Hey there small business owner. Have you been thinking about switching to a new bank for your business checking needs in 2023? Santander Bank could be a great option for you. They’re one of the largest banks in the world, but still offer personal service for small business customers. Their Santander Business Checking account has no monthly maintenance fees, unlimited check writing, a business debit card, and access to over 2,000 ATMs. Not bad, right? If you make frequent cash deposits or need a night drop facility, they’ve got you covered there too. While big banks aren’t for everyone, Santander is worth considering if you want a full-service bank for your business with competitive rates and fees. Read on to learn why Santander Business Checking could be the account you’ve been looking for in the new year.
An Overview of Santander’s Business Checking Accounts
Santander offers basic business checking accounts to meet your everyday banking needs. Their Simply Right and Select Checking accounts charge no monthly fees as long as you meet some easy requirements.
Simply Right Checking
This straightforward account is ideal for startups and small businesses. As long as you maintain a $100 minimum daily balance, there are no monthly service fees. You’ll get 500 free transactions per month, including deposits, withdrawals, checks, ACH, and wires. After that, each transaction costs $0.35.
For established businesses, Select Checking provides robust features with opportunities to earn interest. Maintain a $2,500 minimum balance to avoid the $10 monthly fee. You’ll get 1,000 free transactions and unlimited cash deposits. Plus, any balance over $2,500 earns a competitive interest rate. Additional benefits include free incoming domestic wires, half-price cashier’s checks, and discounts on payroll services.
Beyond the basics, Santander’s business checking selection offers accounts for nonprofits, municipalities, and large corporations with more advanced needs. Their business bankers can walk you through options and help determine what makes sense for your unique situation.
Santander is committed to serving communities and empowering businesses of all sizes. Their checking accounts provide solid, reputable service so you can focus on what really matters – growing your company. By keeping fees low and benefits high, Santander helps pave the road to success.
Benefits of Santander Business Checking Accounts
When you open a Santander business checking account, you get more than just a place to deposit your funds.
Santander offers several business checking accounts, ranging from basic to premium, so you can choose the one that best fits your needs. The most popular option is the Business Advantage Checking which provides many useful benefits at an affordable cost.
With Business Advantage Checking, you’ll enjoy unlimited check writing and a Visa Business debit card to conveniently make purchases. You also get access to Santander’s large ATM network with rebates of up to $15 per month for out-of-network ATM fees. Online and mobile banking let you manage your accounts day or night from anywhere.
Need to send or receive wires? No problem. Business Advantage Checking includes unlimited incoming wires and four free outgoing wires per month. You also get 200 free items like checks deposited and ACH payments. If you need more, additional items are just 50 cents each.
To help your business grow, Santander offers merchant services, payroll services, and business loans and lines of credit once you’ve established your checking account. Their dedicated business bankers can help determine the right solutions for your company.
If security and fraud protection are concerns, Santander has you covered with their Business Fraud Protection Package which includes services like Positive Pay, ACH fraud filters, and account monitoring at no extra charge.
For a low $10 monthly maintenance fee, Business Advantage Checking provides a full range of cash management tools and services to help make running your business easier. Opening an account is quick and easy, so why not give Santander a try? Your company’s financial future will thank you.
Santander Business Checking Account Fees
Santander’s business checking account comes with some fees you’ll want to be aware of to avoid surprises. While the account itself is free to open and maintain, certain transactions and activities can incur charges.
Monthly service fees
There are no monthly maintenance fees as long as you keep a minimum daily balance of $2,500. If your balance drops below $2,500 at any point during the month, there is a $10 monthly service charge. The good news is this fee is waived for the first 3 months after opening your account.
Most day-to-day transactions like checks deposited and ACH transfers are free. However, additional charges apply for overdrawing your account or having checks returned for insufficient funds. These range from $35 to $40 per transaction, so keep careful track of your balance to avoid these hefty penalties.
