If your New York-based business needs a checking product with low fees and generous transaction limits, we recommend Hudson Valley’s Walden Savings Bank (WSB). It offers unlimited fee-free checks and deposits for a monthly service fee of $5, which can be waived with a minimum balance of $2,500 or a lending relationship of $25,000 or over.
The bank also offers basic savings accounts, commercial loans, commercial lines of credit, Small Business Administration (SBA) loans, and credit cards.
- No interest-earning checking
- Steep wire transfer fees
- Additional monthly service fee for bill pay
- Unlimited check-writing and deposits
- Online and mobile banking
- Bill pay with fee
- Free Debit Mastercard
- CardValet services
- Small Business Administration (SBA) loans
- Cards integrate with Apple Pay, Google Pay, and Samsung Pay
How Walden Savings Bank Stacks Up With Its Competitors
Monthly Transaction Limit Before Fees
Unlimited free check-writing and deposits
125, then 50 cents per item
All states U.S. Bank is available in all states via online banking. It has branches in Arizona, Arkansas, California, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
Refunds all ATM fees
All states, online-only
Visit Novo Novo is a financial technology (fintech) platform backed and FDIC-insured by a supporting bank partnership with Middlesex Federal Savings.
Walden Savings Bank’s business checking account offers a low and waivable monthly fee, while U.S. Bank and Novo provide a fee-free checking account. In terms of transactions, Walden Savings Bank has fee-free unlimited check-writing and deposits. In comparison, U.S. Bank limits free monthly transactions to 125 and charges for excess items, whereas Novo does not limit free transactions.
Walden Savings Bank and U.S. Bank, both traditional banking providers, have brick-and-mortar branches and access to a large ATM network. Meanwhile, Novo, a fintech company that operates exclusively online, makes up for the lack of branches by offering refunds of all ATM fees at the month’s end.
Lastly, Walden Savings Bank requires in-person account opening, and its service areas are confined to New York, while U.S. Bank and Novo allow online account opening.
When Walden Savings Bank Is a Good Fit
- You want business checking with affordable or easy-to-waive monthly fees: Walden Savings Bank’s business checking account charges a monthly fee of $5, which can be easily waived with a minimum balance of $2,500 or a lending relationship of $25,000 or over.
- You want unlimited fee-free transactions: Its business checking account comes with unlimited fee-free check-writing and deposits.
- You need access to a wide range of lending products: The bank offers SBA loans, commercial loans, and commercial lines of credit.
When To Consider Walden Savings Bank Alternatives
- You want nationwide access to in-person banking: There are only 11 branches and one lending office in total, all located in the Hudson Valley area of New York. If you want wider geographic coverage, then we recommend Chase, which has 4,700 physical locations across 48 states. Our Chase business checking review can help you determine which account best suits your business needs.
- You want access to a wide range of savings products: Walden Savings Bank only offers one type of business savings account and lacks business certificates of deposit (CDs) and money market accounts. Live Oak Bank offers high-yield savings accounts and business CDs. Learn more about the provider’s savings products through our Live Oak Bank business savings review.
- You rely on wire transfers: Under Walden Savings Bank, incoming wire transfers cost $15, while outgoing wire transfers cost $27 for domestic and $50 for international. With Mercury, all wire transfers are free. Read our Mercury business checking review to determine whether the provider is a good fit for you.
If your small business meets one or more of these scenarios, see our list of the best small business checking accounts for additional recommendations. You may also be interested in our guide to the leading banks for small businesses in New York.
Walden Savings Bank Business Checking Overview
Walden Savings Bank Business Checking Requirements
As part of the Walden Savings Bank business checking requirements, applicants must visit a branch to open a business checking account.
We were unable to locate Walden Savings Bank’s specific document requirements for business checking applicants. For a downloadable checklist of documents banks typically require, you can refer to our guide on how to open a business bank account.
Walden Savings Bank Business Checking Features
Through digital banking, users can make deposits, view balances, transfer funds, make loan payments, locate branches and ATMs, and contact customer service. Walden Savings Bank also offers online business bill pay for a monthly fee of $9.95.
