Best Banks for Small Businesses in North Carolina 2024: Bank Smart

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Best Banks for Small Businesses in North Carolina

Embarking on a new business venture in North Carolina, also known as The Tar Heel State, is an exhilarating opportunity. As you start your North Carolina LLC, a crucial decision involves selecting the right bank that meets your specific business needs. This article delves into the best small business banks in North Carolina tailored for your LLC, examining their features, means to access their services, and their pros and cons.

LLCBase listed the best small business banks in North Carolina that provide various services, encompassing business checking and savings accounts, credit cards, loans, and merchant services. Regardless of whether you are a budding entrepreneur or a seasoned business owner, there is a small business bank in North Carolina ideally suited to your needs.

What is a Business Bank

A business bank is a financial institution that provides banking services specifically tailored to the needs of businesses, including small and medium-sized enterprises (SMEs), corporations, and entrepreneurs. These services include business checking and savings accounts, loans, credit cards, merchant services, and cash management solutions. Banks help businesses manage their finances, facilitate transactions, and access credit or funding for expansion or daily operations.

When you start an LLC in North Carolina, choosing the right business bank is essential to effectively manage your company’s finances. A suitable business bank will offer services and features designed to cater to the unique needs of your LLC in North Carolina, such as flexible account access, competitive fees, and a range of financial products to support your business growth. By selecting the right business bank, you can ensure your business operates smoothly and has access to the necessary financial tools to succeed.

The LLCBase Editorial Team has expertly pinpointed the best banks for small businesses in North Carolina, standing out as industry frontrunners that consistently deliver efficient and reliable services catered to the unique requirements of growing enterprises.

10 Best Banks For Your Small Business in 2023

These North Carolina banks prioritize digital banking solutions, seamless integration with accounting software, and access to financial products to support business owners who want to start a small business in North Carolina. By staying up-to-date with the latest banking trends and carefully evaluating the features, fees, and services offered by various banks, you can select the most suitable financial partner to propel your business to new heights in 2023 and beyond.

1. Bank of America’s Business Advantage Fundamentals™ Banking

Bank of America’s Business Advantage Fundamentals™ Banking is a banking solution designed to meet small businesses’ financial needs, including those seeking to form an LLC or a North Carolina LLC. It offers a range of features and services tailored to help businesses efficiently manage their finances, supports their daily operations, and facilitate growth.

By choosing Bank of America’s Business Advantage Fundamentals™ Banking for your North Carolina LLC, you can ensure that your business has a solid financial foundation with tailored services designed to support your company’s growth and success.

Features:

  • No monthly fee for the first three months, then $16 per month
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $7,500 per month without an additional fee per month

Bank of America’s Business Advantage Fundamentals™ Banking account is perfect for small businesses to North Carolina nonprofit corporations just starting. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while the 200 free transactions per month help keep costs low.

Pros
  • No monthly fee for the first three months
  • Mobile and online banking access
  • Cash deposits up to $7,500 without an additional fee
Cons
  • $16 monthly fee after the first three months
  • Only 200 free monthly transactions

2. Chase: Business Complete Banking℠

Chase’s Business Complete Banking℠ is a comprehensive solution for small businesses, including those planning to form an LLC or a North Carolina LLC. This account is designed to address the unique financial requirements of businesses by providing a range of features and services that streamline financial management, promote daily operations, and encourage growth.

By selecting Chase’s Business Complete Banking℠ for your North Carolina LLC, you can build a strong financial foundation for your business, backed by customized services that support your company’s ongoing growth and success.

Features:

  • $15 monthly fee (waived with qualifying activities)
  • 100 free transactions per month
  • Unlimited electronic deposits
  • Access to over 16,000 ATMs and 4,700 branches
  • Mobile and online banking access

Chase’s Business Complete Banking℠ account is perfect for small businesses that require a robust banking solution. This account offers flexibility for your growing business with 100 free monthly transactions and unlimited electronic deposits. Access to ATMs and branches means you can easily manage your money, while mobile and online banking provides convenience.

