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Business bank account review

Bluevine Business Checking

Online business checking from a fintech, held at Coastal Community Bank, with a $0 Standard plan, cash deposits at Allpoint+ ATMs and Green Dot stores for a fee, and interest on checking when you meet an activity goal.

By BluevineParent company: Bluevine Inc.

RTC SCORE

4.3

#9 of 13 with enough data

What we like

  • Standard plan with a $0 monthly fee, no minimum balance and no limit on the number of transactions.
  • Takes cash at 1,500+ Allpoint+ ATMs ($1 plus 0.5% per deposit) and 90,000+ Green Dot stores ($4.95 per deposit).
  • Up to $3,000,000 in FDIC coverage through Coastal Community Bank and its sweep program banks.

What to watch

  • Cash is capped at $7,500 per rolling 30 days per network, and every cash deposit has a fee.
  • Outgoing domestic wires cost $15 on the Standard plan.
  • The Plus and Premier fees are waived only if you meet a balance and a card spending requirement together.

How the score breaks down

RTC Score4.3out of 10

Methodology v1.0.0

Data completeness90%

We could verify 90% of the scoring data

Strongest points
How easy the monthly fee is to avoid, 12-month cost (reference restaurant), Where you can deposit cash
Weakest point
12-month cost (reference restaurant)

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%StrongestWeakest1.6 out of 10

    $504 over 12 months

  • Where you can deposit cashWeight 10%Strongest5.0 out of 10
  • Cash deposit limitWeight 10%4.0 out of 10
  • Owner with an ITIN and no SSNWeight 10%4.0 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%10.0 out of 10
  • Outgoing domestic wire feeWeight 5%5.7 out of 10
  • Mobile check depositWeight 4%10.0 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: Bluevine / Coastal Community Bank (opens in a new tab)Standard plan. Plus is $30 and Premier $95 a month.
How to avoid the monthly feeNo monthly feeSource: Bluevine (opens in a new tab)
Transactions included a monthN/ASource: Bluevine (opens in a new tab)No per-transaction fee. Some payment types have their own fee (paper check payments $1.50, same-day ACH $10, wires).
Each transaction over the included onesN/ASource: Bluevine (opens in a new tab)
Outgoing domestic wire$15 one-timeSource: Bluevine / Coastal Community Bank (opens in a new tab)Standard plan; $12 on Plus and $7.50 on Premier.
Minimum opening deposit$0Source: Bluevine (opens in a new tab)
Other feesStandard plan: paper check payment $1.50, outgoing same-day ACH $10, incoming international wire $15, outgoing international wire $25 in USD (plus 1.5% in another currency), expedited card replacement $30, additional checkbook $30, one-time $10 dormancy fee after inactivity, $2.50 per ATM withdrawal outside MoneyPass. Plus and Premier pay less for most of these.Source: Bluevine / Coastal Community Bank (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsYesSource: Bluevine (opens in a new tab)Only through Allpoint+ ATMs and Green Dot stores; Bluevine has no branches and does not take cash by mail.
Where you deposit cashPartner ATM network (e.g. Allpoint+), Retail stores (e.g. Green Dot)Source: Bluevine (opens in a new tab)
Cash deposited free each month$0/moSource: Bluevine / Coastal Community Bank (opens in a new tab)Every cash deposit has a fee: $1 plus 0.5% at Allpoint+ ATMs, or $4.95 at Green Dot stores, on all three plans.
Cash deposit limitPublished capSource: Bluevine / Coastal Community Bank (opens in a new tab)
Most cash a month$7,500/moSource: Bluevine / Coastal Community Bank (opens in a new tab)$7,500 per rolling 30 days at each network. The agreement does not say whether the two networks' limits add up, so we count $7,500. Bluevine may allow more at its discretion.
Bank and deposit insurance
Data pointValue
Who holds the moneyA fintech, through a partner bankSource: Bluevine (opens in a new tab)
Bank that holds the depositsCoastal Community Bank, Member FDICSource: Bluevine / Coastal Community Bank (opens in a new tab)
Most FDIC coverage offered$3,000,000Source: Bluevine (opens in a new tab)Through a sweep program you are enrolled in unless you opt out; it multiplies the standard $250,000 across several banks.
Requirements to open
Data pointValue
What the owners must giveThe business's EIN confirmation letter and details; for you and anyone who owns 25% or more: home address, phone, date of birth, SSN and ownership percentage, and Bluevine may ask for a driver's license. Owners applying from a supported country outside the U.S. give a valid passport instead of an SSN and a U.S. legal address. It does not mention ITIN.Source: Bluevine (opens in a new tab)
Owner with an ITIN and no SSNNot published for business checkingSource: Bluevine (opens in a new tab)Bluevine asks U.S. owners for an SSN and international owners for a passport; neither its FAQ nor its help article on applying mentions ITIN.
Open onlineOnlineSource: Bluevine (opens in a new tab)
Day to day
Data pointValue
Mobile check depositYesSource: Bluevine (opens in a new tab)
ATM withdrawalsNo Bluevine fee at 37,000+ MoneyPass ATMs; $2.50 per withdrawal at other ATMs, plus what the operator charges. Cash withdrawals are capped at $2,000 a day.Source: Bluevine (opens in a new tab)
Accounting software it connects toQuickBooksSource: Bluevine (opens in a new tab)
Interest on the checking balanceVariable. Standard: 1.3% APY on balances up to $250,000 if each month you spend $500 with the Bluevine debit card or receive $2,500 in customer payments. Plus: 1.75% up to $250,000. Premier: 3.0% on all balances.Source: Bluevine (opens in a new tab)
Account agreement and closing
Data pointValue
Fee to close the accountUnconfirmedSource: Bluevine / Coastal Community Bank (opens in a new tab)The Schedule of Fees in the agreement lists no closing fee, and the agreement says the bank may keep a remaining balance under $2.00; Bluevine does not state in writing that closing costs $0.
Minimum termMonth to monthSource: Bluevine / Coastal Community Bank (opens in a new tab)No minimum term. If you cancel Plus or Premier, the benefits last until the end of that billing cycle.
Closing clauseYou can close the account by email or phone to customer support. Any remaining balance is mailed to you by check within 14 business days; the bank may keep a balance under $2.00, and funds can be held if fraud is suspected.Source: Bluevine / Coastal Community Bank (opens in a new tab)
Right to change feesThe bank and Bluevine may amend the agreement at any time by posting it on the website, effective on posting. They say they will give reasonable written notice of an adverse change to the extent possible; if you don't agree, you can close the account.Source: Bluevine / Coastal Community Bank (opens in a new tab)
Language
Data pointValue
Business pages in SpanishNo data
Support in SpanishNo data

More about Bluevine Business Checking

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