Walden Savings Bank Business Checking Review 2023
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’s 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: 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 Small Business Administration (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. 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.
Walden Savings Bank Business Checking Overview
Walden Savings Bank Business Checking Requirements
Applicants are required to visit a branch to open a business checking account with Walden Savings Bank.
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
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. Customers praised the app for being user-friendly and easy to navigate.
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.
CardValet
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
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 User Reviews
On Yelp1, ratings for Walden Savings Bank branches range from 1 to 2.5. However, each branch typically receives fewer than five reviews. Customers liked that the bank understands its local community’s situation and needs, and a few said that the bank provides good customer service.
Due to the available sample size, we found few recurring patterns among the bank’s negative reviews. One customer complained that the bank had poor fraud detection and flagged regular transactions as fraud. Another reviewer said that the bank’s systems were outdated and that its operating hours were too short.
Bottom Line
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.
User review reference:
1Yelp: Circleville Branch, Cornwall Branch, Gardiner Branch, Milton Branch, Montgomery Branch, New Windsor Branch, Newburgh Branch, Pine Bush Branch, Walden Branch, and Washingtonville Branch
