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Business bank account review

Capital One Business Basic Checking

Business checking from Capital One, N.A. with a $15 monthly fee that an average balance waives, unlimited digital transactions, $5,000 of teller cash deposits included each month and free cash deposits at Capital One and select Allpoint ATMs.

By Capital OneParent company: Capital One, N.A.

RTC SCORE

6.7

#3 of 13 with enough data

What we like

  • Cash at Capital One and select Allpoint ATMs has no fee and doesn't count toward the $5,000 of teller cash included each month.
  • The $15 monthly fee is waived with a minimum average balance over 30 or 90 days.
  • Unlimited digital transactions and no fee at more than 70,000 Capital One, MoneyPass and Allpoint ATMs.

What to watch

  • On Basic Checking, teller cash over $5,000 a month costs $1 for each thousand dollars.
  • Outgoing domestic wires cost $25 and incoming ones $15 on Basic Checking.
  • The agreement allows an early-closing fee whose amount is not published.

How the score breaks down

RTC Score6.7out of 10

Methodology v1.0.0

Data completeness84%

We could verify 84% of the scoring data

Strongest points
12-month cost (reference restaurant), Where you can deposit cash, Cash deposit limit
Weakest point
12-month cost (reference restaurant)

Score by criterion

  • 12-month cost (reference restaurant)Weight 32%StrongestWeakest7.0 out of 10

    $180 over 12 months

  • Where you can deposit cashWeight 10%Strongest10.0 out of 10
  • Cash deposit limitWeight 10%Strongest10.0 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%6.0 out of 10
  • Accounting software it connects toWeight 6%No data
  • Open onlineWeight 5%10.0 out of 10
  • Outgoing domestic wire feeWeight 5%2.9 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$15/moSource: Capital One (opens in a new tab)Basic Checking. Enhanced Checking costs $35 a month.
How to avoid the monthly feeKeep a minimum or average balanceSource: Capital One (opens in a new tab)Also waived for up to 2 Basic accounts if the business has an Enhanced Checking account, and for nonprofits.
Transactions included a monthN/ASource: Capital One (opens in a new tab)Digital transactions (mobile deposits, ACH payments and select bill pay options) are unlimited, and the Basic fee sheet lists no per-item fee other than teller cash. The sheet says other fees not listed are available from a banker.
Each transaction over the included onesNo data
Outgoing domestic wire$25 one-timeSource: Capital One (opens in a new tab)Basic Checking. Enhanced Checking includes five free outgoing domestic wires a month, then $25.
Minimum opening depositUnconfirmedSource: Capital One (opens in a new tab)Capital One does not publish a minimum opening deposit for Basic Checking; we looked on its product page and its fee sheet.
Other feesBasic Checking: incoming domestic wire $15, outgoing international wire $40 in foreign currency or $50 in U.S. dollars, $2 per withdrawal at ATMs outside Capital One, MoneyPass and Allpoint (plus the owner's fee), cashier's check $10, overdraft or returned item $35, stop payment $35.Source: Capital One (opens in a new tab)
Cash deposits
Data pointValue
Accepts cash depositsYesSource: Capital One (opens in a new tab)
Where you deposit cashBank branch, The bank's own ATMs, Partner ATM network (e.g. Allpoint+)Source: Capital One (opens in a new tab)Branches (and Capital One Cafés, per the checking page), Capital One ATMs and select Allpoint ATMs; which Allpoint ATMs take cash depends on your location.
Cash deposited free each month$5,000/moSource: Capital One (opens in a new tab)With a teller. Cash at Capital One and select Allpoint ATMs has no fee and does not count toward the $5,000.
Cash deposit limitNo published monthly capSource: Capital One (opens in a new tab)No monthly cap is published for Basic Checking; the agreement lets the bank set a daily in-person limit or refuse a large cash deposit. Enhanced Checking is designed for cash deposits under $40,000 a month.
Most cash a monthN/ASource: Capital One (opens in a new tab)
Bank and deposit insurance
Data pointValue
Who holds the moneyThe bank itself (FDIC member)Source: Capital One (opens in a new tab)
Bank that holds the depositsCapital One, N.A., Member FDICSource: Capital One (opens in a new tab)
Most FDIC coverage offered$250,000Source: Capital One (opens in a new tab)
Requirements to open
Data pointValue
What the owners must giveCapital One asks for personal identification (Social Security card and/or personal tax return) and each owner's Social Security number, date of birth, address and ownership percentage, plus the business's tax ID and formation documents. Applicants must be at least 18 and a legal U.S. resident. It does not mention ITIN or passport for business checking.Source: Capital One (opens in a new tab)
Owner with an ITIN and no SSNNot published for business checkingSource: Capital One (opens in a new tab)Capital One lists the owners' Social Security number among the information to have on hand and does not mention ITIN.
Open onlineOnlineSource: Capital One (opens in a new tab)It can also be opened at a branch or with a business banker.
Day to day
Data pointValue
Mobile check depositYesSource: Capital One (opens in a new tab)
ATM withdrawalsNo fee at Capital One, MoneyPass and Allpoint ATMs (70,000+); $2 per withdrawal at other ATMs, plus the owner's fee.Source: Capital One (opens in a new tab)
Accounting software it connects toNo data
Interest on the checking balanceBasic Checking does not earn interest.Source: Capital One (opens in a new tab)
Account agreement and closing
Data pointValue
Fee to close the accountNot publishedSource: Capital One (opens in a new tab)The agreement allows a fee for closing early, but the Basic and Enhanced fee sheets don't publish an amount or a period.
Minimum termMonth to monthSource: Capital One (opens in a new tab)No minimum term; you close with written notice once fees are paid and items have cleared. The bank may charge an early-closing fee it does not publish.
Closing clauseYou can close the account at any time with written notice, once all fees are paid and all items have been paid or collected. The bank may charge a fee if the account is closed early or has a negative balance; the amount is not published (Rules Governing Deposit Accounts, section 8.6).Source: Capital One (opens in a new tab)
Right to change feesCapital One may change its fees and rules at any time, including by posting them on its website, with prior notice only when the law requires it; continuing to use the account means you accept them (sections 8.1 and 8.2).Source: Capital One (opens in a new tab)
Language
Data pointValue
Business pages in SpanishNoSource: Capital One (opens in a new tab)The business checking pages are in English only; capitalone.com/espanol/ returns a page-not-found message.
Support in SpanishNo data

More about Capital One Business Basic Checking

How we score