For business owners who have had financial troubles and found it difficult to open bank accounts, Woodforest National Bank is an excellent choice as it offers a Second Chance Business Checking account. This account allows you to rebuild your banking history and access standard banking services.
This traditional community bank also has two regular business checking accounts, one analyzed checking account, and one specialized checking account. All five checking accounts feature a Woodforest business debit card subject to a $15 setup fee, withdrawn from your checking account.
With a decade of banking experience, my solid financial background helps me provide the best answers to our audience in line with the Fit Small Business editorial policy. I strive for accuracy, clarity, and objectivity in writing reviews and guides to ensure that small business owners can access impartial and critical information that supports their business decisions. I also completed a Business degree and have substantial experience in facilitating account opening, performing KYC, and cross-selling different banking and investment products and services to both retail and preferred clients.
When I conducted the Woodforest National Bank business checking review, I referred to the bank’s website for accurate information on the following:
- Product features
- Monthly fee
- Opening balance
- Required balances
- Account opening requirements
- ATM fees
- Cash deposit fees
- Annual Percentage Yield (APY)
- Monthly transaction limits
- Cash deposit allowances
- Branch accessibility
- Other business banking product
I checked third-party sites online to see users’ satisfaction levels with opening a business checking account with Woodforest National Bank. In addition, I read through the reviewers’ comments in the App Store and Google Play to see their experiences when they used the bank’s mobile app. The bank’s ratings were fairly average compared to other traditional providers.
Pros
- Waivable monthly service fees
- High free transaction limits
- Second Chance Business Checking account
- Multiple account options
Cons
- Low APY for interest-earning account
- No online account opening
- $100 opening deposit
- High wire transfer fees
Special Offer | None |
Opening Deposit Requirement | $100 |
Monthly Maintenance Fee |
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APY | 0.35% for Business Plus Checking only |
ATM Fees | |
Other Standout Features |
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- You have prior financial issues: Woodforest National Bank provides a Second Chance Business Checking account for business account holders with closed accounts, providing an opportunity to improve your finances and banking history.
- Your business has a low monthly transaction volume: With Business Simple Checking, you get up to 250 free items monthly. As your business scales, you can apply for the higher-tier Advantage Business Checking for more free transactions.
- You’re a sole proprietor, nonprofit, or government entity seeking an interest-earning account with unlimited check writing: With Business Plus Checking, you enjoy no additional charges, regardless of the number of checks you write while earning interest in one account.
- You seek small business loans: The bank offers multiple financing solutions through unsecured lines of credit, revolving lines of credit, term loans, and business auto loans. For comparison, you can also check out our list of the best banks for small business loans.
Woodforest National Bank Business Checking Alternatives & Comparison
Account Name | Monthly Service Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
Business Simple Checking | Business Simple Checking | $12; waivable | None | 250, then 25 cents per item |
 Silver Business Checking | Silver Business Checking | None | None | 125, then 50 cents per item |
 | Standard | None | Unlimited | |
Visit Bluevine
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
| ||||
 Business Checking | Business Checking | None | None | Unlimited |
Visit Novo
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings.
| ||||
Best For | Learn More | |
|---|---|---|
| You want to open a business checking account online with a traditional provider: Woodforest National Bank only allows customers to open accounts in physical branches. U.S. Bank lets you open business accounts online. | Read our U.S. Bank business checking review |
| You’re looking for high APY earnings: Although Woodforest National Bank offers an interest-bearing account, Business Plus Checking, the interest rate is low at 0.35%. Bluevine Standard offers 1.5% APY on qualifying balances up to $250,000. | Read our Bluevine business checking review |
 | You want to save on ATM fees: Woodforest National Bank charges $2.50 when you withdraw at nonnetwork ATMs. Novo refunds up to $7 monthly for ATM operator surcharges. | Read our Novo business checking review |
Woodforest National Bank Business Checking Terms & Features
Woodforest National Bank Business Checking Requirements
Applicants must visit a branch to open a checking account as part of the Woodforest National Bank business checking requirements.
Beneficial owners (individuals who own 10% or more of the equity interests of the legal entity) don’t need to be present to open an account. Any representative authorized to open an account on behalf of the legal entity can provide information about the beneficial owners via the beneficial ownership form. This form requires the following information:
- Name
- Date of birth
- Social Security number (US citizens)
- Passport number and country of issuance (for non-US citizens)
- Residential address
- Country of citizenship
- Country of residence
- Percentage of ownership for each beneficial owner
The same information will be required for each controlling individual. Certification that the information provided is complete and correct is also needed.
