West Virginia has dozens of banks striving to offer business checking accounts with competitive features, rates, and benefits. Start by comparing the account features such as mobile and online access, bill payment services, debit or credit card services, and check writing capabilities.
Your next course of action should be to consider the account fees, minimum requirements, and transaction limits. Also, consider the perks and benefits offered on the account such as introductory offers and bonuses. Banks may potentially offer free business tools such as budgeting and cash flow software, which could be useful in operating your business.
Finding the right account can be quite a hassle. To make the process easier, we reviewed the top options in West Virginia based on their features, fees, and overall quality.
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.
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?
Business checking accounts offer several benefits, including:
Tiered interest rates: These accounts often offer tiered interest rates that are lower than traditional savings accounts or certificates of deposit (CDs).
Special services: Business checking accounts may come with different perks, such as online banking, mobile banking, ATM access, and more. These services make it easy for you to manage your money in a way that works best for you.
Safety for company funds: You’ll have your money stored digitally and if it’s stored with an FDIC insured account, you’ll have the protection of up to $250,000 if the bank fails.
Profile history: You’ll build a history with the bank which can provide financing in the future as you build your relationship with them.
Taxes: When tax season comes around, you’ll be able to determine your revenue and costs much easier as opposed to only using a personal checking account for both personal and business expenses.
What do you need to open a business checking account in West Virginia?
Here is a list of the documents you will need to open a business checking account:
Proof of your address, such as a utility bill.
Your company’s articles of incorporation or organization papers with your company name, address, and type of business.
Business License. This confirms that your business is registered with the local government.
Proof of identity. Ex: Driver’s license, passport, birth certificate
Common business checking account fees in West Virginia
Many business account holders are not aware they are paying more in fees than they have to. With a little knowledge of the most common fees and how to avoid them, you can save money. Here are the most common fees you should beware of:
Overdraft fees: It’s not uncommon for businesses to occasionally need more cash than they have on hand in their accounts. However, if your account balance dips below zero, expect to be charged an overdraft fee each time you make a purchase or withdrawal.
ATM fees: As with personal checking accounts, some business checking accounts charge fees for every ATM withdrawal you make. These fees can range from $1 to $5 per withdrawal – which are pretty steep when you consider that someone making 20 ATM withdrawals will pay at least $100 in ATM fees each month.
Monthly maintenance fee: The monthly service fee is a charge to maintain an account in good standing (no late payments).
Per-check charge: $0.05 to $0.50 per check. This is charged per check that is deposited into your account, regardless of whether it’s written by you or someone else (if your employees are authorized to write checks on behalf of your company).
Minimum balance fee: This is another common fee levied against people who don’t keep enough money in their accounts. Banks want to encourage customers to keep higher balances, so they charge consumers for not doing so. You may see minimum balance requirements anywhere from $500 to $2,500 or higher.
How to choose the best business checking account in West Virginia
Here are some factors to consider in order to choose the best checking account for your business:
Costs: While some banks provide basic checking services without charging an annual fee or monthly maintenance fee, others charge either of these or both. If cost is a consideration, be sure to factor in these fees along with any monthly service charges that may apply.
Needs of your business: If you have employees, you may want to look for a business bank account with payroll capabilities. If you frequently write checks from your account, you may need an account that features overdraft protection.
Type of banking: Do you have a local bank where you can walk in for assistance? Or do you prefer online banking services? The type of banking options available to you will be determined by where you bank or what kind of bank it is.
This website contains information about various financial products and services, and we attempt to keep the information up to date. Certain information is provided by our partners and can be subject to change at any time without notice. Our editorial team spends a significant amount of hours on research, but the information is not legal or professional advice. The information provided is for educational purposes only. We earn a commission from our featured partners, but commissions do not affect our opinions or evaluations. Any opinions, analyses, reviews, or recommendations expressed are those of the author’s alone and have not been endorsed by any of our network partners.