We recommend Torrey Pines Bank for Southern California-based organizations seeking straightforward traditional banking experiences. Its product selection includes a basic checking account, an interest-earning checking account, and a bundled Torrey Pines' Business Advantage Checking is a bundled account that offers access to additional business banking services and allows users to open and link up to three similar accounts. business checking account. Monthly maintenance fees start at $16, and fee-free monthly transaction allowances start at 200 items.
The bank also offers specialized checking accounts for high-volume businesses, nonprofits, political campaigns, attorneys, and law firms. All accounts come with free debit cards, online and mobile banking, optional overdraft protection, and fraud protection services.
Torrey Pines Bank is one of the many brands owned by the Western Alliance Bancorporation. It has one loan production office in Costa Mesa and nine full-service branches in Southern California, many of which are in San Diego.
Pros
- 200 free transactions for basic and interest-earning accounts
- Wide range of free ATM choices
- Business Interest Checking is free for 501(c)(3) organizations
Features
- Free Visa debit card
- Free ATM transactions at MoneyPass machines and ATMs belonging to PLUS, STAR, and Interlink systems
- Online and mobile banking
- Optional overdraft protection
- Fraud protection
- Remote deposit capture (RDC)
- Other accounts include analyzed checking, nonprofit checking, political campaign, and Interest on Lawyer’s Trust Accounts (IOLTA)
- Small Business Administration (SBA) loans, lines of credit, and conventional loans
How Torrey Pines Bank Stacks Up With Its Competitors
Monthly Fee | Balance Requirement to Waive Monthly Fee | Monthly Transaction Limit Before Fees | ||
|---|---|---|---|---|
 | $16 | $2,500 | 200 | |
 | $0 | N/A | 125 | All states
U.S. Bank is available in all states via online banking. However, it currently only has brick-and-mortar branches in Arizona, Arkansas, California, Colorado, Idaho, 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.
|
 | $0 | N/A | None | All states (online-only) |
Visit Novo
Novo is a financial technology company, not a bank. It provides Federal Deposit Insurance Corporation (FDIC) insurance on deposits up to $250,000 through a supporting bank partnership with Middlesex Federal Savings.
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When Torrey Pines Bank Is a Good Fit
- You have a low or moderate monthly activity volume: Both the Business Checking and Business Interest Checking accounts provide 200 fee-free combined debits, credits, and deposited items per month.
- Your business is organized as a 501(c)(3) nonprofit: The Business Interest Checking account waives monthly service fees for nonprofit 501(c)(3) organizations. The bank also offers a specialized nonprofit checking account.
- You need customized solutions to support your business payables and receivables: Torrey Pines Bank offers Business Advantage Checking, a bundled account that lets you open and link three more accounts with access to additional services, such as RDC, ACH and wire transfers, and fraud prevention.
When To Consider Torrey Pines Bank Alternatives
- You need nationwide access to in-person banking services: All Torrey Pines Bank branches are in Southern California. If nationwide access to in-person banking services is a priority, the best provider would be Chase, which has branches in all 48 mainland states. Read our Chase business checking review for a breakdown of all three accounts.
- You don’t want to pay a monthly fee: The only Torrey Pines Bank account without a monthly fee is an Interest on Lawyers’ Trust Account (IOLTA). A good alternative would be U.S. Bank’s Silver Business Checking, which charges no monthly maintenance fee. Our review of U.S. Bank business checking can provide more information on the account’s fees and features.
- You want to earn interest on a free checking account: Torrey Pines Bank does not offer fee-free interest-earning checking accounts. The best account for earning interest is Bluevine Standard Checking, which pays a 2.0% annual percentage yield (APY) on qualifying balances up to $250,000. For a list of requirements you need to meet to qualify for Bluevine’s APY, read our Bluevine business checking review.
If your small business meets one or more of these scenarios and you seek additional recommendations, check out our guides to the:
Torrey Pines Bank Business Checking Overview
Torrey Pines Bank Business Checking Requirements
No specific Torrey Pines Bank business checking requirements appear on the bank’s website.
To open a business checking account, you must visit a branch. During the application process, you will typically be asked to prepare relevant business documents and a valid government ID.
Torrey Pines Bank Business Checking Features
Debit Card
Torrey Pines Bank will provide a free business Visa debit card when you open a business checking account. The card has new chip technology, which boosts security. It is valid anywhere Visa is accepted and provides fee-free access to MoneyPass ATMs and all ATMs with the PLUS, STAR, and Interlink symbols.
Online & Mobile Banking
You can access your real-time account information through the Torrey Pines Bank website and mobile app. Torrey Pines Bank uses WA Business Mobile, which is Western Alliance Bank’s business banking app. The bank’s digital banking services are categorized into basic and enhanced.
