Capital One Business Checking Accounts Review

Account Features

Capital One offers two business checking accounts. Both include free online and mobile banking, plus business debit cards so you can quickly access your money when you need it. It doesn't offer sign-up bonuses for new customers or the option to earn interest on the money in your checking account, but this shouldn't concern most business owners as these features are rare and Capital One does the basics well.

The Spark Business Basic Checking account is the way to go if you're a small business owner who doesn't deal that much with cash or wire transfers. The Spark Business Unlimited Checking account is more flexible and will better suit larger business owners with a higher transaction volume and more diverse methods of payment.

Fees and Restrictions

Both Capital One business checking accounts include an unlimited number of free business transactions per month. Most other banks limit you to 250 to 500 transactions per month, so Capital One is worth a closer look if you regularly exceed these limits and don't want to pay extra transaction fees.

There's a $15 service fee for the Spark Basic account, but you can waive this if your 30- or 90-day average balance is $2,000 or more. The Spark Unlimited account has a $35 monthly service fee, which is waived if your 30- or 90-day average account balance meets or exceeds $25,000.

The Basic account is limited to $5,000 in cash deposits per month and must pay for all wires, incoming and outgoing, while the Unlimited account doesn't charge a fee for cash deposits or incoming wires. It also gives you five free outgoing wires each month. You also get access to two Basic checking accounts at no additional cost when you sign up for a Spark Unlimited business checking account.

Account Management and Support

Both Capital One business checking accounts include an online account where you can view and manage your money, pay bills, and transfer balances. Its mobile app enables you to view your account details, see your credit score, lock lost or stolen credit or debit cards, deposit checks and receive alerts on account activity. You can also integrate your business checking account with mobile payment systems.

Capital One's small business online banking customer service line is available Monday to Friday or 24/7 if you also have a Capital One business credit card. It would be nice to see the company extend its 24/7 customer service to all of its business customers, but this shouldn't pose a significant issue to most consumers.

Reputation and Financials

Capital One's financial strength ratings aren't as strong as some of the other business checking account providers in our top 10, but they aren't a serious cause for concern either. It has received an A3 rating from Moody's and a BBB+ rating from Standard & Poor's, which is only one step below the "A" level rating. While these ratings could be better, they indicate that Capital One is pretty financially strong and should be around for many years to come.

The company has received over 1,000 business and personal checking account complaints, according to the Consumer Financial Protection Bureau (CFPB), but this is actually much lower than many of its competitors of comparable size. While Capital One has received a low overall rating from consumers with the Better Business Bureau (BBB), it has received an A+ rating from the organization for promptly handling customer complaints and it remains a BBB-accredited business.