BankProv Small Business Checking Account Review 2024: Unlimited Deposit Insurance

Katie StinerApril 6, 2024

BankProv’s small business checking account is a great option for small and medium-sized business owners that are looking for safety and security while holding high account balances. Deposits are insured by the FDIC up to a balance of $250,000 per depositor and by the DIF for balances over $250,000. There is a simple online application process to open an account and a $0 minimum deposit requirement.

Overall rating

Reviews

Features

HQ	Massachusetts, USA
Monthly Fee	$50
Min. To Open	$0
Min. Deposit For No Fee	$250,000
Transfer Fee	– $10 incoming domestic wire transfer fee – $25 outgoing domestic wire transfer fee
Overdraft Fee	$35
ATM Fee	$2 out-of-network ATM fee
Rewards	None
Transactions	Unlimited deposited items
Branch Access	Yes
State Restrictions	Available in all US States

In depth review on BankProv small business checking account

With BankProv, you’ll receive personalized account onboarding and customized dedicated support to help you find the best solution for your business banking needs. Plus, as all your funds are protected by the FDIC and DIF, you can have full faith that your money is 100% insured in case of bank failure.

BankProv small business checking account is best for  

• Unlimited deposit insurance: BankProv is an attractive option for businesses that hold a large cash balance, as each deposit or is Federal Deposit Insurance Corporation (FDIC) insured up to $250,000 and Depositors Insurance Fund (DIF) insured for balances above $250,000. 
• $0 minimum deposit requirement: The BankProv business checking account has a $0 minimum deposit requirement to open an account. 
• Easy online application: You can complete the application online from the comfort of your home or office. 

BankProv small business checking account benefits

• Dedicated and personalized support: BankProv will work with you and provide personalized support to find the right solution for your business banking needs. 
• Monthly fee waived: For balances over $100,000 the monthly fee is reduced from $50 to $25 and for balances over $250,000 the monthly fee is waived. 
• QuickBooks integration: You can connect your account to QuickBooks to help you manage your business finances.  
• API capabilties: Use their API  to communicate between your platforms. Allowing you to bank the way you need.

BankProv small business checking account drawbacks  

• Incoming and outgoing wire transfer fees: Domestic wire transfer fees are $10 for incoming transfers and $25 for outgoing transfers.
• Limited ACH transfers: You’ll receive up to 50 free ACH transfers per month before you are charged a fee per item. 

Account opening

5

You can get started with a BankProv small business checking account in a few simple steps. You can apply online via the website, and you’ll need to provide the following information:

• Name
• Address
• Date of birth
• Personal ID
• You must be a U.S. resident
• You must have a U.S. based business

BankProv provides a personalized account onboarding experience to help you get the most out of their products and services. If you have special requirements, you can contact a specialist through their website and they will be in touch with you.

Fees  

3

There are several fees to be aware of when opening a small business checking account with BankProv. Some of these fees include: 

• Monthly maintenance fee: While there is a monthly maintenance fee of $50, this can be halved to $25 for deposits over $100,000 and fully waived for deposits above $250,000. 
• Domestic wire transfers: Incoming wire transfers have a $10 fee and outgoing wire transfers have a $25 fee.
• International wire transfers: Incoming wire transfers have a $10 fee and outgoing wire transfers have a $35 fee.
• ATM fees: There is a $2 out-of-network ATM fee.
• Overdraft fee: There is a $35 overdraft fee. 
• ACH transfers: The first 50 ACH transfers per month are free, after this, you’ll be charged a $0.07 fee for each incoming and outgoing transfer. 

There are no in-network ATM fees and you are allowed unlimited deposited items per month. There are also no added charges for having fully insured deposits from the FDIC and DIF. 

Features

4

Key features for the BankProv small business checking account include:

• 100% deposit insurance: Fully insured coverage for all of your deposits at BankProv.
• Online and mobile access: You’ll have access to online banking and the mobile app to help you manage your business finances. 
• LockBox program: LockBox outsources the process of receiving and posting mailed check payments.
• Remote deposit capture: Easily deposit checks on site with check scanning machines and get quicker access to the funds.

Deposits and withdrawals

5

There is a suite of cash management services available to deposit and withdraw from your account. You can fund your account via ATM deposits, ACH transfers, wire transfers, and remote check deposits. 

You can withdraw cash from any ATM but keep in mind that a fee will apply to out-of-network ATMs. You also have the option to complete a wire transfer, ACH transfer, or use your debit card for withdrawals. 

Customer service

5

BankProv has several branches available if you require in-person customer service support. The branches are located in Massachusetts and New Hampshire and are open Monday – Friday, 9 am – 5 pm (EST). Certain branches are also open on Saturday mornings.

In addition, you can make inquiries via phone to their customer service center and there is a 24-hour automated telephone banking service. If you have a specific inquiry, you can choose to fill out the form on their contact page.

Safe and secure

5

BankProv is a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). Depositors are FDIC insured up to $250,000 and the DIF insures the remainder of your deposits. This means that your deposits are 100% insured when you open an account and deposit money with BankProv.

Furthermore, BankProv is committed to protecting its customers from cyber-crime, identity theft, and fraud. If you believe that your personal details have been compromised or there is an unauthorized transaction on your account, BankProv has a dedicated support number you can contact. 

Is BankProv small business checking account right for you?

A BankProv small business checking account could be the best option for you if you’re looking for a safe and secure place to hold your deposits and you’re likely to hold more than $250,000 in your account. With an easy online application and dedicated customer support, BankProv will help you find the best business banking solutions for your company. 

If you struggle with managing your business finances, you can automate your processes by syncing your account with QuickBooks and their API. You will get a designated Relationship Manager that you can connect with both virtually and in person at a branch.