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  TIAA Bank Small Business Checking

TIAA Bank Small Business Checking

in Business Checking Accounts from TIAA Bank · fdic

Unaffiliated

TIAA Bank Small Business Checking

Unaffiliated

in Business Checking Accounts from TIAA Bank · Member FDIC

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Highlights
Monthly Fee $0
ATM Fee: Out-of-Network N/A
Minimum Balance to Avoid Monthly Fee N/A
APY (Annual Percentage Yield) 0.1%

TIAA Bank Small Business Checking Review

TIAA Bank Small Business Checking is offered by TIAA Bank, a bank founded in 1918 and based in New York, NY. TIAA Bank Small Business Checking is available in 50 states (and Washington, DC).

Key Takeaways
  • Higher than average APY. TIAA Bank Small Business Checking has an annual percentage yield of up to 0.1%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $0.01.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • Large minimum initial deposit. You need a minimum deposit of $1,500 to open an account. This is a relatively large minimum initial deposit when compared to the other accounts that we track.
  • No ATM fees. TIAA Bank Small Business Checking does not charge fees on ATM transactions.
  • Up to $15 in ATM fee reimbursements. This account will reimburse you for ATM fees (see terms and conditions for details).
  • Bill pay. Pay your bills to practically anyone in the United States through TIAA Bank.
TIAA Bank Small Business Checking Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to physical branches.
  • Free debit card and the option to lock/unlock the card if lost or stolen
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Higher than average wire transfer fees.
TIAA Bank Small Business Checking FAQ

Are business checking accounts from TIAA Bank federally insured?

Yes, your TIAA Bank business checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). 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 TIAA Bank Small Business Checking offer?

TIAA Bank Small Business Checking Rates & Terms
Description
APY (Annual Percentage Yield) 0.1%

TIAA Bank Small Business Checking offers an APY of 0.1% (APY stands for annual percentage yield, rates may change). However, to earn interest you must keep a minimum balance of $0.01.

What are the account minimums for TIAA Bank Small Business Checking?

TIAA Bank Small Business Checking requires a minimum initial deposit of $1,500 to open an account.

TIAA Bank Small Business Checking Account Minimums
Description Amount
Minimum Initial Deposit $1500
APY Minimum Balance $0.01

What fees does TIAA Bank Small Business Checking charge?

The good news is that this account does not have a monthly service charge.

TIAA Bank Small Business Checking Fees
Description
ATM Fee: In-Network 0
ATM Reimbursement Monthly Limit 15
Check Copy 5
Debit Card Replacement Fee $0
Foreign Transaction Fee (Debit Card) 2%
Monthly Fee $0
NSF Fee 30
Online Bill Pay Fee $0
Paper Statement Fee 5
Returned Deposit Fee (Domestic) $10
Returned Deposit Fee (International) $10
Stop Payment Fee $25
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - Domestic (Outgoing) 25
Wire Transfer Fee - International (Incoming) $0
Wire Transfer Fee - International (Outgoing) 35

What features and perks does TIAA Bank Small Business Checking offer?

This account includes the following features:

  • ATM reimbursement - This account will reimburse you for the ATM fees charged by other networks up to a monthly maximum of $15.
  • Check images with statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks.
  • Fraud monitoring - TIAA Bank Small Business 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 - TIAA Bank Small Business Checking allows you to manage your money online. This includes depositing checks in your account with your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From TIAA Bank Small Business Checking

All of the essentials, with no maintenance fee. Created exclusively for sole proprietors and single-owner LLCs, our Small Business Checking Account can boost your money’s productivity with a competitive yield, no monthly maintenance fees and a low minimum to open.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

APY Minimum Balance 0.01
Minimum Opening Deposit Starting at $1,500
ATM Fee: In-Network 0
Debit Card Replacement Fee $0
Monthly Fee $0
Online Bill Pay Fee $0
Wire Transfer Fee - Domestic (Incoming) $0
Wire Transfer Fee - International (Incoming) $0
ATM Reimbursement Monthly Limit 15
Check Copy 5
Foreign Transaction Fee (Debit Card) 2%
NSF Fee 30
Paper Statement Fee 5
Returned Deposit Fee (Domestic) $10
Returned Deposit Fee (International) $10
Stop Payment Fee $25
Wire Transfer Fee - Domestic (Outgoing) 25
Wire Transfer Fee - International (Outgoing) 35
Account Features
  • No ATM Fees
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • ATM Reimbursement
  • Nationwide ATM Network
  • Check Images with Statement
  • Mobile Banking
  • Fraud Monitoring
  • Debit Card Lock/Unlock
  • Fraud Protection
  • Debit Card
  • Branch Access
  • Member FDIC
  • Expense Management
APY (Annual Percentage Yield) 0.1%

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