If your small business needs affordable business checking with brick-and-mortar banking access, Capital One is an excellent choice. Both of its business accounts—Basic Checking and Enhanced Checking—offer unlimited fee-free digital transactions for a waivable monthly fee. Businesses with higher cash transaction volumes can choose Enhanced Checking, which provides fee-free cash deposits and inbound domestic wire transfers.
You can open a business checking account online, with a representative, or at a local branch. The bank has branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C.
Capital One’s small business checking accounts are not intended for commercial clients with annual sales revenues exceeding $10 million. Capital One may convert such clients into an alternate checking product.
Pros
- Unlimited fee-free digital transactions
- Five free domestic outgoing wires monthly under Enhanced Checking
- Up to two additional business checking accounts with waived monthly fees
Cons
- Limited branches
- No Annual Percentage Yield (APY)
Features
- Free debit card
- Mobile banking
- Online bill pay with credit health monitoring
- Waived monthly fees for additional business checking accounts
- Business cards
- Business savings, certificates of deposit (CDs), lending products, and Escrow accounts
- Merchant services
How Capital One Stacks Up With Its Competitors
When Capital One Is a Good Fit
- You need unlimited fee-free transactions: In our list of the best small business checking accounts, we named Capital One the best provider for unlimited everyday transactions because it doesn’t charge fees for digital transactions, including mobile deposits, ACH payments, and online bill pay.
- Your business works with cash regularly: The Basic Checking account lets you deposit up to $5,000 per month without fees. Upgrading to Enhanced Checking gives you unlimited fee-free deposits.
- You want additional business checking accounts with no monthly fee: Business checking account holders can open up to two Basic Checking and Enhanced Checking accounts with waived monthly maintenance fees.
- You often receive wire transfers: Under Capital One Enhanced Checking, inbound domestic wires are free.
- Your LLC requires you to travel regularly: The bank issues a business card that lets you earn travel rewards. It has a low annual fee and gives out unlimited 2x miles for all your purchases. Check out our Capital One Spark Miles for Business review to learn more about its additional features.
When to Consider Capital One Alternatives
- You want to earn interest: Capital One’s business checking accounts don’t earn interest. We recommend Bluevine, which offers 2.0% APY on qualifying balances up to $250,000 (Standard Checking). Read our review of Bluevine business checking to learn the activity requirements you need to meet.
- You require in-person transactions: Capital One has branches in Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C., If you prefer a bank with more branches, choose Chase, which has around 4,700 branches in 48 states. Our Chase business checking review can help you determine which account is the best fit for your business.
- You often perform wire transfers: While Capital One lets you accept domestic wire transfers for free under the higher-tier Enhanced Checking, the bank’s international wire fees remain steep. Consider the fintech Mercury, which does not charge a fee for all wire transfer services. Learn more from our review of Mercury business checking.
Capital One Business Checking Requirements
Capital One lets you open a business bank account online through a bank representative or at a local branch; check out this Capital One form to see if you are eligible to open an account with a representative.
Part of the Capital One business checking requirements is that you must be at least 18 years of age and a legal US resident. You’ll be asked to provide personal and business information, such as:
- Name, date of birth, Social Security number, and date of birth
- Email address and phone number
- US address and owner establishment date (not a post office box)
- Legal name of business and entity type
- Business services and contact information
- Tax ID number and annual gross revenue
- Ownership structure, percentage of ownership, and number of employees
Select your entity type from our drop-down to see the list of additional requirements.
Certified Articles of Incorporation or Certificate of Good Standing or Certificate of Incorporation/Formation/Registration and IRS Form SS-4/CP 575A or IRS Letter 147C
Certified Articles of Incorporation or Certificate of Good Standing and IRS Form SS-4/CP 575A or IRS Letter 147C
Certified Articles of Incorporation or Certificate of Formation/Registration or Certificate of Good Standing or Signed & Dated Operating Agreement and IRS Form SS-4/CP 575A or IRS Letter 147C
Operating Agreement for the Series LLC and Certified Certificate of Formation (Managing LLC) and IRS Form SS-4/CP 575A or IRS Letter 147C
Certified Certificate of Organization and IRS Form SS-4/CP 575A or IRS Letter 147C
Signed & Dated Partnership Agreement or Certified Evidence of Registration with Secretary of State and IRS Form SS-4/CP 575A or IRS Letter 147C
Signed & Dated Partnership Agreement or Certified Evidence of Registration with Secretary of State and IRS Form SS-4/CP 575A or IRS Letter 147C
Certified Certificate of Limited Partnership (Secretary of State) or Signed & Dated Partnership Agreement or Certified Evidence of Registration with Secretary of State or Certified Certificate of Good Standing and IRS Form SS-4/CP 575A or IRS Letter 147C
No additional business documentation required
Certified Articles of Organization or Charter Letter from National organization authorizing a local chapter (on Organization’s letterhead) or Recent Meeting Minutes (on Organization’s letterhead) or Signed & Dated Formal Written Agreement or By Laws and IRS Form SS-4/CP 575A or IRS Letter 147C
Certified Articles of Incorporation or Certificate of Good Standing and IRS Form SS-4/CP 575A or IRS Letter 147C
Not-For-Profit Articles of Incorporation (if incorporated) or Recent Meeting Minutes (on Organization’s letterhead) and IRS Form SS-4/CP 575A or IRS Letter 147C and IRS Determination Letter 501(c)(3) or Letter of tax-exempt
Documents based on entity type and Certificate of Trust
Before opening an account, read our guide on how to open a business bank account. It includes a free downloadable checklist of documents typically required upon account opening.
