TIAA Bank Small Business Checking is a free online business checking account that lets you earn interest on your deposits. It includes free incoming wire transfers, ATM fee reimbursements, overdraft protection, and other essential banking services. It has no monthly service fee and maintaining balance requirement, and it is best for sole proprietors and single-owner limited liability companies (LLCs).
TIAA Bank Small Business Checking Pros and Cons
No monthly fee and balance requirement
Requires high initial deposits
Provides more than 80,000 network ATMs nationwide and reimburses nonnetwork ATM fees
No physical branches outside Florida
Offers highly competitive annual percentage yields (APYs)
Best rates only last for your first year, then you need higher balances to get the best rates
Who TIAA Bank Small Business Checking Is Best For
- Sole proprietors and single-owner LLCs: Businesses that process no more than 200 transactions and 10 bill payments per month will benefit from TIAA Bank Small Business Checking’s free account and high-interest rates. The account also comes with other services like mobile check deposits, free online banking, and treasury services.
- Ecommerce and online businesses: Since the bank only has financial centers located in Florida, you should be comfortable doing most of your banking online. The good news about TIAA Bank is that it is one of those banks with the greatest number of fee-free ATMs, making it ideal for those who withdraw cash often.
TIAA Bank Small Business Checking Fees & Rates
Minimum Balance Requirement
Minimum Opening Deposit
First 200 free, then 25 cents per item after 200 transactions per month
Wire Transfer Fee
Incoming (domestic and international): $0
Outgoing (domestic in US dollars): $25
Outgoing (international in US dollars without currency exchange): $35
Outgoing (International in foreign currency with currency exchange): $30
Outgoing (International in foreign currency without currency exchange): $65
Cash Deposit Fee
Information not available
$30 per item (limited to two insufficient funds fee per day)
None, if you maintain a balance of at least $5,000; otherwise, TIAA Bank will reimburse up to $15 in ATM fees each month
TIAA Bank Small Business Checking’s zero monthly fee makes it a major draw for small businesses. Plus, it reimburses all of your nonnetwork ATM fees as long as you maintain a balance of $5,000 or more on your account up to $15 of your nonnetwork ATM fees each statement cycle if your balance falls below $5,000.
On top of that, it offers a solid introductory APY of 0.50% for the first year on deposits up to $250,000 and ongoing APYs of 0.20% to 0.35%, depending on your account balance. This means that either way, you will earn interest on any amount you have deposited in the account.
The only red flags with the TIAA Bank Small Business Checking account is that it does not accept cash deposits, demands a high opening deposit requirement, has expensive wire transfer fees, and charges random fees, such as for excess transactions, stop payments, and cashier’s checks.
TIAA Bank Small Business Checking Services
TIAA Bank Small Business Checking account offers straightforward services that are set to work seamlessly alongside other financial tools to cater to businesses with different needs. This checking account makes business banking easier with the following services.
Remote Deposit Capture and Online Check Deposit
Both services let you deposit checks anytime and anywhere but differ in its inclusions and who it is best for. Online Check Deposit is free of charge and is a good option for businesses that make 50 or fewer check deposits per month, while Remote Deposit Capture is ideal for businesses with a high volume of monthly check deposits and multiple online banking users. The latter costs $35 per month and includes advanced features, such as batch deposits, report downloads, and automatic amount reads.
Access to more than 80,000 network ATMs across the country
It not only reimburses your ATM fees but also provides you with a large network of fee-free ATMs nationwide so you won’t have to incur any fees in the first place. TIAA Bank is a member of Allpoint and MoneyPass networks, providing you easy access to your money wherever you may be.
Free online and mobile banking
These complementary services give you access to your account and take control of your banking needs 24/7. Here, you can deposit checks, assign multiple users, check balances, monitor transaction history, pay your bills, and make internal money transfers. Its website and app also use strong encryption technology to ensure that your account information is secure.
Payment processing services
The bank also gives you access to a leading merchant services provider—Elavon, Inc.—to help you streamline your payment processing, optimize your cash reserves, automate everyday tasks, and ensure that you get the best payment options for your customers. The bank also provides Positive Pay services both for checks and automated clearing house (ACH) transactions.
TIAA Bank Small Business Checking Alternatives 2020
Business owners who want to open multiple business accounts with the same bank
Business owners who want a fee-free, online-only bank
Growing businesses that want unlimited transactions and Autobooks integration. This account’s structure also favors the tech-savvy and those who aren’t dependent on ATMs
$10, waived if you maintain a minimum balance of $5,000
Minimum Opening Deposit
Cash Deposit Fee
Info not available
Info not available
Info not available
None, reimburses up to $10 per month in ATM fees
No ATM fee from Azlo; however, third-party ATM owners may impose usage fees
None; unlimited ATM fee reimbursements
Most Helpful TIAA Bank Small Business Checking Reviews
As of this article’s writing (June 19, 2020), there are no TIAA Bank Small Business Checking reviews available online. All of the recent TIAA Bank reviews found are for its personal accounts, the majority of which are in consensus in saying that the bank’s customer service needs improvement, with many of the customers citing the transition from Everbank to TIAA Bank as the reason for the downgrade service.
If you are a past or current TIAA Bank Small Business Checking account holder, please leave a review to help other business owners who are deciding whether or not to use the company.
TIAA Bank Small Business Checking Frequently Asked Questions (FAQs)
How do I open an account?
As of the moment, TIAA bank’s online application is not available. To open an account, you will have to contact its business support specialists at 886-371-3831 and choose option 3.
What other business services does TIAA Bank offer?
If you are interested in getting all your banking solutions from TIAA Bank, it offers three other business checking accounts, money market accounts, high-yield certificates of deposit, and certificate of deposit account registry service (CDARS). It also provides business services like treasury, merchant, foreign exchange, and employee lending program.
Is TIAA Bank and Everbank the same?
TIAA Bank acquired EverBank in 2017.
TIAA Bank Small Business Checking is a free business checking account that offers highly competitive APYs and great account features like ATM fee reimbursements and 200 free monthly transactions. Its major downside is that it does not have physical branches apart from its four financial centers in Florida. This means that some services, such as cash deposits, may not be available conveniently.
It also requires a high minimum opening deposit of $1,500 and only lets you deposit up to 50 checks per month for free. Nevertheless, the bank makes up for these drawbacks by providing its account holders with robust online and mobile banking services and access to more than 80,000 network ATMs nationwide.
If you are still not sure if TIAA Bank Small Business Checking is right for you, then our article about the best online business checking account is a review of our top choices. In this guide, we looked at a variety of online checking accounts 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.