With generous monthly limits for cash deposits and transactions, Valley National Bank’s business checking products are great for cost-conscious organizations with low or moderate transaction volume. There are small business checking accounts to choose from:
- Small Business Checking has a waivable $25 monthly fee, up to 500 free monthly checking transactions, and a free deposit limit of $25,000.
- Valley Business Checking Plus has a variable monthly fee (depends 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 particularly great fit for female business owners. The Women in Business Checking account provides a number of useful perks, including access to networking events, fewer fees, unlimited cash deposits, and unlimited domestic wire transfers.
Valley National Bank is a traditional bank with branches in Alabama, Florida, New Jersey, and New York. You can open a Small Business Checking or Valley Women in Business Checking account online. However, opening a Valley Business Checking Plus account requires a branch visit.
Pros
- 500 free monthly checking transactions for Small Business Checking and Valley Women in Business Checking; 1,000 free monthly checking transactions for Valley 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 Valley Business Checking Plus
- No free business checking account
Features
- Three general business accounts and a nonprofit 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, business insurance, and wealth management also available
How Valley National Bank Stacks Up With Its Competitors
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 Small Business 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 business checking accounts charge monthly fees. If you want a business checking account that has 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 additional 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 2.00% annual percentage yield (APY) on balances of $250,000 and less, provided you meet its monthly activity requirements. 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.
Valley National Bank Business Checking Overview
Valley National Bank Business Checking Requirements
You can visit the Valley National Bank website to open a Small Business 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.
You also need to provide 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
Before opening an account, see our article on how to open a business bank account, which includes a free downloadable checklist of required documents.
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 and 55,000-plus Allpoint ATMs. However, New York- and New Jersey-based account holders are required to pay a $2 service charge for Allpoint ATM usage.
Online & Mobile Banking
With a Valley National Bank business checking account, you can transfer funds, make deposits, pay your bills, and view your balances online. The mobile app is available for both iOS and Android.
Reviews for the Valley National Bank mobile app are generally positive. It scored 4.8 out of 5 stars on the App Store1 (based on more than 12,000 reviews) and 4.2 out of 5 stars on Google Play2 (based on around 80 reviews). Users who gave the mobile app high ratings said they found the app convenient and easy to use. The few negative reviews published in the last three years reported that the mobile check deposit function was unreliable.
Business Services
- Payment solutions: Valley partnered with First Data to provide Clover solutions, ensuring payment security. Business owners can accept various payment types, from magnetic stripe and EMV–compliant credit and debit cards to Apple Pay. You can move your business online with Clover Flex Virtual Terminal. Learn more in our Clover POS review.
- Payroll processing: The bank partnered with ADP to help you streamline your business payroll operations. No matter your 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 an opportunity to collaborate and connect with other female entrepreneurs, whether they have a new or established business. 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 and meeting spaces, notary service and signature guarantee in New Jersey, New York, and Florida, plus discounts on safe deposit boxes.
Other Business Checking Accounts
Large corporations with high transaction volumes can open a Valley Corporate Checking account, while nonprofits can opt for a Valley Non-Profit Organization Checking account.
Other Valley National Bank Business Products
Valley National Bank offers three types of business savings products:
- Business savings: You can earn 0.01% APY on any balances over $100 when you open a Business Savings 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 a business money market 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).
Valley offers business purchasing cards and credit cards:
- Valley Purchasing Card: This is a nonrevolving 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.
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.
Valley offers specialized banking solutions for the following types of organizations:
- Cannabis businesses
- Municipal and government associations
- Healthcare organizations
- Homeowners associations
Valley offers Interest on Lawyers’ Trust Accounts (IOLTA) for New Jersey and Alabama, Interest on Lawyer Account (IOLA) for New York, and Interest on Trust Accounts (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
The bank has a rating of 3.3 out of 5 on WalletHub3 (based on nearly 250 reviews). The few Valley National Banking business checking reviews that have been published criticized the bank for having restrictive daily transfer limits and long hold times for check deposits. One customer complained that the bank placed their account on hold for an alleged fraudulent transaction without notifying them or verifying the charge.
Additionally, many users found the bank’s customer service staff unhelpful. According to unsatisfied customers, staff members are often rude, and wait times for tellers and phone representatives are typically long.
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.
User review references:
1App Store
2Google Play
3WalletHub
