Published December 22, 2021 by WC Team

Capital One Business Checking: 2021 Review

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Capital One Business Checking Accounts: What You Need to Know

You've probably heard of Capital One's business suite. Especially if you're a small business owner looking for new financing tools and solutions.

Capital One is known for its small business friendly products. It provides a range of options within this suite including business credit cards as well as lines of credit. Plus, even corporate bank accounts including checking and savings accounts.

Types Of Capital One Business Checking Accounts

Capital One Spark Business Unlimited Checking

This is a checking account offered by Capital One. Spark Business Unlimited Checking or a Capital One Business Checking account is meant to handle somewhat bigger small enterprises with additional flexibility in terms of cash deposits and wire transfers.

This Capital One Spark Business Checking account has a higher fee-waiving threshold. Making it appropriate for businesses with significant transaction volumes and balances.

Transactions

The Capital One Unlimited Checking account enables you to make unlimited monthly transactions. This means you won't have to worry about combining purchases. Or transferring transactions from month to month.

There is no limit on free monthly transactions. Which means, you won't be penalized for often investing in your business.

Deposits In Cash

The Spark Unlimited account does not charge any fees for cash deposits. It allows you to deposit $5k per month before charging $1 for every $1k deposited. 

It is important to note that according to Capital One this account is intended for businesses with monthly cash deposit needs of less than $40,000 per month.

Wires 

Wires are another area where Spark Unlimited outperforms Spark Basic. You can receive an unlimited number of incoming domestic wires for free with this account. 

You'll also be able to transmit your first five domestic outbound wires for free. However, after the first five you'll have to pay $25 for every outbound domestic wire transfer. 

On the other hand, international wire transfers will be subject to the same costs as the Spark Basic Business Checking account. 

You'll pay $15 for an incoming international wire plus $40 for an outbound transfer in a foreign currency. And $50 for an outgoing transfer in US dollars.

Capital One Spark Business Basic Checking

Although Capital One offers two distinct business checking account options. Including Spark Business Basic Checking and Spark Business Unlimited Checking.

Transactions

This Capital One Spark Company Checking account has unlimited fee-free transactions. It is an important feature for business owners searching for a checking account.

This is rather unusual for a checking account from a typical bank for small businesses. It clearly distinguishes Capital One from competitors such as Chase or Bank of America.

As a result, it's comforting to know that you won't have to worry about fees when you spend with your Spark Basic account. Regardless of how many transactions you make or how many times you spend every month.

Deposits In Cash

The Capital One Basic Checking account lets you make free cash deposits of up to $5k each month. 

Once you've hit the cash deposit limit, you'll be required to pay $1 for every $1k you deposit in cash.

Wires 

You have to pay a certain amount of money to send and receive wires with this Capital One Small Business Checking account.

Domestic wires will cost you $15 for each incoming wire and $25 per outbound wire. On the other hand, international wires cost $15 per incoming wire. And $40 per outbound wire in a foreign currency or $50 per outbound wire in US dollars.

Choose From The Capital One Spark Business Accounts

It all comes down to what your company needs in a business checking account. And which of these two alternatives best satisfies those requirements.

While you look for the best account for your company you should analyze and compare business bank account characteristics. Such as:

They both provide limitless transactions, free mobile check deposits, online bill pay and account management. Plus, a complimentary Capital One business debit card.

Capital One Business Checking Accounts: Pros and Cons

With that in mind let's continue our Capital One Small Business Checking account review. We will start by talking about how these accounts differ from other business checking accounts on the market.

Pros

Access To ATMs And Branches

Another significant advantage is their branch and ATM availability. With either of these accounts you may use your debit card at Capital One ATMs for free as well as deposit cash. And you can consult with an account counselor in person if needed.

Online only banks provide several unique features but lack the benefits of regular brick and mortar banks.

But if cash deposits or in-person access are critical to your firm the Capital One Business Checking solutions will provide significant benefits.

Transactions Each Month Are Unlimited.

The major benefit of any Capital One Business Checking account is the unrestricted monthly transaction allowance. It is a feature that is rare for regular bank business checking accounts.

For example Chase business checking accounts limit the amount of free monthly transactions.

As a result either of these accounts will allow you to make deposits, withdrawals and non-wire transfers. That too without incurring fees or exceeding monthly limitations.

Cons

There Are No Online Applications.

One of the most important disadvantages of Capital One Business Checking accounts is that you may only apply in person at a branch location.

Capital One only has locations in certain states unlike Chase or Bank of America. As a result, access to Capital One's business checking accounts is generally restricted by region.

Fees For Wiring

The Spark Unlimited account provides more flexibility in wire transfers than the Spark Basic account. But relatively high costs connected with wire transfers may be a major disadvantage for both accounts.

This is especially true if you'll be sending or receiving foreign wires. As both of these Capital One Spark Business Checking accounts charge for international wires whether you're sending or receiving them.

Top Alternatives

Chase Business Checking

You may select from various competitive business checking account options on the market. Let's take a look at four of the most popular ones.

If you want a more conventional bank's Capital One Spark Business Checking alternative then you may look at one of the three Chase business checking accounts.

Chase's business checking products can be a good fit for a wide range of enterprises. It has three types of accounts. Each offers its own set of unique features and is accordingly priced.

the Chase Business Complete Banking account is a terrific Capital One option. Especially if you're searching for a brick-and-mortar bank account with well-rounded features. 

And suppose you want a greater number of monthly transactions. Then in that case you can select the Chase Performance Business Checking account or the Chase Platinum Business Checking account.

Bank Of America Business Checking Accounts

Business Advantage Fundamentals Checking and Business Advantage Relationship Checking are the two types of business checking accounts offered by Bank of America. 

You'll receive 200 free monthly transactions with the Advantage Fundamentals Checking account. Plus, you can deposit up to $7,500 in cash per month with no fee. And use your Bank of America business debit card for free at any BoA ATM in the United States. 

With the Spark Basic Checking account, you'll have to pay for domestic and international wires. Bank of America offers the Business Advantage Relationship account. This is recommended especially if you want more flexibility with your business checking account. As it allows free monthly transactions and a higher cash deposit limit. While it has a higher monthly fee it also has two different ways for you to waive the fee.

The Bottom Line

Capital One Business Checking accounts is a smarter choice. Especially when compared to a traditional brick and mortar bank that enables unlimited monthly transactions. However, they are location restricted.

If these accounts are not available in your location, we recommend researching alternatives. 

And if you're serious about working with Capital One for your business or personal affairs then you still have choices. 

Capital One provides one of the most competitive business credit card suites on the market as previously mentioned. The Capital One Spark Business Cards plus a variety of additional products are geared for small businesses. 

But if you need a new personal checking account then consider the Capital One 360 Checking account. It is available online and is free.

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