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. These 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 California; 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 daily balance of $3,000 or higher: If you meet the Provident Bank Basic Business Checking minimum daily 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 want a traditional bank with a broader geographical reach, consider Chase, which has 4,700 branches across 48 states. Check our Chase Business Checking review to find which of the three products is suitable for your business.
- You want to earn competitive interest on checking deposits: Provident Bank’s interest-earning small business account, Business Interest Checking, only earns interest at 0.01% if you keep a balance of $2,000 and above. If you’re looking for better rates, consider the online-only provider Bluevine, which earns qualified accounts 2.0% APY on balances up to $250,000. You can find more detailed information about its features from our review of Bluevine Business Checking.
- You often receive and send wire transfers: Under Provident Bank, you’ll spend $15 or $20 on incoming wires and $35 or $50 on outgoing wires. If you want to save, you can consider Mercury since it doesn’t charge any fees for wire transfers. Our Mercury Business Checking review provides more information about the product.
- 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 provides business money market savings and certificates of deposits (CDs). Learn more about the bank’s business products from our review of First Internet Bank Business Checking.
- You’re a freelancer or self-employed professional wanting a free checking account: Provident Bank’s business checking accounts may have waivable monthly fees, but you need to meet moderate to high daily balances, which may be challenging for solopreneurs. With Found, you don’t need to pay a monthly fee or minimum opening deposit. You also benefit from its bookkeeping, invoicing, and tax tools that streamline your business operation. See if it fits the bill by reading our Found Business Checking review.
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 on how to open 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 does not 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
The mobile app has a rating of 4.7 out of 5 on the App Store and 3.8 out of 5 on Google Play. Recent reviews highlight that the user interface is smooth and intuitive, although some note that, at times, the app closes before they can finish taking a photo of the back of a check for mobile check deposit. For more information, see Provident Bank on Google Play or Provident Bank on App Store.
Merchant Remote Deposit Capture
Provident Bank’s digital banking solutions let you deposit checks remotely through a feature called Merchant Remote Deposit Capture. To use this feature, scan your checks and transmit your deposit conveniently through your office computer. It allows you to skip bank trips, reduce expenses, and improve your cash flow. This service is subject to credit approval, and additional fees may apply.
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.
CardValet App
Provident Bank offers its clients CardValet, a card management application where you can easily monitor your debit card transactions through your mobile device. You can set alerts, turn cards on or off for security, and limit transactions by category or dollar amounts. It also lets you check your account balances and review card transactions anytime.
Other Provident Bank Business Products
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 daily 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 daily balance of $25,000.
- Community advantage: An interest-earning specialty account for community groups and nonprofit organizations. It earns an APY of 0.05% for all balances 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.
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 daily balance of $500. The opening deposit requirement is $100.
The lending products Provident Bank offers include commercial term loans, business lines of credit, commercial real estate loans, and Small Business Administration (SBA) loans. Learn from our guide on the types of SBA loans.
Provident Bank Business Checking User Reviews
There are no Provident Bank business checking reviews specifically, but the bank has a 2.5 out of 5 rating on Yelp1, where several customers gave positive feedback on the customer service team and stated that the staff goes the extra mile for them. They were also praised for their professional service and responsive approach. On the flip side, one client gave a low rating for not being allowed to open an account due to not qualifying after a background check.
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 business funds too far.
You must also maintain moderate to high daily balances to waive the monthly fee. Self-employed professionals or solopreneurs will find this challenging since they can’t free up their balances to serve as working capital. Additionally, the provider isn’t a good fit for businesses looking for money market accounts, CDs, and credit cards.
User review resource:
1Yelp
