Bluevine Business Checking Review – Forbes Advisor


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Small business owners deserve a checking account that benefits, not limits, their day-to-day business operations. Bluevine Business Checking may be the solution for some.

The online banking platform, founded in 2013, offers a business checking account with unlimited transactions, few fees and a laundry list of other helpful features.

In this review, we look at everything Bluevine Business Checking has to offer business owners and how it stacks up to the competition, so you can determine if it’s right for you.

Annual percentage yields (APYs) and account details are accurate as of Sept. 2, 2022.

Account Basics

Bluevine offers only one account, but the list of features within the account is impressive. Bluevine Business Checking is an interest-bearing online business checking account that currently can earn a competitive 1.50% APY on account balances up to and including $100,000. (Balances over $100,000 do not earn interest.)

To earn the 1.50% APY, you must spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments into your Bluevine Business Checking account via ACH, wire transfer, mobile check deposit or directly from your merchant payment processing provider.

Fees

Bank fees can be problematic, especially as you try to run your business and make a profit. Bluevine Business Checking helps companies by eliminating a lot of common fees and minimums. It offers:

  • No monthly service fee
  • No minimum balance requirement
  • No minimum deposit requirement
  • No ATM fees at more than 37,000 MoneyPass ATMs nationwide
  • No non-sufficient fund fees

The checking account also allows unlimited transactions each month with no fees. Although Bluevine offers no other accounts, you can quickly transfer funds in and out of your checking account from accounts at other financial institutions.

Bluevine does charge a $2.50 fee for any ATM transaction outside of the MoneyPass ATM network, which partners with Bluevine to provide ATM services.

Vendor Services

Paying vendors is relatively straightforward with Bluevine Business Checking. Various payment types are at your disposal as a small business owner, including ACH, wire transfer and checks. You can make one-time bill payments through your account or set up recurring automatic payments for more convenience. With recurring payments, you see what day the payment arrives at the payee, allowing you to avoid late payments.

Bluevine has an online directory of 40,000 registered vendors, or you can add your own as needed. You can even make payments by credit card through Bluevine’s online payment system.

Transactions

As an online banking platform, Bluevine has no branches available for in-person services. But customers still have access to several transaction options, thanks to partnerships with other financial networks. Bluevine Business Checking comes with a free Bluevine Business Debit Mastercard and two free checkbooks. Bluevine customers have access to over 38,000 fee-free ATMs across the U.S. through a partnership with the MoneyPass ATM network.

Despite Bluevine’s lack of branches, small business owners can still make cash deposits with Bluevine, through a partnership with Green Dot. You take cash deposits directly to the register at over 90,000 participating U.S. retail locations to complete the transaction. Note that Green Dot charges a fee of up to $4.95 for each cash deposit. Cash deposits also may be subject to Green Dot daily limits.

Safety

Bluevine is a financial technology company, not a bank. Bluevine banking services are provided through a partnership with Coastal Community Bank, Member FDIC. Coastal Community Bank provides FDIC insurance for all Bluevine Business Checking accounts up to the legal limits.

Mobile App

Checking customers have access to Bluevine’s mobile app, which allows them to make mobile check deposits and perform other daily transactions as needed. Small business owners can manage their finances and cash flow from anywhere by using the app.

Other Bluevine Business Products and Services

Bluevine does not provide the range of services you would find at a full-service bank. It offers no other business checking accounts or savings accounts, nor any personal accounts. Customers do have access to a couple of helpful business features including those listed below.

Business Line of Credit

A Bluevine business line of credit can help your business access extra funding up to your credit limit. Bluevine’s lines of credit work more like revolving credit accounts, with access to more funds as you repay the outstanding debt. Repayment is automatic and is withdrawn from your account each week over six to 12 months.

You’ll need to meet some requirements to be eligible for a Bluevine business line of credit, including:

  • Be in business at least six months
  • Be a corporation or an LLC
  • Have a personal credit score of 600+ or higher
  • Have at least $10,000 in monthly revenue

Lines of credit aren’t available for business owners in Nevada, North Dakota or South Dakota. Bluevine also restricts specific industries from receiving a line of credit.

Access on the Go

As an online banking platform, all of Bluevine’s transactions occur either through online account access or through its mobile app. The mobile app is available for iOS and Android and lets you manage your account and make mobile check deposits. Bluevine’s mobile app scores 4.6 out of 5 stars in the App Store and 4.7 out of 5 stars on Google Play.

Bluevine customers have access to an extensive no-fee ATM network and cash deposit network.

Customer service is available by calling 888-216-9619, Monday through Friday from 8 a.m. to 8 p.m. Eastern time, or by email through an online form on its website.

Pros

  • No monthly fee and few other fees
  • No minimum opening deposit or balance requirements
  • Unlimited transactions
  • Earns competitive interest rate
  • Check-writing privileges and two free checkbooks
  • Extensive ATM network
  • Access to cash deposits

Cons

  • No savings account
  • No physical branches
  • Lower rated mobile banking app
  • Customer service only available on weekdays
  • Fee for cash deposits

How Bluevine Business Checking Stacks Up

Bluevine Business Checking offers tons of features and few fees. Many business checking accounts either don’t pay interest or pay very little interest, so one that provides such a competitive rate means more money for small businesses, especially if you keep larger balances.

Bluevine has no branches, so it’s not ideal for business owners who prefer in-person banking services. Yet, it offers enough ways to manage money through ATMs, cash deposits and mobile access that you may never need to step into a bank again. If you’re a business that makes cash deposits often, the Green Dot cash deposit fee may be a turnoff.

Since Bluevine offers only a single business checking account, you may need accounts at multiple banks to cover all your business needs. Having all your bank accounts under one roof is more convenient and may even come with some relationship benefits for opening multiple accounts. That said, with all of its perks and lack of fees, Bluevine Business Checking might be worth the inconvenience.

Find The Best Business Checking Accounts Of 2022

Frequently Asked Questions (FAQs)

Is Bluevine FDIC insured?

Yes, Bluevine is FDIC insured through The Bancorp Bank (FDIC certificate No. 35444). When you deposit money into an FDIC-insured account at Bluevine, your money is protected in the event of bank failure up to $250,000 per depositor, for each account ownership category.

Does Bluevine offer overdraft protection for business checking accounts?

No, there is no overdraft protection with Bluevine. It also doesn’t charge any overdraft fees. Transactions that exceed your account balance are declined.

Does Bluevine offer business savings accounts?

No, Bluevine offers only the Bluevine Business Checking account.

Can I open a Bluevine business checking account online?

Yes, Bluevine offers online banking services, so account applications are only available online. To apply for an account, you’ll need to provide some information about yourself and your business, like your Social Security number, business address and tax ID.




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