Provident 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.
California-based Provident Bank’s two small business checking accounts, Basic Business Checking and Business Interest Checking, are great options for cash-reliant businesses as they offer cash deposit limits of $10,000 and charge low fees for excess transactions. However, these accounts only offer 100 free debit transactions.
Should your needs change, you can look into Provident Bank’s other business checking products, which include analyzed checking, interest-earning commercial checking, commercial checking with cash management services, and specialty accounts for attorneys and nonprofit organizations.
What We Like
- Waivable monthly fee
- Fee-free cash deposit limit of $10,000
- Highly rated iOS app
Drawbacks
- 13 branches, exclusive to CA; must visit a branch to open an account
- 0.01% annual percentage yield (APY) on interest-drawing accounts
- Only 100 fee-free debit transactions per month
Features
- Free Business Visa Debit Card
- Surcharge-free access to 55,000 Allpoint ATMs
- Online banking
- Mobile banking
- Business overdraft line of credit
- CardValet app for better card management
How Provident Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit | Minimum Opening Deposit | |
|---|---|---|---|---|
 Basic Business Checking | $15 for electronic statements & $17 for paper statements; waivable | 100 debits*, then 35 cents per debit | $10,000, then $1.50 for every $1,000 | $100 |
 Business Complete Banking | $15, waivable | 20 paper transactions, then 40 cents per item | $5,000 free per statement cycle, then $2.50 per $1,000 | None |
 Business Basics | $10, waivable | 200 transactions, then 35 cents per item | None, no stated limit on cash deposits | None |
*Debits include checks and electronic debits.
When Provident Bank Is a Good Fit
- You make cash deposits frequently: Provident Bank has a fee-free cash deposit limit of $10,000. It only charges $1.50 for every $1,000 deposited after the limit.
- You make 100 or fewer debit transactions per month: Both Provident Bank’s Basic Business Checking and Business Interest Checking have a debit transaction limit of 100. Checks and electronic debits also count as debits.
- You can maintain a monthly balance of $3,000 or higher: If you meet the Provident Bank Basic Business Checking minimum monthly balance requirement of $3,000, you can waive the $15 or $17 monthly fee.
When Provident Bank Is Not a Good Fit
- You operate outside of California: Provident Bank has no branches outside California, and you must visit a branch to open an account. If you need a traditional bank with a broader geographical reach, consider Chase, which has 4,700 branches across 48 states.
- You want unlimited fee-free transactions: Basic Business Checking accounts limit you to 100 free debits per statement cycle. California-based businesses needing higher transaction limits should choose Union Bank, which offers unlimited combined transactions and has no monthly service fee.
- You want to earn competitive interest on checking deposits: Provident Bank’s interest-earning small business account, Business Interest Checking, only earns interest at a rate of 0.01%. If you’re looking for better rates, consider the online-only provider Bluevine, which earns qualified accounts 2.00% APY on balances up to and including $250,000.
- You need access to high-yield business savings products: The only business savings product Provident Bank offers is its basic business savings account, which has an APY of 0.03%. First Internet Bank is a great online-only alternative because it also offers business money market savings and CDs.
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.
Provident Bank Business Checking Overview
Provident Bank Business Checking Requirements
To apply for a business checking account with Provident Bank, you need to set an appointment and visit a physical branch. Our guide to opening a business bank account provides a checklist of documents banks typically require you to prepare.
Provident Bank Business Checking Features
Waivable Monthly Fees
There are multiple ways to waive the Provident Bank monthly fee.
You can waive Basic Business Checking’s monthly fee by satisfying one or more of the following activity requirements:
- Maintain an average daily balance of $3,000
- Maintain a combined average daily balance of $10,000 across multiple Provident Bank business accounts that have the same primary tax reported for owner
- Make at least 25 non-ATM transactions using the Provident Bank Business Visa Debit Card
For Business Interest Checking, you can waive the monthly fee by satisfying one or more of the following activity requirements:
- Maintain an average daily balance of $5,000
- Maintain a combined average daily balance of $10,000 across multiple Provident Bank business accounts that have the same primary tax reported for owner
Business Visa Debit Card
All Provident Bank business checking accounts come with their own free Business Visa Debit Card, which uses chip technology. The card provides surcharge-free access to all Provident Bank and Allpoint ATMs. Provident Bank doesn’t charge fees for nonnetwork use, though third-party operator fees may apply.
