Capital One Business Checking Account Review 2024

Opening a business bank account is an important step toward launching your startup. With so many types of banking services available to entrepreneurs, though, selecting the right startup bank can be a daunting task.

If you’re wondering if Capital One is the right bank to host your business checking account, we’ve got you covered with this guide to Capital One business checking accounts. It includes the pros and cons, key features, and pricing information you need to know to make an educated decision. 

Recommended: Read our full list of the best banks for startups

Capital One Business Checking Account Eligibility Requirements

Capital One’s eligibility criteria is fairly straightforward, requiring applicants to be US residents over the age of 18. However, in order to apply for a business checking account with Capital One, you must provide a handful of documents for both the business and business owner. These include formation documents and the applicant’s Social Security card. Here are some of the requirements for applying and qualifying for a Capital One business checking account: 

  • Applicants must be US residents over the age of 18
  • Applicants must provide business formation documents, business tax returns, and proof of ownership 
  • Applicants must provide their Social Security number (SSN) and personal tax return

Pros and Cons of Capital One Business Checking Accounts

Pros of Capital One

  • Customers gain access to large number of ATMs with zero fees 
  • Free incoming domestic wires for some account types 
  • Unlimited virtual transactions for all business checking accounts

Cons of Capital One

  • Few features and rewards offered 
  • Monthly fees are costlier than some competitors

Capital One Business Checking Alternative

With up to $5 million in FDIC insurance, Mercury is perfect for high-growth tech startups. Start your banking journey today and enjoy a $200 welcome bonus when you deposit $10,000 or more.

Visit Mercury

Capital One Business Checking Accounts Pricing & Features

Capital One offers two checking account options for businesses: Basic Checking and Enhanced Checking. Both of these account types are relatively basic in terms of their included features with no rewards or interest opportunities (customers can only earn interest on savings accounts). However, the accounts do boast unlimited digital transactions and access to an extensive number of no-fee ATMs, saving customers money on additional fees. 

Capital One business checking pricing.

Features

  • Unlimited digital transactions per month
  • Access to more than 70,000 no-fee ATMs 
  • Free overdraft protection

Interest Rates

  • Business savings account customers earn up to 4.10%
  • No interest or rewards on Capital One checking accounts

Fees

  • Basic Checking 
    • $15 monthly service fee
    • $15 per incoming domestic wire
    • $25 per outgoing domestic wire
  • Enhanced Checking 
    • $35 monthly service fee 
    • $25 per outgoing wire after the first five per month

Capital One checking account customers can get their monthly fees waived by meeting minimums corresponding to their chosen account type. Basic Checking customers receive waived monthly service fees by maintaining a $2,000 minimum balance while Enhanced Checking customers must maintain a $25,000 minimum balance. 

Customer Reviews

Here are some verified customer reviews from Trustpilot by people who use Capital One’s platform: 

“It’s been difficult attempting to sign up for an account with Capital One, however, I find the employees are eager to assist and attempt to answer any questions I may have. If I have any misunderstanding of their policies or turnaround times, they have a very solid understanding of how their company runs and are willing to assist in finding a solution to the problem, instead of brushing it aside.”

“I’ve been super satisfied with Capital One. I have a CD with them and a savings account and they both pay excellent interest. Much more than my previous bank. I have the Capital One Venture X card and it has so many great benefits, such as the airport lounge, travel credits, and I really scored a great deal on their recent travel sale. I hope they offer it again. My only complaint is that I wish they had a local branch. All business I do with them is only online and I wish I [could] go in and speak with someone.”

“I have both [a] checking and credit card with Capital One. However, other than the logo, there appears to be no connection between the two. It takes several days for a payment from the checking [account] to even reach the credit card. I can’t help but think it is a way to take money from checking and hold it to increase the interest I pay on the card.”

How Does Capital One Business Checking Compare?

Before choosing a business bank, it is important to see how the company compares to competitors. Mercury is a fintech startup that offers banking services for startups and fast-scaling businesses with extensive features included with each account. Here is how Capital One and Mercury measure up in terms of price and features. 

Capital One

Starts at $15 per month 

Mercury offers a feature-rich banking solution with virtual cards, up to a 5.4% yield, and extensive insurance coverage. 

Visit Website

Mercury

No monthly fees 

Mercury offers a feature-rich banking solution with virtual cards, up to a 5.4% yield, and extensive insurance coverage. 

Visit Website

Final Thoughts on Capital One Business Checking Accounts

Capital One is a great option for businesses looking for a banking solution that allows for unlimited virtual transactions and access to fee-free ATMs. However, the business checking accounts offered by Capital One lack many features and rewards that competitors boast. For a checking account that incurs few fees and provides access to cash back and other rewards, businesses may need to look for an alternative to meet their banking needs. 

Frequently Asked Questions

Is Capital One a good business checking account?

Capital One offers two business checking account options for businesses. This provider is best suited to small businesses that will benefit from access to its extensive, fee-free ATMs and unlimited digital transactions. However, Capital One does lack some features offered by several competitors and requires more fees for actions like incoming and outgoing wire transfers. 

What are the disadvantages of Capital One Bank?

A few of the drawbacks of Capital One business checking accounts are the fees for incoming and outgoing wires, fewer features than some competitors, and no rewards for spending through checking accounts. 

Is Capital One a good bank for checking?

Capital One offers basic banking services for businesses, making it a suitable option for small businesses seeking a no-frills approach to business banking. However, business owners looking to benefit from rewards programs or tech-driven features included in their checking account will likely want to look elsewhere.