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Thursday, October 6th
Bluevine is actually a financial technology company, not a bank. It is essentially a front-end user interface for Coastal Community Bank that enables various business banking features for businesses that need them. Bluevine has no-fee checking accounts, interest-bearing checking, is available in 50 states, and is a great bank for a small business. It does not have a savings account.
No Monthly Fees
Bluevine does not charge a monthly fee or have a minimum balance you have to keep an eye on. You get unlimited transactions as well. However, all accounts are subject to the aggregated monthly deposit and withdrawal amount limits spelled out in the account agreement.
Bluevine is part of the MoneyPass® ATM network. As long as you use a MoneyPass® ATM, there aren't any ATM surcharges. Otherwise, the fee is $2.50 per transaction. To deposit money, they require you to visit a location that supports GreenDot depositing systems. Locations for MoneyPass® and Green Dot Network® are found on the Bluevine website.
Earn Interest on Your Checking Balance
Bluevine lets you earn 1.5% interest on balances up to and including $100,000. That's a pretty attractive deal since it's about 50 times the national average interest rate. But the interest can be earned only if you meet the monthly debit transaction or deposit requirements spelled out in the account agreement. Also, there is no interest on balances over $100,000. Interest gets paid to your main Bluevine checking account.
With Bluevine, the process of integrating with QuickBooks is very simple. Within a few clicks, and a verification task or two, you can have your QuickBooks accounting system automatically pull in banking transactions for reconciliation.
Account Access and User Roles
Bluevine allows you to add other authorized users to your account. For example, if you have multiple people in your business who need to tend to funds, fulfill transfers, and do accounting, you can create a user profile for them. Currently in beta, there is a new "Accountant" user role you can add that will limit your accountant to just accessing an account summary and transaction details, bank statements, account reports, loan advance details, creating and editing bills, and forwarding bills to the Bluevine dashboard.
If you need to transfer money from your Bluevine account to another bank, you just set up the other bank account in Bluevine and initiate the transfer via a simple form that asks for the amount and which bank to send it to. You can also transfer money between subaccounts within Bluevine.
Paying Your Bills
Gone are the days of writing individual paper checks to vendors and dropping them in the mail. Obviously, you can pay your bills online with many service providers, usually through your credit card. But if you want to control your business cash flow via bill pay in your bank account, you can do that with Bluevine. Just set up a payee for the bill, enter the amount and due date, and send the payment. You can optionally upload a scanned copy of the bill, and add a reference number, category, and extra note as well.
Set Up Multiple Accounts
As noted above, one great feature of Bluevine is the ability to create up to five additional accounts aside from the main business checking account. This is useful if you need to separate out different accounts as "buckets" for payroll, taxes, and other specific needs. Otherwise, it can be too easy to inadvertently withdraw or spend money from the main account without protecting the balance against overdrafts when taxes or other bills come due.
Coastal Community Bank, which fulfills the banking services that Bluevine facilitates, is a member of the Federal Deposit Insurance Corporation (FDIC). If there's a bank failure sometime in the future, FDIC membership will ensure that up to $250,000 of your money can be recovered.
Reviews and Ratings
Bluevine has a Better Business Bureau accredited rating of "A+" . They are answering all customer complaints and reviews as well, offering to contact them directly. Coastal Community Bank, which Bluevine facilitates, has a non-accredited rating of "A-" . The bank is also responding to customer complaints within a reasonable timeframe.
On other review sites, there were many positive reviews by well over the majority of Bluevine's customers. People liked the fast, easy application and approval process, customer service, credit line terms, ease of use, and interest rate. For the relatively few who complained, they didn't like issues with recovering stolen money after their account information was compromised (apparently due to lack of attention to security on at least one customer's part), being declined with no additional information offered, and longer than anticipated deposit times for new accounts.
Good Choice for Business Bank Accounts
Generally speaking, we recommend Bluevine for most business owners. We particularly appreciate being able to keep different subaccounts and to integrate with popular software platforms for ease of account. It's not as fully-featured as its higher-ranked rivals, but there's no reason not to choose Bluevine for your business banking if it appeals to you.
The answer to this question depends on a lot of factors. How mature is your business in terms of growth and revenue? How do your customers pay you? How do you pay your vendors? Do you expect to earn interest on the money you hold in your checking account? Can you afford to pay fees on transactions?
Access to cashflow is a big part of running your business. Without cashflow, you can't operate. So being able to deposit or withdraw money quickly, with the least amount of hassle, will partly determine whether you're successful in your entrepreneurial endeavors. For example, if you can't make payroll happen in the timeframe your employees expect, they will complain or even quit. Or, if you can't pay your bills on time, you'll be assessed fees and fines that put a dent in your bottom line.
When looking for a business bank account, you will want as many convenience options as you can find. You want a bank that works for you and improves your financial success, not one that makes you feel like you are working for the bank and that they keep taking your money.
We've broken down this review of business banking into several key criteria to compare between options. Not every bank has every option available, but these are among the most common we've found:
TopConsumerReviews.com has reviewed and ranked the most popular providers of business bank accounts available today. We hope this information helps you choose a bank that will make it easy and affordable to manage your money!
Select any 2 Business Bank Accounts to compare them head to head
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