Pros
  • The monthly fee can be waived with qualifying activities
  • Access to a large number of ATMs and branches
  • Mobile and online banking access
Cons
  • $15 monthly fee if qualifications are not met
  • Only 100 free transactions per month

3. Wells Fargo: Initiate Business Checking

Wells Fargo Initiate Business Checking is a business checking account offered by Wells Fargo Bank, designed specifically for small businesses and start-ups. This account provides essential banking services to manage day-to-day business transactions, such as depositing funds, writing checks, and making electronic payments. Some features of this account may include online banking, mobile banking, a debit card, and a monthly service fee that can be waived if certain requirements are met. Each bank may have different terms and conditions, so it is essential to review the specific details of the Initiate Business Checking account offered by Wells Fargo before opening one for your S Corp in North Carolina or any business structure.

Features:

  • $10 monthly fee (waived with a $500 minimum daily balance)
  • 100 free transactions per month
  • $5,000 in cash deposits per month without an additional fee
  • Mobile and online banking access
  • Access to 13,000 ATMs and 5,400 branches

Wells Fargo’s Initiate Business Checking account is an excellent option for small businesses with lower transaction volumes. The account offers 100 free monthly transactions and allows for $5,000 in cash deposits without an additional fee. Mobile and online banking access makes it easy to manage your finances, while the extensive ATM and branch network provides added convenience.

Pros
  • Low monthly fee, which can be waived with a minimum daily balance
  • Mobile and online banking access
  • Access to a large number of ATMs and branches
Cons
  • Only 100 free transactions per month
  • $10 monthly fee if the minimum daily balance is not maintained

4. U.S. Bank: Silver Business Checking Package

U.S. Bank’s Silver Business Checking Package is an excellent banking solution for small businesses looking to form an LLC or a North Carolina LLC. This account offers a range of features designed to help businesses effectively manage their finances, support daily operations, and facilitate growth.

By selecting U.S. Bank’s Silver Business Checking Package for your North Carolina LLC, you can ensure your general partnership in North Carolina, or business has a reliable financial foundation with services specifically designed to help your company thrive.

Features:

  • No monthly maintenance fee
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $2,500 per month without an additional fee
  • 125 free transactions per month

U.S. Bank’s Silver Business Checking Package is perfect for starting small businesses. The account provides mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts inform you about your account activity, while the 125 free monthly transactions help keep costs low.

Pros
  • No monthly maintenance fee
  • Mobile and online banking access
  • Cash deposits up to $2,500 without an additional fee
Cons
  • Only 125 free transactions per month

5. Bluevine: Business Checking

Bluevine’s Business Checking account is an ideal banking solution for small businesses looking to form an LLC or a North Carolina LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing Bluevine’s Business Checking for your North Carolina LLC, you can ensure a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • 1% interest on balances up to $100,000
  • Mobile and online banking access
  • Customizable account alerts
  • Unlimited transactions

Bluevine’s Business Checking account is perfect for small businesses just starting out. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • No monthly fees
  • 1% interest on balances up to $100,000
  • Unlimited transactions
Cons
  • No physical branches for in-person banking

6. Capital One: Spark Business Basic Checking

Capital One’s Spark Business Basic Checking is a banking solution designed to meet small businesses’ financial needs, including those seeking to form an LLC or a North Carolina LLC. It offers a range of features and services tailored to help businesses efficiently manage their finances, supports their daily operations, and facilitate growth.

By choosing Capital One’s Spark Business Basic Checking for your North Carolina LLC, you can ensure your business has a solid financial foundation with tailored services designed to support your company’s growth and success.

