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  Exchange Bank of California Sole Proprietor Checking

Exchange Bank of California Sole Proprietor Checking

in Business Checking Accounts from Exchange Bank of California · fdic

Unaffiliated

Exchange Bank of California Sole Proprietor Checking

Unaffiliated

in Business Checking Accounts from Exchange Bank of California · Member FDIC

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Highlights
Monthly Fee $10
ATM Fee: Out-of-Network $1.50
Minimum Balance to Avoid Monthly Fee Starting at $2,500
APY (Annual Percentage Yield) 0.02% - 0.09%

Exchange Bank of California Sole Proprietor Checking Review

Exchange Bank of California Sole Proprietor Checking is offered by Exchange Bank of California, a bank founded in 1890 and based in Santa Rosa, CA. Exchange Bank of California Sole Proprietor Checking is available in 1 state across the USA.

Key Takeaways
  • Higher than average APY. Exchange Bank of California Sole Proprietor Checking has an annual percentage yield of up to 0.09%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $0.01.
  • Charges a monthly fee. This account charges a monthly service fee of $10, but the fee is waived if you keep a minimum balance of $2,500.
  • $500 minimum deposit. This is a typical minimum initial deposit, but there are accounts that require a smaller initial deposit or have no minimum.
  • Bill pay. Pay your bills to practically anyone in the United States through Exchange Bank of California.
Exchange Bank of California Sole Proprietor Checking Pros & Cons
Pros Cons
  • Interest-yielding account.
  • Access to physical branches.
  • Free debit card and the option to lock/unlock the card if lost or stolen
  • No signup bonus.
  • Does not provide access to a nationwide ATM network.
  • Only available in one state.
  • Higher than average wire transfer fees.
  • Monthly service charge.
  • Charges a fee on out-of-network ATM transactions.
Exchange Bank of California Sole Proprietor Checking FAQ

Are business checking accounts from Exchange Bank of California federally insured?

Yes, your Exchange Bank of California business checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #8468). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What APY does Exchange Bank of California Sole Proprietor Checking offer?

Exchange Bank of California Sole Proprietor Checking offers an APY starting at 0.02% and ranging up to 0.09% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $0.01.

Exchange Bank of California Sole Proprietor Checking Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 0.02% - 0.09%

What are the account minimums for Exchange Bank of California Sole Proprietor Checking?

Exchange Bank of California Sole Proprietor Checking requires a minimum initial deposit of $500 to open an account.

Exchange Bank of California Sole Proprietor Checking Account Minimums
Description Amount
Minimum Initial Deposit $500
APY Minimum Balance $0.01
Minimum Combined Balance to Avoid Monthly Fee $10,000
Minimum Balance to Avoid Monthly Fee $2,500

What fees does Exchange Bank of California Sole Proprietor Checking charge?

This account charges a monthly maintenance fee of $10.

Exchange Bank of California Sole Proprietor Checking Fees
Description
ATM Fee: In-Network $0
ATM Fee: Out-of-Network $1.50
Check Copy $0
Check Image Service $2
Debit Card Replacement Fee $0
Foreign Transaction Fee (Debit Card) 1.2%
Monthly Fee $10
NSF Fee $32
Online Bill Pay Fee $0
Overdraft Item Fee $32
Overdraft Protection Fee (per transfer) $10
Paper Statement Fee $5
Returned Deposit Fee (Domestic) $10
Returned Deposit Fee (International) $10
Stop Payment Fee $32
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $55

What features and perks does Exchange Bank of California Sole Proprietor Checking offer?

This account includes the following features:

  • Fraud monitoring - Exchange Bank of California Sole Proprietor Checking monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
  • Free Bill Pay - Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - Exchange Bank of California Sole Proprietor Checking allows you to manage your money online. This includes depositing checks in your account with your smartphone.
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Availability

  Available in 1 state
California
Availabile in all of California

Feature Breakdown

APY Minimum Balance $0.01
Minimum Balance to Avoid Monthly Fee Starting at $2,500
Minimum Combined Balance to Avoid Monthly Fee $10,000
Minimum Opening Deposit Starting at $500
ATM Fee: In-Network $0
Check Copy $0
Debit Card Replacement Fee $0
Online Bill Pay Fee $0
ATM Fee: Out-of-Network $1.50
Check Image Service $2
Foreign Transaction Fee (Debit Card) 1.2%
Monthly Fee $10
NSF Fee $32
Overdraft Item Fee $32
Overdraft Protection Fee (per transfer) $10
Paper Statement Fee $5
Returned Deposit Fee (Domestic) $10
Returned Deposit Fee (International) $10
Stop Payment Fee $32
Wire Transfer Fee - Domestic (Incoming) $15
Wire Transfer Fee - Domestic (Outgoing) $30
Wire Transfer Fee - International (Incoming) $15
Wire Transfer Fee - International (Outgoing) $55
Account Features
  • Member FDIC
  • Branch Access
  • Debit Card
  • Free Bill Pay
  • Fraud Protection
  • Debit Card Lock/Unlock
  • Fraud Monitoring
  • Mobile Banking
  • Interest Bearing Account
  • Mobile Check Deposit
APY (Annual Percentage Yield) 0.02% - 0.09%

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