LendingClub Business Checking Account Review

It’s essential for small business owners to find a checking account that fits their needs and provides the right tools to manage company finances.

This LendingClub Business Checking account review looks at the key features, fees, and pros and cons of the Tailored account to help you determine if it’s suitable for your business.

If your business needs to make frequent international payments, you can also learn about Wise Business as a solution in this article.

LendingClub Business Checking Account Review: Quick Overview

LendingClub Business Checking Account: Key Features

LendingClub’s Tailored Checking account is designed for small businesses, providing unlimited transactions, rewards on qualified debit card purchases, and interest on account balances(see LendingClub alternatives).

The account offers convenient online and mobile banking tools including bill pay, integrated invoicing and accounting reports.

The Tailored account has a $10 monthly service fee, although this is waived if you maintain a balance above $500 – which is a much lower threshold than competing accounts that offer fee waivers.

Account holders can make unlimited transactions without fees, including deposits, Automated Clearing House (ACH) payments, account transfers and ATM transactions. This includes cash deposits at participating MoneyPass and NYCE ATMs, which is a feature not available with some competitors’ online business checking accounts.

LendingClub also reimburses unlimited out-of-network ATM fees, unlike some providers, although international currency exchange fees are not included.

At the time of writing, LendingClub’s Tailored business checking account pays 1.5% interest on balances up to $100,000 and 0.1% on balances above that limit. The account pays unlimited 1% cashback on online and signature-based credit transactions made with the debit card if the average monthly balance remains at $500 or more.³

You can open an account by completing an online application on the LendingClub website. You’ll need to provide personal information and details about the business. You’ll also need to provide details of an existing bank account or debit card to fund the account after approval. The review process typically takes 2-5 business days.

Ease of Use

LendingClub’s Business Checking account features online and mobile account management tools that make it convenient to pay bills, make deposits, send wire transfers, and manage users. The bill pay feature allows users to send one-time and recurring electronic payments and checks to companies and individuals. Mobile deposit and remote deposit capture streamline the deposit process.

The Tailored Checking account also features integration with the Autobooks invoicing and online payment software to create and send invoices, accept payments from customers, monitor invoice and payment activity, generate reports and reconcile transactions for accounting.

Customer Service

LendingClub provides customer support online via live chat and email or over the phone Monday through Saturday at 8am to 8pm ET.⁶

Positive LendingClub Business Checking account reviews on Trustpilot (an independent review site) mostly refer to the bank’s loan products. But they indicate that it provides simple application processes, and fast and efficient service.⁴

However, some negative reviews from Trustpilot mention instances of poor customer support. Reviewers specifically mentioned problems opening and funding the business account and high wire transfer fees.⁵

LendingClub Business Checking Account Fees

• Monthly account maintenance: $10
• ATM currency conversion: 0.20%
• International ATM transaction: 0.90%
• Expedited ATM/debit card: $35
• Domestic outgoing wire transfer: $18
• International outgoing wire transfer: $40
• Stop Payment: $25

LendingClub Business Checking Account Pros and Cons

What are the Benefits of LendingClub’s Business Checking Account?

LendingClub’s Tailored Business Checking offering is an attractive option for some small businesses that require online account management with unlimited fee-free transactions and the ability to deposit cash at ATMs.

At the time of writing, the account pays 1.5% interest on balances up to $100,000, and 1% cashback on debit card purchases on accounts that maintain an average monthly balance of at least $500. A $500 balance is also enough to waive the $10 monthly service fee, which compares well with competitors’ accounts that have higher monthly fees and/or higher thresholds for fees to be waived.

Unlike some banks, LendingClub refunds out-of-network ATM fees and provides free integration with the Autobooks accounting software.

What are the Drawbacks of LendingClub’s Business Checking Account?

While there are some perks to the LendingClub Tailored account not offered by other banks, such as the lack of a minimum balance requirement, account holders do need to maintain a balance of at least $500 to waive the $10 monthly maintenance fee and receive cash back.

LendingClub also charges additional service fees such as $25 for stop payments and $35 for an expedited debit card. The bank charges $18 for outgoing domestic wire transfers and a $40 fee for international wires, which is higher than some of its competitors. There are some digital banks that provide free business checking account options with lower fees.

Conclusion: Is LendingClub Business Checking Account the Best Choice for Your Business?

LendingClub’s Tailored Checking account offers several benefits, including unlimited transactions, debit card rewards, interest on account balances, and rebates on ATM fees, which can help small businesses build up their finances.

However, the account may not be the right fit for your business if you need to make regular international payments or make purchases and ATM withdrawals abroad. Lending Club charges relatively high fees for international wire transfers and additional charges for foreign currency transactions.

Before choosing a business checking account, it's important to assess your specific business needs and compare offerings from a number of banks to find the best option.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

All sources checked November 14, 2023.

About the author:
	Panna is an expert in business finance topics for the US, covering content 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.