Capital One Spark Business Basic Checking is a low-cost and small business-friendly checking account that offers unlimited free transactions. It includes up to $5,000 cash deposits per statement cycle and access to more than 39,000 fee-free ATMs nationwide. It has a waivable monthly fee of $15, and it is best for those who process a high volume of transactions each month.
Capital One Spark Business Basic Checking Pros and Cons
Unlimited free transactions
Accounts do not pay any interest or earn rewards
Monthly fees can be waived
Requires in-person application
Has an extensive free ATM network
Cash deposits are limited to $5,000 per month
Comes with a free debit card, overdraft protection, online bill pay services, and more
Physical branches only available in nine states
Who Capital One Spark Business Basic Checking Is Best For
- Businesses that process high-volume transactions: Capital One Spark Business Basic Checking is one of the few business checking accounts that offer unlimited transactions without any fees. It has a low monthly fee, which can be waived by maintaining an account balance of $2,000.
- Businesses located in the nine states it serves: The bank currently requires an in-person application to open an account. This means that you will have to visit one of its approximately 750 branches located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C.
- Ecommerce or online-based entrepreneurs: This type of account lets you deposit checks electronically with your phone or through its online banking service. This can be beneficial to you since you won’t have to go to a bank physically.
Capital One Spark Business Basic Checking Fees & Rates
$15 per month; waivable
Minimum Balance Requirement to Waive Monthly Fee
$2,000 minimum 30- or 90-day average monthly ledger account balance
Minimum Opening Deposit
Unlimited free transactions
Wire Transfer Fee
Domestic (incoming): $15
Domestic (outgoing): $25
International (incoming): $15
International (outgoing): $40-$50
Cash Deposit Fee
First $5,000 free, then $1 per $1,000
$35 per item
No ATM fee at more than 39,000 Allpoint ATMs nationwide;
$2 per out-of-network ATM transactions
While most banks look at 30-day average account balances to waive fees, you will be happy to learn that Capital One Spark Business Basic Checking account’s monthly fee of $15 can be waived by maintaining a minimum 30- or 90-day average account balance of $2,000 or more.
This is another advantage on top of the free unlimited transactions you can process each month and the free features it includes, such as mobile and online banking, online bill pay, mobile deposits, and debit card.
Furthermore, those who are handling higher cash deposits may also upgrade to Capital One Spark Business Unlimited Checking account. It also offers unlimited free transactions, plus no fee cash deposits and free unlimited incoming and five outgoing domestic wires. It has a $35 monthly fee, which can be waived if you maintain a $25,000 account balance.
Capital One Spark Business Basic Checking Services
Capital One Spark Business Basic Checking account’s services are set to work seamlessly alongside other financial tools to meet the needs of small business owners. Listed below are some of its most important services.
Capital One ProDeposit
This service lets you securely deposit checks digitally into your Capital One Spark Business Unlimited Checking or Capital One Spark Business Basic Checking account. It has a flat-rate monthly fee of $50, which covers unlimited check deposit activity and a single-feed remote deposit scanner. It allows you to deposit up to $250,000 over 20 rolling business days.
Online and Mobile Banking
Its free online and mobile banking service helps you manage your account and cash flow anytime and anywhere. It lets you pay bills, manage alerts, make transfers, monitor transactions, and more. Its mobile app is available for Android and iOS users.
Extensive ATM network
Capital One Spark Business Basic Checking accounts include free debit cards, which you can use in more than 39,000 Capital One and Allpoint ATMs nationwide at no charge. It also provides in-person service through its approximately 750 physical branches and 24/7 assistance via phone.
Courtesy Overdraft Service
As a Capital One Spark Business Basic Checking account holder, you are enrolled in Capital One’s standard courtesy overdraft service. This means that the bank will pay for a transaction even if you don’t have enough money in your account at that moment—making sure that your transactions or purchases go through when you most need them.
The good thing about this service is that you can choose to opt-out of overdraft on everyday debit card transactions and ATM withdrawals or opt-out of overdraft service for all transactions.
Capital One Spark Business Basic Checking Alternatives 2020
Business owners with no more than 100 monthly transactions and $5,000 deposits per month
Businesses with a low number of transactions
Startups and small businesses that don’t have more than 125 combined transactions and 25 cash deposits per statement cycle
$15 (waived if you have a minimum daily balance of $1,500 or you maintain a linked Chase Private Client Checking or Chase Sapphire Checking personal account)
$14 to $18; (waived if you have a minimum of $5,000 average monthly balance or a minimum of $3,000 daily balance)
Minimum Opening Deposit
Cash Deposit Fee
First $5,000 free, then $2.50 per $1,000
First $7,500 free, then ¢30 for every $100
Allowed up to 25 free cash deposits
First 100 free, then ¢40 per item transaction after 100 transactions per month
First 200 transactions free, then ¢45 per item after 200 transactions per month
Free for the first 125 transactions, then 50 cents per item
$2.50 per transaction at any non-Chase ATM in addition to ATM operator fees
None from Bank of America ATMs; $2.50 to $5 for non-Bank of America ATMs
No fee at U.S. Bank ATMs. Non-U.S. Bank ATM owners may apply a surcharge fee
Most Helpful Capital One Spark Business Basic Checking Reviews
As of this article’s writing (June 17, 2020), there are no Capital One Spark Business Basic Checking reviews available online. All of the recent Capital One reviews found are for its personal checking accounts. If you are a past or current Capital One Spark Business Basic Checking account holder, please leave a review to help other business owners who are deciding whether or not to use the company.
Capital One Spark Business Basic Checking Frequently Asked Questions (FAQs)
What are its requirements for opening an account?
To open an account, you must be at least 18 years of age and must be a legal United States resident. The bank will also ask for basic requirements, such as:
- Your personal information
- Email address and phone number
- US address and owner establishment date; address should not be a post office box
- Legal name of business and type of business
- Business establishment date with signer’s full name
- Tax identification number, ownership structure, and number of employees
- Percentage of ownership and annual gross revenue
Additional documentation may be required depending on business ownership structure. Please also note that for you to complete the account opening process, you will need to visit a local branch to fund the account and sign the signature cards.
What activities or items are considered as transactions?
Items counted as transactions include deposits, withdrawals, and transfers associated with your everyday business banking.
Are deposits with Capital One insured by the Federal Deposit Insurance Corporation (FDIC)?
Your deposit accounts are insured by the FDIC up to $250,000 based on ownership types.
Capital One Spark Business Basic Checking offers great account features, such as unlimited free transactions, a vast ATM network, and a waivable monthly service fee. It also has a lot of services included at no additional cost like mobile deposits, courtesy overdraft, online bill pay, and electronic invoicing.
However, its major drawbacks are that it is only available in nine states, only allows up to $5,000 in cash deposits per month and requires in-person visits to complete your account opening.
In case you still aren’t sure if Capital One Spark Business Basic Checking is right for you, then this article on the best small business checking account is a review of our top choices. Here, we looked at a variety of providers and narrowed our recommendations down based on features like monthly and transaction fees, opportunities to earn an introductory offer, and the size of the banks’ network.