Cash deposit fees
Unfortunately, Santander does charge for cash deposits over $10,000 per month. There is a 0.25% fee on the total amount deposited that exceeds $10,000. For example, if you deposit $15,000 in cash during the month, you would pay 0.25% of $5,000, or $12.50 in fees. This can add up quickly if you frequently make large cash deposits. Consider alternative ways to deposit funds like wire transfers, ACH, or deposited checks which have no fees.
Santander has over 2,000 free ATMs nationwide in their network. However, using out-of-network ATMs will incur surcharge fees, usually around $3 per transaction. Santander will also charge you $2.50 for each out-of-network ATM withdrawal on top of the surcharge fee. It’s best to find in-network ATMs whenever possible to avoid these extra charges.
Keeping an eye on the account fees and minimum balance requirements from the start will help ensure Santander’s business checking account meets your needs without costing you extra. Be sure to speak with a representative if you have any other questions about their fee structure.
Opening a Santander Business Checking Account
Opening a business checking account with Santander is a straightforward process. To get started, gather the necessary documentation and head to your local Santander branch.
To open a business checking account, you’ll need to provide:
- Documentation proving your business is legally established (e.g. articles of incorporation, business licenses)
- Your business tax ID number
- Personal ID for any account signers (e.g. driver’s license, passport)
- Initial deposit to open the account
Choosing an Account
Santander offers business checking accounts for both small and large companies. Their basic business checking account is ideal for most small businesses, with low fees and minimum balances. For larger companies, they offer accounts with higher transaction limits and more features. Discuss your needs with a Santander business banker to determine the right account for your company.
Completing the Application
Once you’ve chosen an account, you’ll need to complete an application. The banker will ask for information like:
- Your business’s legal name, address, tax ID, etc.
- The names and personal information of any account signers
- Your initial deposit amount to open the account
- Features and services you want, like online banking, payroll, merchant services, etc.
The application process typically only takes 30 minutes to complete. As soon as your application is approved and funds deposited, your new Santander business checking account will be open and ready to use! You can start writing checks, paying bills, depositing funds and using other account features right away.
Santander aims to make the account opening experience efficient and stress-free. If you have any other questions about their business checking accounts or need help getting started, don’t hesitate to contact your local Santander branch. They’ll be happy to assist you in choosing and opening the perfect account for your company’s needs.
Managing Your Santander Business Checking Account Online
Managing your Santander business checking account online is simple once you get logged in. Here are the main things you can do to keep your account in good order:
You can view up to 7 years of past statements to track charges, deposits, interest earned and more. Statements are generated monthly, but you can check in anytime you want a quick snapshot of your account activity. Viewing online statements also cuts down on paperwork.
Set up recurring payments or one-time payments to vendors and service providers. You can schedule payments in advance and the money will be deducted from your account on the send date you select. No more late fees or forgotten bills.
Move money between your linked Santander accounts instantly with an internal transfer. Or send money to accounts at other banks, which typically takes 1-2 business days. Set up recurring transfers on a schedule or make one-time transfers as needed.
Use Santander’s mobile app to deposit checks directly into your account, anytime and anywhere. Just endorse the back of the check and take photos of the front and back with your smartphone camera. Funds are usually available within 1 business day. No more trips to a branch or ATM required.
24/7 Account Alerts
Set up alerts to notify you via email, text or push notification when certain activity happens in your account like large transactions, low balances, deposits or withdrawals. Alerts give you an extra layer of fraud monitoring and peace of mind that your account remains secure.
There are more services available once you log in to Santander’s online and mobile banking platforms. You can apply for loans, open new accounts, set travel notifications, and find ATM and branch locations. Santander aims to provide convenient tools so you can manage your business banking efficiently.
So there you have it, an inside look at what Santander Bank has to offer for business checking in 2023. Whether you’re a startup looking to keep costs low or an established company wanting premium services, Santander has options for you. Their variety of accounts, competitive rates, and business tools provide real value. While no bank is perfect, Santander seems focused on providing an exceptional experience for their business customers. If low fees, high yields, and quality service matter for your company’s banking, Santander deserves your consideration. What are you waiting for? It’s time to make those business dreams a reality. Open your Santander business checking account today and see why so many are making the switch.