Businesses based in Texas and Oklahoma may want to consider banking with Prosperity Bank. It offers four business checking accounts, and you are required to call or visit a branch to open an account.
Two of the bank’s accounts are regular checking accounts—Small Business Checking and Small Business Checking with Interest—designed for small businesses. The others are analyzed checking accounts—Business Analysis Checking and Business Analysis Checking with Interest—suitable for midsize and large businesses.
Pros
- 200 fee-free transaction limit for Small Business Checking and Small Business Checking with Interest accounts
- Low monthly fees
- 10 free monthly bill payments under Small Business Checking and Small Business Checking with Interest
Cons
- High balances required for monthly fee waivers
- $200 or $500 opening deposit requirement for non-Analysis checking accounts
- Locations limited to Texas and Oklahoma
Features
- Free debit card
- Online and mobile banking
- Fastline telephone banking
- Business savings, money market accounts (MMAs), and certificates of deposit (CDs) available
- Offers Small Business Administration (SBA) loans and commercial lending products
- Financing and investment options for medical professionals
How Prosperity Bank Stacks Up With Its Competitors
Small Business Checking
Biz Rite Checking
When Prosperity Bank Is a Good Fit
- You make up to 200 monthly transactions regularly: Prosperity Bank provides a high fee-free transaction limit of 200 for its Small Business Checking and Small Business Checking with Interest accounts.
- You make 10 monthly bill payments: With Prosperity Bank’s Small Business Checking and Small Business Checking with Interest accounts, you can benefit from 10 free bill payments each month. Beyond the limit, a 50-cent fee per item applies.
- You’re a medical professional seeking various financing options: Medical professionals can take advantage of Prosperity Bank’s loan products to expand their offices or fund their startups. They can access medical practice loans & lines of credit, medical investment loans, and medical office building loans.
When To Choose a Prosperity Bank Alternatives
- Your business is located outside the bank’s service areas: Prosperity Bank has more than 270 brick-and-mortar branches, but they’re confined to Texas and Oklahoma. You can consider Chase, which has a nationwide branch presence in 48 states. Check out our Chase business checking review to learn more about the different checking accounts offered by the bank.
- You want a free checking account that provides a high APY: While Prosperity Bank has interest-bearing business checking products, maintaining a high fixed balance is required to waive the monthly service fee. You can opt for the Bluevine standard business checking account, which offers a high yield of 2.0% for qualifying balances of $250,000 and less. Our review of Bluevine business checking tells you how to qualify for interest.
- You are a freelancer seeking to streamline your expense tracking and tax preparation: Prosperity Bank offers limited software integrations. Consider Found, which has one of the best bank accounts for self-employed professionals, as it provides useful bookkeeping and tax tools. Read our Found business checking review to discover its advantages to your business.
Prosperity Bank Business Checking Overview
Prosperity Bank Business Checking Requirements
Part of the Prosperity Bank business checking requirements is to visit a branch to open an account. Note that only residents of Texas or Oklahoma at 18 years of age can apply for a checking account. A free debit card is issued for all checking accounts.
Account opening takes approximately 15 to 30 minutes, and you must prepare two forms of valid identification.
Acceptable primary IDs | Acceptable secondary IDs |
|---|---|
|
|
Prosperity Bank Business Checking Features
Prosperity Bank features interest-bearing business checking accounts, Bill Pay, digital banking access, and Fastline telephone banking.
Business Checking Account Options
Prosperity Bank features interest-bearing business checking accounts, Bill Pay, digital banking access, and Fastline telephone banking.
Online Bill Pay
Online Bill Pay allows you to pay any person or business in the United States easily. Prosperity Bank lets you create a personal payee list and schedule one-time, future, or recurring payments. This comprehensive and customizable service has an on-time payment guarantee and permits enrollment in e-bills for qualified payees. Furthermore, it provides detailed payee reports and payment history.
Prosperity Bank offers free basic Bill Pay to Small Business Checking account holders and Small Business Checking with Interest. You get up to 10 free transactions each month, with a fee of 50 cents per excess transaction. For Business Analyzed account holders, the Bill Pay service costs $5.95 per month.
Business Online & Mobile Banking
Prosperity Bank offers specialized online and mobile banking services for efficient business operations.
Business Online Banking features include:
- Account information inquiry
- Retrieval of statements
- Transfer of online funds
- Payment of online bills
- Reporting capabilities and report delivery options
- Secure messaging
- Multiple user control options
- Access to treasury management products and services
- Access to business transactions and approvals via Business Mobile app
You can enroll in Business Online Banking by contacting the bank at (800) 531-1401 or sending an email to contactus@prosperitybankusa.com.
