Valley National Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
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. With generous monthly limits for cash deposits and transactions, its business checking products are suitable for small businesses looking for affordable banking solutions that can accommodate a low to moderate transaction volume.
The bank is a particularly great fit for female business owners. Its Women in Business Checking Account offers a number of useful perks, including access to networking events, fewer fees, unlimited cash deposits, and unlimited domestic wire transfers.
What We Like
- 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 and $50,000 fee-free monthly cash deposit limits
- Waivable monthly fees
What's Missing
- No free business checking account
- 200-plus branches limited to four states: New Jersey, New York, Florida, and Alabama
- No online account opening for Valley Business Checking Plus
Features
- Free debit card
- Online and mobile banking
- Pay bills, initiate wire transfers online, and deposit checks through the mobile app
- Use a remote deposit capture device for high-volume check deposits
- Fraud control through Positive Pay
- Membership to Valley’s Women in Business Program
How Valley National Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
Small Business Checking | $25; waivable | 500, then 50 cents per item | Up to $25,000, then 15 cents per $100 | 4 states |
 Business Advantage Fundamentals Banking | $16; waivable | 200, then 45 cents per item | Up to $7,500, then 30 cents per $100 | 38 states |
 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 | 48 states |
Takeaway: Compared to products from standard traditional banks like Chase and Bank of America, Valley National Bank’s basic business checking accounts charge higher monthly fees but offer higher limits for cash deposits and day-to-day banking transactions. Additionally, the minimum balance requirement ($999) for waiving monthly fees is relatively easy to meet.
However, the bank is only available in Alabama, Florida, New Jersey, and New York. Meanwhile, Bank of America serves 38 states—Alabama is the only state Valley National Bank serves that Bank of America does not. Chase’s service area spans 48 states, excluding only Alaska and Hawaii.
When Valley National Bank Is a Good Fit
- You’re a female business owner looking for networking opportunities: 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.
- Your business has a low to moderate monthly transaction volume: Both Valley Small Business Checking and Women in Business Checking offer 500 free transactions per month.
- You use domestic wire transfers frequently: Small Business Checking provides five free incoming and outgoing domestic wire transfers per month. Women in Business Checking offers unlimited incoming and outgoing domestic wire transfers.
- You run a cannabis business: Valley National Bank is one of the few banks to offer specialized cannabis banking solutions. It supports dispensaries, cultivators, testing labs, armored car services, wholesalers, and cannabidiol (CBD) or hemp businesses.
- You belong to an industry that Valley offers specialized services for: Aside from cannabis banking, Valley offers specialized banking solutions for municipal and government organizations, healthcare, and homeowners associations.
When To Use an Alternative
- You operate outside Valley National Bank’s service area: The Valley 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. Learn more about it in our in-depth Chase business checking review.
- You need 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 best banks for self-employed individuals. Check out our Lili business checking review as well as our guide to the best banks for self-employed individuals, to find out more about it.
- 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 $100,000 or less, provided you meet its monthly activity requirements. Learn more about its checking account in 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 more than 200 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
- US 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 guide to opening 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
All Valley business checking accounts come with their own free debit card. Business debit cards provide access to more than 200 Valley ATMs and more than 55,000 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. 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 positive. 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.
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.
- 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
Business Savings
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).
Business Cards
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.
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
IOLTA/IOLA/IOTA
Valley offers Interest on Lawyers’ Trust Accounts (IOLTA) for New Jersey and Alabama, Interest on Lawyer Account Fund (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 User Reviews
| PROS | CONS |
|---|---|
| Good rates for lending products | Slow check clearing times |
| Easy to pay for lending products | Hard-to-reach customer service |
| Low daily transaction limits | |
Valley National Bank has a rating of 3.3 out of 5 on WalletHub, based on 240-plus reviews. The majority of positive reviews discussed the bank’s lending products. Users said that they like that the provider offered good rates on loans and commended its automatic payment system, which made it easy to make payments consistently.
However, the majority of reviews published within the past three years are negative. Multiple customers complained that the bank is too slow at clearing checks. Additionally, customers found the bank’s customer service arm unhelpful and difficult to reach. Many also found the bank’s daily transaction limits too restrictive.
Bottom Line
Valley National Bank’s 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.