Capital One Business Checking Features
Waived Monthly Fees for Two Additional Accounts
Opening a Capital One Basic Checking or Enhanced Checking account entitles you to two business checking accounts with no monthly fees—as long as your account remains open and in good standing. For nonprofit businesses, the monthly fees can be waived.
Online & Mobile Banking
Capital One offers digital banking through its website and mobile app. The mobile app lets you:
- View balances and export statements
- Transfer funds
- Check your credit score info
- Pay bills and loans
- Send and receive money via Zelle
- Perform mobile check deposits
- Manage user access
Capital One’s mobile app has a rating of 4.8 out of 5 on the App Store[1] and Google Play[2]. Satisfied reviewers praised the app’s ease of use and convenient features, such as displaying credit information. However, a few complained about app crashes and too many pop-ups.
Overdraft Coverage
Capital One provides free overdraft protection. You can link your business checking account to your Capital One savings account to protect yourself from overdraft fees. If you overdraft your checking account, Capital One will deduct funds automatically from your savings account to cover the cost.
Other Capital One Business Products
Capital One Business Advantage Savings offers tiered APY, depending on your balance. The account charges a monthly fee of $3—waivable with a minimum balance of $300. A six-month promotional rate of up to 4.10% is available to new accounts with balances anywhere from $10,000 to $5 million. Multiple rates apply to portions of the balances above $10,000. Balances over $5 million get the bank’s standard rate.
Capital One offers business CDs, but you need to talk to a Branch Ambassador at a local Capital One branch to learn about the CD terms and rates.
Capital One offers real estate term loans, Small Business Administration (SBA) loans, and lines of credit with flexible lending terms. You can use your business checking account to set up automatic loan payments.
- Real estate term loans: Fixed-term loans worth up to $5 million with term lengths as long as 20 years for property purchases, refinancing, or improvements
- SBA loans: SBA 504, SBA 7(a), and SBA Express loans are available with longer terms, lower equity requirements, or fixed terms
- Lines of credit: Revolving lines of credit worth up to $5 million for working capital
Capital One business credit cards feature unlimited cash back, $0 annual fees, and bonus travel miles. As a business owner, you can request free business credit cards for your employees. You can track their business spending, set spending limits, and review transactions. At the end of the year, you get an itemized report to help you plan your budget and prepare for tax season.
Businesses in different industries (professional services, manufacturing, healthcare, restaurant, retail, ecommerce, and construction) can access payment solutions through Capital One merchant services. The bank partners with Worldpay to allow businesses to receive credit, debit, gift, and loyalty cards and select from multiple point-of-sale (POS) terminal options.
The Capital One Escrow Express sub-account can help you manage risk and ensure due diligence in business transactions. The provider offers three types of Escrow accounts:
- Tenant Security: Manages tenant security deposits for property managers and landlords
- Attorney Trust: Manages client funds for attorneys and law firms
- Escrow Standard: Provides sub-accounting functionality for escrow agents and other businesses
You can access your Escrow Express account through Capital One’s Intellix Platform. The platform lets you pay interest, customize disbursement schedules, submit W9s, and more.
Capital One offers buy-now-pay-later (BNPL) solutions for business-to-business (B2B) relationships. Through these solutions, you can give your clients more time to pay without delaying your access to profits. It’s a great way to improve the predictability of cash flow.
Capital One Business Checking Reviews from Users
Reviews from customers are mixed. Reviewers who left a positive Capital One business checking review appreciated the bank’s unlimited transactions and bill pay feature, which conveniently reflects payments on the same day. Some were also happy with the outstanding customer support they received and their experience of opening an account online.
Still, many negative reviews mention that check clearing sometimes took a while, which resulted in limited fund access. Further, some clients complained about the length of time to reach a customer service representative on the phone, while others commented that the fraud investigation process could use improvement.
Here are the bank’s ratings on third-party sites:
- Trustpilot[3]: 1.3 out of 5 from about 2,300 reviews
- DepositAccounts[4]: 3 out of 5 from over 500 reviews
- WalletHub[5]: 3.3 out of 5 from around 1,100 reviews
Frequently Asked Questions (FAQs)
Yes. Capital One business checking accounts are excellent since they offer unlimited digital transactions, no ACH fees, waivable monthly fees, and online and mobile banking.
Yes. Although monthly fees are waivable, you must meet the minimum maintaining balances. Wire transfer charges and excess cash deposit fees also apply to the basic account. Some fees are waivable when you sign up for Enhanced Checking.
Yes, banking with Capital One is safe. Capital One, N.A., is a member of the FDIC, and deposit accounts up to $250,000 are insured per depositor and account ownership category.
Bottom Line
The business checking products of Capital One are suitable for business owners who want fee-free unlimited transactions and access to both traditional and online and mobile banking. Depending on your cash deposit transaction volume, you can choose to open a Capital One Basic or Enhanced Checking account.
User review resources:
[1]App Store
[2]Google Play
[3]Trustpilot
[4]DepositAccounts
[5]WalletHub
