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Business bank account review

Axos Basic Business Checking

Online business checking from Axos Bank with no monthly maintenance fee, no minimum opening deposit, unlimited transaction processing, unlimited domestic ATM fee reimbursements and two outgoing domestic wire fees reimbursed each month.

By Axos Bank
Not enough data to score

Not enough verified data yet

We've verified 6 of 10 key facts for this account. Until we reach 80%, this page shows what we have, with sources, and it isn't a full review.

What we like

  • No monthly maintenance fee and no minimum opening deposit.
  • Unlimited transaction processing and unlimited domestic ATM fee reimbursements.
  • Incoming wires are free and two outgoing domestic wire fees ($15 each) are reimbursed a month.

What to watch

  • Axos doesn't publish how a business deposits cash into Basic Business Checking.
  • Signers must have a Social Security number; Axos doesn't publish an ITIN option for business accounts.
  • The account doesn't earn interest.

How the score breaks down

RTC ScoreNot enough data

Methodology v1.0.0

We could verify less than 60% of what we score, so we don't rank it.

Data completeness38%

We could verify 38% of the scoring data

Strongest points
How easy the monthly fee is to avoid, Open online, Mobile check deposit
Weakest point
Owner with an ITIN and no SSN

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%No data
  • Where you can deposit cashWeight 10%No data
  • Cash deposit limitWeight 10%No data
  • Owner with an ITIN and no SSNWeight 10%Weakest0.0 out of 10
  • Fee to close the accountWeight 10%No data
  • How easy the monthly fee is to avoidWeight 8%Strongest10.0 out of 10
  • Accounting software it connects toWeight 6%5.0 out of 10
  • Open onlineWeight 5%Strongest10.0 out of 10
  • Outgoing domestic wire feeWeight 5%5.7 out of 10
  • Mobile check depositWeight 4%Strongest10.0 out of 10

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Fees
Data pointValue
Monthly fee$0/moSource: Axos Bank (opens in a new tab)
How to avoid the monthly feeNo monthly feeSource: Axos Bank (opens in a new tab)
Transactions included a monthN/ASource: Axos Bank (opens in a new tab)No per-transaction fee. Remote Deposit Anywhere (check deposit by scan or app) has a processing limit of 60 items a month.
Each transaction over the included onesNo data
Outgoing domestic wire$15 one-timeSource: Axos Bank (opens in a new tab)Basic Business Checking reimburses two outgoing domestic wire fees a month.
Minimum opening deposit$0Source: Axos Bank (opens in a new tab)
Other feesOutgoing international wire $50 (incoming wires free), non-sufficient funds paid or returned $25 per item (up to $75 a day), deposited item returned $10, stop payment $10 online or $35 with help, paper statement $5, official check $10, rush card delivery $50, bank verification letter $35, 1% on debit card foreign currency transactions.Source: Axos Bank (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsUnconfirmedSource: Axos Bank (opens in a new tab)Axos doesn't say on its Basic Business Checking page or its business FAQ how a business deposits cash. Its business deposit agreement mentions cash at California branches and at non-Axos ATMs only when explaining funds availability, with no fees or limits for this account.
Where you deposit cashUnconfirmedSource: Axos Bank (opens in a new tab)Not published for business checking; see the cash deposits note.
Cash deposited free each monthNo data
Cash deposit limitUnconfirmedSource: Axos Bank (opens in a new tab)Axos doesn't publish cash deposit limits for business checking.
Most cash a monthNo data
Bank and deposit insurance
Data pointValue
Who holds the moneyThe bank itself (FDIC member)Source: Axos Bank (opens in a new tab)
Bank that holds the depositsAxos Bank, Member FDIC (FDIC Certificate 35546)Source: Axos Bank (opens in a new tab)
Most FDIC coverage offered$265,000,000Source: Axos Bank (opens in a new tab)Standard coverage is $250,000. The larger figure needs the IntraFi Insured Cash Sweep, which spreads deposits across other banks; money you already have at those banks counts toward the same limit.
Requirements to open
Data pointValue
What the owners must giveAxos asks for the business's Employer Identification Number, a Social Security number if you are a sole proprietor, ownership agreements, business license and articles of incorporation or organization. Signers don't need U.S. citizenship but must be U.S. residents with a physical U.S. address and a Social Security number; a passport is accepted as ID, and non-citizens may be asked for a passport and permanent resident card.Source: Axos Bank (opens in a new tab)
Owner with an ITIN and no SSNThe bank publishes that an SSN is requiredSource: Axos Bank (opens in a new tab)
Open onlineOnlineSource: Axos Bank (opens in a new tab)
Day to day
Data pointValue
Mobile check depositYesSource: Axos Bank (opens in a new tab)
ATM withdrawalsWithdraw cash at any ATM nationwide; Basic Business Checking reimburses domestic ATM fees without a limit.Source: Axos Bank (opens in a new tab)
Accounting software it connects toQuickBooksSource: Axos Bank (opens in a new tab)Direct Connect and Web Connect with QuickBooks Desktop and Online; exports in CSV, QBO, QFX and OFX.
Interest on the checking balanceBasic Business Checking does not earn interest.Source: Axos Bank (opens in a new tab)
Account agreement and closing
Data pointValue
Fee to close the accountUnconfirmedSource: Axos Bank (opens in a new tab)The schedule of fees lists no account closing fee. Only the START200 promotion charges up to $200 if the account closes within 180 days.
Minimum termMonth to monthSource: Axos Bank (opens in a new tab)No minimum term in the agreement; you notify Axos to close. The START200 promotion asks the account to stay open 180 days.
Closing clauseYou close the account by notifying Axos, which may ask for the notice in writing. The schedule of fees has no closing fee; only accounts opened with the START200 promotion may be charged up to $200 if closed within 180 days.Source: Axos Bank (opens in a new tab)
Right to change feesAxos may change the agreement's terms without prior notice except where the law requires it, and changes take effect immediately unless a notice says otherwise; continuing to use the account means you accept them.Source: Axos Bank (opens in a new tab)
Language
Data pointValue
Business pages in SpanishNo data
Support in SpanishNo data

More about Axos Basic Business Checking

How we score