banking

Best Banking for Single-Owner LLCs

Analysis of Each Bank:

1. Chase Bank:

   • Free Services: Offers the Chase Total Checking account with a $12 monthly fee, waivable with $1,500 minimum balance, direct deposits of $500+, or linked Chase accounts. Provides access to 16,000+ fee-free ATMs but does not reimburse out-of-network ATM fees for basic accounts.
   • Business Banking for LLCs: Chase Business Complete Banking has a $15 monthly fee, waivable with $2,000 minimum balance, $5,000 in qualifying deposits, or specific transaction activity. Includes 20 free transactions per month and unlimited electronic deposits.
   • Assessment: Decent free services with waivable fees; business account is accessible but requires activity to avoid fees.

2. Bank of America:

   • Free Services: Advantage Plus Banking has a $12 monthly fee, waivable with $1,500 minimum balance or $250+ in direct deposits. Offers 15,000 fee-free ATMs and international ATM partnerships (e.g., Scotiabank) but charges a 3% foreign transaction fee unless waived by premium accounts.
   • Business Banking for LLCs: Business Advantage Fundamentals Banking has a $16 monthly fee, waivable with $5,000 average balance, $15,000 in linked accounts, or qualifying merchant services. Includes 200 free transactions per month and access to 15,000 ATMs.
   • Assessment: Competitive for LLCs with waivable fees and high transaction limits; strong ATM access but limited free services for basic accounts.

3. Wells Fargo:

   • Free Services: Everyday Checking has a $10 monthly fee, waivable with $500 minimum balance, 10 debit card transactions, or direct deposits of $500+. Offers 11,000 fee-free ATMs but no standard out-of-network fee reimbursement.
   • Business Banking for LLCs: Initiate Business Checking has a $10 monthly fee, waivable with $500 average balance or 10 debit card transactions. Includes 100 free transactions and up to $5,000 in free cash deposits per month.
   • Assessment: Strong for LLCs with low-fee business accounts and easy waiver conditions; personal accounts have standard free services.

4. PNC Bank:

   • Free Services: Virtual Wallet (checking/savings combo) has a $7 monthly fee, waivable with $500 in direct deposits or $500 average balance. Access to 60,000 ATMs via MoneyPass network, with some out-of-network fee reimbursement for higher-tier accounts.
   • Business Banking for LLCs: Business Checking has a $10 monthly fee, waivable with $500 average balance. Includes 150 free transactions and up to $5,000 in free cash deposits per month.
   • Assessment: Good for LLCs with low-cost business accounts; extensive ATM network enhances free services.

5. Truist Bank:

   • Free Services: Truist One Checking has no monthly maintenance fee, a rare offering among major banks. Provides access to 2,800+ ATMs and reimburses one out-of-network ATM fee per month. Overdraft fees are high unless opted out.
   • Business Banking for LLCs: Simple Business Checking has no monthly fee for accounts with less than $3,000 in total transactions. Includes 50 free transactions and $2,000 in free cash deposits per month.
   • Assessment: Excellent for free services with no-fee checking; strong for LLCs with low-transaction needs.

6. KeyBank:

   • Free Services: Key Smart Checking has no monthly fee and no minimum balance requirement. Offers 1,500 fee-free ATMs but does not reimburse out-of-network fees for basic accounts.
   • Business Banking for LLCs: KeyBank Basic Business Checking has no monthly fee for the first 12 months, then waivable with $1,000 average balance or specific transaction activity. Includes 200 free transactions and $10,000 in free cash deposits per month.
   • Assessment: Strong for free services with no-fee checking; competitive for LLCs with generous transaction limits.

Ranking for Free Services and Free Banking for Single-Owner LLCs:

1. Truist Bank: No-fee Truist One Checking and Simple Business Checking with no monthly fee for low-transaction LLCs; ATM fee reimbursement adds value.
2. KeyBank: No-fee Key Smart Checking and Basic Business Checking with no fee for the first year and high transaction limits; limited ATM network.
3. PNC Bank: Affordable business checking with waivable $10 fee and 60,000 fee-free ATMs; personal accounts have modest fees.
4. Wells Fargo: Low-fee business checking ($10, waivable) with 100 free transactions; personal checking fees are easily waived.
5. Bank of America: Higher business account fees ($16, waivable) but generous 200 free transactions; personal accounts require higher balances to waive fees.
6. Chase Bank: Business and personal accounts have waivable fees ($15 and $12), but conditions are stricter; no out-of-network ATM fee reimbursement.

Summary Table

Bank	National Presence (States)	ATM Count	Global Presence	Free Services for LLCs Rank
Chase	48	16,000+	Strong (32 foreign branches)	6th
Bank of America	38	15,000+	Strong (partnerships)	5th
Wells Fargo	36	11,000+	Moderate (10 foreign branches)	4th
PNC Bank	28	60,000+ (with partners)	Weak (1 foreign branch)	3rd
Truist	17	2,800+	None	1st
KeyBank	16	1,500+	None	2nd

Notes:

• National/Global Presence: Chase dominates due to its 48-state coverage and global reach. Bank of America and Wells Fargo follow with broad but incomplete U.S. coverage and varying global presence. PNC, Truist, and KeyBank have limited geographic reach, with Truist and KeyBank lacking global presence.
• Free Services for LLCs: Truist and KeyBank stand out for no-fee checking accounts, ideal for single-owner LLCs with low transaction volumes. PNC and Wells Fargo offer affordable options with easy fee waivers. Chase and Bank of America have higher fees and stricter waiver conditions, making them less competitive for free banking.
• Limitations: Exact ATM locations and international partnership details may vary; check bank websites for real-time locators. Free banking terms depend on meeting specific conditions (e.g., minimum balances), which may not suit all LLCs.

business checking account

Business structure: Determine your business structure, such as whether you are a sole proprietorship, partnership, LLC, or corporation. This will affect the documentation required to open a business account.

Fees: Different banks have different fee structures for business accounts, so it's important to compare fees and charges to find the best fit for your business needs.

• $15 MSF (Monthly Service Fee)
• $2000 deposits
• $2,000 expenditures

Minimum balance requirements: Some banks require a minimum balance to avoid fees, so make sure you understand the minimum balance requirements of the account you are considering.

• $30k tier
• $2k tier

Account features: Look for account features that suit your business needs, such as online banking, mobile banking, bill pay, and overdraft protection.

Deposit and withdrawal limits: Some banks may have limits on the amount of cash you can deposit or withdraw from your account, so make sure you understand the limits and how they may impact your business.

Accessibility: Look for a bank with convenient branch and ATM locations for your business needs.

Business documentation: Be prepared to provide documentation such as your business license, articles of incorporation, and tax ID number when opening a business account.