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USAA Business Checking Account Review

Author: Chandra Dhopatkar
Published: 06/05/2024 2:50 a.m. EST
Last Update: 06/05/2024 4:00 a.m. EST
Edited by: Jennifer Bonilla

There is no USAA business checking account. While USAA stands out for its financial products tailored to military members and their families, it’s important to note that USAA does not offer business bank accounts.

For entrepreneurs and small business owners looking for banking solutions, this might surprise. However, there are numerous alternatives available for startups and established businesses alike.

This review explores some top business banking options, followed by an overview of what USAA does offer for personal banking, which might still be of interest to individual entrepreneurs and sole proprietors.

Best Business Checking Account Alternatives

For businesses in search of banking solutions, here are some highly regarded alternatives, each offering unique features designed to support business growth, manage finances efficiently, and build business credit:

Bill (formerly Divvy): A standout choice for integrating credit card services with checking accounts, perfect for businesses focused on financial management and building credit.
Wells Fargo: Offers a wide range of accessible business services and products crucial for establishing and building business credit.
Bank of America: Known for its credit products and educational resources aimed at helping businesses improve their credit scores.
Chase: Provides comprehensive banking solutions along with tools for building a strong business credit profile.
Capital One: Features business-friendly credit options and reports to major bureaus to assist in credit score growth.
American Express: Offers charge cards and resources for spending management and credit building, requiring full monthly payments.

For more digital and startup-friendly options, consider Novo, Mercury, or Grasshopper, each designed with specific business needs in mind, from no fees and easy digital integration to high yield and cashback options.

Unsure about USAA checking and want more insight into opening a business bank account and its benefits, then you might be interested in viewing:

Why Consider Personal Banking Options at USAA?

Even though USAA doesn’t provide business banking services, their personal checking account can be beneficial for sole proprietors and individual entrepreneurs who are members of the military community. Here’s what USAA offers:

USAA Classic Checking: With a minimum opening deposit of $25, enjoy no monthly service fees, up to $10 ATM fee reimbursement per statement cycle, early payday with direct deposit setup, zero liability on debit card usage, and access to over 100,000 ATMs nationwide.
Early Payday and Zero Liability: Benefit from receiving your pay early and shopping worry-free with the assurance of zero liability on unauthorized debit card transactions.
Digital Banking Tools: USAA provides a suite of digital tools to help track spending across all accounts, offering insights to customize your budget and manage finances efficiently.
Youth Spending Accounts: An excellent option for teaching money management to children, complementing the financial literacy of the family.
Interest Rates: While the APY on the Classic Checking account is modest at 0.01%, it represents an opportunity to earn interest on your balances.

Note: For military personel and their families looking for a business checking account, Navy Federal Credit Union or a Chase Business Complete account may be more suitable.

Additional Business Banking Solutions

If you are looking for a business bank account that offers more specific business banking features, consider these USAA business checking alternatives:

Navy Federal Credit Union: A strong alternative for military personnel, offering a range of business banking products, including business checking accounts, loans, and business credit cards. Their business advantage includes no monthly fees and easy online banking access.
BlueVine: Provides a free business checking account with no monthly fees or minimum balance requirements, plus high interest on balances and robust online and mobile banking tools.
Chase Business Complete Checking: Offers comprehensive business banking services with low fees and various account options to meet the needs of different business types.

More Business Bank Reviews

For comparison, you might want to explore other business banks. Here are some of the best business banks we’ve already reviewed to help you.

Final Thoughts and Recommendations

For small business owners and entrepreneurs, especially those affiliated with the military, USAA’s personal banking options provide a solid foundation for financial management, even in the absence of dedicated business accounts.

Meanwhile, the alternatives listed offer a range of features tailored to diverse business needs, from building credit to facilitating digital-first operations.

Choosing the right banking partner depends on your specific business model, growth aspirations, and the unique benefits each bank provides.

Review Approach and Direction:

We aimed to provide comprehensive information about USAA business banking, emphasizing the absence of USAA business checking accounts while offering viable alternatives.

By highlighting personal banking options at USAA, we cater to sole proprietors and individual entrepreneurs who may still find value in USAA’s offerings.

The review is designed to be user-friendly and informative, helping business owners make informed decisions about their banking needs.

Requirements to Open a USAA Bank Account

If you’re a USAA member looking to open a bank account, here’s what you need to know:

Part 1:

Membership Eligibility: To open an account with USAA, you must be a member. Membership is generally open to military personnel, veterans, and their families. This is important if you’re considering personal finance and travel needs through USAA.
Personal Information: Gather your personal identification, such as your Social Security number, driver’s license, and proof of address. These are essential to verify your identity.
Account Selection: Although USAA doesn’t offer business checking, they do provide various personal checking and savings accounts. For those looking for the best business account alternatives, exploring other institutions may be necessary. However, USAA’s basic business checking options can be useful for sole proprietors.

