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Running a successful business in Virginia Beach requires a reliable banking partner. In this guide, we’ll review the top banks in Virginia Beach for businesses to help you choose the right bank for your business needs.
Best Business Checking Accounts In Virginia Beach
- Wells Fargo: Best in Loan and Credit Line for Businesses
- Capital One: Best in Online Banking
- Bank of America: Best in Payment of Bills
- Townebank: Best in ACH Services
- Chesapeake: Best in Treasury Management
Wells Fargo: Best In Loan And Credit Line For Businesses
Most businesses often need access to funding to help them manage their cash flow, purchase inventory or equipment, or fund expansion.
Small businesses can gain from this feature since it gives them access to the funding they need to expand and succeed. They can finance their business, seize possibilities for expansion, and better manage their cash flow by securing a loan or line of credit.
Why We Chose It:
We Chose Wells Fargo because of its financing options, such as SBA loans and equipment financing, which greatly benefit businesses that may not have the collateral or credit history to qualify for traditional bank loans.
- Wide range of checking accounts to choose from
- Overdraft protection options
- Online and mobile banking features
- Bill pay feature
- Debit card
- Rewards programs
- Zelle feature for quick money transfers
- Monthly service fees for some accounts
- Fees or interest charges for overdraft protection
- Reports of poor customer service
Capital One: Best In Online Banking
Capital One‘s online banking platform is designed to accommodate the needs of businesses, whether they are small startups or established corporations.
The platform provides a range of features that allow business owners to manage their accounts and finances efficiently and conveniently.
With online account management, businesses can view and manage their accounts, including checking, savings, and credit card accounts.
The online bill pay feature enables business owners to schedule and pay bills easily and avoid late fees.
Mobile banking and customized account access also provide flexibility and convenience for business owners, allowing them to manage their accounts on the go and granting different employees customized access.
Capital One’s online banking platform for businesses also includes cash flow management tools, such as customizable alerts for low balances or large transactions and customizable reports to monitor cash flow.
Why We Chose It:
We chose Capital One because it offers merchant services, allowing businesses to accept customer credit card payments in-store and online.
- No monthly fees for many checking accounts
- Overdraft protection to help avoid fees
- Mobile banking app for on-the-go account management
- Customized account access for different employees
- Large network of fee-free ATMs
- Online bill pay to avoid late fees
- Cash flow management tools to monitor finances
- Merchant services for businesses to accept credit card payments
- Reports of poor customer service in some cases
- Interest rates on savings and checking accounts may be lower than competitors.
- Potential fees for some features or services, such as overdraft protection or wire transfers.
Bank Of America: Best In Payment Of Bills
Bank of America‘s bill pay feature is designed to accommodate the needs of both individual customers and businesses. With the bill pay feature, businesses can manage their bills online, schedule payments in advance, and set up recurring payments.
Businesses can also use Bank of America’s bill pay feature to manage their cash flow. The bill pay feature allows businesses to schedule payments on specific dates, which can help them to manage their cash flow more effectively.
Why We Chose It:
Bank of America’s bill pays feature offers customized payment options for businesses. Businesses can pay bills with a paper check or an electronic payment, depending on their preferences and the vendor’s payment options.
- Large network of ATMs across the country
- Convenient online and mobile banking access
- Overdraft protection to avoid fees
- Bill pay feature to easily manage and schedule payments
- Zelle’s peer-to-peer payment service for quick money transfers
- Rewards programs for certain accounts
- Customizable alerts to stay on top of account activity
- Reports of poor customer service in some cases
- Interest rates on savings and checking accounts may be lower than competitors.
- Limited physical branch locations in some areas
Townebank: Best In ACH Services
TowneBank‘s ACH (Automated Clearing House) services benefit businesses looking to streamline payment processes.
With TowneBank’s ACH services, businesses can easily initiate electronic payments, including direct deposit payroll, vendor payments, and tax payments.
This eliminates the need for paper checks, which can be time-consuming and costly.
Additionally, TowneBank’s ACH services allow businesses to schedule recurring payments, which can help ensure timely payments and reduce administrative time and effort.
For example, a business can schedule monthly rent or utility payments to be automatically debited from their account.
TowneBank also offers ACH positive pay, a security feature that helps to protect against unauthorized ACH transactions.
With positive pay, businesses can review and approve ACH transactions before they are processed, which can help to prevent fraudulent activity.
Why We Chose It:
TowneBank’s ACH services are a valuable tool for businesses looking to simplify and streamline their payment processes. By providing a secure and reliable way to transfer funds electronically, they help businesses save time and reduce costs associated with traditional paper-based payment methods.
- Online banking platform with convenient access to account information and transaction history
- Business debit card for purchases and cash withdrawals
- ACH services for secure and reliable electronic payments, including direct deposit and recurring payments
- Sweep account feature for maximizing cash flow and earning interest on excess funds
- Account analysis service to help businesses optimize banking services and reduce costs
- Merchant services for processing credit card payments
- Positive pay feature for added security against unauthorized ACH transactions
- Potential fees for certain features or services, such as ACH transactions or account analysis
- Monthly maintenance fees may apply to some accounts if certain requirements are unmet.
- It may not offer as many account options or features as some larger banks.
Chesapeake: Best In Treasury Management
Chesapeake Bank provides businesses with various treasury management services to help them manage their financial operations more efficiently.
These services include fraud protection, account reconciliation, cash concentration, ACH and wire transfer services, and Positive Pay, a tool that helps prevent check fraud.
Chesapeake Bank’s fraud protection tools offer businesses real-time alerts, multiple transaction approval levels, and check verification to help prevent unauthorized transactions. Its account reconciliation service helps streamline accounting and financial reporting by matching internal records with bank statements.
Why We Chose It:
The bank’s cash concentration services allow businesses to consolidate funds from multiple accounts into one account, reducing administrative burden and optimizing cash flow.
- Fraud protection tools help prevent unauthorized transactions and reduce fraud risk.
- Cash concentration services optimize cash flow and reduce the administrative burden.
- ACH and wire transfer services offer fast and secure payment options
- Account reconciliation service streamlines accounting and financial reporting
- Some services come with fees
- Learning to use services may require time and resources
- Services may not be suitable for all businesses
Recommended Bank Account for Businesses in Virginia Beach
For businesses in Virginia Beach, there are several great banking options available. Capital One, Bank of America, Townebank, Chesapeake, and Wells Fargo are among the top picks.
These banks are recognized for their exceptional business accounts that offer flexibility in loan applications, convenient access to credit and debit cards, a range of digital products and services, and a superb digital banking experience.
