Webster Bank is an outstanding choice for small businesses seeking generous free monthly transaction limits, waivable monthly maintenance fees, and additional benefits for high-tier business checking accounts.
- Basic Business Checking offers 300 free transactions with a waivable $15 monthly maintenance fee and is best for those with balances less than $10,000.
- Better Business Checking provides 400 monthly transactions, $25,000 free cash deposits, and a waivable $25 monthly maintenance fee and is ideal for accounts with balances over $10,000.
- Power Business Checking has 500 to 525 fee-free transactions, depending on your tier (A la Carte, Premium, or Elite), and a waivable $75 monthly maintenance fee.
Webster Bank is a Federal Deposit Insurance Corp. (FDIC)-insured bank with over 200 full-service branches in Connecticut, Massachusetts, New York, and Rhode Island. You can start your business checking account application by filling out an online form, calling a bank representative, or visiting one of its branches.
Pros
- ATM fee rebates up to $20 for Better Business Checking
- Waived monthly maintenance fees for Premium and Elite tier clients of Power Business Checking
- $25,000 monthly cash deposit allowance for Better Business Checking
Cons
- No free checking account
- Locations limited to Connecticut, Massachusetts, New York, and Rhode Island
- $100 minimum opening deposit for Basic Business Checking and Better Business Checking and $50,000 for Power Business Checking
Features
- Free business debit Mastercard
- Online and mobile banking
- One to five free domestic wire transfers under Power Business Checking
- Savings, money market accounts, and certificates of deposit (CDs)
- Credit cards, lines of credit, term loans, commercial mortgages, and Small Business Administration (SBA) loans
- Merchant services
How Webster Bank Stacks Up With Its Competitors
Monthly Maintenance Fee | Monthly Transaction Limit Before Fees | ATM Fee | Geographic Availability | |
|---|---|---|---|---|
 Basic Business Checking | $15; | 300, then 50 cents per item | None at Webster Bank ATMs; | |
 Silver Business Checking | $0 | 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.
| |
 Business Checking | $0 | N/A; money orders can be deposited via the app | Refunds all ATM fees | All states (online only) |
Visit Novo
Novo is a fintech platform backed and FDIC-insured by a supporting bank partnership with Middlesex Federal Savings.
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When Webster Bank Is a Good Fit
- You make 300 or fewer monthly transactions: Webster Bank’s Basic Business Checking provides fee-free transactions up to 300. These free transactions include total debits and credits per statement cycle, including ACH.
- You have high monthly cash deposit transactions: Under Better Business Checking, you get up to a $25,000 cash deposit allowance.
- You have a high transaction volume and can maintain high balances: Power Business Checking offers Premium and Elite tier levels, which provide higher fee-free transactions and additional benefits, such as free domestic wire transactions, waived monthly maintenance fees, and fee-free remote deposit capture and fraud prevention services.
When To Consider Webster Bank Alternatives
- Your business is located outside Webster Bank’s service areas: Webster Bank offers in-person banking services. However, it’s limited to Connecticut, Massachusetts, New York, and Rhode Island. If your business is based outside these states, we recommend Chase for nationwide branch access. Check out our Chase business checking review to see which account fits your needs.
- You want to earn an APY: Webster Bank’s business checking accounts don’t provide interest. Consider Bluevine, which extends 2.0% APY for standard plan customers with qualifying balances up to $250,000 and 4.25% APY for Premier Plan customers. Our review of Bluevine business checking offers more in-depth product information.
Our guide to the best small business checking accounts contains additional options. You may also be interested in our roundup of the top banks for small businesses in New York.
Webster Bank Business Checking Overview
Webster Bank Business Checking Requirements
To apply for a business checking account, you can start by filling out an online form on the bank’s website. As part of the Webster Bank business checking requirements, personal information will be requested, such as your full name, email address, phone number, city, and ZIP code.
Before opening an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of documents typically required upon account opening.
Webster Bank Business Checking Features
Business Checking Account Options
- Basic Business Checking: This account is for small businesses with low transactions and less than $10,000 in balances. It provides 300 fee-free transactions and charges a $15 monthly maintenance fee, which is waivable.
- Better Business Checking: Small businesses seeking higher free transaction limits with balances of more than $10,000 can consider this account, which offers 400 free monthly transaction limits and up to $25,000 free cash deposits.
- Power Business Checking: This tiered account suits businesses with large balances and transaction volumes. It has a waivable $75 monthly maintenance fee if you maintain a monthly average collected balance of $50,000.