Part 2:

Application Process: You can apply online through the USAA website. The site does not include options for business accounts, but it does offer robust personal account services.
Initial Deposit: Depending on the type of account, you may need to make an initial deposit. For most checking accounts, the minimum opening deposit is $25.
Funding Your Account: You can fund your new account via electronic transfer, direct deposit, or check deposit.
Account Management: Once your account is open, USAA offers a comprehensive list of our partners and services to help you manage your finances, including online banking tools and a mobile app. This ensures that all transactions you can make are seamless and secure.
Service Options: For many business accounts, you might need to look at other banks since USAA offer business checking is not available. However, USAA provides excellent services for personal banking needs.

For those looking for the best business banking solutions, it’s important to know about USAA and its focus on personal rather than business accounts. This knowledge can help guide your decision if you need a reliable bank for personal finance and travel or if you should consider other options for business accounts.

How to Open a USAA Business Account

While USAA doesn’t offer a business account, you can follow these general steps to open a business account with one of the USAA alternatives:

Part 1:

Research Alternatives: Begin by researching USAA business checking alternatives such as Chase Business Complete, Navy Federal Credit Union, or BlueVine. Compare their features, fees, and services to find the best banks for your business needs.
Check Eligibility: Verify your eligibility to open an account with your chosen bank. Some banks, like military banks or credit unions, may have specific requirements for department of defense employees or military personnel.
Gather Required Documents: Collect the necessary documents for opening a business account. Typically, you’ll need your business license, Employer Identification Number (EIN), personal identification, and any partnership agreements or articles of incorporation.
Choose Your Bank: Select the financial institution that best meets your requirements. Look for banks that offer business banking products such as checking and savings accounts, business debit cards, and online banking tools.
Visit the Bank’s Website or Branch: Go to the bank’s website or visit a local branch to start the account opening process. Many banks offer the convenience of opening an account online.

Part 2:

Complete the Application: Fill out the application form with your business details, including the business name, address, and type of business. Ensure all information is accurate and complete to avoid delays.
Submit Required Documents: Upload or provide the gathered documents as part of your application. Some banks may require additional verification, so be prepared for follow-up requests.
Fund Your Account: Deposit the required minimum opening balance. This amount varies by bank but is usually between $25 and $100.

Part 3:

Set Up Online Banking: Once your account is active, set up online and mobile banking to manage your account, pay bills, and monitor transactions easily. This is particularly useful for an online business.
Order Business Debit Cards and Checks: Request business debit cards and checks to start using your account for business transactions.
Review Account Features: Familiarize yourself with your new account’s features, including fee structures, transaction limits, and any available business insurance or financial management tools.

By following these steps, every business owner can efficiently open a business account with one of the best banks suited to their business needs. If you’re looking for a USAA business account, exploring USAA alternatives will help you find the right solution for your business finances.

FAQs

Does USAA offer business accounts?

No, USAA does not offer business accounts. Instead, they provide personal banking products for military personnel and their families. If you need a business bank account, you should look elsewhere at alternatives to USAA like Chase Business Complete, Navy Federal Credit Union, or Bank of America.

What are the alternatives to USAA business accounts?

There are several alternatives to USAA business accounts including Chase Business Complete, Navy Federal Credit Union, and Bank of America. These financial institutions offer business banking solutions such as checking and savings accounts, credit cards, and business insurance to help your business operate efficiently.

Can I use a personal checking account for business with USAA?

Yes, USAA offers personal checking accounts that sole proprietors and small business owners can use for business finances. While USAA bank doesn’t offer business checking accounts, their personal checking accounts can be an option for those who are looking for a business account.

What are the best USAA business checking alternatives?

The best USAA business checking alternatives include Chase Business Complete, Wells Fargo, and Novo, which provide various banking products and services for businesses. These banks offer business debit cards, mobile app services, and different account options to suit diverse business needs.

Are there any free business checking accounts available?

Yes, several financial institutions offer free business checking accounts with no monthly fees. Examples include Novo and BlueVine. These accounts typically have low or no minimum balance requirements and provide features like online banking and easy account management.

How can I open a business bank account?

To open a business bank account, you typically need to provide account details such as your business name, tax ID, and personal identification. You can apply online or at a bank business branch. It’s important to compare options to find the best account for your business.

What should I look for in a business checking account?

When looking for a business checking account, consider monthly fees, minimum balance requirements, online and mobile banking features, and the banking products offered to help your business. Look for banks that offer additional services like business debit cards and business insurance to support your business needs.

Chandra Dhopatkar, MBA

Chandra, founder of “Build Business Credit in 30 Days,” specializes in increasing business valuations by helping companies build strong business credit.