Walden Savings 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.
If your New York-based business needs a checking product with low fees and generous transaction limits, Hudson Valley-headquartered Walden Savings Bank is an excellent choice. 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. It also offers basic savings accounts, commercial loans, commercial lines of credit, Small Business Administration (SBA) loans, and credit cards.
What We Like
- Unlimited check-writing and deposits
- Waivable monthly fee
- Business credit cards, commercial loans, and lines of credit also available
What's Missing
- No interest-earning checking
- Steep wire transfer fees
- Additional monthly service fee for bill pay
Features
- Unlimited check-writing and deposits
- Online and mobile banking
- Bill pay with fee
- Free Debit Mastercard
- CardValet services
How Walden Savings Bank Stacks Up With Its Competitors
Monthly Fees | ATM Fees | Transaction Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Checking | $5; waivable | None at Allpoint and WSB ATMs; $2.50 for nonnetwork use* | Unlimited free check-writing and deposits | $50 |
 Basic Business Checking | $5; waivable | None at KeyBank and Allpoint ATMs nationwide; $3 for nonnetwork use* | 200 combined transactions per month | $25 |
 Business Complete Banking | $15; waivable | None at Chase ATMs; $2.50 for nonnetwork use* | Unlimited electronic transactions; 20 fee-free paper transactions, then 40 cents per item | None |
*Third-party operator fees may apply.
When Walden Savings Bank Is a Good Fit
- You want business checking with affordable or easy-to-waive monthly fees: It charges a monthly fee of $5, which can be waived easily 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: It offers SBA loans, commercial loans, and commercial lines of credit.
When Walden Savings Bank Is Not a Good Fit
- You want nationwide access to in-person banking: There are only 12 branches in total, all located in the Hudson Valley area of New York. If you want wider geographic coverage, then go with Chase, which has 4,700 physical locations across 48 states.
- 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.
- You want free online bill pay: The bank charges a $9.95 monthly fee for access to business bill pay services. For free online bill pay, we recommend Axos Bank.
- 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.Relay charges no fees for incoming wire transfers, $5 for outgoing domestic wire transfers, and $10 for outgoing international wire transfers.
If your small business meets one or more of these scenarios, see our list of the best small business checking accounts for additional recommendations.
Walden Savings Bank Business Checking Overview
Walden Savings Bank Business Checking Requirements
Applicants are required to visit a branch location to open a business checking account with Walden Savings Bank. For a checklist of documents banks typically require, refer to our guide to opening a business bank account.
Walden Savings Bank Business Checking Features
Digital Banking
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. The app is mostly well-received, with ratings of 4.7 stars on the App Store and 4.6 on Google Play, with users having said that it’s easy to navigate and user-friendly.
Business Debit Mastercard
This 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.
CardValet
Accounts integrate with the card management app, CardValet. Through it, cardholders can set transaction limits, location controls, and regulated merchant types to take control of card spending.
Other Walden Savings Bank Business Products
IOLA Account
Walden Savings Bank’s fee-free interest on lawyers account (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.
Employee/Employer Group Banking
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.
Savings Account
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.
Lending Products
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.
- 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.
Credit Cards
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 Pros & Cons
| PROS | CONS |
|---|---|
| Unlimited check-writing and deposits | Only 12 branches, all located in Hudson Valley |
| Low monthly fee and minimum balance requirements | Extra fees for online bill pay |
| Wide selection of lending products | Limited business savings products |
One of Walden Savings Bank’s biggest strengths is affordability. It offers unlimited fee-free check-writing and deposits and charges a low monthly fee of $5, which can be waived easily with an average balance of $2,500 or a lending relationship of $25,000 and over. Additionally, it has an extensive selection of lending products, such as credit cards, SBA loans, commercial loans, and lines of credit.
However, because it only has 12 branches, businesses operating outside of Hudson Valley may have to look elsewhere. It also charges an extra $9.95 monthly fee for online bill pay, a service that most digital banks can offer for free. Lastly, it only offers one business savings product, a basic business savings account and doesn’t provide CDs and money market options.
Alternatives To Walden Savings Bank Business Checking
If you want additional cost-saving features, such as cashback, high-yield APY, and ATM reimbursements, you might be better off with a digital bank. Here are three alternative options to consider:
- Novo* is best for fee-free ATM transactions. It reimburses all ATM fees at the end of each month, which lets businesses make fee-free transactions at any ATM location of their choice.
- Bluevine* is best for earning interest on checking deposits as qualified accounts earn 2.00% APY on balances up to and including $250,000.
- Grasshopper is best for cash back on debit card purchases. Account holders who meet the minimum balance of $10,000 earn 1% cash back on all qualifying debit card purchases.
*Providers are financial technology (fintech) platforms backed by and FDIC-insured through supporting bank partnerships (Middlesex Federal Savings for Novo and Coastal Community Bank for Bluevine).
Bottom Line
The business checking account of Walden Savings Bank is an excellent business checking 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.
