Synovus Bank is an excellent option for small businesses seeking high free transaction limits and generous cash deposit allowances. The bank has a wide range of business checking products created for different business sizes. It also extends a zero-cost check recovery service, where eligible returned checks are electronically re-presented for efficient collection.
Synovus Bank’s business checking accounts are:
- Pro Business Checking offers 200 fee-free combined transactions Transactions refer to debits, credits, and deposited items. and up to $10,000 free cash deposits. This account suits small businesses with basic banking needs.
- Business Interest Checking provides the same free number of transactions and cash deposit limits as Pro Business Checking. The account is solely for sole proprietors and eligible nonprofits.
- Preferred Business Checking has 400 fee-free combined transactions and a $20,000 cash deposit allowance. This account is aimed at growing businesses with treasury management needs.
- Nonprofit Checking offers up to 200 free combined transactions, a $10,000 free cash deposit allowance, and no monthly maintenance fee or balance requirement.
Pros
- High free cash deposit allowance and low fees past the limit
- No monthly fee for Nonprofit Checking
- 200 fee-free monthly transactions, except for highest tier account, Preferred Business Checking
Cons
- Branches limited to 5 states
- $100 opening deposit
- Steep wire fees
Features
- Visa Business debit card
- Digital banking
- Check recovery services
- Discounts on first check orders for Pro Business Checking and Preferred Business Checking
- Interest on Lawyers’ Trust Accounts/Interest on Trust Accounts (IOLTA/IOTA Checking) and Commercial Analysis Checking accounts
- Savings accounts, commercial money market accounts, and certificates of deposit (CDs)
- Business loans, lines of credit, credit cards, and Small Business Administration (SBA) loans
- Merchant Services
How Synovus Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Fee | ATM Fee | Geographic Availability | |
|---|---|---|---|---|---|
Pro Business Checking | 200 combined transactions, then $0.50 per item | Up to $10,000, then $0.003 per $1 | |||
 Business Checking | $0 | No limit | None; money orders can be deposited via the app | Refunds all ATM fees | All states, online-only |
Visit Novo
Novo is a fintech platform backed and FDIC-insured by a supporting bank partnership with Middlesex Federal Savings.
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 Silver Business Checking | $0 | 125, then $0.50 per item | $2,500, then $0.33 per unit | All states
U.S. Bank is available in all states via online banking. It has branches in Arizona, Arkansas, California, Colorado, 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.
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When Synovus Bank Is a Good Fit
- You’re a sole proprietor or nonprofit looking for an optimal checking account: Synovus Business Interest Checking, solely for sole proprietors and nonprofits, provides 200 fee-free combined debits, credits, and deposited items, including a generous $10,000 cash deposit allowance. Tiered interest is also earned on the entire balance.
- You’re a nonprofit seeking a free checking account: If earning interest is not a priority, nonprofit organizations can open Synovus Bank’s Non-Profit Checking to avoid paying a monthly fee.
- You can maintain a $1,000 average collected balance: Small businesses with low balances can opt for a Pro Business Checking account, which provides the standard 200 free transactions but lets you waive the $10 monthly fee by maintaining a minimum of $1,000 average collected balance.
When to Consider Synovus Bank Alternatives
- You want in-person banking access nationwide: Synovus Bank has over 300 branches in Alabama, Florida, Georgia, South Carolina, and Tennessee. For businesses outside these states, we recommend Chase for its branch presence in 48 states. See our review of Chase business checking for detailed information.
- You perform wire transfers often: Compared to other providers, Synovus Bank has steep wire transfer fees and even charges $100 for domestic and international wires sent by phone. Consider Mercury for its free domestic and international wire transfers. Check out our Mercury business checking review to learn more about the account’s features.
See more alternatives in our roundup of the best small business checking accounts.
Synovus Bank Business Checking Overview
Synovus Bank Business Checking Requirements
You must visit a branch to open a business checking account. As part of the Synovus Bank business checking requirements, beneficial owners A beneficial owner refers to each individual who owns 25% or more of the equity interests of a legal entity. It also includes an individual with significant responsibility to control, manage, or direct the legal entity. for all types of businesses and legal entities must present:
- Two forms of personal identification (one must be issued by a government agency)
- A Taxpayer Identification Number for both the business (EIN) EIN refers to Employer Identification Number. and individuals (SSN) SSN refers to Social Security Number.
- The addresses and dates of birth of all individuals
Depending on your business or legal entity, additional documentation may be required. The bank requires an original or certified copy of each document. Businesses that are not using the legal name of the owner are requested to submit a:
- Fictitious name certificate or statement
- Certificate of assumed name
- Business license
- Registration of trade name
Click on the your entity below for the additional requirements for account opening:
- Partnership agreement
- Fictitious name certificate or statement
- Certificate of assumed name
- Business license
If you do not have any of these documents and have not filed with a government agency, you must submit a written statement signed by all partners indicating that no written partnership agreement exists.
- Certificate of limited partnership
- Limited partnership document
- Statement of qualification
- Limited partnership document
- Limited liability partnership election
- Articles of organization
- Certificate of organization
- Certificate of formation
- Articles of incorporation
- Certificate of good standing
You can bring any ONE of the following
- Business license
- Fictitious name certificate or statement
- Certificate of assumed name
- Organization/Association articles of bylaws
- Certificate of good standing, certificate of formation, or certificate of organization
- Statement of organization
- Certificate of registration
If you do not have any of the above documents and have not filed with a government agency, you must bring another document, such as board meeting minutes. If you have no government-issued documents, all authorized signers must be present.
