Radius Bank Small Business Checking Review – 2019

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  • Radius Bank’s business checking accounts are best for those businesses looking for an online-only bank.
  • There are no introductory offers for businesses looking to open a checking account with Radius Bank at this time.
  • There are 20,000 ATMs Radius accepted ATMs nationwide you can use without incurring a fee.
  • Radius Bank is a completely online financial service with no physical locations.
  • Radius Bank offers 0.75% APY on balances up to $10,000 and unlimited transactions.
  • Like a lot of other banks, Radius Bank is completely online and there are no in-person customer service options (except for one in Boston).
  • To open a business checking account, you must contact a business specialist directly via phone or email unless you are already a personal checking customer.

Is Radius Bank easy to use?

Whether you are a small business or large corporation there are online-only business checking options for the financial services you need at Radius Bank. The banking suit at Radius has a variety of accounts and different packages to meet different business checking needs. The online-only banking system is easy to use and you can set up your account with a business relationship representative.

What are Radius Bank’s checking account options?

There are four different Business Checking Accounts to choose from:

Tailored Checking

This account is best for small businesses, sole proprietors, freelancers, and independent contractors.

Relationship Checking

For those organizations that need support for 200-400 transactions per month and will have multiple accounts.

Account Analysis Checking

Best for high-activity organizations looking for more cash flow management services with a focus on fraud protection.

Interest Checking

This account is designed for union, municipal, and not-for-profit organizations.

Does Radius Bank offer checking account bonuses?

There are no introductory offers for businesses looking to open a checking account with Radius Bank at this time.

What are Radius Bank’s fees?

The fees at Radius Bank for their business checking accounts are pretty standard if not on the lower side of the spectrum. The following fees you might encounter while banking with Radius are:

  • Domestic Wire In Fee: $10
  • Domestic Wire Out Fee: $18
  • International Wire In Fee $10
  • International Wire Out Fee: $40
  • Daily Overdraft Fee: $5 (per day)
  • Money Order Fee: $3
  • Monthly Maintenance Fee: $15 (on accounts with a balance lower than $10,000)

How big is Radius Bank?

Radius Bank is headquartered in Boston, MA and has a financial center and ATMs located there as well as a Customer Service Department and a team of relationship managers. They are a smaller bank with assets totaling $1 billion. As largely a virtual bank, they offer personalized more community-oriented attention and have services tailored to fit the needs of not-for-profit, government, and union organizations. The bank was started in 1987 and is an FDIC member and Equal Housing/ Equal Opportunity Lender. There are over 20,000 Radius compatible ATMs nationwide for customer convenience.

What are Radius Bank’s checking accounts features?

Radius Bank has a lot of special features that apply to nearly all four business checking accounts. There is a feature for nearly every aspect of business banking from merchant services to interest-earning accounts.

Interest-based Checking

  • 0.75% APY on balances of $10,000 & up

Mobile Banking App

  • Deposit checks securely
  • Check balances and view your latest account balance and search recent transactions
  • Transfer funds between accounts
  • Pay bills set up through the bill pay service
  • Place wire transfers to funds or entities
  • ACH functionality for approving and initiating ACH transfers
  • Place stop payments on items
  • Find a location or ATM near you
  • Receive alerts to monitor account activities via message, email, text, or call
  • Contact customer service in secure chat rooms
  • Reorder checks 
  • Access business credit cards, merchant services, and payroll services 

Positive Pay

  • Available to Account Analysis Checking clients only
  • Premium Business Online Banking is required to use Positive Pay
  • Validate check number and amount against your check issue file 
  • Receive a notification when checks presented for payment do not match items contained in your electronic check issue file 
  • Gain the ability to make “pay” or “return” decisions on these rejected items 
  • Added security to prevent or mitigate check fraud 

e Capture 2 Remittance Processing

  • Enhanced Remote Deposit Capture
  • Combines check and electronic remittance capture information through scanner and image technology
  • The capture of check payments and remittances quicker
  • Reduces data storage and delivery costs 
  • Allows secure access to remittance, checks and related correspondence online 

How do I open a Radius Bank account?

To open a Radius Bank business checking account, you have to contact their business relationship team via email or phone.

Summary

There are a lot of different options for businesses looking for an online-only banking solution at Radius. If you are okay with not having branch access, then Radius could be a good option since you’ll be able to accrue interest on your accounts up to $10,000. There are relatively low fees and some nice cash management services to complement their checking accounts. The mobile app and web portal are easy to use and there is solid customer support thanks to the specially designated business relationship team.

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