Capital One Business Checks: 2024 Review

Full review

A Basic Checking Account is an entry-level business account with a low monthly fee. An Unlimited Checking Account is a step up from a Basic Account with fewer restrictions and some extra features, but with a higher monthly fee.

This review includes information for both accounts, but the star rating above is specific to the Capital One Basic Business Checking account.

Each Capital One business checking account has a monthly fee ($15 for Basic, $35 for Unlimited), which can be waived if you meet certain average balance thresholds. Both offer unlimited fee-free transactions, a rare feature for a business checking account from a brick-and-mortar bank, and customers have access to a full suite of business services, including small business loans and a top-rated business credit card.

These features make Capital One a good option for growing businesses. But Capital One's locations are limited: its small business checking accounts are only available in eight states and Washington, D.C., and you must visit a branch to apply.

Who should consider alternatives to Capital One?

Capital One Business Checks Overview

How to Open a Capital One Business Checking Account

A business checking account with Capital One must be opened in person. The bank has branches in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia and Washington, DC.

What you need to open a Capital One business account

To apply, you'll need to provide basic information about yourself and any additional business owners, including your Social Security number and address.

If your application is approved, a branch representative will guide you through the final steps, including funding your account. There are no minimum deposits for either account.

Once your Capital One business checking account is open, you can order a business debit card and checking if needed, and set up online and mobile banking.

What Capital One Business Checks Are Good For

Unlimited commission-free trading: Both of Capital One's small business checking accounts offer unlimited fee-free transactions, including deposits, withdrawals, and transfers — a rare feature at brick-and-mortar banks, which typically limit monthly transactions and charge fees if you exceed a quota.

ATM Access: Most of the big national banks, including Chase, Wells Fargo, and Bank of America, limit free ATM use to bank-owned machines. Capital One does not.

Capital One partners with the MoneyPass and Allpoint ATM networks, giving Business Check customers access to over 70,000 fee-free ATMs at no extra charge from Capital One. You can withdraw cash at any of these ATMs, but you can only deposit cash at Capital One ATMs.

Where Capital One's business checks fall short

additional fee: Both of Capital One's business checking accounts charge a monthly fee, and while the fee can be waived if you maintain a minimum balance, that hurdle may be too steep for business owners with low profit margins.

Beyond the monthly fee, Capital One has a number of incidental fees, including overdraft and non-sufficient balance fees ($35 each) and international wire transfer fees ($15 for deposits, $40 for withdrawals, and $50 for withdrawals in USD).

Please apply directly as quantities are limited. Capital One accounts are limited to small business owners primarily in eight East Coast states and Washington, DC.

That alone might not be a problem, but coupled with the need to apply in person, it makes banking less convenient for business owners who don't live near a branch or can't get to a branch during regular business hours.