The owner of the business may open this account. Documentation required is state-specific:
- Alabama: Business occupational license issued by city or county where operating
- Florida: Registration of fictitious name filed with department of state
- Georgia: Occupation tax certificate, business license, or registration of trade name filed in county of operation
- Illinois: Assumed name application and certificate of ownership obtained from county clerk’s office
- Indiana: Certificate of assumed name filed with county recorder’s office in county of operation
- Kentucky: Certificate of assumed name filed with county clerk’s office in county of operation
- Louisiana: Certificate of assumed name filed with county parish clerk’s office in county of operation
- Mississippi: Privilege tax license filed in county or city of operation
- Maryland: Trade name registration filed with Maryland Department of Assessments and Taxation
- New York: Business certificate filed with county clerk’s office in county of operation
- North Carolina: Certificate of assumed name filed with registrar of deeds in county of operation
- Ohio: Trade name registration filed with Secretary of State
- Pennsylvania: Registration of fictitious name filed with Department of State
- South Carolina: Business license filed in county or city of operation or retail license filed with state
- Texas: Certificate of assumed name filed with county clerk’s office in county of operation
- Virginia: Certificate of assumed name or fictitious name filed with circuit court’s office in the county or city of operation
- West Virginia: Business registration certificate filed with West Virginia State Tax Department
Other documents:
- Franchise agreement: Only required if sole proprietorship is operating as a franchisee
- Acceptable and nonexpired ID for each authorized signer (with the exception of US Military IDs, photocopies of identifying documentation will be retained)
- Social Security numbers for each authorized signer
All general partners must be present and on the account:
- Assumed name certificate/doing-business-as (DBA): Required if partnership is doing business under a trade name, also referred to as a fictitious name certificate or name registration
- Partnership agreement: Required if partnership is not clearly indicated on the assumed name certificate/DBA
- Franchise agreement
- Acceptable and nonexpired ID for each authorized signer
- Social Security numbers for each authorized signer
- Taxpayer identification number (TIN) or employer identification number (EIN) for the partnership
- Documentation on each beneficial owner of the general partnership
All general partners must be present and on the account. If the general partner is a legal entity, such as a corporation or limited liability company (LLC), the authorized representative, such as director, officer, or manager, of that entity may open the account. Legal entity general partners must be in good standing with the state:
- Certificate of partnership
- Certificate of filing
- Assumed name certificate/DBA
- Franchise agreement
- Acceptable and nonexpired ID for each authorized signer
- Social Security numbers for each authorized signer
- TIN/EIN for the partnership
- Documentation on each beneficial owner of the limited partnership
At least one individual appointed as manager (or managing member) of the business within articles/certificate of formation or most recent public information report. If a state-recognized manager will not be signing on the account, then a formal, notarized letter on company letterhead authorizing the account to be established may be requested:
- Articles of organization (also known as certificate of formation or certificate of organization)
- Certificate of foreign entity registration and foreign articles of organization (required if the LLC is opening an account in a state other than the state of original filing)
- Assumed name certificate/DBA, also referred to as fictitious name certificate or name registration
- Franchise agreement
- Proof that the LLC is active and/or in good standing in the applicable state – referred to as a certificate of good standing
- Acceptable and nonexpired ID for each authorized signer
- Social Security numbers for each manager/member and any authorized signers
- TIN/EIN for the LLC
- Documentation on each beneficial owner of the LLC
All general partners must be present and on the account. If the general partner is a legal entity, such as a corporation or LLP, then the authorized representative, such as director, officer, or manager, of that entity may open the account. Legal entity general partners must be in good standing with the state:
- Articles of organization
- Certificate of filing
- Certificate of foreign entity registration of a limited partnership
- Assumed name certificate/DBA
- Franchise agreement
- Proof that the partnership is active and/or in good standing in the applicable state; referred to as a certificate of good standing
- Acceptable and nonexpired ID for each authorized signer
- Social Security numbers for each manager/member and any authorized signers
- TIN/EIN for the LLP
- Documentation on each beneficial owner of the LLP
At least one individual appointed as director or officer of the business within articles/certificate of formation or most recent public information report. If a state-recognized director or officer will not be signing on the account, then a formal, notarized letter on company letterhead authorizing the account to be established may be requested:
- Certificate of formation or articles of incorporation
- Certificate of filing
- Certificate of foreign entity registration and foreign articles of incorporation
- Assumed name certificate/DBA
- Franchise agreement
- IRS determination letter (only required if a corporation is non-profit)
- Proof that the corporation is active and/or in good standing in the applicable state; referred to as a certificate of good standing
- Acceptable and non-expired ID for each authorized signer
- Social Security numbers for each authorized signer
- TIN/EIN for the corporation
- Documentation on each beneficial owner of the corporation
Officers or authorized parties identified within the meeting minutes and notarized letter can open the account:
- Organization’s charter
- Organization’s by-laws or operating agreement
- Signed formal letter, preferably on letterhead, and signed meeting minutes stating the Organization’s intent to open an account and who will be authorized to sign
- Acceptable and non-expired ID for each authorized signer
- Social Security numbers for each authorized signer
- TIN/EIN for the association
Woodforest National Bank Business Checking Features
Second Chance Business Checking | Offers a free monthly transaction limit of 250 and a nonwaivable monthly service fee of $15 |
Online and Mobile Banking | Allows viewing of current and past statements, setting up e-bills for recurring payments, performing fund transfers, re-ordering and depositing checks, and managing debit cards |
Merchant Acquiring Solutions | Provides Delta 1st, a POS solution integrating business software and credit card processing |
Business Overdraft Services | Offers Standard Overdraft Practices (bank pays at its discretion and charges overdraft fees) and Overdraft Protection Plans (via account sweep and line of credit with associated fees) |
Other Woodforest National Bank Business Products
- Business savings account
- Money market account
- CDs
- Unsecured line of credit
- Revolving line of credit
- CD secured line of credit/ term loan
- Term loans
- Owner-occupied real estate
- Business auto loans
- Executive line of credit
- Commercial loans
Woodforest National Bank Business Checking Reviews From Users
| Users Like | Users Dislike |
|---|---|
| Overdraft protection | High overdraft fees |
| Second chance checking available | Denial of disputes |
| Professional customer support at the branch | Long hold when calling customer service |
| Solid security | |
Woodforest National Bank business checking reviews are mixed. The bank shows average ratings of 2.5 from around 170 reviews on Trustpilot[1] and 2.8 from about 350 reviews on WalletHub[2].
Reviewers appreciate the bank’s second-chance checking feature, especially those with poor banking history. Others also praised its overdraft protection services, but some complained about the high overdraft fees. There was also much positive feedback on its customer service, with many stating that the bank representatives were responsive and friendly. For security, customers mentioned that bank accounts are not compromised compared to other providers.
However, some complained about denied fraud disputes and the bank’s high service fees. Others also reported waiting for a long time when contacting the bank over the phone.
Woodforest National Bank’s mobile app has a rating of 3.2 from around 1,800 reviews on the App Store[3] and a rating of 3.9 from about 17,300 reviews on Google Play[4]. Users like the ease of checking balances, performing person-to-person (P2P) transfers, switching debit cards on and off, and using bill pay. However, some reported experiencing app crashes when they took photos of their checks for mobile deposits.
Woodforest National Bank Business Checking Frequently Asked Questions (FAQs)
Yes. Woodforest National Bank offers many business checking options with waivable monthly fees. It also has a second-chance business checking account for those with a negative banking history, allowing you to improve your financial standing.
Woodforest Bank has approximately $9.3 billion in assets as of the bank’s most recently filed call report in June 2024.
Woodforest National Bank was established in 1980 and continues to be a strong community bank for over 40 years.
Yes. Woodforest Bank charges a monthly fee, which can be waived if you maintain a specific daily account balance. However, the monthly fee for a second chance checking account cannot be waived.
Compared to other traditional banks, Woodforest Bank offers high fee-free transaction limits, even for its second-chance checking product. It also provides options for overdraft protection to reduce your overdraft fees and has over 750 branches in 17 states.
Bottom Line
Woodforest National Bank is an excellent community bank providing many business checking accounts—from Business Simple Checking for small businesses with low banking activity to Advantage Business Checking for enterprises with moderate business volume.
What makes the bank stand out is its Second Chance Business Checking account, making a fresh start possible for those with prior financial issues. However, if you have a strong financial history, you can find cheaper accounts with better benefits than most traditional banks.
[1]Trustpilot
[2]WalletHub
[3]App Store
[4]Google Play