Users can bank online through the Walden Savings Bank website or mobile app, which is available on iOS and Android. On the App Store, it received a rating of 4.7 from around 1,300 reviews, while on Google Play, it has 2.8 stars from about 80 reviews. The reviews are mixed. Some customers appreciated the app’s ease of use, while others experienced slow loading and app crashes.
Business Debit Mastercard
The Walden Savings Bank Business Debit Mastercard gives businesses fee-free access to Walden Savings Bank and Allpoint ATMs nationwide. It comes with free Mastercard ID Theft Protection, which monitors spending to detect and alert customers of possible fraud. Cardholders also get discounts for Microsoft 365, Salesforce Essentials, and QuickBooks.
Accounts integrate with the card management app, CardValet. Through this app, cardholders can set transaction limits, location controls, and regulated merchant types to take control of card spending.
Other Walden Savings Bank Business Products
Apart from the Walden Savings Bank business checking account, the bank offers employee/employer group banking, IOLA accounts, savings accounts, credit cards, and lending products.
Walden Savings Bank’s fee-free IOLA lets attorneys enjoy interest on client deposits and remit earned interest to the New York IOLA fund. Accounts should have a balance of $5,000 to earn interest. The opening deposit requirement is $50. No monthly service fee is charged for this account.
This feature is open to businesses with 10 or more employees. Walden Savings Bank’s Employee/Employer Group Banking account gives business teams shared access to company funds. Opening group banking accounts with Walden Savings Bank gives employers access to preferred rates on commercial loans.
Employees enrolled in group banking accounts gain access to discounts on Walden Savings Bank’s personal banking products. Benefits include free access to Walden Savings Bank’s Super Now Checking Account, free Debit Mastercards, discounts on mortgage closing costs and personal installment loans, and free bill pay when used once every 60 days.
Walden Savings Bank’s High Yield Savings Account lets businesses earn interest on account balances for a monthly fee of $5, which can be waived with a minimum balance of $100. Aside from interest-earning ability, the account offers unlimited fee-free deposits, withdrawals, and in-branch transfers. The minimum balance to open and earn interest is $50.
Walden Savings Bank’s lending product selection includes SBA loans, commercial loans, and commercial lines of credit:
- SBA loans: In conjunction with the SBA, Walden Savings Bank offers SBA 7A loans and SBA 504 equipment and real estate loans. Read our guides on SBA 504 loans and SBA 7(a) loans to learn more about the rates, terms, and pros and cons.
- Commercial loans: Walden Savings Bank offers term loans from 12 to 72 months, flexible real estate loans from five to 20 years, and builder or land development loans.
- Commercial lines of credit: Available lines of credit include revolving lines of credit, 1/60th lines of credit, and overdraft lines of credit. Check out our guide on lines of credit to learn about the different types, requirements, and rates.
Walden Savings Bank’s business credit cards come with free expense reporting tools, free additional employee cards, mobile payment capabilities, and zero fraud liability. The products in its selection include:
- Mastercard Business Card for low interest rates
- Mastercard Business Cash Card for cash back
- Mastercard Business Real Rewards and MasterCard Smart Business Rewards cards for earning redeemable rewards points
Walden Savings Bank Business Checking User Reviews From Users
Walden Savings Bank business checking reviews are unavailable. On Yelp, the ratings for some of Walden Savings Bank branches range from 1 to 2.3. However, only around five Walden Savings Bank reviews have been written within the last two years.
Customers with positive feedback appreciated the bank’s customer service, mobile wallet integration, and fee-free Allpoint ATM network access. They also like its user-friendly mobile app.
Meanwhile, the negative reviews focused mainly on specific individual experiences. Some lamented about an ATM’s functionality, while one complained about the bank’s refusal to grant them an ATM card replacement.
The Walden Savings Bank business checking account is an excellent product for Hudson Valley-based companies. Its low opening deposit requirement, monthly fee, and minimum balance requirement, plus the lack of transaction limits, make the account easy to open and affordable to maintain.