Top Business Checking Accounts in Pennsylvania — What Start

Top Business Checking Accounts in Pennsylvania — What Startups Should Know

Starting a new business in Pennsylvania requires careful financial planning, and selecting the right business checking account is a crucial step. This guide provides a comparative review of various business checking accounts available in the state, outlining their pros and cons, typical fee structures, and the steps involved in opening an account.

Quick Summary

Pennsylvania offers a variety of business checking accounts from traditional banks and online financial institutions. Some of the notable options include:

1. PNC Bank Business Checking
- Pros: Multiple account options, extensive branch network.
- Cons: Monthly fees can be high without minimum balance.

2. Wells Fargo Business Choice Checking
- Pros: Low minimum balance requirements, access to a wide ATM network.
- Cons: Monthly service fees can apply if requirements are not met.

3. TD Bank Business Simple Checking
- Pros: No monthly fee if requirements are met, easy online banking.
- Cons: Limited transactions without incurring fees.

4. Chase Total Business Checking
- Pros: Access to a large network of branches, potential for rewards.
- Cons: Monthly fees can be substantial without a minimum balance.

5. BlueVine Business Checking
- Pros: High-interest rates on balances, no monthly fees.
- Cons: Limited to online banking, no physical branches.

Eligibility & Requirements

Eligibility for business checking accounts can vary by institution but generally includes:

- Business Registration: Your business must be registered with the state of Pennsylvania.
- Employer Identification Number (EIN): Required for tax purposes.
- Personal Identification: Valid government-issued ID for all account signers.
- Initial Deposit: Some banks may require a minimum deposit to open an account.

It's advisable to check with each bank for specific documentation and eligibility criteria.

Step-by-Step Opening Process

1. Research Options: Compare account types and fees from various banks.
2. Gather Documentation: Prepare necessary documents, including your business registration and EIN.
3. Visit the Bank or Apply Online: Many banks offer the option to apply online, while others may require an in-person visit.
4. Complete Application: Fill out the application form with accurate information.
5. Make Initial Deposit: Fund your account with the required minimum deposit.
6. Review Account Features: Familiarize yourself with the account features, including online banking and transaction limits.
7. Receive Account Details: Once approved, you will receive your account number, checks, and debit card.

Typical Fees & Timelines

Fees for business checking accounts can vary widely based on the bank and account type. Here are some typical fee ranges:

- Monthly Maintenance Fees: $0 - $30 (can often be waived with a minimum balance)
- Transaction Fees: $0 - $0.50 per transaction after a certain limit (typically 50-200 transactions)
- ATM Fees: $0 - $3 for out-of-network ATM use (some accounts offer fee reimbursements)
- Wire Transfer Fees: $15 - $30 for outgoing transfers; incoming transfers may be free or around $15.

Timelines for account opening can vary from same-day approval to several days, especially if additional documentation is needed. Always verify current fees and timelines with the bank directly.

Alternatives & Digital Banks

In addition to traditional banks, startups in Pennsylvania may consider digital banks, which often provide lower fees and more flexible account options. Here are a few alternatives:

1. BlueVine: Offers a high-yield business checking account with no monthly fees and unlimited transactions.
2. Novo: A digital-only bank designed for small businesses, offering no monthly fees and easy integrations with other business tools.
3. Lili: Tailored for freelancers and small business owners, Lili provides no monthly fees and budgeting tools.
4. Axos Bank: Known for its low fees and no minimum balance requirements, Axos offers a variety of business checking options.

These digital banks often lack physical branches, which may not be suitable for all business owners.

FAQs

1. What is the minimum deposit required to open a business checking account?
- Minimum deposits vary by bank but typically range from $0 to $100.

2. Are there any fees for wire transfers?
- Yes, outgoing wire transfers can cost between $15 and $30, while incoming transfers may be free or around $15.

3. Can I open a business checking account online?
- Many banks offer online account opening, but some may require an in-person visit for identity verification.

4. How can I avoid monthly maintenance fees?
- Most banks waive fees if you maintain a minimum balance or meet specific transaction requirements.

5. What happens if I exceed my transaction limit?
- Exceeding the transaction limit may incur fees on a per-transaction basis.

6. Are there any advantages to using a digital bank?
- Digital banks often have lower fees, higher interest rates, and more user-friendly online interfaces.

7. Can I link my business checking account to accounting software?
- Many banks allow integration with popular accounting software, making it easier to manage finances.

8. How do I close a business checking account?
- To close an account, contact your bank, ensure all transactions are cleared, and withdraw any remaining funds.

Conclusion

Choosing the right business checking account in Pennsylvania can significantly impact your startup’s financial management. By considering the options available, understanding the typical fees, and following the opening process, you can make an informed decision that aligns with your business needs.

Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles