Business checking accounts are the foundation of a business’ financial efforts. The best account combines business-specific features, good customer service, and software integrations.
Banks in North Dakota provide a wide range of business checking accounts for you to choose from. When deciding on an account, aim at finding an account that caters to your needs. For example, if you conduct most of your banking online, you might want to consider an online account or a traditional brick-and-mortar one with robust online services.
Shop around for accounts with attractive introductory offers and bonuses. For example, some banks may offer an introductory bonus to customers who deposit a certain amount or maintain the account balance at a certain amount for a given period.
Another factor to consider is the service fee. Most business accounts come with a monthly service charge or extra fees for different features, e.g. ATM charges or wire transfer charges. Some banks, on the other hand, can waive the fees if you meet set requirements. Look out for the account fees to ensure that you keep account operating costs at a minimum.
WalletBrain reviewed some of the options available based on their features, benefits, and costs. Use our top recommendations for the best business checking accounts in North Dakota 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?
Here are some of the reasons why opening a business checking account can be beneficial to your business:
Separate business and personal finances: When you own a business, you need to maintain separate finances for your business and personal finances. It can be hard to keep track of the two sometimes, which is why we recommend opening a business checking account. You can use this account to pay for your business expenses and then report the income and any deductions on your taxes. Plus, if you’re like most people and you’re not a pro at handling money, having a business checking account will help you keep your personal finances in order.
Security: If your business has been sued or if anyone tries to use any of your money without your permission, you can be protected from this. You can also protect yourself against any bad checks that may be written against your account because you will have to prove that the check was authorized by you before you have to honor it.
Accessibility: The best thing about having a business checking account is that it is accessible 24 hours per day, seven days per week. You do not have to worry about going into the office or asking someone else if they need any money because you can easily deposit funds by simply transferring them into the account electronically.
Convenience: You are also able to use online banking services such as online bill paying and e-statements. This is much more convenient than having to write checks out to each vendor or going into the bank to make payments each month. The time savings alone is worth switching over to a business checking account that has these features available.
Keep track of your money: You can view all of your transactions in one place, rather than having to go through multiple institutions for different services. You also have more control over the security of your money since it all resides in one safe place.
What do you need to open a business checking account in North Dakota?
Details vary depending on the bank or credit union, but most require some combination of the following documents:
Business license or articles of incorporation. The document officially establishes your organization as a legal entity.
Valid government-issued ID for the owner of the business: Driver’s license, state ID card, passport, and Social Security number are all acceptable documents to verify identity.
Proof of residency for the business owner. This may include a utility bill or other official correspondence from a local company or government agency.
Articles of incorporation for your business
Federal Tax ID Number (EIN)
Social Security Number or Federal Employer Identification Number
DBA (doing business as) certificate
Common business checking account fees in North Dakota
Here’s a list of some of the most common fees associated with business checking accounts:
Minimum balance fees: Every business checking account comes with a minimum balance requirement that must be met to avoid a monthly fee. The requirements vary from bank to bank and from business to business. Some banks require a minimum balance of $2,500 and others require $10,000 or more.
Monthly maintenance fee: The most common type of fee charged by business checking accounts is the monthly maintenance fee. This charge is usually between $8-$15 per month and covers the cost of maintaining your account.
ATM Fee: For those banks that charge this fee, it typically ranges from $2 to $5 per transaction.
Overdraft Fee: This is a fee you are charged when you write a check or make an electronic transfer for more money than you have in your account and the bank has to cover the shortfall by paying the amount on which there is not enough money in your account. Overdraft fees vary greatly depending on the terms of your account, but they are often between $25 and $35 if you are found to have written checks or made electronic transfers over the limit of your account balances on more than one occasion in a particular month.
Stop-payment fees: If you instruct your bank to stop payment on an item from your account, it could cost you almost $30 depending on how many items are stopped in one year.
How to choose the best business checking account in North Dakota
If you are considering the best business checking account, then you will want to look at several factors. We have listed some of the most important factors below:
Customer support: What type of support do you want from your bank? Do you prefer face-to-face interactions or online support? Do you want 24/7 access to customer service or just limited hours?
Free transactions: Your bank should waive fees for all transaction types. Some banks charge fees for some services, such as bounced checks or overdrafts.
Tiered pricing: You want to find a business checking account that offers tiered pricing for low-balance businesses or those with limited transactions. This will help ensure that your business stays within budget.
Free checks: It’s also important to look for an account that offers free checks and order options, so you don’t have to worry about ordering new checks every month or paying for them out of pocket.
Ease of use: Lastly, make sure the system is easy to use since you will likely be signing up for online bank statements, which makes it even easier for you to keep on top of your finances.
