Capital One Business Checking Review

Are you a small business owner looking for a reliable and convenient banking solution? Capital One's Business Checking account might be on your radar. Capital One is a recognized name in banking. It was founded in the mid-1990s as a credit card company but has since expanded its services to include business banking.

In this comprehensive Capital One small business checking review, we'll delve into the key features, fees, and the pros and cons of Capital One’s checking account options.

If you’re primarily looking for an online business account that can send and receive international payments without high transaction fees, you can also discover more about Wise Business.

🔍 Our Methodology: The team of dedicated content experts at Wise research each provider thoroughly, uncovering the key features, fees, benefits and drawbacks to watch out for. This is then collected into an easily digestible format, to save you time and hassle when looking into a provider.

Capital One Business Checking Review: Quick Overview

Key features	Unlimited fee-free digital transactions Online bill pay Highly rated mobile app Access to Capital One’s range of business banking services
Main fees¹	Monthly account fee: $15-25 depending on account type Mobile check deposit: $50 monthly Incoming domestic and international wire transfers: $15 Outgoing domestic wires: $25 Outgoing international wires: $40 for foreign currency, $50 for US dollars
Great for	Small businesses that need affordable online business checking with few fees and physical branch access, and can maintain a minimum balance to avoid the monthly service fee.
Trustpilot rating for Capital One as a whole²	1.3 out of 5

Capital One Business Checking: Key Features

Capital One offers two checking account options for small businesses: Spark Business Basic and Spark Business Unlimited, which both require a $250 account opening deposit.

These accounts intended for companies with annual revenues under $10 million – Capital One offers tailored premium checking products for larger businesses with more complex banking and cash management needs.

Capital One’s business checking products are suitable for small business owners who require unlimited transactions without fees and access to online and mobile banking as well as traditional branch access.

The accounts both come with free debit cards, unlimited online transactions, and online bill pay, which allows businesses to easily send electronic payments to vendors they would normally pay by check. Account holders do not pay fees at more than 70,000 Capital One, Allpoint, and MoneyPass ATMs across the country.

Account holders can sign up for Capital One’s free overdraft protection and link their business checking account to a Capital One savings account. If the checking account becomes overdrawn, Capital One will automatically deduct the funds from the savings account to cover the cost rather than decline the transaction.

Although Capital One provides free online banking, business owners must visit a physical branch to open a business checking account and provide personal information as well as business registration documents. The bank operates locations in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, DC.

Here’s a brief breakdown of the two business checking account options:

Spark Business Basic Checking

The Basic business checking account has a monthly fee of $15, although this is waived for businesses that hold a minimum $2,000 30- or 90-day average balance, whichever is larger, or hold two or more other active Capital One products, including a small business loan, line of credit, merchant services account, or Spark business credit card.

Businesses can make cash deposits totaling up to $5,000 per month for free; subsequent deposits incur a fee of $1 per $1,000.

Spark Business Unlimited Checking

Businesses that need to make higher cash deposits can upgrade to the Unlimited checking account. It has a $35 monthly fee, which is waived if the business maintains a minimum $25,000 30- or 90-day average balance, whichever is larger, or holds any two or more other active accounts, including a small business loan, line of credit, Spark ProDeposit, merchant services account, or Spark business credit card.

The Unlimited account is designed for small businesses that need to deposit less than $40,0000 in cash per month.

Unlimited account holders can also open two Basic checking accounts with no monthly fees. The accounts must remain open and in good standing. If the Unlimited account is closed, then the monthly service fee will be charged for the Basic accounts.

Spark ProDeposit is a remote deposit service only available to Unlimited account holders that allows them to scan and deposit checks using a scanner or mobile device. Users must pay a $50 monthly service fee and sign a one-year contract. Capital One provides a free remote deposit capture scanner.

🔍 Read on to discover more about:
Ease of Use Customer Service Is Capital One checking account safe? Capital One Business Checking Fees Capital One Business Checking Pros and Cons Conclusion: Is Capital One Business Checking the best choice for your business? Discover Wise Business: Send and receive low-cost international transfers

Ease of Use

Capital One provides a range of business banking services that make it a convenient choice for businesses that want to hold their various accounts in one place. Capital One offers business savings, merchant services, lending products, certificates of deposit (CDs), and Escrow accounts.

The bank offers a well-reviewed mobile app that allows users to:

• View balances and export statements
• Check credit
• Pay bills and loans
• Activate cards
• Redeem rewards
• Send and receive money through Zelle
• Deposit checks

The app scores 4.6 out of 5 stars with more than 1.5 million reviews on Google Play and 4.9 out of 5 stars with 7.8 million reviews on the App Store.³ ⁴ Reviewers indicate that the app is user-friendly and convenient, with useful features and notifications that make it easy to monitor accounts.

Customer Service

Capital One’s customer service for business accounts with access to a branch is available Monday through Friday, 8am-8pm EST. The bank’s Eno chatbot can answer questions via the mobile app or text message.⁷

Positive reviews on Trustpilot (an independent review site) from business and personal account holders state that Capital One handles fraud issues effectively, calling customers and resolving the problem within minutes.⁵

However, negative reviews from Trustpilot mention a lack of support for account holders traveling outside the country. Account holders who have exceeded ATM withdrawal limits or require older account data may need to travel to a physical location.⁶

Is Capital One checking account safe?

