Western Alliance Bank offers solid business checking options fit for organizations needing no-frills traditional banking. Its lowest-tier account, called Business Checking, charges a waivable monthly fee of $16 and offers 200 fee-free transactions per month. You can upgrade to Business Interest Checking to earn APY or to Business Advantage Checking for an increased monthly allowance of 500 fee-free transactions and additional treasury management services.
The bank also provides specialty accounts, such as analyzed checking, nonprofit checking, political campaign, and Interest on Lawyer’s Trust Accounts (IOLTA). All come with a free Visa debit card, online and mobile banking, and fraud protection. You can opt for overdraft protection to reduce overdraft or nonsufficient fund (NSF) fees.
How Western Alliance Bank operates: Western Alliance Bank is one of the many brands owned by the Western Alliance Bancorporation. This subsidiary only has three branches, which are located in Phoenix, New York City, and Salt Lake City.
Pros
- 200 fee-free transactions per month for basic and interest-earning accounts
- Wide range of fee-free ATM choices
- Business Interest Checking is free for 501(c)(3) organizations
Cons
- Only three branches
- Steep wire transfer fees
- $20 monthly fee for interest-earning account
Features
- Free Visa debit card
- Free ATM transactions at MoneyPass machines and PLUS, STAR, and Interlink systems
- Online and mobile banking
- Optional overdraft protection
- Fraud protection
- Other accounts include analyzed checking, nonprofit checking, political campaign, and IOLTA
- Business Advantage Checking offers up to three linked accounts and additional treasury management services
How Western Alliance Bank Stacks Up With Its Competitors
When Western Alliance Bank Is a Good Fit
- You have a low-to-moderate transaction volume: Western Alliance Bank’s Business Checking and Business Interest Checking accounts both provide 200 fee-free transactions per month. Transactions include debits, credits, and deposited items.
- You want fee-free access to a wide network of ATMs: Your Western Alliance Bank debit card gives you fee-free access to MoneyPass ATMs and ATMs in the PLUS, STAR, and Interlink systems.
- You run a 501(c)(3) organization: Charitable organizations do not have to pay the monthly fee for Western Alliance Bank’s Business Interest Checking account.
- You want to maximize the benefits of a bundled business checking account: Western Alliance Bank’s Business Advantage Checking provides a bundled solution, which includes a primary account, up to three additional linked Business Advantage accounts, and additional treasury management services.
When To Consider Western Alliance Bank Alternatives
- You need a bank with wide geographic coverage: Although the company owns several other banking brands, Western Alliance Bank itself only runs three brick-and-mortar locations, which are located in Phoenix, New York City, and Salt Lake City. Chase, which has branches in 48 states, is a better option for wide geographic coverage. Read our review of Chase business checking for a breakdown of the bank’s three accounts.
- You want to earn competitive interest on free checking accounts: Western Alliance Bank’s only nonspecialized interest-earning account, Business Interest Checking, charges a $20 monthly fee. Bluevine charges no transaction or monthly fees and will earn you 2.0% APY on qualifying balances up to $250,000 under its Standard Checking account. Learn more by reading our review of Bluevine business checking.
- You want to save on wire transfer fees: The wire transfer fees of Western Alliance Bank can be hefty. Domestic wire transfers start at $14 and can go as high as $55 while for international wire transfers, the fees range from $16 to $65. If you often process wire transactions, you can opt for Mercury, which offers wire transfers for free. See our Mercury business checking review for more details.
Western Alliance Bank Business Checking Overview
Western Alliance Bank Business Checking Requirements
To open a Business Checking or Business Interest Checking account, you can apply online. For other niche business accounts, you can contact the bank for assistance. As part of the Western Alliance Bank business checking requirements, you must have a United States mobile phone number and US physical address.
The bank will also require a driver’s license or passport and may ask you to submit relevant business documents to complete your application. If documents are needed, the bank will send an email with a link for a secure submission.
Western Alliance Bank Business Checking Features
Western Alliance Bank features a debit card, online and mobile banking, and fraud and overdraft protection.
Debit Card
Your Western Alliance Bank account comes with a free Visa debit card. You can make ATM transactions for free at MoneyPass ATMs, or any ATM belonging to the PLUS, STAR, and Interlink systems.
Online and Mobile Banking
Western Alliance Bank is available via online and mobile banking (for iOS and Android). Through digital banking, you can do the following:
- View balances and transactions
- Transfer money
- Deposit checks through mobile check deposit
- Add and manage payees
- Pay bills
- Stop payments
- Approve internal transfers, wire payments, and automated clearing house (ACH) payments
- View check images and deposited items
- Customize account alerts
- Search branch locations
Enrolling in enhanced services also gives you web access to domestic and foreign wire transfers and ACH transactions.
