What is Bluevine Business Checking?
Bluevine is a fintech company that provides simple, transparent banking solutions to small businesses, including Business Checking, Line of Credit, and Bill Pay. Although it’s not a bank, all Bluevine deposits are insured up to $3M through Coastal Community Bank, Member FDIC and their program banks. This financial technology company caters to small businesses by providing cutting-edge business banking solutions. By focusing on credible, efficient, and easy-to-use solutions, Bluevine has carved a niche for itself in the business banking arena. Today, thousands of businesses utilize the services of Bluevine, and since its founding in 2013, the company has delivered over $14 billion in funding to over 500,000 businesses across the US. With no signs of slowing down, Bluevine offers a variety of checking account features, including no monthly fees, high-yield 2.0% interest on eligible customer balances up to and including $250k, unlimited transactions, and an easy Bill Pay dashboard.
Bluevine Account Pros & Cons
- No monthly fees
- No minimum balance or deposits
- Eligible customers receive 2.0% interest on balance up to 250k
Free Standard ACH transfers
- Same-day ACH transfer for $10 fee
- Wire transfers to 32 countries outside of the U.S
- Unlimited transactions (however, all accounts are subject to the aggregated monthly deposit and withdrawal amount limit)
- Up to 5 sub-accounts with unique account numbers
- No insufficient fund fees
- Professional customer support
- $15 fee for domestic outgoing Wires
- Customer service limited to Mon-Fri
Bluevine Checking Features
Bluevine provides small businesses with a range of unique tools and resources. Among them are checking accounts without monthly fees and flexible funding solutions that cater to the business’s individual needs. With no monthly fees, unlimited transactions, and high-yield interest rates of up to 2.0% for eligible customers, Bluevine is a competitive player in the industry. Moreover, eligible customers can enjoy high-yield interest rates of up to 2.0% on balances up to $250,000, which is particularly attractive in the current low-interest-rate environment. Bluevine also offers credit lines of up to $250,000, and clients only pay for the credit they use. There are no early repayment penalties to worry about, and loans may be deposited into your account within 24 hours of approval. Here are some of the features that are readily available from this fintech company:
Business Checking ServicesAccordeon button
Bluevine’s business checking options stand out with zero monthly fees and unlimited transactions, making it an ideal choice for small businesses seeking better banking options. Eligible customers can also earn 2.0% interest on balances up to $250k, which is higher than many traditional banks. Bluevine also offers free ATM withdrawals at over 37,000 national MoneyPass locations, and two free checkbooks per year for funded accounts. In addition, Bluevine prioritizes security by using two-factor authentication and SSL/AES encryption to secure accounts and sub-accounts. With professional live support available Monday through Friday, Bluevine provides a comprehensive banking experience for small businesses.
Better Business ManagementAccordeon button
Bluevine sets itself apart from the competition by offering customers intuitive control over their accounts with easy-to-use features such as quick balance views, check deposits, and transfers, all accessible through their mobile app. For larger teams, additional users can be added with designated permissions and tasks. Additionally, a payment approval option is available, requiring team approval before payments are sent to the payee. If customers need support, they can easily reach out via email or telephone. The account registration process is quick and straightforward, taking only a few minutes to complete, allowing clients to get started quickly.
Business Lines of CreditAccordeon button
Bluevine offers on-demand access to revolving lines of credit with no monthly fees. You are only charged for what you use. Your line of credit replenishes as you repay it, and there are no penalties for repaying early. Businesses can qualify for credit lines up to $250,000 with rates starting at 4.8%. Rapid approvals in 5 minutes are possible, provided the right information is presented. Applying for a business line of credit does not affect your credit score. The 4 step process for credit applications begins with an online application, a request for funds, repayments, and access to additional funds as you pay off your balance. A minimum FICO score of 625+ FICO is required, with business operations of at least 24 months, and $40,000 in monthly revenues.
Bill Pay OptionsAccordeon button
Bluevine’s Bill Pay options provide a hassle-free way to pay bills online, with no monthly fees. With access to over 40,000 registered payees or the option to add your own, you can easily schedule payments at your convenience. Choose from a variety of payment options such as check, credit card, Bank Wire, standard ACH, or same-day ACH, and decide how and when the vendor will receive payment. Same-day transfers are possible with Bill Pay, and clients can easily add, track, and manage bills on the Bluevine Dashboard. Plus, new features such as Inbox and Recurring Bills allow for easy management and tracking of multiple payments. Payment Approvals feature also allows team members to route payments for approval before being sent to the payee.
Bluevine Business Debit CardAccordeon button
The Bluevine Business Debit Mastercard is available for use anywhere that Mastercard is accepted. You can withdraw your cash at 37,000+ ATM MoneyPass locations. The 4 step process to using the business debit card requires you to activate the card, add funds to your card, enjoy mobile checking options, and have peace of mind with watertight security protocols in place. Clients can activate the debit card from their dashboard or the app. You can add funds to your account through a Green Dot® location, transfer funds from your checking account, or deposit a check through the mobile app.
