Umpqua Bank Business Checking Review 2023

If your West Coast business needs affordable checking products, Umpqua Bank is worth considering. The bank operates in California, Idaho, Nevada, Oregon, and Washington and offers three unique checking account options for businesses of every size. Although the bank doesn’t have free checking accounts, flexible activity requirements make the monthly service fees easy to waive.

What We Like

• $10,000 cash deposit limit for basic accounts
• Lower monthly fees for paperless statements
• Integrates with QuickBooks and Quicken

Drawbacks

• Only available in California, Idaho, Nevada, Oregon, and Washington
• No interest-earning checking
• Poor user reviews

Features

• Three business checking account tiers
• Umpqua Business Debit Card
• Waivable monthly fees
• Online banking
• Mobile app
• Analyzed checking, savings products, lending products, and credit cards

Visit Umpqua Bank

How Umpqua Bank Stacks Up With Its Competitors

	Monthly Fee	Monthly Transaction Limit Before Fees	Monthly Cash Deposit Limit Before Fees	Minimum Opening Deposit
Community Business Checking	$10 with paper statements or $7 with paperless statements; waivable	200, then 35 cents per check	$10,000, then 20 cents per $100	None
	Visit Umpqua Bank
Silver Business Checking	$0	125, then 50 cents per item	$2,500, then 33 cents per unit*	$100
	Visit U.S. Bank
Startup Business Checking	$10; waivable	200, then 35 cents per item	$5,000, then 30 cents per $100	$100
	Visit Tri Counties Bank

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	Monthly Fee	Monthly Transaction Limit Before Fees	Monthly Cash Deposit Limit Before Fees	Minimum Opening Deposit
Community Business Checking	$10 with paper statements or $7 with paperless statements; waivable	200, then 35 cents per check	$10,000, then 20 cents per $100	None
	Visit Umpqua Bank
Silver Business Checking	$0	125, then 50 cents per item	$2,500, then 33 cents per unit*	$100
	Visit U.S. Bank
Startup Business Checking	$10; waivable	200, then 35 cents per item	$5,000, then 30 cents per $100	$100
	Visit Tri Counties Bank

*U.S. Bank translates dollar values into units by dividing each cash deposit amount by 100 and rounding the resulting value to a whole number.

When Umpqua Bank Is a Good Fit

• Your business works with cash regularly: The Umpqua Bank Community Business Checking account offers a high fee-free cash deposit limit of $10,000.
• You don’t mind receiving your monthly statements online: If you have a Community Business Checking or Marketplace Business Checking account, you can lower your monthly service fee by $3 by enrolling in paperless statements.
• You want a wide selection of business credit cards: Umpqua Bank offers five types of credit cards, each offering perks like cash back, redeemable rewards, and low introductory rates.

When Umpqua Bank Is Not a Good Fit

• You need nationwide access to in-person banking: Umpqua Bank’s physical branches are located exclusively in California, Idaho, Nevada, Oregon, and Washington. Chase, which has branches in 48 states, would be a better choice for businesses needing wider geographic coverage.
• You want a bank without monthly fees or minimum balance requirements: There are no fee-free Umpqua Bank business checking options. If you want to bank with a traditional provider that charges no monthly fees, a good option would be U.S. Bank.
• You send wire transfers regularly: With Umpqua Bank, outgoing domestic wire transfers cost $30, while outgoing international wire transfers cost $50. Mercury charges no fees for wire transfers, whether domestic or international.

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.

Umpqua Bank Business Checking Overview

Umpqua Bank Business Checking Requirements

To open a business bank account with Umpqua Bank, you must first connect with one of the provider’s account experts through the Umpqua Bank website. You’ll be asked to provide the following information:

• Full name
• Email
• Phone number
• ZIP code
• Business name

Once you submit your form, Umpqua Bank will reach out to you through your preferred contact method and time. Be ready to prepare additional business documents according to your entity type. For a downloadable checklist of documents business banks typically require, refer to our guide on how to open a business bank account.

Umpqua Bank Business Checking Features

Waiving the Monthly Fee

Depending on your account type, there are several ways to waive monthly fees.

Community Business Checking

• Maintain a minimum daily balance of $1,000
• Maintain an average monthly balance of $2,500

Marketplace Business Checking

• Maintain a minimum daily balance of $25,000
• Maintain a combined deposit and loan balance of at least $100,000
• Have an active merchant services relationship with Umpqua Bank

Premier Business Checking

• Maintain a minimum daily balance of $100,000
• Maintain a combined balance of at least $150,000 in qualifying accounts

Umpqua Business Debit Card

All Umpqua Bank business checking accounts come each with their own Umpqua Business Debit Card. The card can be used to withdraw cash and deposit cash or checks at Umpqua Bank ATMs.