The bank’s app, called WA Business Mobile, has a rating of 1.9 on App Store[1] from around 25 reviews and 3.0 on Google Play[2] from about 10 reviews. In the past two years, no one has left a comment. Also, most of the feedback I found was negative. Users stated that the app was outdated and unreliable and that the mobile deposit functionality needs improvement.
Overdraft Protection
Overdraft protection is an optional service that links your checking account to a revolving line of credit. It provides backup funds from your available credit limit whenever you make a transaction that exceeds your current checking account balance. This prevents you from incurring additional overdraft fees and keeps your balance from going negative.
Fraud Protection
- Positive pay for ACH and check payments: With positive pay, you can create a list of preapproved check and ACH payments. Western Alliance Bank will check any presented payments or ACH transfers against this list. Payments that do not match the contents of your list will be declined, thus preventing fraudulent transactions.
- Check payee positive pay: Whenever a check is presented, your bank will ask you to confirm the payee name, check amount, and check number before releasing funds.
- Reverse positive pay: Through this feature, you also have the option to approve or disapprove checks manually.
- ACH debit block: If you’re enrolled in online banking, you have the option to block all ACH debit transactions.
Bundled Business Checking Solution
Businesses that reach up to 500 monthly transactions and have more specialized banking needs can open a Business Advantage Checking account. You will get a primary account, including up to three linked Business Advantage accounts. The $50 monthly service fee can be waived if you meet a monthly balance of $50,000 across all accounts.
Furthermore, you can deposit the first $10,000 with no cash deposit fees per month and access additional treasury management services. These include remote deposit, fraud prevention solutions, and no monthly fee for online wire origination modules.
Other Western Alliance Bank Business Products
- Analyzed checking accounts are designed for businesses with high transaction volume. They offset monthly maintenance and transaction fees through earnings credit. Additional benefits include integrated treasury management, consolidated financial reports, online and mobile banking, and optional overdraft protection.
- Nonprofit accounts are affordable checking accounts designed for nonprofit 501(c)(3) organizations.
- Political campaign accounts help campaigning individuals or organizations protect their funds and comply with legal requirements.
- IOLTAs, designed for attorneys and law firms, remit interest earned on your balances into your state’s bar foundation. Although these accounts have no monthly fees, they require a minimum opening deposit of $100.
- Business savings accounts include free online banking and 25 free deposits per month. It has an opening deposit requirement of $1,000 and a minimum daily balance requirement of the same amount to waive the $10 monthly fee.
- Business money market accounts (MMAs) also provide free online banking and 25 free monthly deposits. The account has a $1,000 opening deposit requirement and offers tiered interest rates based on your balance.
- Business CDs have a $1,000 opening deposit requirement. Terms range from 30 days to 60 months. Typically, the longer the term, the higher the interest rate provided.
Western Alliance Bank offers the following small business loans:
- Small Business Administration (SBA) 504 loans with down payments as low as 10%
- SBA 7(a) guaranteed loans up to $5 million
- SBA Express loans up to $500,000
- Conventional loans up to $1 million
- Lines of credit up to $100,000
The only business credit card Western Alliance Bank provides is the Business Plus Credit Card, which is powered by Visa. The card charges no annual or overlimit fees and earns points that can be redeemed for cash back, travel, or merchandise.
Western Alliance Bank Business Checking Reviews From Users
The bank has a rating of 2.5 on DepositAccounts[3] from around 10 reviews and 3.2 on WalletHub[4] from around 10 reviews. There are no recently written Western Alliance Bank Business Checking reviews. Some users complained that the bank’s customer service team was unresponsive and that calls required a 30-minute waiting time.
Frequently Asked Questions (FAQs)
Yes. Western Alliance accounts are protected with a standard Federal Deposit Insurance Corp. (FDIC) insurance coverage of up to $250,000 per depositor and account ownership category.
Yes, Western Alliance Bank is stable and has approximately $70.8 billion in assets as of the bank’s latest filed call report on Dec. 31, 2023.
Bottom Line
Although Western Alliance Bank offers decent business checking products, none offer any standout features. Costs like monthly service fees, minimum balance requirements, and opening deposit requirements are within the same range as typical traditional banks.
Branch access is limited to Phoenix, New York City, and Salt Lake City. If you want similar products but operate outside Western Alliance Bank’s service area, consider a different Western Alliance Bancorporation brand.
User review references:
1App Store
2Google Play
3DepositAccounts
4WalletHub
