NBKC Business Checking: 2021 Review

NBKC business checking — also simply referred to by NBKC as its Business Account — is an online bank account with no monthly maintenance fees, no minimum balance requirement and unlimited transactions. This free business checking account is a great option for budget-conscious small-business owners, as well as those looking for a straightforward account to manage their finances online.

Additionally, NBKC offers a range of add-on business solutions — including a free business savings account that can be opened in tandem with its business checking account — that allow you to customize your banking experience.

• Want a free business checking account with unlimited transactions.

• Want to be able to withdraw and deposit cash at in-network ATMs fee-free.

• Prefer to manage most of their finances digitally.

• Would like the option to customize some of their banking services.

• No monthly account fees, no minimum balance requirement and low $5 minimum opening deposit.

• Unlimited transactions.

• No incoming domestic wire fees, overdraft, stop payment or other similar incidental fees.

• Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.

• Free online and mobile banking included, with add-ons available.

• $5 fee for outgoing domestic wires; $45 fee for incoming and outgoing international wires.

• Can’t integrate your account directly with third-party business tools.

• No branch access outside of Kansas and Missouri.

The NBKC Business Account can be opened entirely online by completing and submitting a simple application on the NBKC website. Although both the business checking account and Money Market savings account are online-based (as well as the NBKC personal banking products) the bank does have four branch locations — two in Kansas and two in Missouri — and offers business financing to local customers.

As an FDIC-insured institution, NBKC provides its banking services directly, unlike some online business checking account competitors.

To complete an application for an NBKC Bank business checking account, you will need to meet basic eligibility requirements: You must be a U.S. citizen or resident alien, be at least 18 years old and have a government-issued ID. You will also need to provide basic information about yourself and your business, as well as any additional business owners, and include legal documents for the business.

NBKC typically reviews submitted applications in five to seven business days. After you receive approval from NBKC, you will get an email with your online banking information and will be able to set up and start managing your account.

You will also be able to download the NBKC mobile banking app — available for both iOS and Android devices — to manage your account on the go.

Additionally, you will receive your NBKC business debit Mastercard and have the ability to add authorized signers to your account and request debit cards for those users, if necessary.

It’s important to note that within the first 30 days of opening your account, all deposits that you make will be held for five to nine business days before the funds are made available. NBKC takes more time to review deposits with new accounts as a measure of security and fraud prevention.

No fees: The NBKC business checking account has no monthly fees, no transaction fees, no minimum balance requirement and no fees for online or mobile banking — which includes bill pay and check deposits. In addition, the account has no incidental fees for returned electronic or paper items, overdrafts or nonsufficient funds, or stop payments. There are also no fees for incoming domestic wires, eStatements, cashier’s checks, money orders, change orders or phone transfers.

The only times you’ll face fees with the NBKC Bank Business Account are for sending domestic wires ($5 fee), sending or receiving international wires ($45 fee) or if you choose to add services to your account.

Unlimited transactions: With NBKC business checking, you receive unlimited transactions, which include deposits, withdrawals and transfers. You can use mobile check deposit, perform account transfers and receive domestic wires, as well as pay bills on your phone, tablet, or desktop. You can also deposit cash fee-free at eligible MoneyPass ATMs using your NBKC business debit card, which is a benefit not available with all online-based business checking accounts.

ATM access: The NBKC Business Account includes fee-free access to over 34,000 MoneyPass ATMs around the U.S. NBKC also offers up to $12 in monthly refunds for ATM fees charged by other banks — another perk not offered by all online business checking accounts. Additionally, you have the ability to order business debit cards for your employees, if needed. NBKC does not charge for these cards.

Customizable banking add-ons: In addition to the online and mobile banking tools that come standard with NBKC business checking, you also have the ability to customize your account based on your business needs using NBKC add-on services. These include desktop deposit, ACH credits and debits, and merchant processing.

The two add-ons that stand out, however, are the Money Market business savings account and the Autobooks invoicing software. The NBKC Money Market account is a free business savings account that can be opened simultaneously with the business checking account and only requires an account balance of 0.01 cent to earn a 0.25% annual percentage yield — offering an easy way to start earning interest on funds without a substantial investment.

The Autobooks invoicing software can be integrated directly with your NBKC Business Account and allows you to create and send invoices, accept payments from customers and track payment activity. You can also generate accounting reports as well. NBKC offers a 60-day free trial of Autobooks; the software will then cost $10 per month.

Wire fees: To send domestic wires through the NBKC Bank Business Account, you’ll incur a $5 fee, and to send or receive international wires, you’ll incur a $45 fee. Although wire fees — especially for outgoing wires — are not uncommon in business banking, the $45 fee for incoming and outgoing international wires is particularly high compared to competitors.

Add-on fees: If you want to integrate the Autobooks invoicing software with your checking account, you’ll need to pay $10 per month. Similarly, both the desktop deposit and ACH credits and debits add-ons require separate monthly fees.

In comparison, many online-based business checking account competitors either include some of these related add-ons at no additional cost or offer the ability to directly integrate with third-party business tools that cover these features. As an example, although the NorthOne business bank account doesn’t include its own invoicing features, it does provide direct integration with invoicing tools like Wave, QuickBooks and FreshBooks.