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When picking the ideal bank for your trucking business, find one that offers both business and personal checking accounts to meet your operation’s diverse needs. Fleet owners and owner-operators require a bank with extensive availability and products and services tailored to support their business activities.
On the other hand, individual truck drivers benefit from a personal checking account accessible nationwide, which effectively addresses their personal financial requirements.
Below, you’ll find seven top business account providers and three personal account providers, each offering excellent options for trucking industry professionals. Some banks cater to business and personal banking needs, providing a comprehensive solution.
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7 Best Banks for Trucking Business
- Bluevine: Known as the best business checking account overall, Bluevine stands out for its ability to earn interest on deposits and lines of credit.
- Novo: This digital-only bank is perfect for those needing quick access to funds and speedier payments.
- Lili: Praised for its user-friendly interface, Lilli offers an exceptional experience for business banking.
- Chase: Chase excels in providing full-service banking tools, a vast branch and ATM network, and personal account options.
- Bank of America: This bank offers the best business account for ongoing rewards and business support, with personal accounts also available.
- Axos: Recognized for affordability, Axos offers a cost-effective business banking solution.
- TAB Bank: Best known for its personal bank account services, TAB Bank also provides a specialized product tailored for truckers.
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Truck drivers, always on the go, often prefer online-only banking since visiting a physical branch is tough. Bluevine is a top choice for truckers, offering interest-bearing business checking with an impressive 2.0% APY on qualifying deposits. Its Business Checking account offers up to 4.25% APY. Read the full Bluevine review.
Their Standard Business Checking is entirely online, with no monthly fees, opening deposits, or minimum balance requirements. It provides fee-free ATM withdrawals at over 40,000 MoneyPass ATMs nationwide.
However, out-of-network transactions have a $2.50 fee plus any third-party charges. Bluevine also supports business growth with solid credit options, including a well-regarded small business line of credit and a new business credit card, making it an all-in-one solution for truck drivers’ banking needs.
Features
- No monthly maintenance fee
- No minimum balance requirement
- Reduced standard payment fees for Bluevine Plus and Bluevine Premier checking
- Free debit card with up to 4 additional free debit cards for authorized users
- Two free checkbook orders per year
- Three checking options with competitive interest rates
- Seamlessly integrates with QuickBooks
- Enjoy unlimited 1.5% cash back with the business Mastercard
- Lacks savings, money market, and certificate of deposit (CD) accounts
- No physical branch locations for in-person banking
- Charges a fee for depositing cash
>> Finance Your Trucks With Bluevine >>
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Truckers, fleet operators, and owner-operators seeking faster payment processing will find Novo Boost useful. This feature enables quicker sending and receiving of payments, especially for those using Stripe, allowing faster-than-usual payments. Novo users can link Stripe, Square, and PayPal, accepting payments via card, Apple Pay, Google Pay, PayPal, and Venmo.
For those needing to send same-day ACH payments, Novo’s Express ACH feature ensures efficient acceptance and sending of same-day payments.
Novo’s business checking account is fee-free, with no monthly fees, transaction limits, minimum opening deposit, or balance requirements. Novo offers up to $7 monthly in ATM fee reimbursements, making it a cost-effective and convenient banking solution for the trucking industry.
Features
- Integrates with other business tools, such as QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves.
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost, in coordination with Stripe, allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Monthly refunds of up to $7 for ATM fees
- No maintenance fees
- Novo Boost and Express ACH provide quicker access to your funds
- Cannot deposit cash directly
- No savings accounts are available
- Non Interest-bearing account
>> Finance Your Trucks With Novo >>
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Lili Bank is a top-notch choice for the trucking business, offering a seamless and efficient banking experience tailored to truckers’ unique needs. Lili provides no-fee business checking accounts, real-time expense tracking, and automatic tax savings, simplifying financial management on the go.
With its mobile-first platform, truckers can manage their finances from anywhere, using features like mobile check deposit, instant expense categorization, and integrated invoicing.
