This article is part of a larger series on Business Banking.
Valley National Bank is a traditional bank with branches in Alabama, Florida, New Jersey, and New York. It is a great choice if you’re seeking high free monthly transactions and very generous free cash deposits. It’s ideal for small businesses with low transaction volume, moderate businesses with higher transactions, and female entrepreneurs.
It has three business checking accounts:
- 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, 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
How Valley National Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY)
Cash Deposit Fee
Minimum Opening Deposit
Small Business Checking
Up to $25,000 per month free, then 15 cents per $100, per month
Free at Valley ATMs and 55,000 Allpoint ATMs (except in New Jersey & New York*);
$2 for non-Valley ATMs**, plus operator fees; $5 international
Business Advantage Fundamentals Banking
Up to $7,500 per month free, then 30 cents per $100, per statement cycle
Free at 16,000+ ATMs nationwide; $2.50 per out-of-network transaction
Business Complete Banking
Up to $5,000 per month free, then $2.50 per $1,000, per statement cycle
$2.50 per transaction at any non-Chase ATM, plus ATM operator fees
*New York and New Jersey: $2 service charge for the use of Allpoint ATMs.
**Alabama and Florida: Free withdrawals at nonnetwork ATMs, but operator fees may apply; Valley reimburses up to six nonnetwork ATM fees each month at $1.50 per fee.
When Valley National Bank Is a Good Fit
- Businesses with a low monthly transaction volume and large cash deposits: With its Small Business Checking account, you get up to 500 free checking transactions and up to $25,000 in free cash deposits every month. For its Women in Business Checking account, you get the same number of free transactions and benefit from no cash deposit fees.
- Businesses with a moderate monthly transaction volume and large cash deposits: With the Valley Business Checking Plus account, you get up to 1,000 free checking transactions and up to $50,000 in free monthly cash deposits.
- Businesses sending and receiving domestic wire transfers frequently: The bank provides five free incoming and outgoing domestic wires per month for Small Business Checking and unlimited incoming and outgoing domestic wires per month for Women in Business Checking.
- Businesses founded by women entrepreneurs seeking connection and collaboration: The Women in Business Checking account has a program with membership perks, such as networking events, access to branch conference rooms, and discounts on safe deposit boxes.
When Valley National Bank Is Not a Good Fit
- Small businesses looking for digital tax management tools: Valley offers merchant services but doesn’t have specialized tax preparation solutions. Freelancers and self-employed professionals can opt for Lili, which offers a Tax Optimizer feature, one of the reasons it’s part of our list of the best banks for the self-employed.
- Businesses reliant on in-person banking and located outside Valley’s service areas: Valley only has brick-and-mortar branches in Alabama, Florida, New Jersey, and New York. You can consider Chase, Bank of America, or Wells Fargo, which have branches nationwide.
- Businesses that need a free business checking account and whose needs are satisfied by a digital bank: Even if Valley’s checking accounts have waivable monthly fees, you can choose fully digital banks and fintech providers like Grasshopper Bank, Axos Bank, or Bluevine as they offer fee-free checking products.
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 can head to one of the 200-plus branches in Alabama, Florida, New Jersey, and New York since this product is offered only at physical locations.
To start your online application, you need to be at least 18 years old, hold a US 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, and passport
- Your primary bank’s username and password to fund your account
Before opening an account, see our guide 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.
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. You can download Valley National Bank’s mobile banking app from the App Store and Google Play.
Reviews for the Valley National Bank mobile app are generally good. It scored 4.8 out of 5 stars on the App Store and 4.2 out of 5 stars on Google Play. Users who gave high ratings on the mobile app were satisfied with its ease of use and functionality. However, some gave a negative rating for experiencing glitches when depositing several checks.
Fee-free Cash Deposits Using Allpoint Networks
Valley National Bank has 200-plus ATMs and provides surcharge-free access to 55,000+ Allpoint ATMs across the country. However, a $2 Valley service charge is collected for using an Allpoint ATM in New Jersey and New York.
