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Review of BofI Federal Bank’s Basic Business Checking

BofI Business Checking
CreditHistory Review
9.2 / 10 CreditHistory Score
Pros
No monthly maintenance fee 200 free transactions/month Surcharge free national ATM network
Cons
$1000 minimum opening deposit Unlimited ATM reimbursement requires more work on account holder to get money back
Summary
BofI Federal Bank is a strong option for business owners comfortable using an online bank with no fees and strong technology.
Fees
Free transactions/mo
ATM accessibility
Minimum balance

BofI’s Basic Business Checking is a business checking account that’s good as any out there. With non monthly maintenance fee, 200 free transactions per month included in the account, the account works for businesses comfortable working with an online bank.

2 types of BofI Federal Bank checking accounts

  1. Basic Business Checking: No monthly fee account that provides ample numbers of free transactions, free ATM, and a relatively small minimum opening deposit ($1,000)
  2. Business Interest Checking: For a higher monthly balance requirement ($5,000), this checking account provides 0.8% APY. Only 50 transactions per month, so this is intended for money that’s really been set aside to grow.

The two different flavors from the BofI provide two good options for small businesses that are comfortable working only online with their bank. Basic Business Checking is a solid account optimized for daily activity, while the Business Interest Checking provides a better long term savings vehicle.

No monthly maintenance fee

It’s not a given to encounter fee-free checking accounts in today’s market. BofI’s Basic Business Checking doesn’t charge a monthly maintenance fee, so there’s more money left in your account each month.

$1000 minimum deposit

BofI’s Basic Business Checking requires an initial deposit of at least $1000. You can find business checking accounts that don’t require such a large opening deposits.

200 free transactions per month

The Basic Business Checking account comes with 200 free transactions ever month. Those include debits, credits, or deposited items. After the limit is reached, every new transaction costs $0.30. So, it’s designed for companies that need fewer than 200 transactions per month.

60 remote deposits per month

The BofI mobile app enables account holders to deposit up to 60 checks free every month.

ATM transactions

BofI is a branchless bank, so you won’t find any bankside ATMs anywhere. Instead, BofI enables account holders to use any ATM at any bank and it provides unlimited ATM fee reimbursement.

 

 

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