Headquartered in downtown Los Angeles, Preferred Bank has 12 full-service branches with ATMs available in California and one branch in Flushing, New York. Its small business offerings include savings and business checking accounts, business loans, treasury management and investment solutions. It is rated five stars on Bankrate.
Preferred Bank Business Checking Rates & Fees
|Monthly Fee||$10 per month if balance requirement is not met|
|Minimum Balance Requirement||Daily ledger balance of $2,000|
|Transaction Fee||Free unlimited transaction as long as minimum balance requirement is maintained; otherwise, 20 cents per item|
|Wire Transfer Fee||Incoming (domestic / foreign): $10|
Outgoing (domestic / foreign): $30
|Cash Deposit Fee||$1.25 per $1,000 currency deposited/furnished|
|Overdraft Fee||$25 per item|
|ATM Fee||Non-Preferred Bank ATM transactions: $1.50 each|
Preferred Bank Network
Preferred Bank is headquartered in downtown Los Angeles, along with 11 full-service branch banking offices in the California cities of Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine, Diamond Bar, Pico Rivera, Tarzana and San Francisco, and one office in Flushing, New York. You can use its branch locator to see what locations are closest to you.
Preferred Bank Additional Business Banking Services
Preferred Bank also offers the following business services: business savings and money market accounts and business line of credit as well as business loans, Small Business Administration loans and commercial real estate loans. Although it offers business debit cards, it doesn’t offer business credit cards or wealth management. Find out more about its small business offerings on its website.
|Online & Mobile Banking||✓|
|Money Market Accounts||✓|
|Business Line of Credit||✓|
|Commercial Real Estate Loans||✓|
|Business Credit Cards||x|
Best Business Checking Account for Small Businesses
Want to know what bank we named the best business checking account for small businesses? Read our business checking account buyer’s guide comparing the top 10 options.