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BankProv Small Business Checking account review

Has a high safety rating, but you’ll need a high account balance to skip the $50 monthly fee.

finder.com’s rating: 2.0 / 5.0

★★★★★

BankProv Small Business Checking ensures every last penny in your account is insured by both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). But since it only has seven locations scattered throughout Massachusetts and New Hampshire, it’s a good idea to make sure you’re located near a BankProv branch before opening an account.

$50 per month

Fee

N/A

APY

$0

Minimum deposit to open

Details

APYN/A
Fee$50 per month
To waive the fee$25 if you maintain an account balance of at least $100,000 or have it waived completely with an account balance of $250,000
Minimum deposit to open$0
ATMsThree branch locations in Massachusetts and four in New Hampshire. Plus, thousands of ATMs around the country through the SUM network
Out-of-network ATM fee$2

Review by


Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.

Expert review

The BankProv Small Business Checking account is an attractive option for businesses that value safety and hold a high account balance. Your funds up to $250,000 are insured by the FDIC, and balances over that amount are protected by the DIF. But if you don’t have at least $100,000 in your account, you’ll have to pay a $50 monthly fee.

If you don’t plan to keep a high balance in your business checking account, this account isn’t worth it. You can get more with other business checking accounts like Bluevine, which doesn’t come with a monthly fee and has the potential to earn up to 0.6% APY.

How do I open a BankProv Small Business Checking account?

Sign up for a checking account in seven steps:

  1. Click Apply now.
  2. Click or tap Business in the menu bar, and then Business Checking Products.
  3. Scroll down and tap Open Online Now.
  4. Enter your company’s name.
  5. Fill in your personal information, including your full legal name and work email.
  6. Select Small Business Checking and then Next.
  7. Describe your company, input your website and select Start application.

Eligibility

To open a BankProv Small Business Checking account, you’ll need to meet the following criteria:

  • US-based business
  • At least 18 years old
  • Legal US resident

Required information

During the application process, BankProv will require the following details:

  • Account owner’s personal information, including name, address and date of birth
  • Government-issued ID
  • Legal documents for the business

3 benefits of a BankProv Small Business Checking account

BankProv allows for Quickbooks integration and comes with these additional perks:
  • No opening deposit. You won’t need to worry about a minimum deposit requirement to open the account.
  • Insured deposits. Your BankProv Small Business Checking account is insured by both the FDIC and the DIF. Up to $250,000 of your funds are protected by the FDIC, and balances over that amount are protected by the DIF.
  • High safety rating. BankProv Bank currently holds and has had the highest bank safety rating by BauerFinancial Inc, an independent bank research firm, for five consecutive years.

4 things to look out for

BankProv has strict rules on its Small Business Checking account, including:
  • High balance to avoid the monthly fee. Although the fee is waived for a month after you open the account, you’ll pay $50 to maintain the account every month after that. But you can cut the cost in half if you maintain an account balance of at least $100,000 or have it waived completely with an account balance of $250,000.
  • Limited ACH transfers. Get up to 50 free ACH transfers per month before you’ll pay $0.07 per incoming and outgoing transaction.
  • Remote check deposit limit. Your monthly maintenance fee includes the cost for BankProv’s remote check deposit service, which covers up to 150 checks per month and a scanner rental.
  • Limited branch. BankProv Bank only has three branch locations in Massachusetts and four in New Hampshire.

BankProv’s ATM network and fees

You can use any of BankProv Bank’s seven ATMs for free. And BankProv won’t charge a fee if you use a SUM ATM. But an ATM transaction at a non-BankProv ATM will cost $2 per transaction alongside whatever the third-party ATM owner charges.

Compare BankProv Small Business Checking with other business accounts

Use the table to see if another small business checking account better suits your needs by reviewing monthly fees, minimum deposits and ATM accessibility.

Name Product Fee Minimum deposit to open ATMs
NorthOne Business Banking
$10 per month
$50
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
First Internet Bank Small Business Checking
$0
$0
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Chase Business Complete Banking℠
$15 per month
(can be waived)
$0
over 16,000 in-network ATMs
This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer
Axos Bank Business Interest Checking
$10 per month
(can be waived)
$100
ATM fees reimbursed at any ATM nationwide
Earn up to 0.81% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
Lili
$4.99 for Lili Pro
$0
32,000 fee-free ATMs nationwide
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
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Compare up to 4 providers

How do I deposit or withdraw my money?

BankProv offers a handful of ways to access your cash, but it may cost you.

Deposit options

  • ACH transfers
  • Remote check deposits
  • ATM deposits
  • Wire transfers

Withdrawal options

  • Debit card
  • ACH transfers
  • Paper checks
  • ATM withdrawals
  • Wire transfers

How to contact BankProv customer service?

Apart from visiting a local BankProv branch, you have two additional options to get in touch with a BankProv representative:

  • Call 877-487-2977 weekdays 8 a.m. to 8 p.m. ET and Saturdays 9 a.m. to 1 p.m. ET.
  • Send an email on its Contact us page.

Checking account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

Read the full methodology of how we rate checking accounts.

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