Small Business Bank Small Business Checking Review – 2019

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  • This business checking account is best for micro businesses or small businesses looking for an entirely mobile and online banking solution.  
  • Small Business Bank offers a free checking account with no fees and no minimums.
  • The micro and small business checking account has a very low fee schedule and no monthly fees.  
  • The bank network only has one location in Kansas and no ATMs.
  • Free mobile banking with free remote deposits.
  • There are no bank locations or ATMs and few special features.
  • You can apply for this business checking account online from start to finish.

Is SBB easy to use?

Small Business Bank‘s small business checking accounts are designed for easy use and cater to those companies with less than five employees. This makes up 92% of all businesses in the U.S. and Small Business Bank is here to hone in on that niche with a low-no fee banking solution. They have a mobile app that is compatible with iOS and Android phones that allow for mobile deposits on the go.

What are SBB’s checking account options?

There are limited options as far as the size of business this bank can accommodate. There is one checking account, the Free Micro Business Checking account for really small businesses. There is an additional High Yield Business Savings account that is also free. The account has interest rates between 0.49%-.99% depending on the funds stored therein. The account is FDIC insured up to $250,000 for a secure savings account with higher interest rates.

Does SBB offer checking account bonuses?

Small Business Bank offers a free business checking account geared towards micro businesses. There are no limits, monthly fees, or minimum balances when you get a micro business checking account at Small Business Bank. This isn’t so much a promotion or offer, it is how their business checking is designed.

What are SBB’s banking fees?

Small Business Bank is a low-fee, micro business checking option that has the most competitive fee schedule of any online bank for very small businesses. Here are some of the fees you might encounter when banking with Small Business Bank:

  • Money Orders: Free
  • Cashier’s Check Fee: Free
  • Dormant Account Fee: $2 per month
  • Return on Deposited Item: $2
  • Domestic Incoming Wire Transfer Fee: $15
  • Stop Payment Fee: $25
  • Insufficient Funds/Overdraft Fee: $25
  • Mailed Statements: $10 per month

How big is SBB?

Small Business Bank used to be called Gardner Bank and is a member of the Federal Reserve system. It started as a Kansas headquartered bank serving the city since 1984. Despite having its roots in Lenexa, Kansas, the bank now services small businesses in all 50 states across the nation. The customer support team is not 24/7, but they are ready to assist with financial needs during business hours. Small Business Bank is part of the Shazam ATM network and no fees apply at those ATMs for Small Business Bank account holders.

What are SBB’s checking account features?

There are very few special features and now cash flow management solutions at Small Business Bank.

Here are the basic features that do come standard with the Micro Business Checking Account:

  • Free online banking and bill pay
  • Free mobile deposits using the easy-to-use Small Business Bank mobile app
  • Free ATM withdrawals at any Shazam ATM location
  • A free FDIC-insured account
  • High Yield Business Savings Account with 0.49% APY on funds up to $100,000 and 0.99% for any over $100,000.

How do I open an SBB account?

To open an account with Small Business Bank, all you need to do is fill out their four-step form. You will need to provide the following information on the application to complete the process:

  • First and last name
  • Your residential address
  • Your email address and mobile phone number
  • Social security number
  • Date of Birth
  • Driver’s license information or U.S. Passport number

Lastly, you will need to provide your company name and electronic signature agreeing with the Terms and Conditions of the account. As of this August, Small Business Bank is no longer offering checking or savings accounts to Not for Profit Organization on a remote basis. Only those Not for Profits located near the Kansas branch can apply for checking or savings accounts.

Summary

Small Business Bank takes into account the struggles that small businesses face. They are looking to create an online and mobile banking solution for companies with less than ten employees who do not have high transaction volumes. Their free account with no minimum and no monthly fee is the perfect option for a sole proprietor or micro business owner who doesn’t need the frills and support of a large banking network. If you have low transaction volume, few employees, and do not need in-person support Small Business Bank is an FDIC-insured way to store your business’s funds and profits. If you anticipate your business will grow rapidly then Small Business Bank might not be the way to go, they really only offer services to Micro businesses.

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