Lili also offers a robust ATM network and cash-back rewards, making it convenient and rewarding for truckers to access their money. Focused on freelancers and small business owners, Lili Bank delivers a comprehensive banking solution perfectly aligned with the demands of the trucking industry.
Features
- Business checking accounts with no fees
- Mobile check deposit
- Instant expense categorization
- Automatic tax allocation
- Integrated invoicing system
- Real-time transaction notifications
- Cash-back rewards program
- Access to a large network of ATMs
- No monthly fees
- Real-time expense tracking
- Automatic tax savings
- Mobile-first platform
- Integrated invoicing
- Extensive ATM network
- Cash-back rewards on purchases
- Limited access to physical branches
- No business lending products
- Customer service is mainly through the app and online
>> Finance Your Trucks With Lili Bank >>
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Truckers seeking a traditional banking option with widespread branch and ATM access will find Chase an ideal choice. With over 4,700 branches in 48 states and over 16,000 ATMs, Chase is accessible wherever your trucking journey takes you.
It’s one of the best small business checking accounts available. For an entry-level business checking account, Chase’s Business Complete Banking offers 20 free transactions and $5,000 in free cash deposits each month.
The $15 monthly fee is easily waivable. If your business needs more transactions or larger cash deposits, Chase provides two higher-tier accounts to meet those needs. Chase offers five different personal checking accounts for truckers looking for non-business options.
The “Everyday” accounts include Total Checking, Secure Banking, and Premier Plus Checking. The “Premium” options are Sapphire Banking and Private Client Checking. Except for Secure Banking, which has a fixed $4.95 monthly fee, all other accounts have waivable monthly fees, providing flexible options for personal banking.
Features
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile app
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Costs of physical checks depend on the type of order
- Live customer support online or in the branch during business hours
- $300 bonus when you open an account
- Multiple ways to waive the monthly fee
- Branch presence in 48 states
- Limited number of free transactions
- Doesn’t earn interest
- Fee for cash deposits over $5,000 per statement period
>> Finance Your Trucks With Chase >>
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Truckers looking for a business checking account with low cash deposit fees and excellent ongoing rewards will find Bank of America’s Business Advantage Fundamentals Banking a great fit.
This account offers up to 200 free transactions and $7,500 in cash deposits each month, and the chance to earn $500 in combined cashback rewards and statement credits through its business checking and credit card products.
Although not as extensive as Chase, Bank of America still provides a substantial network with nearly 4,000 branches in 37 states and over 15,000 ATMs, ensuring accessibility for truckers on the move. Bank of America offers the convenience of managing accounts online or via their mobile app.
For those seeking valuable business perks and support services, Bank of America’s Preferred Rewards for Business program offers 25% to 75% bonus rewards on credit cards and 5% to 20% higher interest rates on Business Advantage savings accounts.
The bank also excels in software integrations and provides a comprehensive suite of additional business products, including savings accounts, CDs, lending options, and financial analysis services through Merrill Financial Advisors.
Features
- Mobile app for depositing checks, viewing accounts, making transfers, and paying bills
- Credit card processing and payroll services through ADP
- Cash Flow Monitor® helps you connect accounting, analytics, and payroll apps to make informed business decisions
- Check your business credit score via partnership with Dun & Bradstreet
- Free debit card
- Physical check costs vary by type ordered
- Integrates with QuickBooks, TurboTax, and Zelle
- Organize project work intuitively
- Add resources as your project grows
- Provide context with notes and descriptions
- Not mobile friendly
- No multi-users allowed
- Price too high
>> Finance Your Trucks With Bank of America >>
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Axos Bank is a fantastic choice for the trucking business, providing a fully digital banking experience tailored to truckers’ needs. With no monthly maintenance fees and unlimited domestic ATM fee reimbursements, Axos offers a cost-effective way to manage finances on the go.
Their business checking accounts include features such as remote deposit capture and online bill pay, making it easy for truckers to handle their banking needs from anywhere. Axos offers competitive lending products like lines of credit and equipment financing, which are crucial for maintaining and expanding a trucking business.
