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- Capital One Spark Business Checking
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The Capital One Spark Business CheckingSM account is one of the best free business checking account options available currently. We’ll review all the benefits you’ll enjoy, but also go over why it may not suit your particular needs.
All About The Spark Business Checking Account
Businesses looking for a solid checking account option typically have to deal with three issues:
- Monthly service fees: This is the monthly charge that occurs as long as your account is open. It could be as little as $8, or it could be upwards of $35 monthly for premier accounts. You’ll usually have the option of waiving this fee with monthly requirements such as an average daily balance minimum.
- Excess transaction fees: These fees are charged when you go over your monthly limit on banking services like writing checks, debit card transactions and ATM deposits.
- Cash handling fees: When this fee is applicable, you’ll be charged for going over your monthly cash deposit limit.
Here’s why the Spark Business Checking account is such a good choice for many business owners – you won’t have ANY of the above fees.
Is it too good to be true? Well, maybe for some. They are able to avoid these fees because it’s an online-only bank account. And this brings up the biggest pitfall with the Spark Business Checking – you won’t have access to in-branch person-to-person customer service.
Even though Capital One has physical branch locations, they won’t be able to service this digital Spark Business Checking account in-branch.
You’ll still have access to the 2,000 Capital One ATMs and 38,000 Allpoint ATMs nationwide for withdrawals, which will be fee-free. Depositing cash can be tricky, as only certain Capital One ATMs have the cash deposit functionality. Otherwise, you’ll have to go the route people take with other online bank accounts, where you first deposit into a different Checking account before transferring funds over to the Spark Business Checking.
Sure it can be a little bit of a hassle, but all the savings in fees may be worth it for you. The trouble may be too much for a local business with a high amount of cash transactions, but it will pair perfectly with an online business or mostly credit card-only establishment. Either way, the Spark Business Checking is worth a look as either a primary or secondary business Checking option. If you require an account with access to in-branch service, the US Bank Silver Business Package Checking and the Wells Fargo Business Choice Checking are two good options. See all the Best Free Business Checking Accounts.
You can also pair it with the Spark Business Savings account, which has a 1.00% APY rate offer for the first year.
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