Last Updated: February 16, 2024, 1:27 pm by TRUiC Team

BlueVine Business Checking Review

Aside from business lending solutions, BlueVine now offers a BlueVine Business Checking Account solution for small businesses. This is a nice addition because it helps small business owners better manage their business finances. Read our review to learn more about BlueVine and, in particular, the new BlueVine Business Checking Account.

In this review, we'll look at BlueVine and who the company best serves, types of accounts BlueVine offers, and specifically, we'll review their business banking solutions.

BlueVine Introduction

It's more often difficult for small businesses to get traditional bank loans. This is normally either because of their size or the amount of time they've been around doing business. BlueVine is capitalizing on this problem by offering different financing options as well as a business banking account designed with the small business owner in mind.

We won’t talk too much about the financing solutions in this review. Still, we will look closely at BlueVine’s banking solution.

BlueVine offers the BlueVine Business Checking Account. The account comes loaded with several nice features:

  • BlueVine has No hidden fees. This includes zero monthly, non-sufficient funds (NSF), or even incoming wire fees. This is pretty significant, to put it mildly, as in this day and age many business banks charge business customers a premium just to open an account, let alone the fees charged to keep the accounts open.
  • BlueVine offers a better than average interest rate on the account balances. As long as you keep a thousand dollars in the account, the current interest rate is a full 1% on your balance.
  • BlueVine is built for small businesses. So the features and support that you might expect from a robust business and financing solution, you can get all in one place through BlueVine.

BlueVine Overall Assessment

Small business owners can do their business banking entirely online through a well built, robust, and cutting edge platform.

We give BlueVine a 4.7 out of 5 stars for the following reasons:

  1. BlueVine offers both small business financing and banking under one roof. The financing is not comprised of traditional business bank loans either. BlueVine offers options you don’t find being offered at most traditional banks; namely:
    • Term loans (Traditional loans)
    • Invoice factoring (Sell your accounts receivable)
    • Business lines of credit (Working capital loans)
  2. BlueVine solved the problem of how to make cash deposits while remaining a strictly online bank. They have partnered up with GreenDot to let business customers make cash deposits at any GreenDot location. There are over 60,000 retail locations nationwide.
  3. The platform is intuitive, beautiful, and simple. There is no guesswork involved in setting up a BlueVine Business Checking Account. It took us fewer than 60 seconds. We’ve never had this experience opening a business bank account.
  4. Higher interest rates on balances over $1,000. BlueVine offers 1% versus the average 0% to .05% interest rate offered by most other business bank accounts.
  5. No fees or lower fees.
    • BlueVine provides businesses a no-fee ATM debit MasterCard if used at 38,000 plus Money Pass locations. Some banks charge in-network ATM fees.
    • BlueVine does not charge fees for non-sufficient funds. The average non-sufficient fund’s fee for most business bank accounts is $35.
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Recommended: Sign up in 60 seconds for a checking account that gets you 1% interest, with no hidden fees. Learn more about BlueVine Business Banking.

Our Favorite BlueVine Benefit

  • BlueVine business banking integrates with BlueVine financing solutions. We especially like this benefit because a business can get their financing needs taken care of, as well as manage their business banking needs all from one source.

Regarding the finance side of things, BlueVine offers small business owners:

  • Term loans
  • Invoice factoring
  • Business lines of credit

More recently, BlueVine offered a paycheck protection program (PPP) loan, which has helped many small businesses survive through the COVID-19 coronavirus pandemic. At this time, however, BlueVine has had to suspend the PPP loans until the US government decides whether to extend the government-backed loan program, which is due for review in September of 2020.

BlueVine Versus Other Banks

To get to know BlueVine better, we wanted to compare them to other banks, in general, to see how they size up against the competition.

Here’s what we learned:

  • BlueVine provides businesses a no-fee ATM debit MasterCard if used at 38,000 plus Money Pass locations. Some banks charge in-network ATM fees.
  • BlueVine does not charge fees for non-sufficient funds. The average non-sufficient fund’s fee for most business bank accounts is $35.
  • BlueVine offers two free checkbooks when a small business decides to open an account with them. Most banks charge business customers anywhere from $35 to $50 per check order.
  • BlueVine does not require a minimum deposit or balance to keep a BlueVine business banking account alive. Most banks charge a $500 minimum balance just to keep a business bank account open. These banks also tend to charge a monthly service fee on business bank accounts ranging between $10 and $30.

You don't have to pay these common fees with BlueVine. BlueVine has some nice features not offered by most other banks, specifically designed to help small businesses.

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Recommended: Check out our review of the Top 5 Business Bank Accounts.

