TIAA Bank Small Business Checking Review – 2019

TIAA-Direct

  • This checking account is best for small businesses who are either located in Florida or would like to bank online.
  • There are no introductory offers at this time for business checking accounts at TIAA.
  • $1,500 to open select checking accounts and minimums to avoid monthly maintenance fees.
  • There are no branches or TIAA ATMs outside of Florida.
  • Deposit checks from anywhere and choose from several overdraft protection options.
  • There are very few branch locations and only a few in-network ATMs.
  • You can open a business checking account by submitting an application and faxing the required documentation or sending via mail.

Is TIAA banking easy to use?

The TIAA Bank business checking accounts are easy to use and fully equipped with standard web portals and mobile apps for banking without branch support from anywhere in the country. It might be difficult for some to manage banking completely online and meet the monthly minimum requirements and deposits for their checking accounts. There is 24/7 customer support to make financial solutions easy to access.

What are TIAA’s checking account options?

There are four different accounts bank customers can choose from to meet their business’ specific needs:

Business Checking

For low volumes everyday checking

  • Low fee account
  • First 200 items free every month

Small Business Checking

For sole proprietors and single-owner LLCs only

  • High yields on balances

Non-Profit Checking

For non-profit business checking only

  • Low fee
  • High yields on all balances

Analysis Checking Solutions

For businesses looking to earn more and offset transaction fees

  • Two accounts to choose from
  • Competitive earnings credit rate
  • 0.61% APY on balances from $100K to under $1M
  • $1,500 to open

Does TIAA offer checking account bonuses?

There are no introductory offers at this time for TIAA business banking customers to take advantage of. Check back at a later date to see if there are new promotions before signing up or ask a banking representative.

What are TIAA’s banking fees?

TIAA bank has a competitive fee schedule compared with other online-only business checking accounts. Here are some of the fees you might encounter when banking at TIAA:

  • Monthly Maintenance Fee: $15-$25 for accounts with balances lower than the minimum
  • Online Bill Pay: 10 free bill payments per month and $0.50 for every bill payment thereafter
  • Per Item Charge: first 200 items are free $0.25 for every item thereafter
  • International Wire Transfer Fee: $35
  • Domestic Wire Transfer Fee: $25
  • Overdraft Protection Fee: $25 for payment late charge

You can avoid the monthly maintenance fee with different balances. Each checking account requires an initial minimum deposit of $1,500.

How big is TIAA bank?

The TIAA Bank Network is based in Jacksonville, Florida and is a financial services company that offers mortgages, investment options, personal banking, and business banking. It is now a mostly online bank with $34 billion in assets as of 2018. There is live 24/7 phone and chat support, but no ATMs or branches outside of Florida.

What are TIAA’s checking account features?

There are standard special features that come with every business checking account at TIAA bank like mobile capture check deposits, overdraft protection options, merchant services, and other cash flow management services. Here are the main special features for business banking accounts:

Merchant Services

Elavon has solutions to give businesses fast access to funds in 24-48 hour periods with other terminal financial service solutions like wireless Point-of-Sales terminals to meet your business needs. Here are all the merchant services offered at TIAA:

  • Electronic check services
  • Accept payment with a mobile device
  • Accept international MasterCard® and Visa®cards
  • Electronic gift cards, fleet cards, and corporate purchasing cards
  • Electronic benefits transfer

Easy Deposits

When you need to make a deposit into your business checking account TIAA offers you several different options.

  • High volume Remote Deposit Capture solution for businesses who have a lot of checks to deposit with multiple online banking users. ($35 per month)
  • Low volume Online Check Deposit solution for those businesses that have 50 or fewer deposits to make a month. (free)

Overdraft Protection

Have peace of mind with TIAA’s overdraft protection options for broad prevention.  

  • Money market protection with no transfer fee and up to six automatic transfers per month.
  • Line of credit protection has no transfer fee and auto transfers and repays from checking with a $25 payment for late charges.

How do I open a TIAA account?

You can open a business checking account by submitting an application and faxing the required documentation or sending via mail. The form is found online and requires you to provide the following information:

  • 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
  • Information about your business type (Partnership, Sole Proprietorship LLC etc.)

Start your application process today or call a bank specialist during business hours (E.T.) to get a business checking account opened.

Summary

The initial deposits, even for small business, are higher than most banks and it isn’t super easy to waive the monthly maintenance fee. That said, the monthly maintenance fees are avoidable and the fee schedule competitive compared to other online banks. If you are looking to online-bank exclusively TIAA Bank is a perfectly acceptable choice. There are no introductory offers to really bring new customers in the door and the features are not exceptional in any way. If you are a small business or sole proprietor, you might be able to find a more streamlined micro business checking account with lower fees and no minimums.

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