- 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.
- 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.
- 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 Banking Products
Valley National Bank has business savings, money market accounts, CDs, credit cards, lending products such as commercial real estate loans and equipment financing, and specialized banking solutions for business clients:
- 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 CD: For competitive rates at flexible terms, you can open a Valley Business Certificate of Deposit at a branch. Interest is compounded daily and paid based on your terms (monthly, quarterly, semi-annually, annually, and at maturity).
- Valley purchasing card: Valley offers a nonrevolving payment card that streamlines payment transactions and reporting. You can track spending and may also qualify for cash back rebates or rewards.
- Credit Card: The Valley Visa® Business Credit Card has no annual fees and offers 1% unlimited cash back rewards.
- Lending: Business owners can apply for different loan products, such as Business Term Loans, Fixed Rate Term Loans, and Lines of Credit ranging from $5,000 to a maximum of $100,000. Vehicle Loans and Equipment Loans are also available at fixed rates. Equipment Loans require a Valley business checking account to be opened.
- 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 Loans and Construction Loans to help business owners in purchasing, refinancing, or developing 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.
- Community association loan program: For an association’s needs, Valley extends the Community Association Loan Program for financing repairs, improvements, or refinancing existing debt.
- Specialized banking solutions: Valley offers Cannabis Banking, Correspondent Banking Solutions, National Deposits Group, Municipal & Government Banking, Healthcare Financial Services, Homeowners Association, and PropTech.
- Industry expertise: Business owners can apply for dealership financing, find solutions to manage interest rate risk, and select a Qualified Intermediary for a 1031 Exchange.
- Interest on Lawyer Trust Accounts (IOLTA) for New Jersey and Alabama/interest on lawyer accounts (IOLA) for New York/interest on trust accounts (IOTA) (Florida): Valley offers these accounts to help manage clients’ funds for legal assistance or representation. A $100 minimum opening balance is required, but the account has no monthly maintenance fee.
Valley National Bank Business Checking Pros & Cons
|Variety of business checking products||Debit card doesn’t earn cash back rewards|
|Free ATM access at 55,000-plus Allpoint ATMs||No free ATM fee reimbursements except in Alabama|
|Up to five free monthly incoming and outgoing wires under Small Business Checking||$15 wire module monthly fee for Small Business Checking|
Valley National Bank’s business checking accounts are great options. You can even access Valley ATMs and 55,000+ Allpoint ATMs for free. If you have a Small Business Checking account, you gain up to five free incoming and outgoing wires each month.
However, your Valley debit card doesn’t provide you with cash back rewards on your business purchases. ATM fee refunds are also unavailable, except when transacting at nonnetwork ATMs in Alabama, and reimbursement is limited to six non-Valley ATM fees per month at $1.50 per fee. Small Business Checking account holders are also required to pay a $15 wire module monthly fee on top of the regular wire charges.
Alternatives to Valley National Bank Business Checking
Valley National Bank has great business checking products, but if you prefer the convenience of an online bank, want to benefit from in-person banking in more areas, and earn a high yield from your account, you can check other banks.
Here are three options to consider:
- First Internet Bank is best for business owners seeking full-service online banking. They can readily open a checking or money market account or apply for a loan without visiting a branch.
- Chase is best for businesses needing easy access to several brick-and-mortar branches. Chase has a nationwide branch presence in 48 states.
- Bluevine is best for businesses wanting a 1.5% APY, provided you meet the qualifying deposits.
Check out more providers in our list of the best small business checking accounts.
Valley National Bank business checking accounts are excellent for cash-intensive businesses with frequent deposits of large cash amounts. It’s also suitable for female entrepreneurs as they can benefit from the Women in Business Program and the fee-free cash deposit feature of the Valley Women in Business Checking account. The bank also provides plenty of business financing sources including lending options and banking services.
If your business is located in one of Valley’s four states of operation, then this is a great choice for your banking needs.