Features:

  • $15 monthly service fee, waived with a $2,000 minimum 30- or 90-day average balance
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $5,000 per month without an additional fee
  • Unlimited transactions

Capital One’s Spark Business Basic Checking account is perfect for starting small businesses. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • The monthly service fee can be waived with a $2,000 minimum 30- or 90-day average balance
  • Mobile and online banking access
  • Cash deposits up to $5,000 without an additional fee
Cons
  • $15 monthly service fee if balance requirements are not met

7. Huntington Bank: Business Checking 100

Huntington Bank’s Business Checking 100 is an excellent banking solution for small businesses looking to form an LLC or a North Carolina LLC. This account offers a range of features designed to help businesses effectively manage their finances, support daily operations, and facilitate growth.

By selecting Huntington Bank’s Business Checking 100 for your North Carolina LLC, you can ensure that your business has a reliable financial foundation with services specifically designed to help your limited partnership company in North Carolina thrive.

Features:

  • No monthly maintenance fee
  • Mobile and online banking access
  • Customizable account alerts
  • Cash deposits up to $5,000 per month without an additional fee
  • 100 free transactions per month

Huntington Bank’s Business Checking 100 is perfect for starting small businesses. The account provides mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while the 100 free monthly transactions help keep costs low.

Pros
  • No monthly maintenance fee
  • Mobile and online banking access
  • Cash deposits up to $5,000 without an additional fee
Cons
  • Only 100 free monthly transactions

8. Novo: Small Business Checking

Novo’s Small Business Checking account is a great banking solution for small businesses looking to form an LLC or a North Carolina LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing Novo’s Small Business Checking for your North Carolina LLC, you can ensure your business has a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • Mobile and online banking access
  • Customizable account alerts
  • No minimum balance requirement
  • Unlimited transactions

Novo’s Small Business Checking account is perfect for starting small businesses. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • No monthly fees
  • Mobile and online banking access
  • Unlimited transactions
Cons
  • No physical branches for in-person banking

9. Mercury: Business Banking

Mercury’s Business Banking account is ideal for small businesses seeking to form an LLC or a North Carolina LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing Mercury’s Business Banking for your North Carolina LLC, you can ensure your business has a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • Mobile and online banking access
  • Customizable account alerts
  • No minimum balance requirement
  • Unlimited transactions

Mercury’s Business Banking account is perfect for small businesses just starting out. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts keep you informed about your account activity, while unlimited transactions help keep costs low.

Pros
  • No monthly fees
  • Mobile and online banking access
  • Unlimited transactions
Cons
  • No physical branches for in-person banking

10. First Internet Bank: Small Business Checking

First Internet Bank’s Small Business Checking account is a great banking solution for small businesses looking to form an LLC or a North Carolina LLC. This account offers a range of features designed to help businesses efficiently manage their finances, support daily operations, and encourage growth.

By choosing First Internet Bank’s Small Business Checking for your North Carolina LLC, you can ensure your business has a stable financial foundation with services specifically designed to support your company’s growth and success.

Features:

  • No monthly fees
  • Mobile and online banking access
  • Customizable account alerts
  • No minimum balance requirement
  • 50 free transactions per month

First Internet Bank’s Small Business Checking account is perfect for starting small businesses. The account offers mobile and online banking access, allowing you to manage your finances from anywhere at any time. Customizable account alerts inform you about your account activity, while the 50 free monthly transactions help keep costs low.

Pros
  • No monthly fees
  • Mobile and online banking access
  • No minimum balance requirement
Cons
  • Only 50 free transactions per month

Why Do You Need a Business Bank

A small business bank is essential for several reasons, as it helps business owners effectively manage their financial operations, ensure compliance, and support growth. Here are some key reasons why you need a small business bank:

