With generous monthly limits for cash deposits and transactions, the Valley National Bank (also known as Valley Bank) business checking products are great for cost-conscious organizations with low or moderate transaction volume. Here are Valley Bank’s small business checking accounts to choose from:
- Business Banking Checking has a waivable $25 monthly fee, up to 500 free monthly checking transactions, and a free deposit limit of $25,000.
- Business Checking Plus has a variable monthly fee (depending on location), up to 1,000 free monthly checking transactions, and a free deposit limit of $50,000.
- Valley Women in Business Checking has a waivable $10 monthly fee, up to 500 free monthly checking transactions, and no cash processing fee.
The bank is a great fit for female business owners. The Women in Business Checking account provides useful perks, such as access to networking events, lower fees, unlimited cash deposits, and unlimited domestic wire transfers.
Pros
- High free monthly checking transactions (500 for Business Banking Checking and Valley Women in Business Checking, and 1,000 for Business Checking Plus)
- Up to $25,000 cash processing limit for basic accounts
- Waivable monthly fees
Cons
- 200-plus branches limited to four states (Alabama, Florida, New Jersey, and New York)
- No online account opening for Business Checking Plus
- No free business checking account
Features
- Three general business accounts, a nonprofit and a corporate account
- Online banking with 10 free bill payments
- Integration with QuickBooks and Quicken
- Merchant services powered by Clover
- Valley Women in Business Program
- Business savings, business lending, credit cards, trust accounts, and Small Business Administration (SBA) loans available
How Valley National Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | ||
|---|---|---|---|---|
Business Banking Checking | $25; waivable | 500, then 50 cents per item | Up to $25,000, then 15 cents per $100 | |
 Business Complete Banking | $15; waivable | Unlimited digital transactions; 20 paper transactions, then 40 cents per item | Up to $5,000, then $2.50 per $1,000 | |
 Business Checking | $0 | None | None; money orders can be deposited through the app | 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 Valley National Bank Is a Good Fit
- You are a female business owner: Valley’s Women in Business Checking account provides membership perks, such as networking events, skill-building seminars, and access to branch conference rooms and meeting spaces.
- You run a cash-reliant business: The Business Banking Checking account offers a fee-free cash deposit allowance of $25,000. Women in Business Checking charges no cash processing fee.
- You belong to an industry that the bank offers specialized services for: Valley National Bank offers specialized banking solutions for cannabis businesses, municipal and government organizations, healthcare, and homeowners associations.
When To Use an Alternative
- You operate outside Valley National Bank’s service area: The bank’s service area is limited to Alabama, Florida, New Jersey, and New York. If you need nationwide access to in-person banking, consider Chase, which has branches in 48 states. Read our Chase business checking review to determine which account suits you best.
- You want to bank without a monthly fee: All of the provider’s regular business checking accounts charge monthly fees. If you want a business checking account with no monthly fee or minimum balance requirements, consider the U.S. Bank Silver Business Checking account. Our review of U.S. Bank business checking provides information on pricing, features, pros, and cons.
- You want to earn interest on checking deposits: There are no interest-earning Valley checking accounts. The best provider for earning interest is Bluevine, which offers a 2.0% annual percentage yield (APY) on qualifying balances up to $250,000 under its Standard Checking. Learn more about its checking account through our Bluevine business checking review.
Look into our list of the best small business checking accounts for additional recommendations. For bank alternatives in New York, see our leading banks for small businesses in New York.
Valley National Bank Business Checking Overview
Valley National Bank Business Checking Requirements
You can visit the Valley National Bank website to open a Business Banking Checking or Women in Business Checking account. For the Business Checking Plus account, you must head to one of the 200-plus branches in Alabama, Florida, New Jersey, and New York, as this product is offered only at physical locations.
To start your online application, you need to be at least 18 years old, hold a United States residential address, and be authorized to open accounts on behalf of the business.
Valley National Bank business checking requirements include the following:
- Tax information and formation documents
- Social Security number
- Government-issued ID, such as a driver’s license, nondriver ID, or passport
- Your primary bank’s username and password to fund your account
Valley National Bank Business Checking Features
Valley National Bank’s business checking accounts provide a Visa debit card, online and mobile banking, and merchant services.
Debit Card
Your business checking account will come with a complimentary debit card. Business debit cards provide access to more than 200 Valley ATMs. However, New York- and New Jersey-based account holders must pay a $2 withdrawal fee for non-Valley ATM usage.
Online & Mobile Banking
With a Valley National Bank business checking account, you can transfer funds, make deposits, pay bills, and view balances online. You can also request a debit card, change the PIN, lock and unlock the card temporarily, and set travel notifications through the mobile app.
Reviewers gave the Valley National Bank mobile app good ratings. On the App Store[1], it has a rating of 4.8 from around 14,500 reviews while on Google Play[2], it has a rating of 4.5 from about 3,300 reviews. Users praised the mobile app for ease of use and convenience but a few reported encountering login issues.
Business Services
- Payment solutions: Valley teamed up with Clover to ensure payment security. Business owners can accept various payment types, from EMV–compliant credit and debit cards to Apple Pay, and Samsung Pay. Learn more in our Clover POS review.
- Payroll processing: The bank partnered with ADP to help streamline business payroll operations. Whatever the business size, the right payroll solutions and services are available. Refer to our review of ADP Run for more information on the platform.
