic and international wires, business debit cards, lockbox services, and merchant services.
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I used a few different methods to evaluate Northwest Bank’s business checking accounts. I first looked at as much information as possible on the Northwest website to ensure I had a good overview of the checking account structure. I also looked at online reviews from account holders.
Since Northwest is a traditional bank with in-person services, I compared it with similar banking models for pricing, ease of use, features, and software integrations. In general, Northwest Bank is comparable and also proved to offer a higher transaction volume than similar traditional banks.
Pros
- You can choose from three business accounts
- Wealth management is available
- Savings accounts come with perks
- Network has 55,000-plus ATMs
Special Offer | No current business promos |
Opening Deposit Requirement | $100 for all tiers |
Monthly Maintenance Fee | |
APY |
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ATM Fees | None at all Northwest Bank and Allpoint ATMs; $2 at all out-of-network ATMs, plus third-party usage fees |
ATM Fee Reimbursement | None |
Other Standout Features | Treasury management products, debit fraud protection, secure online banking, business bill pay |
- Business owners making 300 or fewer transactions per month: The Business Checking Plus account allows business owners to make up to 300 combined debits, credits, and deposited items per month. This is a great fit for businesses with a higher volume of banking transactions.
- Businesses transacting using foreign currency or accepting foreign checks: Northwest Bank offers foreign currency exchange in the form of cash purchases or cash redemption and allows checks to be deposited in a foreign currency. In addition, you can send wires in foreign currencies.
Northwest Bank Business Checking Alternatives & Comparison
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | ||
|---|---|---|---|---|
Business Checking Plus | $0 | 300, then $0.40 per item | 300 combined debits, credits, and deposited items | |
 Business Essentials Checking | $0 | Unlimited digital transactions and 25 free teller transactions | 25 free cash deposits, then 50 cents each | |
 Business Checking | $0 | Unlimited | Not accepted | Online in all states |
Visit Novo
Novo is a financial technology (fintech) platform, not a bank. It provides deposit services and FDIC insurance through a partnership with Middlesex Federal Savings.
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 Business Complete Banking | $30 waivable | Unlimited electronic deposits; | $20,000 | |
Best For | Learn More | |
|---|---|---|
| Business owners looking for certificate of deposit (CD) solutions: Since Northwest does not offer CD accounts for business, U.S. Bank may be a good choice for businesses desiring to open a CD. | Read our U.S. Bank business checking review |
| Business owners needing quicker access to funds: While Northwest offers incoming ACH deposits, Novo has a program called Novo Boost, which processes Stripe deposits up to 75% faster than other banks. | Read our Novo business checking review |
| Businesses wanting access to in-person branches across the US: Northwest Bank has branches only in Pennsylvania, New York, Ohio, and Indiana. For businesses with nationwide locations, Chase may be a better fit since it has a footprint extending across all 48 mainland states. | Read our Chase business checking review |
Northwest 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 individually.
| Users Like | Users Dislike |
|---|---|
| Very helpful branch personnel | Live chat disconnects easily |
| Online loan payments easy to transmit | High overdraft fees and daily limits |
| Visa credit card rates very competitive | Pay by phone charges $9.95 for a loan payment |
| Great rates for auto loans | |
When I was reading reviews written by Northwest Bank customers, I noticed similar comments about how satisfied clients were with the competitive auto loan rates. Many were also pleased with the staff at the branches and the great lengths they went to in order to solve a banking issue.
Many, however, stated that their coupon books arrived late. This caused them to either be delinquent with their payment or pay a charge of $9.95 to pay by phone since they were missing information to send a payment by mail. In general, the most satisfied customer reviews were related to the mobile app used for online banking.
Here’s how Northwest Bank scored on third-party review sites:
- WalletHub[1]: 2.2 out of 5
- Trustpilot[2]: 2.0 out of 5
- Better Business Bureau[3]: A+ Rating
- Google Play[4]: 4.5 out of 5
- App Store[5]: 4.7 out of 5
Northwest Bank Business Checking Terms
Business Checking Plus | Business Tiered Interest Checking | Business Analysis Checking | |
|---|---|---|---|
Required Opening Deposit | $100 | $100 | $100 |
Monthly Fees | $0 | $0 | |
APY | N/A | Tiered based on account balance | N/A |
300, then $0.40 per item | 100, then $0.40 per item | Fee may be offset by competitive earnings credit; check with customer service when opening account | |
Standard and Same-day ACH Fees | Available with Treasury Management Services; additional fees apply | ||
Domestic Wire Transfer Fees |
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International Wire Transfer Fees |
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ATM Fees | None at all Northwest Bank and Allpoint ATMs; $2 at all out-of-network ATMs, plus third-party usage fees | ||
Northwest Bank Business Checking Requirements
Part of the Northwest Bank Business checking requirements is to visit a branch in person 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 in person.
