Most business checking accounts have no opening fee, but monthly maintenance costs vary widely
Opening a business checking account itself is free at nearly every bank and credit union. You do not pay to create the account. However, most banks charge a monthly maintenance fee once the account is open — typically between $10 and $30 per month, though some accounts have no monthly fee at all. A few banks waive the monthly fee if you maintain a minimum balance, receive direct deposits, or meet other conditions.
The real cost is not the opening process but what you pay to keep the account active. Before you open an account, you need to know what that monthly fee will be and whether you can avoid it.
Key Takeaways
- Opening a business checking account costs nothing, but most banks charge $10 to $30 per month to maintain it.
- Some banks waive monthly fees if your account balance stays above a set amount, usually $1,000 to $5,000.
- Credit unions and online banks often charge lower monthly fees than traditional brick-and-mortar banks.
- You will need an EIN or Social Security number, a business license or formation document, and a government-issued ID to open an account.
- Monthly fees are separate from transaction fees, overdraft fees, and other charges that may apply depending on how you use the account.
Monthly maintenance fees and how to avoid them
The monthly maintenance fee is what most business owners pay for. This is the charge the bank levies just to keep your account open, regardless of how much money moves through it. At large national banks like Chase, Bank of America, and Wells Fargo, this fee ranges from $12 to $25 per month. Regional banks and credit unions often charge $10 to $15 per month, or nothing at all.
Most banks let you waive the monthly fee by meeting one condition. Common waivers include maintaining a minimum balance (often $1,000 to $5,000), receiving a certain number of direct deposits per month, or keeping a linked savings account open. Some banks waive the fee for the first three to six months, then begin charging once that period ends. Read the account terms carefully to see which waiver applies to your situation.
Online banks and fintech platforms like Square Cash for Business, Novo, and Mercury typically charge no monthly maintenance fee at all. The trade-off is usually fewer in-person services and sometimes fewer branch locations if you need to deposit cash or checks.
Other costs beyond the monthly fee
Monthly maintenance is only one cost. Banks also charge for specific actions or situations. Overdraft fees apply when you spend more than your balance and the bank covers the difference — typically $25 to $35 per overdraft. NSF fees (non-sufficient funds) are similar charges that apply when a check or transfer bounces because there is not enough money in the account.
Transaction fees may apply if you exceed a certain number of deposits or withdrawals per month, though this is less common for business accounts than personal accounts. Wire transfer fees usually cost $15 to $30 per outgoing wire. Check printing fees vary by bank but typically run $50 to $150 for a box of checks. Some banks include a certain number of checks free, then charge for additional orders.
ATM fees apply if you use an out-of-network ATM — usually $2 to $3 per transaction. If your bank is part of a shared branching network or ATM network, you may have access to thousands of free ATMs nationwide, which can save money if you travel or have multiple locations.
What you need to bring to open an account
You will not pay to open the account, but you do need to bring documentation. Most banks require an Employer Identification Number (EIN) or your Social Security number, a business license or formation document (such as articles of incorporation or an LLC operating agreement), and a government-issued photo ID. Some banks also ask for a business address and a description of what your business does.
If your business is brand new and you do not yet have an EIN, you can often open an account using your Social Security number temporarily, then update it once the EIN arrives. Some banks will not open an account without an EIN, so call ahead if your business is very new.
You can open an account in person at a branch, by phone, or online depending on the bank. Online applications are usually fastest and cost nothing — they take 10 to 20 minutes and you can start using the account within one to three business days.
Comparing costs across different bank types
| Bank Type | Typical Monthly Fee | Common Waivers | Best For |
|---|---|---|---|
| Large national bank (Chase, Bank of America, Wells Fargo) | $12–$25 | Minimum balance, direct deposits | Businesses that need branch access and in-person services |
| Regional or community bank | $10–$15 | Minimum balance, direct deposits | Local businesses with established banking relationships |
| Credit union | $0–$15 | Membership, minimum balance | Businesses owned by credit union members |
| Online bank or fintech | $0 | None — no monthly fee | Businesses that do not need in-person services |
Hidden costs to watch for
Some banks advertise "free" business checking but charge fees in ways that are not obvious. Read the fine print for fees on things like account statements, stop-payment requests, returned checks, and account closure. A few banks charge to close an account if you close it within a certain period — usually 90 days to one year.
If you plan to accept credit card or debit card payments through your business, the bank may offer a merchant services account. This is separate from your checking account and comes with its own fees — typically a percentage of each transaction plus a monthly fee. Do not confuse merchant services fees with checking account fees.
Some banks also charge for business debit cards or limit the number of free debit cards you can order. If you need multiple cards for employees, ask whether additional cards cost extra.
How to find the lowest-cost account for your business
Start by listing what you actually need: Do you need to deposit cash or checks in person? Do you need a debit card? Will you receive regular direct deposits? Do you need to send wire transfers? Once you know your needs, compare the monthly fees and waivers at three to five banks that meet those needs.
Call or visit the bank's website and ask specifically what the monthly fee is and how to waive it. Ask whether there are any other fees you should know about. Many banks offer a comparison tool on their website that shows fees side by side.
If you do not need in-person services, an online bank with no monthly fee will almost always be cheaper than a traditional bank, even if you have to pay a small fee for something else occasionally. If you do need branch access, look for a regional bank or credit union in your area — they often charge less than national banks and may offer better customer service for business owners.
Frequently Asked Questions
Can I open a business checking account without an EIN?
Yes, many banks let you open an account using your Social Security number if your business is brand new and you do not yet have an EIN. You can update the account with your EIN once it arrives. Some banks require an EIN upfront, so call ahead to confirm.
What happens if I cannot maintain the minimum balance to waive the monthly fee?
You will pay the monthly maintenance fee. If the fee is $15 per month and you cannot maintain a $2,000 minimum balance, it may be cheaper to switch to an online bank with no monthly fee, even if you lose some in-person services.
Do I need a separate business checking account or can I use my personal account?
You can legally use a personal account, but it is not recommended. A business account keeps your finances separate, makes taxes easier, and protects your personal assets if your business is sued. Most banks charge the same monthly fee for business and personal accounts, so the cost difference is minimal.
Are there any business checking accounts with truly no fees at all?
Yes. Online banks and fintech platforms like Mercury, Novo, and Square Cash for Business charge no monthly maintenance fee and often have no minimum balance requirement. The trade-off is that you cannot deposit cash or checks in person at a physical branch.
What is the difference between a monthly maintenance fee and an overdraft fee?
A monthly maintenance fee is charged just for having the account open, regardless of how you use it. An overdraft fee is charged only when you spend more money than you have in the account and the bank covers the difference. You can avoid overdraft fees by monitoring your balance, but you cannot avoid the monthly fee unless you meet a waiver condition.