Since the Wells Fargo Business Choice Checking account is no longer available, the best option for small business checking accounts from Wells Fargo would be their Initiate Business Checking Account.
The monthly service fee can be waived with either a $1,000 average ledger balance or a $500 minimum daily balance. Wells Fargo is on of the largest banks in the nation. This account is definitely on our list of the best free Business Checking accounts.
Initiate Business Checking Account Overview
- Monthly Fee? $10; see how to waive it below
- Minimum Opening Deposit? $25
- Transactions Limit? 100 monthly. No fee for the first 100 total transactions each fee period. After 100, it’s $0.50 per transaction.
- Cash Deposit Limit? $5,000 monthly. No fee for the first $5,000 cash deposits processed each fee period. After $5,000, it’s $.30 per $100 deposited.
- Availability: AK, AL, AK, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY
Since Wells Fargo is one of the largest banks in the United States, getting access to one of their banks will be a breeze. Their ease of access makes this bank an excellent choice for many people.
As mentioned, you can waive the monthly service fee of $10 by doing one of the following:
- Maintain a $500 minimum daily balance, OR
- Maintain a $1,000 average ledger balance during the fee period.
Although there are some limitations and a monthly fee that must be actively waived, the Wells Fargo Business Choice Checking account falls near the bottom of the list of Best Free Business Checking accounts. However, if you are looking for an account that gives you access to in-branch services and have several convenient locations near you, then you may want to consider this account. The Chase Total Business Checking account is a solid competitor.
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