The bank’s robust online and mobile banking platforms enable truckers to access their accounts, transfer funds, and monitor transactions seamlessly, ensuring an efficient banking experience.
Features
- Business checking accounts
- Remote deposit capture
- Unlimited domestic ATM fee reimbursements
- Online bill pay
- Lines of credit
- Equipment financing
- 24/7 online and mobile banking
- High-yield savings accounts
- No monthly maintenance fees
- Unlimited domestic ATM fee reimbursements
- Fully digital banking experience
- Remote deposit capture
- Online bill pay
- Competitive lending products
- No physical branches
- Limited customer service options
- Potential reliance on technology
>> Finance Your Trucks With Axos Bank >>
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For truckers seeking a dedicated personal checking account, TAB Bank is a standout option. Founded in 1998 as Transportation Alliance Bank and originally operating in Pilot Flying J Travel Centers, TAB Bank has expanded to offer comprehensive personal and business banking services.
One of their key offerings is Chrome Checking, a personal checking account designed specifically for truckers. With Chrome Checking, you can earn 0.10% APY on qualifying deposits, making it an excellent choice for managing finances on the road.
In addition to standard mobile deposits for regular checks, TAB Bank offers truck-specific alternative check cashing options. This includes the ability to deposit EFS Checks, T-Cheks, and Comcheks via phone or online banking, catering specifically to the needs of the trucking industry.
TAB Bank also provides trucking-friendly lending products such as asset-based lending, equipment finance loans, and invoice factoring for trucking businesses. These tailored financial solutions make TAB Bank one of the best banking options for truckers and trucking companies, addressing their unique needs and supporting their financial growth and stability.
Features
- Offers personal and business checking, savings, money market accounts, and CDs
- Business lending products include accounts receivable (A/R) financing, asset-based lending, equipment financing, business term loans, factoring, and commercial real estate
- Deposit Comcheks, T-Cheks, and Electronic Funds Source (EFS) checks via phone or online banking
- Dedicated trucker bank account
- Full-service online bank
- Interest-earning personal checking accounts
- No cash deposits
- No physical branches
- No ATM network; $2 per transaction fee plus third-party charges
>> Finance Your Trucks With TAB Bank >>
How We Evaluated the Best Bank for Trucking Business
When assessing the best bank for trucking businesses, we considered several important factors to ensure the bank meets the specific needs of truckers. These factors included:
- Accounts that were available nationwide
- Accounts that allow for easy access to funds at branches and ATMs
- Accounts that offered both outstanding business and personal accounts
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
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Best Banks for Trucking Business – Buyer’s Guide
Other Considerations When Choosing the Best Bank Account for Small Trucking Business
When choosing a bank account for your small trucking business, it’s important to consider the following factors to ensure the account meets your unique needs:
- Helps you stay on budget. When you’re always on the move, banks offering spending controls or budgeting apps are essential. Finding an account that also earns interest to boost your budget is an added bonus.
- Has many branches or ATMs. To ensure you can access your money wherever you are, choose a provider with the most branch locations or ATMs.
- Offers excellent online or phone customer service. Since popping into a branch isn’t always possible on the road, choose a provider with excellent customer service and support available late into the evening.
The Importance of Banking as a Business
Every trucker running their own rig, whether leased under another carrier’s authority or their own, should have a business bank account. Even if you’re a sole proprietor, your business needs separate finances. Here’s why:
Limited Personal Liability
Just like creating an LLC or corporation to separate your business from personal life, a business bank account offers limited personal liability. If the business incurs debt, the business entity is responsible for repayment, not you personally.
Professionalism
Receiving payments via wire transfer or credit card to a business account enhances your business’s professionalism. Transferring money to a personal account for business transactions, aside from payroll, is uncommon and can appear suspicious.
Building Business Credit
Just as you build personal credit for loans or credit cards, your business needs credit. This is crucial for emergency purchases or growth investments. Need a line of credit for the next month or are you planning to buy another truck? Both are easier with a solid business credit history.