  1. Separation of finances: Having a dedicated small business bank account helps you separate your personal finances from your business expenses, making tracking and managing your cash flow easier.
  2. Simplified accounting: A small business bank account simplifies your bookkeeping process by providing clear records of business transactions, simplifying tax preparation and financial reporting.
  3. Professionalism: Having a business bank account adds credibility to your company, as you can receive payments in your business name rather than as an individual, which can reflect positively on your brand.
  4. Compliance: Many jurisdictions require businesses to maintain separate accounts for tax purposes, and having a business bank account helps ensure compliance with these regulations.
  5. Access to funding: Small business banks often provide financial products and services tailored to the needs of entrepreneurs, such as loans, lines of credit, or credit cards, which can help support the growth and expansion of your business.
  6. Cash management: Business banking services include tools for effectively managing cash flow, such as online banking, mobile deposits, invoice payments, and payroll services.
  7. Networking opportunities: Establishing a relationship with a small business bank can open the door to networking opportunities and invaluable advice from seasoned bankers with experience in your industry.

Having a small business bank account is crucial for maintaining financial organization, complying with regulatory requirements, and accessing resources that can foster the growth and success of your business.

FAQs

What are the best banks for small businesses in North Carolina?
Some of the best banks for small businesses in North Carolina include First Citizens Bank, PNC Bank, BB&T (now Truist), and Wells Fargo.
Do any of these banks offer business checking accounts?
Yes, all of the banks mentioned offer business checking accounts tailored to small businesses.
Are any of these banks only located in North Carolina?
First Citizens Bank is headquartered in Raleigh, North Carolina, and has most of its branches in the state.
Can I open a business account with any of these banks if I don’t live in North Carolina?
Yes, most of these banks have branches outside of North Carolina and offer online account opening.
What should I consider when choosing a bank for my small business in North Carolina?
Factors to consider include fees, online banking options, interest rates, and the bank’s reputation for customer service.
Are there any credit unions in North Carolina that offer good banking options for small businesses?
Yes, State Employees’ Credit Union and Coastal Credit Union are two credit unions in North Carolina that offer business banking options.
Are there any local community banks in North Carolina with good small business offerings?
Yes, Coastal Carolina National Bank and Carolina Premier Bank are two local community banks in North Carolina with good small business offerings.
Can I get a Small Business Administration (SBA) loan through any of these banks in North Carolina?
Yes, all of the banks mentioned in this list offer SBA loans to small business owners in North Carolina.
What types of loans do these banks offer for small businesses?
These banks offer various types of loans, including lines of credit, term loans, equipment financing, and commercial real estate loans.
Do any of these banks offer mobile banking?
Yes, all of the banks on this list offer mobile banking apps for business accounts.
Can I make deposits remotely with any of these banks?
Yes, most of these banks offer remote deposit capture technology for their business customers.
What is the minimum deposit required to open a business checking account with these banks?
The minimum deposit required varies depending on each bank, but most have a minimum deposit of $100 to $1,000.
Do any of these banks offer a free business checking account?
Yes, some of these banks offer free business checking accounts, but they may have monthly transaction or balance requirements.
Are there any special perks or discounts available for small business owners with these banks?
Yes, some of these banks offer special perks and discounts for small business owners, such as waived fees or reduced interest rates.
How do I apply for a business loan with these banks?
You can usually apply for a business loan online or in person at a local branch.
Are there any guarantees with these banks’ loans for small businesses in North Carolina?
No, there are no guarantees for loans, but some banks have higher approval rates for small business loans than others.
Are there any restrictions on using loans from these North Carolina banks for my small business?
Generally, loans must be used for legitimate business expenses, and not for personal use or investing.
Do any of these banks offer merchant processing services for my small business?
Yes, some of these banks offer merchant processing services, allowing businesses to accept credit and debit card payments.
What is the turnaround time for loan decisions with these banks?
The turnaround time for loan decisions varies, but can be as quick as one to two business days or as long as several weeks.
Can I get help opening a business account or applying for a loan with any of these North Carolina banks?
Yes, you can speak with a customer service representative or schedule an appointment with a banker to help guide you through the process.
Are there any ATM fees if I use an out-of-network ATM with these banks?
ATM fees may apply, depending on the bank and whether you use an out-of-network ATM.
Can I get debit or credit cards for my employees through any of these banks?
Yes, all of these banks offer business credit and debit cards, often with perks or rewards for spending.
Are there any overdraft fees for business accounts with these North Carolina banks?
Yes, most banks have overdraft fees, but they can often be waived or reduced for small business accounts.
Can I get alerts for transactions or account balances on my mobile device with these banks?
Yes, all of these banks offer alert options that can be set up through their mobile banking apps for business accounts.
What types of businesses are served by these banks in North Carolina?
These banks serve various types of small businesses, including sole proprietorships, partnerships, LLCs, and corporations.
Can I access a business savings account with any of these North Carolina banks?
Yes, all of these banks offer business savings accounts.
Do any of these banks also offer wealth management or investment services for my business?
Yes, some of these banks have specialized divisions that offer investment and wealth management services for businesses.
