Peoples Bank is a good choice for businesses seeking an established traditional bank offering various business checking products. It has three regular checking accounts suitable for businesses with low, moderate, and high transaction volumes:
- Basic Business Checking offers up to 150 fee-free transactions and has no monthly maintenance fee.
- Business Interest Checking provides a 200 fee-free transaction allowance and requires a balance above $5,000 to waive the $10 monthly maintenance fee.
- Total Business Checking allows 500 fee-free monthly transactions and waives the $15 monthly maintenance fee if you keep a balance of more than $10,000.
The bank also offers specialized checking accounts for commercial businesses and nonprofits, savings accounts, and money market accounts. It also has several business financing options, which include commercial real estate (CRE) loans, Small Business Administration (SBA) loans, and United States Department of Agriculture Business & Industry (USDA B&I) loans.
- Free business debit card
- Online and mobile banking
- Bill pay
- Unlimited mobile deposits
- Analyzed Checking available
- Community Checking for nonprofits
- Overdraft protection via linking of savings accounts
- Access over 38,000 MoneyPass ATMs
How Peoples Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Monthly Maintenance Fee
Monthly Transaction Limit Before Fees
Basic Business Checking
150, then 50 cents per item
Silver Business Checking
125, then 50 cents per item
All states U.S. Bank is available in all states via online banking. It has branches in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
2.0% on qualifying balances up to $250,000
Visit Bluevine Bluevine is a fintech platform backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank.
When Peoples Bank Is a Good Fit
- You make 150 or fewer monthly transactions: Peoples Bank’s Basic Business Checking account offers up to 150 fee-free transactions, which include any credit, debit, or deposited item.
- You can maintain an average monthly balance above $5,000: The higher-tier Business Interest Checking provides more transactions and waives the $10 monthly fee if you have an average monthly balance of more than $5,000.
- You run a nonprofit or charitable organization: Peoples Bank offers business accounts for nonprofits, a Community Checking account with a waivable monthly fee, and an interest-earning Community Statement Savings account.
- You seek small business financing options: The bank offers lines of credit, term loans, and CRE loans, including government-backed business programs, SBA loans, and USDA B&I loans.
When To Consider Peoples Bank Alternatives
- You prefer a bank with a nationwide branch network: Peoples Bank’s branches are located in Kentucky, Maryland, Ohio, Virginia, West Virginia, and Washington, D.C. only. Chase is an excellent alternative, with around 4,800 branches across 48 states. Read our Chase business checking accounts review to see which account suits you.
- You want to place your funds in business CDs: Peoples Bank has no CD products. You can opt for Live Oak Bank’s high-yield CDs. See our review of Live Oak Bank business savings account for more detailed information.
- You send wire transfers regularly: The outbound wire transfer fees at Peoples Bank are steep at $25 for domestic and $50 for international. Mercury, a financial technology platform, offers free wire transfers for both. You can check out this feature from our Mercury business checking review.
Peoples Bank Business Checking Overview
Peoples Bank Business Checking Requirements
As part of the Peoples Bank business checking requirements, customers need to visit a physical branch in Kentucky, Maryland, Ohio, Virginia, West Virginia, and Washington, D.C., to open a business checking account. You can also fill out an online form so that a bank representative can contact you.
Before opening an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of documents typically required upon account opening.
Peoples Bank Business Checking Features
Business Checking Accounts
- Basic Business Checking suits small businesses with low transaction volume and provides up to 150 fee-free transactions that include any credits, debits, or deposited items. Beyond the limit, a fee of 50 cents is charged. This account has no monthly maintenance fee.
- Business Interest Checking is ideal for businesses with higher monthly transactions. You get a 200 free transaction allowance and will be charged 35 cents past the limit. If you maintain over $5,000 in your account, the $10 monthly maintenance fee will be waived.
- Total Business Checking is the highest business checking tier and gives 500 monthly transactions at no cost. Past that limit, a 35-cent fee applies. Keeping more than $10,000 in this account allows you to waive the $15 monthly maintenance fee.
Business Debit Card
Peoples Bank’s business debit card protects you from fraud through its zero liability policy for unauthorized transactions. It also offers enhanced security with contactless and chip technology and Mastercard ID Theft Protection.
Online & Mobile Banking
Peoples Bank offers enhanced security to small businesses through digital banking and allows users to
- Check balances
- View transaction history, including paid bills up to a two-year period
- Perform fund transfers between accounts
- Set alerts and send secure messages
- Stop check payments
- Schedule payments in advance and receive e-bills via Bill Pay
- Sign up for extended account analysis
- Enroll in e-statements
- Access check images for viewing
Customers can also deposit checks and locate branches and ATMs using the Peoples Bank’s mobile banking app. Reviewers gave the app a rating of 2.5 from around 130 reviews on the App Store and 4.6 from about 860 reviews on Google Play. Customers praised the app for ease of use and navigation, while a few reported login and lagging issues.
Treasury Management Services
- Merchant services
- Lockbox services
- Merchant services
- Investment sweep accounts
- Line of credit sweep accounts
- Zero balance accounts
- Positive pay
- Automated clearing house (ACH)
- Wire transfers
- Purchasing cards
- Account reconciliation
- Advanced e-statements
Through online banking, you can access additional treasury management services, which include:
- Business online payroll
- Federal and state tax payments
- Remote deposit capture (RDC)
- ACH collections, payments, and reporting
- Check, payee, and ACH positive pay
Other Peoples Bank Business Products
Peoples Bank features specialized business checking accounts, business savings, money market accounts, credit cards, and several lending products.
- Analyzed Checking was created for commercial businesses with large balances that need more banking solutions. This account offers an earnings credit and access to treasury management services at an additional cost.
- Community Checking supports the financial needs of nonprofits and charitable organizations and offers a fee-free transaction limit of up to 100. After the limit, 35 cents is collected. If the balance falls below $100, a $2 monthly fee will be charged.
- Business Savings provides interest and allows up to six fee-free monthly debit transactions. Maintaining a minimum $500 daily account balance lets you waive the $4 monthly fee.
- Community Statement Savings is designed for nonprofits and charitable organizations, and offers interest, no monthly fee, and a debit transaction allowance of six per month.
- Business Freedom Money Market has no minimum opening deposit and requires a minimum daily balance of $10,000 to waive the $10 monthly fee. A fee-free monthly limit of six debit transactions applies to this account.
- Business Platinum Secured
- Business Platinum
- Business Low Rate Platinum
- Business Platinum Rewards
- Business World Elite
- Lines of credit
- Term loans
- CRE loans
- SBA loans
- USDA B&I loans
- Standby letters of credit
- Commercial letters of credit
- Dealer financial services
Peoples Bank Business Checking Reviews From Users
On WalletHub, Peoples Bank shows a rating of 2.2 with two recent comments made within the last month. However, there have been no Peoples Bank business checking reviews written within the past five years.
A few users said that they appreciate the bank’s quick loan application process and loan rates. Meanwhile, others complained about overdraft charges and were dissatisfied with the bank’s customer service. They mentioned that they received generic and vague email responses to specific questions they asked.
Small businesses can save more with Peoples Bank business checking accounts since the bank provides high free transaction limits and offers a basic checking account with no monthly fees. However, branches are limited to Washington, D.C., and five states, and if your business requires in-person banking services and is located outside these areas, you will need to look elsewhere.