Separating Personal And Business Expenses
The saying, “It’s just business, nothing personal,” applies here. While personal savings might start the business, once it’s operational, your business should have its own funds to save, spend, and invest. Mixing personal and business expenses, like large fuel costs, can get messy. Avoid confusion by keeping accounts separate.
Making Tax Season Easier
Having all tax-deductible business expenses in separate accounts makes tax season much less stressful.
Growth Potential
Currently, you might handle your company’s finances solo, but where do you see yourself in 2, 5, or 10 years? As your business grows, hire an accountant or bookkeeper to manage payroll, collections, and taxes. A business bank account lets you grant access to employees, allowing you to focus on critical business areas.
What Type of Account Should I Open?
Every bank offers various business account types, generally categorized into checking, savings, credit cards, and merchant accounts.
- Checking Accounts: These accounts provide access to ATMs and a debit card for making payments. They often come with account and incidental fees.
- Savings Accounts: Ideal for long-term savings, such as your emergency fund or new equipment. These accounts usually require a minimum balance to earn interest.
- Credit Cards: Using a business credit card for purchases and payments helps build your company’s credit history.
These accounts allow your business to accept debit and credit card payments. They typically include bundled services, transaction fees, and other charges. A merchant account is only necessary if you plan to accept card payments, which isn’t the norm in all industries.
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Requirements for Opening a Business Bank Account
While each bank has its unique procedures, generally, these are the requirements for opening a business bank account:
- Photo ID: A passport or driver’s license, with some banks needing two forms of ID.
- Personal Details: Your mailing address and contact information.
- Owner Information: Date of birth and social security number for every owner with 25% or more of the business.
- Entity Type: Legal structure like LLC, corporation, sole proprietor, partnership, etc. (See our article for more details on legal structures).
- Opening Deposit: Check with the bank for the initial deposit amount needed.
- Employer Identification Number (EIN): The company’s federal tax ID.
- Company Formation Documents: Depending on your legal structure, these may include articles of incorporation, a corporate charter, or a corporate resolution.
- Ownership Agreements: If there are multiple owners.
- Business License: The company’s business license.
- DBA Certificate: If your business’s legal name differs from the public name.
What to Consider When Shopping for a Bank
Like any service in the trucking industry (insurance, factoring, repair shops, etc.), different banks offer various features and advantages. Here are key considerations when selecting a bank:
- Introductory Offers: Look for special offers like cash rewards for opening a business bank account.
- Interest Rates: Compare interest rates on savings accounts and credit cards to find the best options for your money.
- Early Termination Fees: Ensure you can switch banks without hefty fees for closing an account early.
- Minimum Account Balance Fees: To avoid extra fees, check the minimum balance requirements for checking and savings accounts. Make sure these requirements fit your business’s cash flow.
- ATM Access, Withdrawals, and Deposits: Nationwide ATM availability is crucial for OTR drivers. Ensure you can access your funds wherever you are.
- Wiring, Transfer, and Payment Capabilities: As a small business owner, you must make payments and transfers quickly and easily. Verify the bank’s capabilities in these areas.
- Online and Mobile Banking: A top-rated mobile app is essential for transactions on the road away from your home office.
- Bill Pay, Invoicing, and Integrations: Choose a bank that simplifies business operations with features like automatic payments, invoicing, and integration with other tools you use.
- Customer Service: Look for a bank offering multiple customer service channels such as text, phone, email, and chat. This ensures you can resolve issues promptly, no matter where you are.
- Branch Access: Many truckers prefer large national banks with widespread branches, increasing the likelihood of finding in-person help when needed.
>> Finance Your Trucks With Bluevine >>
Best Banks for Trucking Business – FAQs
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Bottom Line – Best Banks for Trucking Business
When choosing the best bank for trucking companies, decide whether you need a business or personal account. Fleet owners or owner-operators should open business accounts to separate company finances from personal funds, preventing potential tax issues. Business banks also offer products and services to support your company.
A personal account helps employees manage finances wherever their truck takes them. Many banks on this list offer interest-earning savings accounts and other financial services to support you.