How to Open a Northwest Bank Business Checking Account
- Step 1: Proceed to your nearest Northwest Bank branch. Online account opening is not currently supported for business customers.
- Step 2: Have each signer provide the following information:
- Name
- Address
- Date of Birth
- Social Security number
- State driver’s license or passport
- Beneficial owner(s)
- Articles of incorporation
- Fictitious name filing (required if operating under a different name)
- Partnership agreement
- Fictitious name filing (required if operating under a different name)
- Articles of organization
- Fictitious name filing (required if operating under a different name)
- Operating agreement documenting control and ownership
- Partnership agreement
- Fictitious name filing (required if operating under a different name)
- Trust agreement
- Fictitious name filing—all states (required if operating under a different name)
- Certification of sole proprietorship and evidence of fictitious name (Pennsylvania only)
- Meeting minutes or board resolution
- Board resolution or meeting minutes
For the complete list of the required business documents needed, refer to the Northwest Company Ownership Information document for details.
Northwest Bank Business Checking Features
Debit Card
Debit cards are available to all account holders at Northwest Bank on business checking accounts.
Physical Checks
Northwest Bank checks are ordered from a check printer. The cost will vary depending on the style you choose.
Accounting Software Integration
Northwest Bank integrates with QuickBooks by enrolling in Direct Connect.
Business Payment Integrations
Merchant services are available at Northwest Bank through a partnership with Clover.
Customer Service
You can reach customer service by using the chat feature found at https://webchat.northwest.bank/CustomerService or by calling 1-877-672-5678.
Other Northwest Bank Business Products
Northwest Bank has multiple business savings accounts. These accounts come with free perks including online banking, free mobile banking with mobile deposit, mobile pay with Apple, Samsung, and Android devices, automatic deposit at ATMs, direct deposit 24/7 telephone banking, and night deposit.
Northwest Bank offers loans to small businesses, including lines of credit, equipment financing, business vehicle loans, commercial real estate loans, and SBA loans. It also supports business acquisitions, partner buyouts, expansions, startups, and franchise lending.
Northwest Bank offers an investment service that allows customers to put their money to work. This helps them plan for the future by investing in individual retirement accounts or college savings accounts for children. Northwest also offers trust accounts that include provisions to assist with legal, tax, and financial issues.
Some wealth management accounts include the following:
- Living trusts
- Irrevocable trusts
- Revocable trusts
- Testamentary trusts
- Estate planning
- Settlement services
- Professional investment management
- IRA management
- Gifting strategies
- Charitable contributions
- Philanthropic investments
Frequently Asked Questions (FAQs)
Northwest Bank is very stable because of its financial assets shown under Northwest Bancshares, Inc. (Nasdaq: NWBI). It is a $14 billion asset financial services company headquartered in Columbus, Ohio, and is the parent company of Northwest Bank. It serves consumers, small businesses, corporations, and municipalities with a diverse offering of banking, lending, payments, and wealth management solutions. Currently, it has 131 financial centers across Pennsylvania, New York, Ohio, and Indiana and gives customers access to over 55,000 ATMs across the US.
The MX Blog[6] produces a report that ranks banks across the US based on asset size. Currently, Northwest Bank ranks 127 in the list out of 250 banks that were reviewed.
The main difference lies in the size of the business of the account holder. Commercial accounts are generally used by large corporations with higher transaction volume and more complex needs, whereas business checking serves a market ranging from small to midsize businesses.
Yes, having a business bank account is a good decision for many different reasons. It helps to separate business and personal finances, making tax preparation and filing much easier. It also gives you a view of the financial health of your business at a glance without doing hours of sorting and calculation to determine your profit and loss.
When operating an LLC, the bank account needed will largely depend on the dynamics of your business. If you operate in a cash-heavy industry, you will likely need access to a local branch for in-person cash deposits. When choosing an account, you would need to refer to their transaction limits to see which option is the best fit. If your business has fewer transactions, you may be able to open an account with low transaction costs and a $0 monthly maintenance fee.
Bottom Line
Northwest Bank is a good option for businesses located in Indiana, Ohio, New York, and Pennsylvania. It’s a traditional bank with in-person banking solutions along with cash deposit services. It has three accounts to choose from, and they can be linked with many additional services to make financial management quick and easy.
Visit Northwest Bank Northwest Bank is a member of the FDIC
References:
[1]WalletHub
[2]Trustpilot
[3]Better Business Bureau
[4]Google Play
[5]App Store
[6]Largest Banks in the US by Asset Size (2024)