Most business bank accounts cost nothing to open, but monthly fees range from $0 to $30 depending on the bank and account type
Opening a business bank account itself is free at nearly every bank. You walk in or apply online, provide your documents, and the account opens with no charge. What varies is the monthly maintenance fee — some banks charge nothing, others charge $10 to $30 per month. A few banks waive the monthly fee if you keep a minimum balance, make a certain number of transactions, or set up direct deposit.
The real costs come later: overdraft fees (typically $25 to $35 per overdraft), wire transfer fees ($15 to $50), and fees for services like check printing or stop payments. But the account itself costs zero to start.
Key Takeaways
- Opening a business bank account has no upfront fee at any major bank, but monthly maintenance fees range from $0 to $30 depending on the institution and account type.
- Many banks waive monthly fees if you maintain a minimum balance, usually $500 to $2,500, or if you set up payroll direct deposit.
- Overdraft fees, wire transfer fees, and check printing fees are separate charges that can add up quickly if you use those services.
- Online banks and credit unions often have lower or no monthly fees compared to traditional brick-and-mortar banks.
- You will need an EIN, business license, and proof of ownership to open an account, but these documents themselves do not cost money to bring to the bank.
Monthly maintenance fees and how to avoid them
Monthly maintenance fees are the most common ongoing cost. Traditional banks like Chase, Bank of America, and Wells Fargo typically charge $10 to $15 per month for a basic business checking account. Some premium accounts cost $25 to $30 per month but include additional services like higher transaction limits or dedicated support.
You can avoid the monthly fee in several ways. Many banks waive it if you keep a minimum balance — often $500 to $2,500 in the account at all times. Others waive it if you set up direct deposit of payroll or business income. Some banks waive it if you maintain a certain number of debit card transactions per month, usually 10 to 20. Read the fee schedule before you open the account; it is usually posted on the bank's website under "Business Checking" or "Business Account Pricing."
Online banks and credit unions tend to have lower or no monthly fees. Banks like Mercury, Brex, and Novo charge no monthly maintenance fee at all. Credit unions often charge $5 to $10 per month or waive the fee entirely for members who meet simple requirements.
Transaction fees and overdraft charges
Beyond the monthly fee, you may encounter charges for specific actions. Overdraft fees are the most expensive: if you spend more than you have in the account, the bank charges $25 to $35 per overdraft. Some banks charge multiple overdrafts in a single day; others cap it at one per day. You can usually opt out of overdraft protection, which means transactions will simply be declined rather than charged a fee.
Wire transfers cost $15 to $50 per wire, depending on whether it is domestic or international and whether you initiate it or receive it. ACH transfers (the slower, free alternative for moving money between accounts) are usually free. Outgoing wires cost more than incoming wires at most banks.
Check printing is not free. A box of 200 checks costs $20 to $50 depending on the bank and the design. Some banks offer the first box free or at a discount. Stop payment requests (telling the bank to cancel a check you wrote) cost $25 to $35 each.
Minimum balance requirements and how they work
Some business accounts require you to keep a minimum balance to avoid the monthly fee. This is not a deposit you pay upfront — it is money that must stay in the account. If your balance drops below the minimum, the monthly fee kicks in.
Minimum balances vary widely. Many banks set it at $500 to $1,000 for a basic business checking account. Premium accounts may require $5,000 to $10,000. Online banks often have no minimum balance at all.
The minimum balance requirement matters most if your business has irregular cash flow. If you regularly dip below the threshold, you will pay the monthly fee most months. If you can comfortably stay above it, the fee disappears. Some banks let you combine balances across multiple accounts (checking, savings, money market) to meet the minimum, which gives you more flexibility.
Differences between bank types: traditional, online, and credit unions
Traditional banks with physical branches typically charge $10 to $20 per month for business checking. They offer in-person service, which some business owners value, but the monthly fee is the trade-off. Examples include Chase, Bank of America, Wells Fargo, and Citibank.
Online banks have no physical branches, which means lower overhead costs and lower fees. Many charge $0 per month with no minimum balance. Mercury, Novo, Brex, and Lemonade are popular choices for small businesses. The downside is that you cannot deposit cash or checks in person — you deposit by mail or mobile app.
Credit unions are member-owned and often charge less than traditional banks. Monthly fees are typically $5 to $10 or waived entirely. Credit unions may have stricter membership requirements (you might need to live or work in a certain area, or belong to a certain profession), but if you may have access to, the savings are real. Your local credit union's website will list business account options and fees.
What documents you need (and what they cost)
You will need several documents to open a business bank account, but none of them cost money to bring to the bank. You need your Employer Identification Number (EIN), which is free from the IRS. You need a copy of your business license, which you obtained when you registered your business (that registration had a fee, but the copy itself is free). You need proof of ownership — usually your business formation documents (articles of incorporation, articles of organization, or a DBA certificate).
You will also need a personal ID, like a driver's license or passport. If you are opening the account in person, bring originals. If you are opening it online, you will upload copies or take photos.
The only cost is the one you already paid to register your business with your state. The bank does not charge you to review these documents or open the account.
Hidden fees to watch for
Some banks charge fees that are not obvious until you read the fine print. Account closure fees are rare but exist at some banks — typically $25 to $100 if you close the account within a certain period (often 6 to 12 months). Read the terms before you open.
Returned check fees occur when a check you deposit bounces. The bank charges you $5 to $15 per returned check. Fees for paper statements (if you request them instead of going paperless) range from $2 to $5 per month. Some banks charge for business debit cards or charge extra if you order a replacement card.
The best way to avoid surprises is to download the fee schedule from the bank's website before you open the account. Most banks publish a document called "Business Checking Fee Schedule" or "Pricing Guide." Read it, or call the bank and ask about any fees that apply to your specific use case.
Frequently Asked Questions
Do I have to pay anything to open a business bank account?
No. Opening the account itself is free at every major bank. You may pay a monthly maintenance fee after the account opens, but the opening process has no charge. Some banks offer a promotional period with no monthly fee for the first few months.
What is the cheapest way to open a business bank account?
Online banks like Mercury, Novo, and Brex charge no monthly fee and have no minimum balance. Credit unions often charge $5 to $10 per month or waive the fee if you meet simple requirements. Both options are cheaper than traditional banks, which typically charge $10 to $20 per month.
Can I avoid the monthly fee by keeping money in the account?
Yes, if the bank offers a minimum balance waiver. Most banks waive the monthly fee if you keep $500 to $2,500 in the account at all times. Some waive it for direct deposit instead. Check the fee schedule to see which waivers apply to the specific account you are considering.
What happens if my account balance goes below the minimum?
The monthly maintenance fee will be charged. The fee is typically $10 to $20 and is deducted from your account. You can avoid this by keeping your balance above the minimum or by choosing a bank with no minimum balance requirement.
Are there any fees I should expect beyond the monthly fee?
Yes. Overdraft fees ($25 to $35), wire transfer fees ($15 to $50), check printing ($20 to $50 per box), and stop payment requests ($25 to $35) are common. ACH transfers are usually free. Review the full fee schedule before opening an account so you know what to expect.