A la Carte, Premium and Elite Tiers
Power Business Checking has A la Carte, Premium, and Elite tiers. A la Carte provides a fee-free 500 transaction limit, while Premium and Elite offer up to 525 free transactions. To qualify for the Premium or Elite tier, you must meet a $150,000 monthly combined deposit balance across business checking accounts.
Premium and Elite tier levels offer additional advantages:
- No monthly maintenance fees
- Free remote deposit capture, including a $500 sign-on bonus You get a $500 sign-on bonus earned in increments of $100 per statement cycle if Elite tier requirements are met. Limits apply.
- Free Reverse Positive Pay services (available to all tiers depending on balances)
- Fee-free incoming and outgoing domestic wire transfers
- One-time remote deposit scanner credit A credit of up to $500 may apply for one scanner, but this is subject to terms and conditions. Please contact a Relationship Manager for details.
ATM Fee Rebates
Under a Better Business Checking account, you can benefit from an ATM fee refund of $20 per statement cycle when using out-of-network ATMs. This rebate includes ATM fees charged by Webster Bank and nonnetwork operators.
Online & Mobile Banking
You can check your account history, approve transactions, pay bills, and manage accounts online. You can also securely deposit checks and transfer funds using the bank’s mobile app. Reviewers gave the Webster Bank mobile app a rating of 4.6 on the App Store[1] from about 10,000 reviews and 3.5 on Google Play[2] from around 2,000 reviews.
Users liked the app’s improved layout, ease of use, and convenience. However, there were some complaints revolving around login issues, slow loading, and delayed posting of transactions.
Treasury Management Services
- Remote deposit capture (RDC)
- Merchant services
- ACH and wire transfers
- Business bill pay
- Payroll services
- Lockbox services
- Bank Check Xpress
Other Webster Bank Business Products
For businesses with high balances and transaction volume, Commercial Checking with Analysis provides an earnings credit to offset monthly fees. This account does not require a minimum opening deposit. However, it charges a $15 monthly maintenance fee per linked account, 20 cents per check/item deposited or paid (including ACH debits and credits), and 75 cents per deposit ticket.
- Webster Business Banking Savings: This basic Webster Bank savings account requires a $25 opening deposit, where interest is paid on all collected balances. If you maintain a $500 monthly average collected balance, the monthly maintenance fee is waived.
- Business Money Market: A Relationship Manager offers suitable business MMA solutions with competitive rates. The Webster Bank interest rates and fees may vary by state and region.
- Business CDs: For short-term and long-term business goals, you can open CDs with terms ranging from three months to two years.
Check out our comparison guides on business MMA vs high-yield savings and business MMA vs CD to learn the difference between these interest-bearing accounts and choose the best for your business needs.
- Webster Visa Business Real Rewards Card: With this card, you can earn 1.5x points for every dollar you spend on eligible purchases.
- Webster Visa Business Cash Preferred Card: This card provides 3% cash back on eligible purchases and 1% unlimited cash back on all other eligible purchases.
- Webster Visa Smart Business Rewards Card: This card delivers 2x points per $1 spent in your top two monthly spend categories.
- Webster Visa Business Card: This card lets you save on interest with its low introductory rate offer.
- Lines of credit
- Term loans
- Commercial mortgages
- SBA loans
Read our guide to SBA loans to learn about the different types, rates, and requirements.
- Minority and women-owned business enterprises (MWBE)
- Law firm banking
- Accountants
- CRE
- Association financial services
- Healthcare and medical services
- Not-for-profits services
Webster Bank Business Checking Reviews From Users
Webster Bank has a rating of 1.5 on DepositAccounts[3] from about 25 reviews and 4.2 from around 290 reviews on WalletHub[4]. However, there is no specific Webster Bank business checking review.
Users gave the bank low ratings in the recent reviews. They said that the bank’s offshore customer service cannot resolve their simple issues. They also complained about experiencing multiple transfers and being promised a callback but not receiving one. Some customers also brought up issues of not being notified of overdraft fees.
Bottom Line
If your business requires in-person banking and is located in Connecticut, Massachusetts, New York, or Rhode Island, then Webster Bank is a sound choice. The Webster Bank checking accounts have generous free transaction allowances and waivable monthly maintenance fees. You can start with the bank’s low-tier account, Basic Business Checking, then switch to Better Business Checking or Power Business Checking once you have higher balances, greater transaction volumes, and more complex treasury management needs.
User review resources:
1App Store
2 Google Play
3DepositAccounts
4WalletHub