- Basic services let you:
- View balances and transactions
- Transfer money and stop payments
- View paid check images
- Deposit checks through mobile check deposit
- Add and manage payees
- Pay bills
- Set up account alerts
- Search for branches
- Enhanced services enable you to
- Initiate domestic and foreign wire transfers
- Perform tax payments using the ACH network
- Review check image exceptions and make online approval decisions
Most of the WA Business Mobile users left negative reviews. On the App Store[1], the app has a rating of 1.9 from about 20 reviews while on Google Play[2] it has 2.7 stars from around 15 reviews. Users reported that the app has perpetual login issues, a bad user interface (UX) design, and an unreliable mobile deposit functionality.
Bundled Checking Solution
Torrey Pines Bank offers Business Advantage Checking, which allows small and medium-sized (SMBs small and midsize businesses ) to open and link up to three more Business Advantage accounts. Additional services, such as sending domestic and international wires, performing ACH credit prefunding, and accessing fraud protection solutions, are also available.
The monthly service fee of $50 covers up to four Business Advantage Checking accounts. It can be waived when you meet an average collected monthly balance of $50,000 between all the linked accounts.
Overdraft Protection
This optional service prevents negative balances, overdraft fees, and nonsufficient funds fees by linking your main business checking account to a revolving line of credit. Torrey Pines Bank will pull funds from available credit if your balance cannot cover your transaction.
Fraud Protection
- Positive pay for ACH and check payments: This is an optional service wherein Torrey Pines Bank will use your list of preapproved payments for fraud protection. All future payments are checked against this list to limit bogus transactions.
- Check payee positive pay: This add-on service enhances Positive Pay’s fraud prevention capabilities. The bank will confirm the payee’s name, check amount, and check number and will not release payments for unconfirmed transactions.
- Reverse positive pay: From a furnished bank report, you can review and approve or reject the checks presented for payment to protect your account.
- ACH debit block: This service lets you block all incoming ACH debit transactions.
Industry Expertise
Bankers from Torrey Pines Bank are experts in the following industries:
- Commercial real estate (CRE) and construction
- Healthcare
- Hotels
- Legal services
- Manufacturing and logistics
- Municipal and local government
- Nonprofits
- Professional services
- Restaurants
- Timeshare resorts
Industry experts provide financial advice and recommend products and services that fit your needs. Bankers can adjust the fees and transaction limits on business checking accounts to match current market conditions or streamline the credit approval process for faster access to funds.
Other Torrey Pines Bank Business Products
Torrey Pines Bank provides specialized checking accounts for organizations with more specific business needs:
- The Analyzed Checking Account is designed for organizations with a high volume of activity. It uses earnings credit to offset fees and provides additional services, such as integrated treasury management and consolidated financial reports. A minimum $100 opening deposit is required.
- The Nonprofit Account is Torrey Pines Bank’s specialized checking account for nonprofit organizations.
- The Political Campaign Account protects political campaign funds and streamlines compliance with legal requirements.
- The IOLTA helps attorneys and law firms generate interest on their balances and pools them to support free legal assistance programs. All interest earned is remitted to your state’s Bar Foundation. It charges no monthly fee but requires a $100 opening deposit.
Aside from business checking, Torrey Pines Bank offers savings accounts, money market accounts, and CDs:
- The Business Savings Account has a monthly fee of $10, waivable with a minimum balance of $1,000. An opening deposit of $1,000 is also required to open this account. It provides 25 free deposits per month and free online banking.
- The Business Money Market Account offers check-writing privileges, earns tiered interest based on your balance, and provides 25 free monthly deposits. The required opening deposit is $1,000.
- Business CDs come in terms ranging from 30 days to 60 months. They require an opening deposit of $1,000. Early withdrawal can result in a penalty.
The Torrey Pines Bank small business lending product selection includes SBA loans, conventional term loans, and lines of credit:
- SBA 504 loans with fixed interest rates and low down payments of 10% are accessible.
- SBA 7(a) guaranteed loans up to $5 million are available with longer repayment terms.
- SBA Express loans up to $500,000 are exclusive to for-profit businesses.
- Conventional loans up to $1 million are available to eligible for-profit companies.
- Lines of credit up to $100,000 are open to businesses established for over two years.
Torrey Pines Bank offers a Visa-powered business credit card called the Business Plus Credit Card. Your card transactions earn points you can redeem for cash back, travel, merchandise, and other rewards.
Torrey Pines Bank Business Checking Reviews From Users
On WalletHub[3], the bank has fewer than 10 reviews, which amounted to an average rating of 3.7. Customers did not leave a Torrey Pines Bank business checking review or comment on the bank and its products. On Yelp[4], the bank has a rating of 4.2 from about 25 reviews based on six branches. The few written reviews were focused mainly on the bank’s friendly and professional customer service.
Bottom Line
Torrey Pines Bank is a decent choice for organizations seeking the typical traditional banking experience. Its fees and features are similar to other banks in the market, with no additional bells and whistles. The bank primarily serves Southern California, so if you like its services but operate outside the main Torrey Pines Bank network area, consider looking into other Western Alliance Bancorporation brands.
User review references:
[1]App Store
[2]Google Play
[3]WalletHub
[4]Yelp
