Best Business Checking Accounts in Wyoming of 2022

Katie Stiner

Wyoming has dozens of banks offering business checking account options. When choosing an account, start by considering your business needs and preferences. Services to look out for are mobile accessibility, online banking platforms, check-writing capabilities, wire transfers, and overdrafts.

Consider also the fees, requirements, minimum balance, and transactional limits. Typical bank fees include monthly maintenance fees, transactional fees, overdraft fees, ATM fees, and others. Take advantage of the extra services and benefits offered by banks on the account. For instance, some banks offer an annual percentage yield (APY) on the balance held. Others provide access to business tools and resources such as ease of integration with existing financial management software.

We reviewed the top options in Wyoming based on their features, fees, and overall quality.

Seamless integration with a wide range of business tools

$0

Monthly Fee

0%

Est. APY

Overview

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
  • Minimal fees and ATM reimbursements
  • Backed by FDIC insured
  • Integration with other apps
  • Doesn’t check your credit score

What we don't

  • No APY earned on your balance
  • No cash deposit
  • No outgoing wires or checkbooks

Manage funds easier with sub-accounts

$0

Monthly Fee

1.50%

Est. APY

Overview

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.

What we like

  • Unlimited transactions
  • No monthly fees
  • High APY
  • Sub accounts for easier management
  • Integration with business tools

What we don't

  • No APY on balances over $100,000
  • International wire transfers not available
  • Cash deposit fee of $4.95

Free unlimited transactions and invoicing software

$10

Monthly Fee

0%

Est. APY

Overview

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

Built for solopreneurs to optimize taxes and finances

$0 - $4.99

Monthly Fee

0% - 1.00%

Est. APY

Overview

Lili’s business checking account was built for freelancers, sole proprietors, and single member LLC with or without a DBA. The account comes with features that help users keep their banking costs low, optimize their taxes, and manage their business’s finances.

What we like

  • FDIC insured, up to $250,000
  • Optimize taxes to pay less
  • Invoicing software included
  • No maintenance fees
  • Automatic transfers to emergency account

What we don't

  • Only for solopreneurs
  • No wire transfers
  • Interest on lili pro only

Earn a competitive rate on your balance

$0 - $10

Monthly Fee

0.81%

Est. APY

Overview

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.

What we like

  • Earns a competitive interest rate
  • Unlimited domestic ATM reimbursements
  • 50 free checks when opening an account
  • Low minimum deposit to open account
  • Complete digital experience

What we don't

  • Monthly $10 maintenance fee
  • Limited integration with business tools
  • Limited fee-free transactions per month

Process payments on mobile device and receive same day deposits

$0 - $10

Monthly Fee

0%

Est. APY

Overview

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)
  • Process payments on your mobile device
  • No fee for electronic depositst
  • $15 monthly fee wavied with $2,000 min. balance
  • No minimum deposit to open account

What we don't

  • Limited fee free paper check transactions
  • Outgoing wire transfer fee of $15 - $50

Business banking that streamlines bookkeeping

$0

Monthly Fee

0%

Est. APY

Overview

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.

What we like

  • Streamlines bookkeeping
  • No monthly fees
  • No minimum balance requirement
  • Seamless software connections
  • Set spending limits for employees

What we don't

  • No sign-up bonus or rewards
  • No physical branches
  • No interest earned on balances

Why do you need a business checking account?

 Here are some of the common benefits of a business checking account:

  • Ease of use: With a business checking account, it is easy to track expenses, payments, and other transactions to ensure that everything is accounted for properly and that bills get paid on time.
  • Security: Your money is safer in a business account because it’s protected by Federal Deposit Insurance Corporation (FDIC) (if the account is FDIC insured).
  • Flexibility: You can use checks or a debit card to make payments without worrying about carrying cash or writing bad checks.
  • Convenience: Most banks offer a full array of services in their branch offices and ATMs.
  • Tax reporting: If you’re running a small business, then chances are good that you’ll start taking tax deductions. Deductible expenses from the business can include everything from advertising costs to the cost of your office supplies. There are fewer headaches during tax time because of keeping expenses separate.
  • Online and mobile banking: If you’re not able to make it into the branch, online and mobile banking are offered so that you can handle all of your transactions remotely. This can be especially useful when running multiple businesses or managing several accounts at once.

What do you need to open a business checking account in Wyoming?

Here are some of the documents needed to open a business checking account:

  • Business name statement: This is an official document that verifies the name under which you are doing business. It is also called “doing business as” (DBA).
  • Articles of incorporation or organization: This document shows that your business is incorporated or organized under state law. A copy of this document will be required by all banks.
  • Certificate of good standing: This document shows that your business is authorized to do business in its state of incorporation or organization.
  • TIN (Taxpayer Identification Number) – The Employer Identification Number (EIN) for your business is also your TIN.
  • Proof of address: Any one of these documents will be accepted as proof of address: utility bill, tax receipt from a state or local taxing authority, mortgage statement, or lease agreement.

Common business checking account fees in Wyoming

Here are some common fees you can expect to pay for your business checking account:

  • Minimum balance fee: You’ll often need to maintain a minimum balance in your account to avoid an additional monthly fee. This is usually around $500 or $2,500. If you don’t maintain this amount in your account, you’ll be charged each month until the balance reaches that level again.
  • Monthly service fee: Some accounts charge a monthly maintenance fee. This fee can vary and usually costs $10 per month depending on the bank or credit union and the type of account you have.
  • Overdraft fees: Overdraft fees are charged when you write a check or make an electronic transaction that is significantly larger than what’s available in your checking account. These fees can range from $10 to $30 per incident.
  • Statement copy fees: These fees cover the cost of printing and mailing bank statements to customers. Typically, businesses can avoid these charges by going paperless and receiving statements through e-mail instead.
  • Stop payment fees: If a business needs to stop payment on a check it has written, this fee covers the cost of reissuing a new check.
  • ATM fees: Find out whether your bank levies fees for using ATMs owned by other institutions and whether it charges for withdrawals made at foreign ATMs (most banks usually do).

How to choose the best business checking account in Wyoming

Here are some of the most important factors to consider when deciding on a business checking account for your company:

  • Fees: Online business checking accounts will come with minimal fees for basic services, but some accounts also offer extra perks like check printing and mobile deposit that may come with additional charges.
  • Accessibility: How easy is it to access your money? Deposit and withdrawal limits vary from bank to bank, so take time to find an institution that offers features like 24-hour availability or unlimited access. You’ll need this kind of flexibility in order to manage your funds effectively.
  • Online Banking Features: Your bank should offer online banking services to enable you to quickly and easily access your account information and transfer money between accounts.
  • Minimum balance requirements: You should consider an account that doesn’t require a large minimum balance, so you don’t get charged unnecessary fees.

Review your options carefully and try to get as many of these services without paying extra by asking about them before opening an account.