Plumas 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.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
This article is part of a larger series on Business Banking.
If your West Coast business needs affordable checking products from a regional provider, Plumas Bank is a good option. The bank, which operates in California and Nevada, offers two types of small business checking accounts. Both have easy-to-waive monthly fees and offer unlimited deposits of Plumas Bank checks. Other products the bank provides include analyzed checking accounts, savings products, lending products, and credit cards.
What We Like
- Monthly fee waived for first month
- Unlimited deposits of Plumas Bank checks
- Highly rated mobile app
Drawbacks
- Only 14 branch offices
- No interest-earning checking
- No fee-free accounts
Features
- Online banking with bill pay
- Visa Debit Card
- Mobile banking
- Analyzed checking, savings products, and lending products also available
How Plumas Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
Local Business Checking | $12; waived for the first month or when minimum balance is met | Unlimited deposits of Plumas Bank checks 150 fee-free combined checks paid and deposits of non-Plumas Bank checks, then 20 cents per item | None at Plumas Bank ATMs and ATMs with VISA, STAR, and PLUS symbols, $2 for nonnetwork use* | $100 |
 Silver Business Checking | $0 | 125 free, then 50 cents per item | None at U.S. Bank and MoneyPass ATMs, no fee for nonnetwork use* | $100 |
 Business Complete Banking | $15; waivable | Unlimited fee-free digital transactions; 20 fee-free paper transactions, then 40 cents per item | None at Chase ATMs; $3 for nonnetwork use | None |
*Third-party operator fees may also apply.
When Plumas Bank Is a Good Fit
- You want fee-free banking for a low minimum balance requirement: The minimum balance required to waive the $12 Plumas Bank Local Business account monthly fee is $2,000. Plumas Bank waives the monthly fee for your first month of banking.
- You have a low monthly transaction volume: Local Business accounts allow 150 fee-free checks paid and non-Plumas Bank checks deposited.
- Many of your clients and partners work with Plumas Bank: There’s no limit to the number of Plumas Bank checks you can deposit to your business account.
- You need access to a wide range of lending products: Plumas Bank offers lines of credit, Small Business Administration (SBA) loans, agricultural lending, commercial real estate (CRE) loans, and equipment financing.
When Plumas Bank Is Not a Good Fit
- You operate outside Plumas Bank’s jurisdiction: Plumas Bank only has 14 branch locations, which are located in Northeastern California and Northern Nevada. If you’re looking for a bank with wider geographic coverage, consider Chase, which has 4,700 branches in 48 states.
- You want to bank without a monthly fee or minimum balance requirements: Although Plumas Bank charges slightly lower fees than its national counterparts, it offers no fee-free business checking accounts and requires a minimum balance of $2,000 to waive fees. The Silver Business Checking account of U.S. Bank has no monthly fee and minimum balance requirements.
- You send wire transfers regularly: Outgoing wire transfers cost $30 for domestic recipients and $50 for international recipients. Under the fintech solution Mercury, all wire transfers are free.
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.
Plumas Bank Business Checking Overview
Plumas Bank Business Checking Requirements
To open a business bank account with Plumas Bank, you need to contact one of the provider’s business banking advisors. You’re required to prepare the following:
- Employer identification number (EIN)
- Fictitious name statement (if applicable)
- Valid identification for the organization’s president, secretary, members, and authorized signers.
Certain business types may be required to submit additional documents. Click on your entity type below to learn more.
Series Limited Liability Company
- Operating agreement of parent limited liability company (LLC) listing specific series and any amendments
- Resolution or meeting minutes on company letterhead detailing people that have authority to do banking on behalf of each series
Nonprofit Corporation
- Copy of 501c (if opening an interest-bearing account)
Unincorporated Nonprofit Associations
- Letter or meeting minutes from organization on their own letterhead assigning authority to open accounts and listing signers on the accounts with titles
- Copy of 501c (if opening an interest-bearing account)
Plumas Bank Business Checking Features
Unlimited Deposits
All Plumas Bank business checking accounts offer unlimited fee-free deposits to business accounts and unlimited fee-free deposits of Plumas Bank checks.
Waivable Monthly Fee
Plumas Bank will waive your monthly service charge on your first month of banking. After that, you can waive the monthly fee by meeting your account’s minimum monthly balance requirements.
Visa Debit Card
Opening a business checking account with Plumas Bank gives you access to your own Visa Debit Card, which uses EMV chip technology to enhance fraud security.
The card can be used at ATMs with Visa, STAR, or PLUS symbols. There’s a $2 fee for out-of-network use, plus applicable third-party operator fees.
Online Banking
You can view and manage your business checking account through the Plumas Bank website. Below are a few features the website provides:
- Automated Clearing House (ACH) Web: Plumas Bank’s ACH Web electronic payment system lets you debit and credit checking and savings accounts electronically. The bank encrypts sensitive information to keep your account protected.
- Business Bill Pay: This feature lets you receive and pay bills online. You can set up scheduled payments for recurring bills.