Can I manage multiple business accounts with any of these banks in North Carolina?
Yes, some of these banks offer cash management services that allow businesses to manage multiple accounts and transactions easily.
Are there any restrictions on who is eligible to apply for business loans with these banks?
Eligibility requirements may vary, but generally, businesses with a good credit score, revenue, and time in business have a higher chance of approval.
What criteria should I look for when choosing a bank for my small business in North Carolina?
Consider factors like location, fees, interest rates, customer service, and the range of products and services offered.
What types of small business loans do banks in North Carolina offer?
Different banks offer different loans, but common options include lines of credit, equipment financing, and mortgage loans.
Do North Carolina banks offer business credit cards?
Yes, many do. You’ll want to compare terms, fees, interest rates, and rewards programs to find the best one for your needs.
Can I find online banking options for my North Carolina small business?
Yes, most banks now offer online and mobile banking tools for business checking and other services.
What support do North Carolina banks offer for small business owners during the COVID-19 pandemic?
Options vary by bank, but many have introduced special loan programs, waived fees, and other measures to support businesses during this challenging time.
Do I need to have good credit to get a small business loan from a bank in North Carolina?
Yes, typically banks will review your credit score as part of the application process. However, there may still be loan options available to those with less-than-perfect credit.
What types of checking accounts are available to small businesses in North Carolina?
Options range from basic checking accounts to more robust offerings with online and mobile banking, auto-generated spending reports, and more.
Can I open a small business savings account at a North Carolina bank?
Yes, most banks offer business savings accounts with competitive interest rates.
What type of business insurance coverage should I consider to protect my North Carolina business?
There are several different types of insurance available, depending on your industry and needs. Speak with a knowledgeable agent to get guidance on what coverage you may need.
What do I need to provide when applying for a small business loan in North Carolina?
Expect to provide identification, financial statements, business plans, and other documents when applying for a business loan in North Carolina.
Should I consider choosing a community bank over a large bank for my North Carolina small business?
Community banks in North Carolina can often offer a more personalized touch and a greater understanding of local market forces.
What are the different types of business accounts I can open at a North Carolina bank?
Common types include checking accounts, savings accounts, merchant services and credit card processing, and remote deposit.
How can I find a bank that offers loans specifically for women-owned businesses in North Carolina?
Check with organizations like the North Carolina chapter of the National Association of Women Business Owners for financial resources and further guidance.
What do I need to do to open a business checking account in North Carolina?
You’ll typically need to provide identification, business tax documentation, and other financial information when opening a business checking account in North Carolina.
Are there any tax breaks available to small businesses in North Carolina?
Yes, NC offers incentives like the Job Development Investment Grant to qualified businesses investing in the state.
Does North Carolina have a state-specific paid sick leave policy?
No, paid sick leave rules vary by city and county in North Carolina.
What financial advance planning should small business owners in North Carolina be doing for tax season?
You’ll want to stay up to date on tax deadlines, maximize tax deductions, and keep accurate records of income and expenses.
Can North Carolina banks help small businesses with cash management and forecasting?
Yes, many banks offer tools and advice to help businesses manage their cash flow more efficiently.
What resources are available to help minority-owned businesses in North Carolina?
The North Carolina Minority Support Network is a valuable source of supportive resources and business contacts for minority entrepreneurs.
Can international small business owners open accounts at North Carolina banks?
Yes, but there may be different documentation and requirements, especially when it comes to taxation.
What kind of customer support should I expect from North Carolina banks?
Look for banks that offer 24/7 customer support and knowledgeable representatives who can answer your questions and help you navigate banking processes.
Is there a difference in the type and extent of business financial risk that financial institutions in rural vs urban North Carolina are willing to undertake?
It depends on the bank and other factors, but larger banks in urban areas may be more likely to offer a wider range of financial products and larger loans.
Is it essential for a small business to operate with a line of credit to ensure continuous cash flow?
It’s not essential, but a line of credit can be an excellent tool to manage cash flow and other needs that arise throughout the year.
What type of access should I have to account details and transactions for effective monitoring and detecting fraud as a small business owner with a North Carolina bank?
Most banks offer online account monitoring tools that allow for real-time tracking of transactions.
How can small businesses avail help with cybersecurity for enhanced financial security particularly now that most transactions are online?
Some banks partner with providers like PNC for added security and will offer e-banking educational solutions and client support.
Do I need legal permits and a registered address in North Carolina to open a bank account for my small business, particularly if operated outside of North Carolina?
You can open accounts with banks located in other states or online-only banks, but will usually have to provide documentation proving your business address and legal status
What advice can North Carolina banks offer small business owners when it comes to creating contingency plans?
Banks might advise small business owners to carry out risk assessments periodically, investigate options like insurance or alternative funding, and maintain adequate backups for digital information and necessary disaster equipment or supply.

