Axos Basic Business Checking is a non-interest, online checking account that offers unlimited domestic ATM reimbursements with no monthly maintenance fees. It also offers up to 200 free transactions per month. Axos Basic Business Checking is best for business owners with modest checking needs and those who don’t need to process cash deposits.
Axos Basic Business Checking Pros & Cons
No monthly fee
No interest on balances
Offers unlimited domestic ATM reimbursements
Online-only, no physical branches
First set of 50 checks for free
Does not accept cash deposits
Who Axos Basic Business Checking Is Best For
- Business owners who don’t often deal with cash transactions: Axos Bank is a purely online bank and does not have physical branches. Axos Business Checking does not allow cash deposits, so it’s best for businesses that don’t need to process cash deposits.
- Businesses that need multiple bank accounts under one main business account: Axos Bank allows business owners to open multiple Basic Business Checking accounts and other bank accounts, including CDs, business savings, and money market accounts. They can link all of them under one main account.
Axos Basic Business Checking Fees
Minimum Opening Deposit
Minimum Balance Requirement to Avoid the Monthly Fee
30 cents per item after the first free 200 monthly transactions
Wire Transfer Fee
Incoming wire transfer: varies
Outgoing wire transfer (domestic): $7 if initiated online
Outgoing wire transfer (international): $50
Cash Deposit Fee
Cash deposits are not allowed
Surcharge-free ATM network, nationwide (international ATM fees may apply)
Axos Basic Business Checking does not charge monthly maintenance fees, and it offers unlimited reimbursements for third-party domestic ATM fees. Axos Bank offers free 200 transactions monthly and charges 30 cents per item in excess of 200. Incoming wire transfer fees vary while outgoing wire transfer fees range from $7 to $50.
Axos Basic Business Checking Features and Perks
Online & Mobile Banking
Axos bank offers free access to its secure online banking. You can access all your bank accounts, and this includes access to free bill pay and free image statements. Also, the Axos Bank mobile app for business allows you to manage your accounts anytime and anywhere.
With Axos bank’s mobile app and online banking platform, you can pay your bills at no additional cost.
Remote Deposit & QuickBooks Integration
With Axos Bank, you can deposit checks remotely using your mobile device. Furthermore, Axos Bank’s business bank accounts integrate well with QuickBooks.
Multiple Accounts Under One Account
Axos Bank allows you to open multiple bank accounts, including certificates of deposit (CDs), business savings, and money market accounts, and link all of them under one main account.
Axos Basic Business Checking Alternatives 2020
Business owners who want an interest-bearing online-only business checking account
Business owners who do not often transact using cash
Business owners who don’t handle cash transactions and are looking for an online-only bank that offers free ATM use
Minimum Opening Deposit
Cash Deposit Fee
None; reimburses up to $10 per month in ATM fees
No ATM fee from Azlo; however, third-party ATM owners may impose usage fees
Novo refunds all ATM fees
Most Helpful Axos Basic Business Checking Reviews
Axos Bank reviews available online are a mix of positive and negative ratings. Clients who left positive reviews are happy with the bank’s competitive rates, low fees, and efficient customer service. Customers who left negative reviews are disappointed with the delays in account activation and online access and because deposits were held for a certain period before it became available.
Efficient live chat
A customer of over three years who left a positive review on DepositAccounts.com is happy because he can withdraw from any ATM nationwide without worrying about fees. According to him, Axos Bank’s live chat tool is a convenient and efficient way to get answers to his concerns, and its online platform is easy to use with neat functionalities.
Deposits were held
A customer who left a negative review of Axos Business Checking in Google is unhappy because his deposits were held for five business days and seven business days on new accounts. According to him, this critical information was not disclosed upon signing.
Axos Basic Business Checking Frequently Asked Questions (FAQs)
What are the required documents to open an Axos account?
A copy of the driver’s license for all owners and authorized signatories are required for all business types. Other required documents will depend on the business type:
- Sole proprietor: IRS SS-4 or 147 c Letter
- General partnership: General partnership agreement and all amendments
- Limited liability company (LLC): Operating agreement and articles of organization and all amendments
- Limited partnership (LP) or limited liability partnership (LLP): LP or LLP agreement and all amendments, and certificate of LP or LLP partnership filed with the state
- Corporation – for profit: Articles of incorporation and all amendments
- Corporation – nonprofit: Articles of Incorporation and all amendments, a letter from the IRS of 501(c)3 status, Bylaws that state powers of the officers, and meeting minutes with a most recent list of the current active officers
- Association/homeowners association: Articles of Incorporation and all amendments or articles of organization or association, meeting minutes with a list of current active officers, Bylaws that state powers of the officers, a letter from the IRS of 501(c)3 and property management contract agreement, if applicable
How do I order checks for my account?
You can order an introductory starter pack of 50 checks at account opening. Subsequent checks can be purchased from the provider of your choice.
How can I access/manage my money from my Business Checking account?
You can access your online bank account, make payments, or move your money through the following:
- Use your Visa® Debit card or checks for purchases and payments
- Pay your bills using Bill Pay service
- Get cash from any ATM nationwide
- Access your accounts through Axos Bank’s online banking
- Deposit checks with the Axos Bank mobile app
Axos Basic Business Checking is an online checking account with no monthly fee and no maintaining balance. This is best for business owners who don’t usually deal with cash transactions and prefer to bank online. It’s important to note that Axos Basic Business Checking does not allow cash deposits and doesn’t offer interest on balances.
If you are still not sure if Axos Basic Business Checking is right for you, then our article about the best online checking account for LLC is a review of our top choices. In this guide, we looked at a variety of online checking accounts for LLCs based on its features, fees, terms, opportunities to earn an introductory offer, and the size of the banks’ network as well any additional services they offer.