If you are searching for a business checking account in New Jersey, there is a wide range of options available. The challenge is to find the right account for you.
Firstly, consider the services offered. These include deposits/withdrawals services, checks, easily accessible customer service and support, among other basic banking services. Look out for an account with features that will help you better manage your business finances.
Second, consider the account charges. Typical bank charges include monthly maintenance fees, transactional fees, overdraft fees, among others. Compare the different account fee structure to make sure you choose an account that keeps costs at a minimum. Consider also the account minimum balance requirements and transactional limits as these may result in additional fees.
Make sure you take advantage of the introductory offers and bonuses. Some banks offer free services for the first months. Others offer cash bonuses to new customers once they make the first deposits.
WalletBrain reviewed some of the available options based on their features, fees and benefits. Compare our top picks for the best business checking accounts in New Jersey to find the best match for your business today.
Relay offers a simple two-tier pricing plan. You can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.
Bluevine business checking comes with no monthly fees. Plus, the account provides an impressive list of benefits such as integration with online business tools, sub-accounts to help you manage your finances, and two free checkbooks.
Chase Business Complete Checking comes with Chase QuickAccept which allows card payments to be processed on your mobile device, so you receive deposits the same day to help manage cash flow within your business.
What we like
In person customer support (except Alaska & Hawaii)
Axos Bank business interest checking account earns a competitive rate for cash held within the account, and you'll get your $10 monthly fee waived by holding a minimum balance of $5,000. If you keep a decent amount of cash in your account, this could be an ideal account.
Lili’s business checking account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.
Novo allows easy integration with third-party accounting software, including Quickbooks and Xero. You can also link your Novo debit card to your Google Pay or Apple Pay Wallet. Novo also syncs with your Stripe processing account and easily integrates with Slack to get automated updates on your bank account.
If you are looking for a business checking account that is easy to use and with almost no fees, you might want to consider Novo. The bank account is also accessible in the app store for both iOS and Android devices.
What we like
Free ACH transfers, mailed checks, and incoming wires
NorthOne helps you manage your finances with its invoicing app, budgeting tool by creating an unlimited number of sub-accounts with the envelope functionality, and integrating with a suite of business tools and software.
What we like
Budgeting tool to help manage your finances
Smart integrations with business tools
Send invoices from the app
Low minimum deposit
No hidden fees
Unlimited transactions with no fee
What we don't
$10 monthly fee
No in persona customer support
Why do you need a business checking account?
Whether you’re just starting out or looking to expand, having a business checking account can help you kickstart your business. There are many reasons why a business checking account is important to your business, including:
Legal risks: Failing to maintain a separate bank account for the company can create problems for your small business down the road. If someone sues the company, there could be trouble because all the assets are tied up in your personal checking account. You won’t have any way to pay for legal fees or damages awarded in court. This can lead to bankruptcy and ruin your reputation as a business owner.
Funds management: Owning a business comes with many responsibilities, including the responsibility to manage your funds wisely. You need to keep track of how much money you have and how much money you spend on everything from office supplies to payroll. A business checking account can help you do that because it is designed specifically for the needs of the small-business owner or sole proprietor.
Access to funds: Many businesses operate on tight budgets and need to be able to access their money any time they need it, either to pay bills or fund new projects or expenses. A business checking account can give you this flexibility through its check-writing capabilities, which means you can write checks whenever you need cash, even if your balance is low at the moment.
Tax benefits: There are tax benefits for businesses that maintain a certain amount of cash on hand. With a business checking account, you’ll avoid any unwanted complications with the IRS by keeping enough cash on hand to avoid any penalties.
Protection from fraud: This is a major benefit to maintaining a separate bank account. If someone fraudulently charges a purchase or withdraws money from your personal account, you can lose any money that’s in there at the time. If your personal funds are kept in a different account and someone attempts fraudulent purchases, the money can be easily recovered without losing any cash that’s in there for legitimate expenses.
What do you need to open a business checking account in New Jersey?
To open a checking account with a bank or credit union, you will need the following:
Social Security number
Business license or articles of incorporation
The name and address of your business.
A valid driver’s license or other photo ID.
Resolution from the Board of Directors approving the opening of an account (if applicable).
Proof of identity and address
Business Tax Identification Number
Federal Employer Identification Number (EIN) or Social Security Number (SSN)
Common business checking account fees in New Jersey
If you’re looking to set up a business checking account and aren’t sure which one is best for you, here is an overview of some common business checking account fees you might encounter:
ATM withdrawal fee: Most banks charge for ATM withdrawals, except those made at their own ATMs. Banks typically charge $1 or $2 per withdrawal.
Minimum balance fee: Many business checking accounts require you to maintain a certain minimum balance in your account. This is often $2,500 or so, but it can be as low as $250 or as high as $5,000. If you don’t keep enough money in your account to meet the minimum balance, expect to pay a monthly maintenance fee.
Overdraft fee: Many businesses end up with insufficient funds in their accounts at some point in the year. Rather than risk bouncing checks and incurring returned-check charges, many banks charge an overdraft fee. Depending on the size of the overdraft and how often it occurs, this can be anywhere from $25 to $100 per incident — which adds up quickly if there are multiple occurrences.
Monthly maintenance fees: Monthly maintenance fees may be charged by your bank if the average daily balance falls below a certain amount each month. The monthly fee usually ranges from $5 to $25 per month.
Statement fees: Some banks charge for printed copies of your bank statement or other financial documents. If this charge isn’t included in the monthly maintenance fee, it can be particularly costly if your small business has multiple employees who need access to financial information.
Transaction fees: Most banks charge for transactions such as checks and drafts written on your checking account, depositing or withdrawing cash from most ATMs and using other banks’ ATMs
How to choose the best business checking account in New Jersey
Whether you’re starting a business or moving an existing one, choosing the right business checking account is one of the most important decisions you’ll make. Trying to choose a business checking account can be overwhelming. But once you know what you’re looking for, choosing a business checking account becomes easier. Here are things to consider:
Business-friendly rates: Most banks charge higher rates on business checking accounts than they do on personal checking accounts. But some banks offer special perks, such as free cashier’s checks, that make the higher cost of doing business with them worthwhile.
Fees and service charges: Some banks charge for everything from paper statements to sending money overseas via wire transfer, while others may impose fees for regular transactions like depositing cash in person or making a large number of debit card purchases in a short period of time. The best businesses avoid nickel-and-dime fees whenever possible by setting up a direct deposit and using alternative payment methods like credit cards when they’re more convenient or less expensive than using a debit card or writing a check.
Online experience: The next thing to look at is whether the bank offers online bill payment, check writing, and other features you need to run your business smoothly. You can also investigate what types of checks are available and how much they cost. If you print checks yourself, you want to make sure you have enough room to write out your company name and contact information in small print at the bottom of the check.
The type of account: You might want a business checking account that offers online access and mobile banking. Or you may need an account that provides paper checks or offers check-cashing privileges at the bank. Also, if you plan on using your debit card often, you might need a business debit card.
Customer service: Some banks offer 24/7 customer service while others have limited hours in person and on the phone. It’s important to have access to bank personnel when you need them; after all, check-processing problems usually aren’t emergencies, but they can affect your business’ cash flow if they aren’t resolved quickly.
