- Editor Rating
- Rated 3.5 stars
- Very Good
- Bank of Internet Basic Business Checking
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Bank of Internet Federal Bank’s Basic Business Checking account is an online account, and makes it onto our list as one of the best free Business Checking accounts.
BofI Federal Bank is an online-only financial services company that started in the early 2000s and is headquartered in San Diego, California. Operating solely online gives them the ability to provide better rates and lower fees, but at the sacrifice of no in-branch service.
We’ll review the Basic Business Checking account below.
BofI Federal Bank Basic Business Checking
The Basic Business Checking account is considered a free Business Checking account and has no Monthly Fees to worry about. It does have a Transactions Limit of 200, so is marketed as a fundamental Checking solution for small and growing businesses.
This account is only suitable for businesses that can handle all of their banking needs electronically. Many people also use it in conjunction with another primary Checking account that has the in-branch option.
If you happen to go past the 200 monthly transactions limit, you’ll be charged 30 cents for each transaction overage. You can make up to 60 scanned check deposits monthly, and you can also mail in check deposits.
With it being online-only, you’ll get unlimited ATM fee reimbursements for U.S. locations.
This account from BofI Federal Bank is a good option for a free Business Checking account, but if you need a good Business Checking option with physical branch access then compare it with the Chase Total Business Checking® account. The monthly fee with this Chase account is easy to waive with just a $1,500 minimum daily balance and there’s a great sign-up bonus for it.
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