Update: This account is no longer available. See the Wells Fargo Initiate Business Checking Account for small businesses.
The Wells Fargo Business Choice Checking account shouldn’t necessary be considered a free Business Checking option, as it does have a $14 Monthly Service Fee. However, that fee is fairly easy to waive each month and it’s a solid account choice among all the largest banks in the nation, so we’ve included it on our list of the best free Business Checking accounts.
We’ll review how to waive the monthly fee and all the features of this account below.
Business Choice Checking Overview
- Monthly Fee? $14; see how to waive it below
- Minimum Opening Deposit? $25
- Transactions Limit? 200 monthly
- Cash Deposit Limit? $7,500 monthly
- Availability: AK, AL, AK, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY
Wells Fargo is the largest bank in the United States in terms of branch locations, so ease of access is certainly a factor in picking this account.
You can easily waive the $14 Monthly Fee by having 10 debit card purchases or bill payments a month. Other ways of waiving the fee include:
- Maintaining a $7,500 average ledger balance, OR
- Maintaining $10,000 in combined balances (business checking, savings, CDs and credit), OR
- Linking to a Direct Pay service through Wells Fargo Business Online Banking, OR
- Qualifying transactions from a linked Wells Fargo Merchant Services account, OR
- Qualifying transactions from a linked Wells Fargo Business Payroll Services account
With the limit on transactions being 200 per month, this means you’ll be charged 50 cents for each transaction overage.
There’s also a $7,500 monthly limit on the number of cash deposits you can make without a fee, which is better than many other traditional banks. You’ll get charged 30 cents for each additional $100 in cash deposits over the monthly limit.
With all the limitations and the monthly fee that you have to actively waive, the Wells Fargo Business Choice Checking account falls to the bottom of the list of Best Free Business Checking accounts. But, if you need in-branch service and have several convenient locations close by where you live, this may be a good fit. The Chase Total Business Checking account is a solid competitor.
Click the button below to go to the Wells Fargo Business Choice Checking page.
See These Top Pages At MoneysMyLife:
- Free Bitcoin Bonuses & Other Cryptocurrency Promotions May 2022
- Best Bank Bonus Promotions May 2022 – Big Banks, Regional Banks, Online Banks
- Public.com Bonus: Up To $300 In Free Stock Sign Up Promo & Referrals
- Best Credit Card Bonuses For Cash, Points, Miles – May 2022
- Huntington Bank Bonus: $100, $150, $200, $400, $500, $750 Checking Offers
- SoFi Promotions: $25, $50, $100, $300 Bonus Offers
- Chase Business Complete Banking Bonus: $300 Sign-Up Offer
- Hodlnaut Bonus: $30 USDC Sign Up Offer & Referral Bonuses
- BlockFi Bonus: Up To $250 Promotion & $10 Referrals
- HSBC Bonus: $500 Checking Offer & $2,000 For Referrals (Nationwide)
Top/Trending Offers You May Like
- BMO Harris $200 & $350 Bonuses
- Chase Business Checking $300 Bonus
- Bank Of America $100 Bonus Offer
- Chase Total Checking® $200 Bonus
- TD Beyond Checking $300 Bonus
- HSBC Premier Checking $500 Bonus
- Aspiration Checking $150/$200 Bonus
- J.P. Morgan Self-Directed Investing $625 Cash
- Ally Invest Up To $3,000 Bonus
- Axos $100/$200 Checking & Savings Bonuses
- TradeStation Cash & Crypto Offers
Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.