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Etrade Business Checking Account Review 2024
Etrade business checking account review for 2024: bank account fees, APR/APY interest rates, debit cards, minimum requirements.
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Etrade Banking
Most Etrade bank customers have never actually been in a branch of their bank. With only 26 branches nationwide the chances that there is one near you are slim. What they lack in physical locations they more than make up for with online tools, mobile apps and toll-free customer service.
In a recent call to their toll-free help line to conduct additional research for this report, the author was connected to a North America based, native English speaking Etrade representative in less than 30 seconds. Etrade confirmed that one of their old individual checking account options that allowed soul proprietors to have their checks issued under their dba business name and deposit checks made out to their business, has been eliminated.
Etrade Business Checking Accounts
You can now get all the features and flexibility of Etrade's old business branded individual checking accounts through their individual and business brokerage accounts. Etrade has included $500,000 in coverage through the Security Investors Protection Corporation (SIPC) to offset brokerage accounts not being eligible for FDIC coverage. You can still get access to your business account with business checks or a VISA debit card.
Etrade Business Checking Requirements
Applying for a business checking account with Etrade is relatively easy. Business accounts require a minimum $500 initial deposit to open and if you want to use their mobile app for iPhone or Android, you need to start with a minimum balance of $1,000. These are only opening balances and do not need to be maintained to keep the account open or use the app. All the forms are available online and you can set up business accounts for sole proprietorships, LLCs, corporations, partnerships and even non-profits. The mobile app isn't available for non-profits or foreign corporations but the bulk of their business clients have access to all their regular online tools as well as some special app features through their smartphone.
Additional Services
Over the years Etrade has led the way by being the first to introduce many of the online banking tools that we now take for granted. They perennially top Kiplinger's
list of best online brokers. In this review we won't go into their trading platform, selection of Bonds, ETFs and
foreign exchange. We will stick to just looking at the features you would typically use in a business checking account.
As well as checks and debit cards, their business brokerage accounts provide tools for setting balance alerts, classifying deposits and withdrawals, and running reports. You can get
email notification to your smart phone by setting alerts to send you an email when the balance falls below a certain amount. You can have it sent to just your primary email address
or add extra email addresses that you reserve just for your smartphone. If you're waiting for a big check to clear you can also set an alert to trigger when the balance goes over
a certain level. You know the second the check has cleared.
To help you generate reports, you can categorize your transfers under dozens of different income, expense and tax status categories. With everything tagged, you can generate
fast, easy reports for tax filing or internal use.
Etrade Business Checking Mobile App
The mobile app for iPhone or Android comes with the very handy Mobile Check Deposit (MCD) feature, that lets you endorse the check, snap a picture and send the deposit to your account.
With only 26 physical branches across the country it's extremely unlikely you're going to be able to run a check over to make a deposit. MCD was pioneered by
USAA bank, who serves over 7 million, mostly military members worldwide from just one branch in San Antonio, Texas.
Etrade has brought MCD to the masses. While only 60% of USAA customers met their requirements to use MDC, Etrade simply requires you start your account out with $1,000. Business and individual account holders are limited to depositing $10,000 or 50 checks per day using MCD. Checks still have a 1-2 day float and then normal holding periods apply. Treasury, cashier and certified checks, clear $5,000 the next business day and personal checks clear $200 the next business day. The remainder up to $5,000 clears on the second business day and any balance for checks over $5,000 clears on the fourth business day.
The mobile app can also send you alerts on the progress of your MCD and let you know when funds are released. If you don't want to have your inbox clogged with messages you can also sign into their website where all your MCDs are tabbed and you can quickly flip through any that you are waiting on, to see the status.
ATM Rebates
Finally, one of the biggest bonuses for having an account with Etrade is their VISA debit cards automatic ATM fee refund. There are many other banks
that claim to offer something like this service but there is almost always a catch. Monthly limits and hefty minimum balances always seem to make you the exception.
Many banks only credit your ATM fees monthly. With Etrade, every bank is your bank. Etrade credits your ATM fee within a few minutes and there are no minimum
balances or monthly ATM withdrawal limits. If you are roaming the globe you will incur a 1% fee for withdrawals in a foreign currency, but you always have fast,
easy, cost effective access to your business accounts.
Etrade Business Checking Review Summary
Etrade Bank' business checking account offers a number of benefits that makes it attractive to many customers. Readers looking for a personal checking account
should take a look at Top checking accounts article.
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