Capital One is a member of the Federal Deposit Insurance Corporation (FDIC), which insures deposit account balances up to $250,000 per depositor for each type of account ownership category.⁸

Capital One Business Checking Fees

Spark Business Basic Checking⁹

• Monthly fee: $15, waivable
• Cash Deposit Fees: $0 up to $5,000 per month, $1 per $1,000 above
• Incoming domestic wire transfers: $15
• Outgoing domestic wires: $25
• Incoming international wire transfers: $15
• Outgoing international wires: $40 for foreign currency, $50 for US dollars
• Cash withdrawals from out-of-network ATMs: $2

Spark Business Unlimited Checking¹⁰

• Monthly fee: $35, waivable
• Spark ProDeposit: $50 monthly
• Incoming domestic wires: $0
• Outgoing domestic wires: Five free per month, $25 thereafter
• Incoming international wire transfers: $15
• Outgoing international wires: $40 for foreign currency, $50 for US dollars
• Cash withdrawals from out-of-network ATMs: $2

💡 If you’re looking for an online business account for low-cost international transactions, consider Wise Business. A Wise Business account comes with no monthly fees, and the international payments are made at the mid-market rate.

Capital One Business Checking Pros and Cons

Benefits	Possible drawbacks
Unlimited free online transactions Five free domestic outgoing wires monthly Full business services offering, including merchant services, credit cards and loans Up to two free Basic business accounts with Unlimited account Extensive ATM network including MoneyPass and Allpoint	Monthly fees charged below minimum balance $250 minimum opening deposit Account must be opened in-person Limited branch access

What are the Benefits of Capital One’s Business Checking Accounts?

Capital One offers two business checking account options for small businesses so that they can choose the option most suitable for their banking needs.

Businesses pay no fees for digital transactions including online deposits, withdrawals, and transfers. Businesses that receive cash payments regularly can deposit up to $5,000 per month in the Basic account without fees, or upgrade to the Unlimited account for unlimited free cash deposits. Businesses that require additional accounts can open up to two Basic accounts with no monthly fee if they maintain an active Unlimited account.

Business owners who want to use the same bank for multiple financial products might opt to use a Capital One business checking account alongside merchant services, savings, credit card, and loan accounts. By linking the checking account to a savings account at the bank you can receive overdraft protection. And if you travel regularly for business, Capital One issues a Spark Miles for Business card that allows you to earn travel rewards.

What are the Drawbacks of Capital One’s Business Checking Accounts?

Both of Capital One’s business checking account options require a minimum deposit of $250 to open and charge monthly fees if the balance remains below a minimum threshold, which may be unsuitable for entrepreneurs and startups with low turnover. The accounts do not pay interest on balances, and Basic accounts are charged for cash deposits over $5,000 per month.

You can only open a business checking account at a physical Capital One branch, which are only located in eight states and Washington, D.C.

Small businesses looking for online accounts with limited monthly fees and the ability to earn interest on balances may find alternative offerings from other banks.

Capital One also charges up to $50 for international wire transfers, so businesses that regularly send and receive overseas payments may find the costs quickly add up.

Conclusion: Is Capital One Business Checking the Best Choice for Your Business?

Choosing the right business checking account is an important decision for your company. As this Capital One Spark Business Checking review shows, Capital One offers unlimited transactions, convenient features like a user-friendly mobile app, digital check deposit and bill payments, and effective fraud detection.

But to make an informed choice, it's essential to consider your specific business needs, the fees associated with the account, and the level of customer support you require. If international transactions are a significant part of your business, factor in the effect of Capital One’s international fees on your business expenses.

Discover Wise Business: Send and Receive Low-Cost International Transfers

Before making your final decision on a business checking account, it's a good idea to explore alternatives.

Wise Business, for example, is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account comes with with no monthly fees, international payments at the mid-market rate, easy batch payments, and multiple currencies all in one place. You can also receive international account details for several countries to get paid like a local.

Learn more about Wise Business

✔️ Make international payments at the mid-market rate
✔️Open an account online and get set up with ease.
✔️ Manage multiple currencies all in one place
✔️ Make easy batch payments

Read the guide to see if you can use Wise as a business account

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Sources:

¹ Business Checking Accounts | Small Business Banking
² Capital One Reviews | Read Customer Service Reviews of www.capitalone.com
³ Capital One Mobile - Apps on Google Play
⁴ Capital One Mobile on the App Store
⁵ Trustpilot
⁶ Trustpilot
⁷ Call Capital One Customer Service | Capital One Help Center
⁸ Call Capital One Customer Service | Capital One Help Center
⁹ Capital One Business Basic Checking
¹⁰ Capital One Business Enhanced Checking

All sources checked November 14, 2023.

About the author:
	Panna is an expert in business finance topics for the US, covering topics from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

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