nbkc Business Checking Review

If your preference is to have a banking option that’s fee-free and primarily focused online, then nbkc may be a brilliant choice for your business’s banking needs. 

Getting a business checking account has to be at the very top of your to-do list if you have ambitions of expanding and maintaining your business’s operations. It will be much simpler for you to manage your finances and complete financial transactions if you have a bank account for your company that is distinct from the one you use for your personal finances.

In addition, having a business checking account allows you to build business credit and establish a financial history for your business to be eligible for additional funding, including grants and loans.

Here’s a breakdown of how nbkc can help you further your business’s financial goals while you continue to grow your business.

What kind of bank is nbkc?

nbkc bank is an FDIC-insured online bank based in Kansas that serves a wide range of business and personal banking needs. nbkc stands for “National Bank of Kansas City”. nbkc has mostly done business online since 1999 and is a trusted source for small business banking. It has only four physical locations in the United States, all of which are in two states: Kansas and Missouri. 

Although nbkc is a smaller banking option, they offer an assortment of products and banking services, including:

• Personal checking and savings accounts
• Money market accounts
• Commercial lending
• Business credit cards

nbkc Business Checking Overview

The nbkc business checking account, which nbkc also calls its business account, is an online bank account with no monthly maintenance fees, no minimum balance requirement, and no limit on the number of transactions you can make. This free business checking account is a great choice for small business owners on a tight budget and for people who want a simple way to manage their money online.

nbkc also has several add-on business solutions, such as a free business savings account that can be opened with a business checking account, and lets you customize your banking. In addition, nbkc is impressive because it has no transaction fees or any transaction limits.

Who is nbkc Business Checking Best For?

nbkc business checking is great for businesses that are on a budget or a new business that has yet to scale in their revenue. Businesses that don’t ‌need a physical branch nearby and prefer a mobile check deposit or the perks of not getting hit with so many fees can strongly benefit from this account. This small business checking account is also best for business owners who are ‌based in Kansas and Missouri or who do a lot of business in either of the two states. 

Lastly, for any business that does not need to use funds right away, within the first 30-days of opening the account and making their initial deposit — this checking account is for you. This is because nbkc is very keen on preventing fraud and places a five to nine business day hold on new accounts under the 30-day mark.

Pros and Cons of nbkc Business Checking

It’s good to see where nbkc stacks up for small business needs, especially if you are looking for a basic business checking option that doesn’t come with the fees of a traditional financial institution. Check out the pros and cons below.

Although you can’t add third-party integrations, nbkc offers their own add-on products. In order to add these tools to your account, you will first need to apply with nbkc and get authorization. They also make it possible for you to add “Desktop Deposit” and “ACH Credits and Debits” services to your account. 

Desktop Deposit allows you to make deposits on a desktop or laptop computer. You will have access to check-scanning equipment, limitless assistance for your nbkc account, and the option to make an unlimited number of check deposits each month. However, it will cost you $15 per month for this add-on.

The ACH Credits and Debits add-on tool allows you to handle direct deposits, payroll, and payments to vendors. This will allow you to manage rent collection, subscriptions, and fees that may be tied to your business. This add-on gives you access to dual control features as well as out-of-band authentication, but also comes with a fee of $15 per month.

How nbkc Business Checking Works

Unlike some online business checking account competitors, nbkc does its banking directly. Both the business checking account and the money market savings account, as well as the personal banking products offered by nbkc, are done online. However, the bank has four branch locations, two in Kansas and two in Missouri, and offers business loans to people in the area.

You can open an nbkc business account online by filling out and applying on the nbkc website.

To fill out an application for a business checking account at nbkc Bank, you must meet the following basic requirements: 

• You have to be a U.S. citizen or a permanent resident
• You must be at least 18 years old and have an ID from the government
• You need to give basic information about yourself and your business, as well as any other business owners, and include legal documents for the business

Most applications are reviewed by nbkc in five to seven business days. After you get approval from nbkc, you’ll get an email with your online banking information. Then you can set up your account and start managing it. You’ll also get your nbkc business debit Mastercard and be able to add authorized signers to your account in addition to being allowed to give them their own debit card.

As a security measure and to stop fraud, nbkc takes more time to look over deposits made to new accounts. Therefore, all deposits you make in the first 30 days after you open your account will be held for five to nine business days before the money can be used. You can also manage your account on-the-go by downloading the nbkc mobile banking app, which is available for both iOS and Android devices.

When you open a nbkc business account, you get a free nbkc business debit card with access to over 34,000 MoneyPass ATMs in the U.S. and Puerto Rico that don’t charge network ATM fees. You’ll also get up to $12 back in fees when you use an out-of-network ATM.

How nbkc Compares

nbkc is a great small business banking option, but let’s see how it compares to others. In comparison, many free online-based business checking account competitors either include add-ons at no additional cost or offer the ability to directly integrate with third-party business tools, like QuickBooks, to cover much-needed features for small business owners. 

For example, NOVO, another online and mobile small business banking platform, includes integrations. Unlike nbkc, NOVO allows business owners to integrate third-party systems such as XERO and Wise, while nbkc requires you to use their add-ons only. 

Great For Integrations

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Online & Mobile Small Business Checking by Novo

Save up to $150/month in banking fees and subscription payments*. An award-winning business checking account without the sneaky fees or minimum balance. Rest easy knowing that banking won't be an obstacle to starting or running your business. Access your business finances from anywhere, anytime, all online. Every Novo checking account comes with a physical and virtual debit card, so you always have access in the palm of your hand. Spend securely and ditch the fees with a free business debit card. Transact internationally and access your funds from ATMs with fee reimbursement up to $7/month. Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated. Value of savings is based on market research of fees and subscription pricing as of March 2024.

Minimum Balance

None

Monthly Cost

$0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Deep integrations with the tools small businesses already love

Compared to an online banking platform like BlueVine, nbkc’s business checking account earns a lower APY. In addition, nbkc has access to nearly 4,000 fewer fee-free ATMs than BlueVine. However, nbkc offers more business debit cards and users on the account for entrepreneurs who want to provide them to employees — unlike BlueVine, which offers one debit card for a single user.  

Great For High Interest Rate

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Bluevine Business Banking

Earn 4.0% APY on Bluevine Premier and 2.0% APY on Bluevine Standard when you meet a monthly activity goal. Save time and pay vendors with unlimited transactions via ACH, same day ACH, domestic wires, and international payments. Add up to 5 sub-accounts, each with designated account numbers. $95 (waivable) monthly fee for Premier, $0 for standard. No overdraft fees, no minimum balance requirements. To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®

Minimum Balance

None

Monthly Cost

$0-$95 (Waivable)

Monthly Free Transactions

Unlimited

Noteworthy Perks

Up to 3.7% APY

If we compare nbkc’s free small business banking option to a major financial institution option like Chase, it definitely stands out. Having a Chase Business Complete Banking℠ account requires maintaining a minimum balance of $2,000 daily or be subject to a $15 monthly fee. In addition, if you deposit more than $5,000 in a month, you’ll be charged $2.50 per $1,000 deposited. And they only offer 20 fee-free physical transactions per month.

So when we look at the fee comparison, nbkc is a standout in lessening the angst of having to keep a minimum balance and not being able to deposit more than $5,000 per month without additional fees. Every penny is essential to an entrepreneur, so having the best banking experience that won’t make you break the bank will allow you to allocate money to other areas of your business.

Ultimately, banking with nbkc will come down to your banking business needs and what systems for withdrawals, deposits, and business finances stand out most to help you take your business to the next level.