Account AccessAccordeon button
Account Access is a new way to manage access levels. Every customer can log into their business account and see what levels of access they have granted others. With this feature, customers can now manage all those access levels in a single location, making it easy to see who has which permissions.
QuickBooks IntegrationAccordeon button
Bluevine’s QuickBooks Online integration gives customers the ability to automatically sync bills, transactions, and payees between the two platforms. Users can also sync payments, balances, and schedules to the QuickBooks database.
Plans & Pricing
Bluevine pricing ranks among the lowest in the industry. Consider the following:
- No limit on the number of monthly transactions.
- Eligible customers receive 2.0% interest on Balance up to $250k
- Clients with funded accounts receive up to 2 complimentary checkbooks annually.
- There are no monthly fees, minimum balance fees, minimum deposit fees, overdraft fees, NSF fees, bill pay fees, incoming/outgoing standard ACH fees, no depositing check fees, no paper check fees, no incoming wire transfer fees, and no in-network ATM fees.
- However, clients will be charged a $15 outgoing wire fee, $10 outgoing same-day ACH fee, $2.50 out-of-network ATM fee, $1.50 for their service where they’ll send a paper check on your behalf, and $30 per shipment debit card replacement with express shipping.
- Bill pay with credit card transaction fees amount to 2.9%, and there is a cash deposit fee of $4.95 for each deposit.
Bluevine is all about saving money for small businesses. That’s why their mobile banking solutions for businesses offer unlimited monthly transactions with no minimum deposits, no in-network ATM fees, no NSF fees, and no incoming wire transfer fees. Granted, you will be required to pay $4.95 for each cash deposit you make. Plus, there are $15 outgoing wire transfer fees and $2.50 out-of-network ATM fees to consider. You can also use your Bluevine debit card online, or in-store for free.
What do I need to open a Bluevine Business Account?Accordeon button Accordeon button
The Bluevine Business Checking account application process requires the following information from clients:
- Your Email Address
- Your First Name and Your Last Name.
- The type of business you are running (Corporation, General Partnership, LLC, LLP, Limited Partnership, or Sole Proprietorship).
- Your Telephone Number.
- A Secure Password.
Once you provide this basic information, you will be required to provide additional information on your business. This includes your business name, trading name, business address, work telephone number, annual revenue, the industry you operate in, your tax ID or EIN (employer identification number), and specific biographic information about yourself including SSN, ID, DOB, address, business ownership interests, driver’s license, et al. Applications can be finished and submitted in minutes via Bluevine’s website.
Will Bluevine run a hard credit check on me for a line of credit?Accordeon button Accordeon button
You can apply for a Bluevine Line of Credit without impacting your credit score. If you’re approved, a hard credit check will happen only after you accept the offer.
As part of the eligibility and qualifications for Bluevine lines of credit, you must be a business in operation for at least 6+ months, with $40,000 in monthly revenue, and a personal FICO score of at least 600.
What are the Benefits of Bluevine Business Checking?Accordeon button Accordeon button
Bluevine Business Checking has no monthly fees, no fees on incoming wires, and no NSF fees. Plus, eligible customers will receive 2.0% interest on balances up to $250,000, and there are free ATM in-network withdrawals at 37,000+ locations where the MoneyPass Network is supported. Accounts are insured up to $3M through Coastal Community Bank, Member FDIC and their program banks.
In our opinion, Bluevine is an impressive business banking solution that offers many benefits for clients. Its low-fee structure is particularly appealing, especially when compared to the high costs that businesses typically face through traditional banks. We have conducted thorough research and read customer reviews, and Bluevine compares favorably with the best options out there.
The business checking, loans, bill pay, and other resources offered by Bluevine are all worthwhile. The 2.0% interest on balances up to $250,000 is an exceptional rate that’s up to 30X greater than the standard interest rate you can receive at most US banks today. While there are some fees to consider, such as cash deposit fees of $4.95 and outgoing wire fees of $15, the benefits of using Bluevine, such as the Bluevine Mastercard debit card and access to tens of thousands of ATMs across the country, make it a highly attractive option for small business owners. Overall, we highly recommend Bluevine for businesses looking for a modern and competitive banking solution.
Incredibly easy, fast and efficient. To be honest, I was initially concerned/skeptical since Bluevine’s process felt too easy… I kept looking for a gotcha clause or hidden fee. After doing online and working with our BlueVine advisor (Mitch S), we signed up. Onboarding and approval was incredibly fast, the online dashboard makes all of this quite easy, and initial funding was seemless. Thanks again Mitch!By Bill O. June 02, 2023
We (VITAL4) became familiar with Bluevine via Forbes and have had a top notch experience since the moment we applied. Within one week of applying we had received the funds we needed to satisfy our A/R timing gap and remedy what was extremely stressful without selling equity. We are excited to grow in this partnership. Thank you Bluevine!By Kristin May 15, 2023