Online & Mobile Banking

Umpqua Bank’s services are available online through its website and mobile app (available on iOS and Android), which share the same features. Both allow you to

• View balances
• View transaction history
• View check images
• Pay bills
• Set up transfers to Umpqua Bank accounts
• Set custom reminders and alerts
• Deposit checks remotely (mobile app only)

The mobile app has received positive feedback from past users, with a rating of 4.4 out of 5 on App Store and 4.6 out of 5 on Google Play. Although a few users complained about glitches regarding mobile check deposits, most reviews say that the app is functional, easy to navigate, and reliable.

Other Umpqua Bank Business Products

Analyzed Business Checking

Designed for higher-income businesses, the Umpqua Bank Analyzed Business Checking account lets you offset its $20 monthly service charge with earnings credit. The higher your balance is, the more you receive in earnings credit.

Savings Products

Under Umpqua Bank, there are three types of savings accounts:

• Community Business Savings has an annual percentage yield (APY) of 0.01% on balances of 1 cent and above. It charges a monthly fee of $3, waivable with a minimum balance or monthly transfer average of $200.
• Main Street Money Market has a tiered APY system, with a minimum APY of 0.5% and a maximum APY of 0.15%. Its $10 monthly fee can be waived with a minimum balance of $2,500.
• There are two Marketplace Money Market options. Marketplace Money Market without checking has a tiered APY system that pays rates between 0.01% to 0.08%, depending on your balance. Marketplace Money Market with checking has higher rates, offering APY between 0.05% to 0.15%. Both accounts charge a monthly fee of $15, which you can waive by maintaining a minimum balance of $25,000 or a combined balance of $50,000 in eligible Umpqua Bank accounts.

Lending Products

Umpqua Bank offers the following lending products:

• Term loans of up to seven years, with rates starting at 5.50% and amounts between $10,000 to $1 million
• Business real estate loans of $25,000 to $1 million
• Business vehicle loans with fixed interest rates starting at 5.00% and terms between 24 and 84 months
• Equipment leasing and financing from $5,000 to $15 million
• Small Business Administration (SBA) Loans, including SBA 7(a), SBA 504, and United States Department of Agriculture (USDA) loans
• Lines of credit, called Expresslines, of up to $750,000

Credit Cards

There are five business credit cards available in Umpqua Bank’s product selection. You can choose between cash back credit cards, points-earning credit cards, and credit cards with low introductory rates. Umpqua Bank also offers a credit card designed for nonprofit organizations.

Umpqua Bank Business Checking Pros & Cons

One of Umpqua Bank’s biggest selling points is that it offers high cash deposit limits. Its $10 account, Community Business Checking, lets you deposit up to $10,000 in cash fee-free, which is a higher limit than other banks charging the same monthly service fee offer.

If you cannot meet Umpqua Bank’s minimum balance requirements, you can still save fees by choosing paperless statements over paper statements. However, there are no interest-earning checking accounts available if you want to earn interest on your balances.

Most users said that they’re satisfied with Umpqua Bank’s mobile app. However, a vocal few are disappointed by its customer service and complain of unclear policies and slowness in resolving issues.

Umpqua Bank User Reviews

Umpqua Bank has a rating of 2.3 out of 5 on WalletHub, from about 295 reviews. Although the few positive reviews available praise the staff for being friendly and helpful, the majority of reviewers complained of poor customer service.

Many customers noted that Umpqua Bank takes too long to address complaints and resolve issues. Additionally, multiple users reported that it froze their accounts without warning or explanation. As indicated by several reviews, the bank has a tendency of flagging regular transactions as fraud and has also unjustly charged overdraft fees to customers with no overdraft transactions.

Alternatives To Umpqua Bank Business Checking

Umpqua Bank’s business checking accounts provide all the basic features small businesses need. However, if you’re looking for a bank with more bells and whistles, here are three alternatives to consider:

1. Bluevine* is best for earning interest. If you don’t mind banking exclusively online and can meet its activity requirements, you can earn 2.00% APY on balances of $250,000 and less.
2. Bank of America is best for ongoing rewards. Its business checking and credit card products give you access to cashback rewards and statement credits up to $500. Additionally, through the bank’s Preferred Rewards for Business program, you can earn 25% to 75% bonus rewards on credit cards and increase your APY on savings accounts.
3. Lili* is best for tax-planning tools. The fintech solution includes a Tax Optimizer feature that sets aside income automatically for tax season. It also uses your banking data to auto-fill your Schedule C Form.

*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine and Choice Financial Group Inc. for Lili)

Bottom Line

With affordable, easy-to-waive monthly fees and high cash deposit limits, the business checking products of Umpqua Bank are suitable for West Coast businesses that work with large volumes of cash. However, multiple past reviews indicate problems with the bank’s customer service arm. If having a good relationship with your bank’s staff is a priority, it might be best to look elsewhere.