- Treasury services: Valley offers account reconcilement and Escrow services.
- Fraud control: Business owners can reduce the risks of unauthorized check payment activity with the bank’s Payee Positive Pay. It also limits unauthorized electronic charges with ACH Block.
- Remote deposit: With Valley’s EZ Deposit, you can initiate check deposits for same-day posting into multiple business accounts from your desktop, even beyond regular branch banking hours.
- Zero balance account: This allows you to manage your cash flow by transferring enough funds into this account to complete a transaction. Using a zero balance account, you can fund secondary checking accounts from one master account or collect from several subsidiary accounts into the master account.
Women in Business Program
Valley National Bank offers businesswomen opportunities to collaborate and connect with other female entrepreneurs. The program provides a space for growth, learning, and networking through social and educational events. Membership perks include skill-building seminars, use of branch conference rooms, notary services, signature guarantees, and discounts on safe deposit boxes.
Other Valley National Bank Business Products
The Valley Bank business products include nonprofit and corporate checking accounts, savings accounts, business cards, loans, specialized banking solutions, and trust accounts.
Other Business Checking Accounts
- Non-Profit Organization Checking provides unlimited monthly transactions and no monthly maintenance charges for nonprofits.
- Valley Corporate Checking offers earnings credits to reduce transaction fees for large corporations with balances above $25,000.
Business Savings
Valley National Bank offers three types of business savings products.
- Business savings: You can earn 0.01% APY on balances over $100 when you open this account. The minimum opening deposit is $500, and you can waive the $5 monthly fee by maintaining an average daily balance of $500 in your account.
- Business money market: With this account, you gain competitive yields with tiered APY depending on your balances. It requires a $10,000 minimum average daily collected balance. Rates are subject to change at any time.
- Business certificate of deposit (CD): For competitive rates at flexible terms, you can open a Valley business CD at a branch. Interest is compounded daily and paid based on your terms (monthly, quarterly, semi-annually, annually, and at maturity).
Business Cards
Valley offers business purchasing cards and credit cards.
- Valley Purchasing Card: This is a non-revolving payment card that streamlines payment transactions and reporting. You can track spending and may also qualify for cash back rebates or rewards.
- Valley Visa Business Credit Card: This has no annual fees and offers 1% unlimited cash back rewards. If you have credit issues or have yet to build a strong credit history, you can apply for the Valley Visa Secured Business Credit Card by putting down a security deposit worth 110% of your desired credit limit, up to $25,000. You can read our Valley Visa Secured Business Credit Card review for more information.
Lending Products
The following business lending products are available:
- Lines of credit: Amounts from $5,000 to $100,000 are available. Lines of credit can be used for overdraft protection.
- Term loans: Fixed-rate term loans from $5,000 to $100,000 are available.
- Debt consolidation: Designed for high-debt startups, debt consolidation loans can roll multiple loans into one monthly payment. Rates are fixed for life and amounts from $5,000 to $100,000 are available.
- Small Business Administration (SBA) loans: You can choose to apply for the following:
- SBA 7(a) loan program: Most small businesses are eligible for this program. It has a 75% to 85% guarantee in providing access to capital. You can borrow up to $5 million.
- SBA 504 loan program: Down payments can be as low as 10%, and the repayment terms can be up to 25 years. You can borrow up to $15 million.
- Real estate loans: Valley offers commercial real estate (CRE) loans and construction loans to help business owners purchase, refinance, or develop their projects.
- Equipment financing: Apply for financing for industrial machinery, office appliances, and equipment for medical, dental, or veterinary practices.
- Nonprofit loans: The bank supports nonprofit organizations by offering an array of financial solutions and loan packages.
Specialized Banking Solutions
Valley offers specialized banking solutions for the following types of organizations:
- Cannabis businesses
- Municipal and government associations
- Healthcare organizations
- Homeowners associations
Interest on Lawyers’ Trust Accounts (IOLTA)/Interest on Lawyer Account (IOLA)/Interest on Trust Accounts (IOTA)
Valley offers IOLTA for New Jersey and Alabama, IOLA for New York, and IOTA for Florida accounts for attorneys. These accounts have a $100 minimum opening balance requirement but charge no monthly maintenance fees.
Valley National Bank Business Checking Reviews From Users
On WalletHub[3], the bank shows a 3.0 rating from around 260 reviews. Some of the Valley National Bank business checking reviews mentioned that the bank has long check clearing times and suspends checking accounts for suspicious activity without notice. Other clients complained about the low cap on external transfers.
Although some shared a couple of positive customer service experiences, most of the feedback was negative, with plenty of reviewers stating that it takes around 30 minutes to an hour to speak with a bank representative on the phone. Users also claimed that the bank’s support team was unresponsive to emails and didn’t call back despite saying so.
Frequently Asked Questions (FAQs)
Yes, Valley Bank deposits are covered up to $250,000 per depositor and account ownership category.
Yes, as of the call report filed in December 2023, Valley Bank has approximately $60.9 billion in assets.
Bottom Line
Valley National Bank is best for female entrepreneurs. Not only does the bank offer an exclusive low-fee business checking account, but it also provides access to useful business resources, such as banking discounts, networking events, seminars, and more. Its general business checking accounts are also great for cash-intensive businesses looking for high cash deposit allowances.
[1]App Store
[2]Google Play
[3]WalletHub