More BlueVine Business Banking Features

As we continued investigating BlueVine further, we learned they offer other impressive features. These features collectively add-up to increase the overall value of BlueVine small business solutions.

Here are some more features BlueVine offers its business customers:

  • Process unlimited transactions. Businesses can opt to pay vendors and other business-related bills through the following:
    • ACH
    • Wire transfer
    • Check
  • Transfer money in and out of the BlueVine Business Checking Account and into other accounts.
  • Lock ATM cards in just seconds using the BlueVine mobile app. This is a nice feature to have should a card ever become lost or stolen.
  • Schedule one time or recurring payments directly through the BlueVine Business Checking Account or the BlueVine Mobile App.
  • BlueVine is FDIC insured up to $250,000. This adds an extra layer of protection and security for small business owners.

BlueVine Business Bank Account User Experience

BlueVine introduced the BlueVine Business Checking Account in December of 2019, and first rolled it out to their existing finance customers. Now, halfway through 2020, BlueVine has made this banking product available to any small business.

The user experience is something we really wanted to highlight, given how new the BlueVine Business Bank Account product is.

Here is what our experience setting up a BlueVine Business Bank Account:

  • We enjoyed how it was fast to set up an account with BlueVine.
  • Signing up took us less than a minute, and soon we were able to log in to view our account balance, deposit checks, and check out all the other great platform features.
  • We liked how it was easy for us to navigate the platform once the account was set up.
  • The BlueVine mobile app allowed us to do exactly what we could do online but from the convenience of our smartphones.

If you do happen to need help, for any reason, we learned that you can contact BlueVine directly either by email or phone: (888) 216-9619.

Frequently Asked Questions

What is BlueVine?

BlueVine is a company that offers business checking accounts and other financing products, such as:

  • Lines of credit
  • Term loans
  • Invoice factoring

The company has an A+ rating from the Better Business Bureau. And BlueVine provides small businesses access to over $66.5 billion in financing.

What is offered with BlueVine Business Checking?

The BlueVine Business Checking Account offers business customers numerous features. Here is a highlight of some of the features you get:

  • BlueVine business checking is a business banking account designed with small business owners in mind. They do not charge any monthly incoming wire, ATM, or non-sufficient fund fees. They do, however, offer dedicated, live support. And so long as you keep a thousand dollars in your account, you qualify for a 1% interest rate.
  • BlueVine also offers a nice dashboard and the mobile app that can be used to deposit checks, view your account balance, and practically any, every, any other everyday business banking activity that you can imagine.
  • If you need to withdraw cash, you can do so with the BlueVine Business Debit MasterCard.

Who qualifies for a BlueVine Business Bank Account?

Certainly, all business owners are invited by BlueVine to apply for the BlueVine Business Bank Account.

That being said, there are a couple of requirements you must meet:

  • You must be a small business owner, 18 years of age or older.
  • You must also be a US citizen or resident living within the United States with a verifiable US address.
  • A business cannot operate in any of the following industries:
    • Illegal substances
    • Weapons and firearms
    • Adult entertainment
    • Gambling

Likewise, it's important also to look at the full terms and restrictions found in the BlueVine Business Bank Account agreement before applying for a business bank account.

Why should a small business use a BlueVine Business Checking Account?

The simple answer is you can run your business better by taking advantage of mobile check deposits, verifying account balances in real-time, and even using BlueVine features to transfer funds and pay bills without incurring fees.

For many small businesses, the convenience of using an online business bank account far outweigh the services traditional banks offer.

How do I send and receive money into my BlueVine Business Checking Account?

There are several ways you can receive money with a BlueVine Business Checking Account:

  • Third-party bank transfers
  • ACH
  • Domestic wire transfers
  • In-person at any of the 60,000+ GreenDot retail locations (for making cash deposits)

Am I able to withdraw cash from an ATM?

With your BlueVine business checking account, you also receive a BlueVine Business Debit MasterCard that can be used at over 38,000 in-network ATM branches. BlueVine has a partnership agreement with the Money Pass network.

Can I deposit both checks and cash into my BlueVine business checking account?

Yes, it's possible to deposit both cash and checks into a BlueVine business bank account. You can deposit checks anytime and anywhere by simply logging on to the BlueVine mobile app, and taking a photo of the check you wish to deposit. The money will be deposited into your account automatically within a few minutes.

If you need to deposit cash, BlueVine has a partnership agreement with GreenDot. You can deposit cash at over 60,000 plus retail locations nationwide.

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Recommended: Sign up in 60 seconds for a checking account that gets you 1% interest, with no hidden fees. Learn more about BlueVine Business Banking.