We couldn’t find recent reviews for Prosperity Bank’s Business mobile banking app. On the App Store[1], it has a rating of 3.1 (based on around 10 reviews), and on Google Play[2], it has a rating of 3.7 (based on about 10 reviews). There were no written reviews published in recent years.
Fastline Telephone Banking
Customers can conveniently access their account information 24/7 through Fastline, an audio response system. You can dial (800) 687-7272 and transfer funds, verify cleared checks and deposits, and find the number to your nearest banking center.
Other Prosperity Bank Business Products
Prosperity Bank also offers savings products, IRAs, credit cards, business loans, and treasury management.
This account requires a minimum opening deposit of $200. You need to maintain a $200 balance to waive the $3 monthly maintenance fee. Each month, you’re given three free debit transactions. Exceeding the limit, you’re charged $2 per debit transaction. Withdrawals are free and unlimited at Prosperity Bank ATMs.
Prosperity Bank has two MMAs:
- Business Money Market: An opening deposit of $2,500 is required to open this account. It allows up to six free debit transactions each statement cycle and charges a $15 fee beyond that. Maintaining a $2,500 balance lets you waive the $10 monthly maintenance fee.
- Business Premier Money Market: With a minimum opening deposit of $25,000, you can earn a competitive tiered interest rate. Like Business Money Market, this account provides up to six free debit transactions per statement cycle and collects a $15 fee past the limit. You can avoid the $20 monthly maintenance fee by meeting the minimum balance of $10,000.
Compared to traditional savings, CDs offer higher interest at fixed rates and terms. Prosperity Bank has CD term options ranging from 30 days to five years. Contact the nearest branch to learn the latest CD rates.
Prosperity Bank offers customized IRA plans for business owners and their employees:
- Traditional IRA
- Roth IRA
- Roth conversion IRA
- Coverdell Education Savings Account (CESA)
- Conduit IRA
- Health savings accounts (HSAs)
- Simplified Employee Pension plan (SEP)
Customers can apply for a Prosperity Bank Visa® Business Credit Card to monitor expenses and control cash flow. It allows you to block access to specific merchant categories and use multiple monetary authorization levels. This credit card comes with purchase security, extended protection, and travel accident insurance.
As an SBA Preferred Lender, Prosperity Bank offers two SBA loans to businesses.
1. SBA 7(a) guarantee loan program: You can apply for this loan to purchase owner-occupied commercial real estate, start a new business, or purchase equipment. All business assets must be pledged for a fully secured loan. It also requires owners with 20 percent or more interest to make personal guarantees and full or limited guarantees from owners with less than 20% interest.
2. SBA 504 loan program: Ideal for growing small businesses, this loan program provides fixed-rate financing for fixed asset projects, specifically land purchases and improvements. New construction, facility upgrades, and long-term machinery purchases are also included.
The bank offers various business lending products:
- Commercial loans
- Business lines of credit
- Real estate loans
- Construction loans
- Aircraft and boat loans
- Mortgage warehouse lending
Professionals working in the medical field can access a variety of lending products from Prosperity Bank:
- Physician banking
- Medical practice loans and lines of credit
- Medical investment loans
- Medical office building loans
Prosperity Bank has several treasury management products and services:
- Sweep accounts
- Zero balance accounts (ZBAs)
- Lockbox services
- Merchant services
- Remote deposit capture (RDC)
- Positive pay
- Automated clearing house (ACH) blocks/ACH filters
- Fraud alert
Prosperity Bank Business Checking Reviews From Users
We didn’t find any Prosperity Bank business checking reviews on third-party sites. However, the bank has an overall rating of 2.1 (based on around 140 reviews) on WalletHub[3]. Satisfied customers said that customer service was top-notch and that representatives were helpful and patient.
Meanwhile, many users complained about overdraft charges. Several reviewers also mentioned the inconvenience of locked accounts caused by suspected debit card fraud. Some were also dissatisfied with the bank’s lack of a 24/7 customer service support system.
Bottom Line
Prosperity Bank’s high free transaction limits and low monthly maintenance fees are attractive to small businesses that want more savings. Its broad choices for business banking products, from savings and CDs to IRAs and financing solutions, also appeal to customers.
However, its account opening deposit requirement can be steep. Waiving the monthly maintenance fee also requires maintaining a high account balance. If you prefer a free business checking account, we recommend looking into the alternatives we list above.
User review resources:
1App Store
2Google Play
3WalletHub