Also Read

How to Choose Best Bank for Your North Carolina Small Businesses

First and foremost, consider the services and products offered by the bank. Look for a bank that provides the specific banking services your business requires, such as business loans, merchant services, online banking, and business credit cards. Additionally, consider whether the bank offers any special programs or incentives for small businesses, such as discounted fees or personalized customer service.

When choosing a bank for your small business, it’s also important to consider the bank’s fees and charges. Compare the fees charged by different banks for services such as monthly account maintenance, wire transfers, and overdraft protection. Make sure you understand all the fees associated with your business account, and choose a bank that offers competitive rates and transparent fee structures.

Another important factor to consider when choosing a bank for your small business is the bank’s reputation and customer service. Research the bank’s history, reviews, and ratings to determine whether it has a good track record of serving small businesses in North Carolina. Additionally, consider visiting the bank in person or speaking with current customers to get a sense of the bank’s customer service and responsiveness to business needs.

It’s also crucial to consider the bank’s accessibility and convenience. Look for a bank with branches or ATMs located conveniently near your place of business, as well as online and mobile banking options to make it easy to manage your business finances on the go. Consider the bank’s hours of operation and availability of customer service resources to ensure you can access assistance when you need it.

Lastly, consider the bank’s commitment to supporting small businesses in North Carolina. Look for a bank that actively works to help small businesses succeed, whether through financial education programs, networking opportunities, or community outreach initiatives. Choosing a bank that is invested in the success of small businesses can help you build a valuable partnership that can support your business growth over the long term.

In conclusion, choosing the best bank for your small business in North Carolina is a decision that requires careful consideration of the bank’s products and services, fees and charges, reputation and customer service, accessibility and convenience, and commitment to supporting small businesses. By taking the time to research and compare different banks, you can find the right banking partner to help your small business thrive and succeed in the competitive North Carolina marketplace.

Conclusion

When forming an LLC in North Carolina, choosing the right small business bank is crucial for your company’s success. Each bank mentioned above offers unique benefits catering to different business needs. You can select the best small business bank for your North Carolina LLC by considering the features, monthly fees, and access options. Visit LLCBase for more information about starting an LLC in North Carolina.

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