- Person-to-person transfers: Transfers to other Plumas Bank accounts (including personal checking, savings, and money market accounts) are free. Like with bill pay, you can set up scheduled transfers.
- Wire transfers: The website lets you originate wire transfers.
You can also add multiple users to your online banking account. To ensure responsible use, you can customize each user’s access level.
Mobile Banking
If you’re enrolled in Plumas Bank’s Online Banking service, you can access the provider’s mobile banking app, which is available on iOS and Android. Through the app, you can do the following:
- Check balances
- View pending transactions
- View transaction history
- Transfer funds
- Pay bills
- Deposit checks remotely
- Send and receive secure messages to Plumas Bank
- Search branch hours and locations
The app has a rating of 4.4 out of 5 on both the App Store and Google Play. Past users praised the smooth functionality of the app’s bill payment and mobile check deposit features. However, reviewers complained that the app is clunky and unintuitive.
Other Plumas Bank Business Products
Business Analysis
Designed for businesses with higher transaction volumes, the Plumas Bank Business Analysis checking account provides earnings credit based on your account balance. Earnings received can be used to offset fees.
Like other Plumas Bank business checking accounts, Business Analysis offers unlimited Plumas Bank check deposits, unlimited deposits to business accounts, and free digital banking.
If you have a Plumas Bank Business Analysis account, you can ask for Remote Deposit access. Plumas Bank will then provide you with a scanner, which you can use to deposit checks to your Plumas Bank account from your home or office.
Savings Products
Under Plumas Bank, there are three types of business savings products:
- The regular business savings account has a monthly service fee of $5, which you can waive with a minimum balance of $300. Like most Plumas Bank business accounts, it has an opening deposit requirement of $100.
- The money market account has a monthly fee of $15, waivable with a minimum balance of $5,000. It has an opening deposit requirement of $100 and offers unlimited check deposits, including deposits of non-Plumas Bank checks.
- Certificates of deposit (CDs) have an opening deposit requirement of $500. They earn interest at fixed rates and are renewable automatically.
Lending Products
Several types of lending products are available, including:
- Lines of credit
- SBA 7(a) loans
- SBA 504 loans
- Agricultural lending
- CRE loans
- Equipment financing
Credit Cards
Plumas Bank issues business credit cards through a partnership with TIB The Independent Bankers Bank, N.A. You can choose between a points-earning credit card or a standard credit card with no annual fee. Both cards offer competitive ongoing annual percentage rate (APR) and a 25-day interest-free grace period on all purchases.
Plumas Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Unlimited Plumas Bank check deposits | Only available in California and Nevada |
| Waivable monthly fee | No interest-earning checking |
| Highly rated mobile app | No fee-free accounts |
Opening a Plumas Bank business checking account is a good idea if your clients already work with Plumas Bank and issue Plumas bank checks. You’re allowed to deposit an unlimited number of Plumas Bank checks fee-free. However, under Plumas Bank’s lowest-tier account, you’re only given 150 fee-free combined checks paid and non-Plumas Bank deposits monthly.
Although there are no fee-free or interest-earning account options, Plumas Bank business checking accounts are affordable to open and maintain. The bank waives your monthly service fee on your first month of banking and sets easy minimum balance requirements for waiving the monthly fee thereafter.
Plumas Bank operates exclusively in California and Nevada. However, like most modern banks, it offers convenient digital banking solutions. The Plumas Bank mobile app, in particular, is well-rated among past users, with a score of 4.4 out of 5 on both the App Store and Google Play.
Plumas Bank User Reviews
Very few Plumas Bank customers have published reviews within the past few years. Thus, it’s difficult to draw any accurate conclusive statement about overall customer satisfaction. Its rating on WalletHub is 4.3 out of 5, from around 45 reviews, with no written reviews from later than 2015. On Yelp, the bank received a rating of 2 out of 5 but has only received around five reviews. It has only one review on DepositAccounts.
Alternatives to Plumas Bank Business Checking
As a regional bank, Plumas Bank stands a better chance of understanding your local market conditions. However, if working with a regional-specific bank isn’t a priority, you may get better features and benefits from online-only banks, national banks, and credit unions.
Here are some alternatives to consider:
- Bluevine* is best for earning interest. If you meet its activity requirements, your business checking account can earn 2.00% annual percentage yield (APY) on balances of $100,000 and less.
- Bank of America is best for ongoing rewards. Its business checking and credit card products offer cashback rewards and statement credits up to $500.
- Bethpage Federal Credit Union is best for businesses wanting to work with credit unions over banks. New York-based credit union Bethpage FCU allows online applications from businesses in California and Nevada. It offers unlimited fee-free transactions and an APY of 0.20% on checking accounts.
*Bluevine is a financial technology (fintech) platform backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership with Coastal Community Bank.
Bottom Line
Plumas Bank is a decent choice for California- and Nevada-based businesses with low transaction volumes. With unlimited fee-free deposits of Plumas Bank checks, the bank is particularly suitable for businesses that already work with clients or customers in Plumas Bank’s network. Although the bank only has 14 branches, it makes up for its lack of physical presence by providing reliable digital banking services.