Digital Banking
Users can access Provident Bank’s services through its website and mobile app, which is available on iOS and Android. Available online banking activities include:
- Viewing account balances
- Transferring funds between Provident Bank accounts
- Viewing transactions
- Viewing check images
- Viewing and making payments on commercial loans
- Paying bills
- Finding branch and ATM locations
Additionally, Provident Bank’s digital banking solutions let you deposit checks remotely through a feature called Merchant Remote Deposit Capture. To use this feature, scan or take a mobile snapshot of your physical check and upload it to the website or app.
The mobile app has a rating of 4.7 stars on the App Store and 3.9 stars on Google Play. Newer reviews highlight that the user interface is smooth and intuitive.
Business Overdraft Line of Credit
Provident Bank helps you protect yourself from transactions against insufficient funds by linking your account to a business overdraft line of credit. This method of business overdraft protection transfers funds automatically from your linked line of credit to cover transactions when your balance is insufficient. However, to get a business overdraft line of credit, you must first get credit approval from Provident Bank.
Other Provident Bank Business Products
Other Business Checking Accounts
Provident Bank offers a number of business checking accounts, including specialty accounts for nonprofits and attorneys and commercial accounts for larger businesses.
- Attorney Client Trust: An interest-earning account for California attorneys. It has no monthly fee and a minimum deposit requirement of $500.
- Business Cash Management: An interest-bearing account with additional cash management resources. Like Corporate Interest, it offers tiered APY with increased interest rates on larger balances. It charges a monthly fee of $15 or $17, waivable with a minimum monthly balance of $2,500. The opening deposit requirement is also $2,500.
- Corporate Interest: An interest-earning checking account for businesses with larger balances. It uses a tiered APY system that increases your interest rates as you increase your balance. The account has a minimum opening deposit of $5,000 and a monthly fee of $25 or $27, waivable with a minimum monthly balance of $25,000.
- Community Advantage: An interest-earning specialty account for community groups and nonprofit organizations. It earns an APY of 0.05% with no monthly service fee. The minimum opening deposit is $100.
- Commercial Analysis: An analyzed checking account that helps you offset the $25 monthly fee by paying 0.07% earnings credit based on your balance. The minimum deposit is $500.
Business Savings
The Provident Bank Business Savings account earns interest at a rate of 0.03% on balances greater than $0. It charges a monthly fee of $5 for accounts that opt for online statements and $7 for accounts that opt for paper statements. Fees can be waived with a minimum monthly balance of $500. The opening deposit requirement is $100.
Lending Products
The lending products Provident Bank offers include commercial term loans, business lines of credit, commercial real estate loans, and Small Business Administration (SBA) loans.
Provident Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| High cash deposit limit | 13 branches, exclusive to California |
| Easy to waive monthly fees | Low APY |
| Highly rated mobile app | Low fee-free transaction limits |
Provident Bank’s physical branches are located exclusively in California. Although this might not be a drawback if you’re looking for regional banking, the location barrier may be a hindrance if you intend to expand your business outside the state. Additionally, Provident Bank doesn’t offer the option to open accounts online.
One of its biggest selling points is its high cash deposit limit of $10,000. The fee for deposits after the limit is also low at $1.50 per $1,000 deposited. However, when it comes to other rates and fees, Provident Bank falls short in comparison to other banks in the market. It only offers 100 fee-free debits per month, including electronic debits and checks. Additionally, rates for both interest-earning checking and business savings are low.
Bottom Line
Provident Bank is a decent choice if you’re a cash-reliant organization looking for basic business checking services with a traditional banking provider based in California. However, its low interest rates and transaction limits won’t take your wealth too far. Additionally, the provider isn’t a good fit for businesses looking for money market accounts, CDs, and credit cards.