Synovus Bank Business Checking Features
Synovus Bank features four business checking accounts, digital banking access, and check recovery services.
Business Checking Accounts
- Pro Business Checking is designed for small businesses with basic banking needs and has 200 fee-free combined transactions and up to $10,000 free cash deposits. The $12 monthly fee is waived by maintaining a $1,000 average collected balance. Customers also get a 10% discount on their first order of business checks.
- Business Interest Checking is exclusive for sole proprietors and eligible nonprofit organizations. This account provides the same free transaction and cash deposit limit as Pro Business Checking. The $10 monthly fee is waived by meeting a $2,500 average collected balance. The entire balance earns tiered interest.
- Preferred Business Checking fits growing businesses seeking treasury management services. This account has 400 fee-free combined transactions and a $20,000 cash deposit allowance. The $25 monthly fee is waived by keeping a $15,000 average collected balance. A $100 discount is given for the first order of business checks.
- Nonprofit Checking is reserved for eligible nonprofits and has no monthly maintenance fee or balance requirement. This account offers up to 200 free combined transactions and a $10,000 free cash deposit limit.
Check Recovery Service
Synovus Bank provides a free check recovery service for all business checking accounts. This service helps customers increase their collection efforts by sending returned checks to checXchangeTM checXchange is a product from the bank's vendor, Money Transfer Systems, Inc. eligible checks are converted for electronic re-presentment.
Successfully collected checks are refunded to your company, and funds are deposited into your account weekly. You will also have access to item images and tracking information 24/7.
Synovus Gateway Digital Banking
Synovus GatewaySM allows customers to access digital solutions and provides a secure portal for treasury management services. They can
- View accounts and transact 24/7
- Pay bills
- Receive payments
- Get robust alerts
- Conduct stop payments
- Perform mobile deposits
- Execute domestic and international wire transfers
The Synovus Gateway mobile app received a 4.5 rating from around 400 reviews on the App Store,[1] while it gained a 4.3 from about 90 reviews on Google Play.[2] Users stated that they found the app convenient, dependable, and easy to navigate. However, some commented that the app is basic and has an amateur design and usability. Compared to competitors, they mentioned it lacks other features, like the ability to rename entries.
Business Services
- Synovus Merchant Services
- Remote vault deposit
- Lockbox services
- ACH origination for direct payment
- Check recovery services
- Remote express deposit
Other Synovus Bank Business Products
Synovus Bank offers savings accounts, money market accounts, CDs, credit card products, and lending services for small businesses.
- IOLTA/IOTA Checking is available for segregating client funds. The bank will manage the interest distribution to the state program to fund legal services, according to the state guidelines.
- Commercial Analysis Checking is created for businesses with high transaction volumes. The service fees are offset with an earnings credit, and detailed financial reporting is provided through a monthly account analysis statement.
Synovus Bank provides Business Savings and Commercial Money Market accounts with daily compounded interest that’s credited monthly.
- Business Savings: This account requires a $100 opening deposit and provides 50 free combined credits and deposited items per month. Withdrawals and transfers are limited to six, and beyond that, a $5 fee is collected per transaction.
- Commercial Money Market: A $1,000 opening deposit is required to open this account. The number of free transactions and withdrawal and transfer limits is similar to Business Savings. But, the cost per excess withdrawal and transfer is higher at $15.
- CDs: CD accounts are available with terms ranging from 7 days to over 60 months. The accounts automatically renew at maturity and early withdrawals are subject to penalties.
- Synovus Business Travel Rewards Visa Credit Card
- Synovus Business Rewards Visa Credit Card
- Synovus Business Visa Credit Card
- Small business loans are ideal for business expansion, capital improvements, and debt refinancing or consolidation. Synovus offers flexible terms with fixed or adjustable rates.
- Lines of credit are available to small businesses up to $30 million or more to fund commercial projects or access working capital. The line of credit can be secured through multiple assets, such as accounts receivable, equipment, and real estate, with terms up to three years.
- New Business Flex Line of Credit offers up to $250,000 in financing with an option to pay interest only or principal plus interest.
- International Trade Letters of Credit is suitable for companies conducting international business. The bank provides international standby letters of credit to guarantee payment as long as terms and conditions are met.
- Small Business Administration (SBA) loans: Synovus Bank offers SBA 7(a) loan amounts up to $5 million with repayment terms from 10 to 25 years. Check out our guide on SBA 7(a) loans to learn about this loan’s requirements and pros and cons.
Synovus Bank Business Checking Reviews From Users
Synovus Bank business checking reviews are unavailable online. However, the bank earned a rating of 2.8 from around 60 reviews on WalletHub.[3] Most of the positive reviews came from customers who applied for personal loans and were satisfied with the experience. Some also praised the staff’s professionalism.
However, others were displeased and said that calling the bank to speak to a representative required waiting around 30 minutes to an hour. Some customers also mentioned that the bank had unreasonable overdraft charges.
Bottom Line
Synovus Bank is a great choice for small businesses seeking cost savings. It offers business checking accounts with high free transactions and cash deposit limits, including a cost-free check recovery service that helps businesses streamline collection. However, its free checking account is limited to nonprofit organizations. For those who prioritize in-person banking, note that the bank’s service area is confined to five states.
User review resources:
