Umpqua Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
If your West Coast business needs affordable checking products, Umpqua Bank is worth considering. The bank, which operates in California, Idaho, Nevada, Oregon, and Washington, provides three unique checking account options, each offering generous allowances for fee-free transactions and cash deposits. Additionally, flexible activity requirements make the monthly service fees easy to lower or waive.
Pros
- $10,000 cash deposit limit for basic accounts
- Transaction allowance of 200 fee-free items for basic accounts
- Lower monthly fees for paperless statements
Cons
- 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
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 23 cents per $100 | None |
 Silver Business Checking | $0 | 125, then 50 cents per item | $2,500, then 33 cents per unit* | $100 |
 Startup Business Checking | $10; waivable | 200, then 35 cents per item | $5,000, then 30 cents per $100 | $100 |
*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. Read our Chase business checking review to learn more about its three accounts.
- 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. Our U.S. Bank business checking review can help you determine whether the bank suits you.
- You send wire transfers regularly: With Umpqua Bank, outgoing domestic wire transfers cost $30, while outgoing international wire transfers cost $50. Meanwhile, Mercury charges no fees for wire transfers, whether domestic or international. Learn more about the financial technology (fintech) solution through our Mercury business checking review.
- You want to earn interest on checking deposits: Umpqua Bank does not offer interest-earning checking options, and the best business checking account for earning interest is Bluevine’s, which earns APY on balances of $250,000, so long as you meet its monthly activity requirements. Refer to our review of Bluevine business checking for the list of requirements you need to meet.
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 will be asked to provide the following information:
- Full name
- Phone number
- ZIP code
- Business name
- Projected annual revenue
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
Umpqua Business Debit Card
All Umpqua Bank business checking accounts come with a complimentary 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 both the App Store1 (based on 11,000-plus reviews) and Google Play2 (based on more than 7,000 reviews). Although a few users complained that the app does not show notifications or balances in a timely manner, most said that it 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 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. The minimum opening deposit requirement is $25.
- 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. It has a minimum opening deposit requirement of $100.
- Marketplace Money Market has a tiered APY system that pays rates between 0.05%–1.00%, depending on your balance. The account charges a monthly fee of $15, which you can waive by maintaining a minimum daily balance of $25,000 or a combined balance of $50,000 across eligible Umpqua Bank accounts. Like Main Street Money Market, the account has a minimum opening deposit requirement of $100.
Lending Products
Umpqua Bank offers the following lending products:
- Term loans of up to seven years, with rates starting at 8.50% and amounts between $10,000 to $1,000,000.
- Business real estate loans from $25,000 to $1 million
- Business vehicle loans with fixed interest rates starting at 6.25% and terms between 24 to 84 months
- Equipment leasing and financing from $5,000 to $15 million
- 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 Reviews from Users
Umpqua Bank business checking reviews are mixed. On WalletHub3, the bank has a rating of 3.5 out of 5 (based on about 1,400 reviews). According to a few dissatisfied customers, the bank has a tendency of stopping payments even when checking account balances are sufficient to cover them. It has also unjustly charged overdraft fees to customers with no overdraft transactions. Additionally, multiple users reported that it froze their accounts without warning or explanation.
Most of the criticism was directed at the bank’s customer service team. Although the few positive reviews available praise the staff for being friendly, helpful, and community-focused, the majority complained that Umpqua Bank takes too long to address complaints and resolve issues.
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.
User review references:
1App Store
2Google Play
3WalletHub
