BlueVine Business Checking Review 2022

Selecting a bank account will be one of the most important decisions a small business owner will need to make. Taking the time to compare many different banking options can help you find an account that will help your business thrive. 

We take a look at a popular interest-earning account for small business owners, known as BlueVine.

What is BlueVine?

BlueVine is an alternative bank/lender that is created to help small businesses manage their basic banking and checking needs. The company, which is based entirely online, focuses on small business checking accounts, but also offers a revolving business line of credit, up to $250,000. 

Additionally, the company offers invoice factoring—essentially, invoice factoring involves exchanging the rights to future accounts receivable (money you are owed) in order to obtain money today. The company’s lack of monthly fees, relatively high APY (one percent), and multiple banking functions are often cited as its best features.

Key BlueVine Features

The most obvious benefit of choosing a BlueVine account is that there are no monthly fees and there is no minimum balance required to open or maintain the account. The account also offers an APY of one percent (for accounts up to $100,000) and unlimited transactions. 

Customer Service

BlueVine does not have any physical banking locations, which might be considered a drawback for some users. However, the company does have an ongoing partnership with Green Dot, allowing customers to make cash deposits throughout the US.

Most interactions with BlueVine will be completed entirely online. The website is fairly intuitive and easy to navigate. If needed, BlueVine users can also contact the company via telephone or email for additional support. One common complaint is that customer service is not available on the weekends, which can be frustrating for some small business owners.

Ease of Use

Compared to many other banking options, BlueVine is relatively easy to use. Setting up an account takes just a few minutes. When creating your BlueVine small business checking account, you will need the following information:

•   Your business name and trade name
•   Business address, work phone number, and EIN/SSN
•   Financials (particularly, revenue)
•   Business type (corporation, LLC, LLP, sole proprietor, etc.)

Once you have completed the “Tell Us About Your Business” component of the application, you will then be able to open your account. Usually, the entire application process takes just a few minutes. However, you may also experience some delays before receiving your small business debit card.

BlueVine’s website and app are both easy to navigate. Your account information can be viewed from a central location and there are tabs that make it easy to engage in certain actions (contact, transfer, etc.). The simple nature of the platform makes it ideal for small business owners that want a straightforward, entirely digital banking experience. However, the simplicity also means that certain features might be lacking.

App Integrations

According to BlueVine, their app “simplifies and enhances your experience by giving you the ability to manage your cash flow, track transactions, and deposit checks from your mobile phone.” The app can be used by both Android and Apple devices.

The app has a simple layout, which corresponds with BlueVines straightforward banking model. One common complaint from customers is that mobile deposits are often held for several days before they are reflected in the user’s balance. However, usability and navigation do not seem to be an issue for many users.

Target Audience

BlueVine focuses on providing banking services for small business owners. Usually, these businesses will have less than ten employees. The accounts are designed for business owners that prefer managing their business checking account online, rather than using a physical branch (BlueVine has none). The account allows unlimited transactions but is ideal for business owners that are making $7,500 or less in monthly cash deposits.

Pricing of BlueVine versus Competitors

When selecting a small business bank account, it is crucial to compare multiple different options. Two of BlueVine’s most commonly cited competitors include NorthOne and Bank Novo. All three of these businesses specifically focus on targeting small business owners, including sole proprietors.

Monthly Service Fees

One advantage of BlueVine is that it has no monthly service fees.

•   BlueVine: $0
•   NorthOne: $10 per month
•   Bank Novo: $0

However, a major drawback of BlueVine is that the account does not support cash deposits, meaning that you may accrue fees when making certain deposits or transfers.

•   BlueVine: Cash deposits not supported
•   NorthOne: 100,000 accessible ATMs nationwide
•   BankNovo: Cash deposits not supported 

True Costs

Whether it makes sense to select BlueVine versus NorthOne will depend on the number of deposits your business needs to make per month. Making a cash deposit using the GreenDot retail locations is $4.95 per deposit. There may also be additional fees for using ATMs that are out of BlueVine’s network (the national average for these fees is about $3). 

Account Opening Fees

Currently, there are no fees for opening a BlueVine account. Additionally, there is no minimum deposit or monthly minimums that need to be maintained. For many small businesses, the lack of opening and monthly fees makes the account appear to be low commitment.

ACH Transfer Prices

BlueVine does not have any ACH transfer fees, which plays a key role in its low-no fee pricing model. The company also does not have fees for nonsufficient funds.

Wires

The only major fee that BlueVine currently charges is a fee for outgoing wire transfers. The fee is 15 per transfer, which is in line with comparable banking platforms. 

BlueVine’s Integrations 

BlueVine includes several online banking tools and can be easily integrated with other platforms. QuickBooks Online, Wave, and FreshBooks can all be easily integrated, along with most other types of online accounting software. Additionally, BlueVine can be easily connected to PayPal and related platforms.

BlueVine Pros and Cons

BlueVine is a stripped-down banking platform that can help meet the basic banking needs of many small businesses. The company’s most commonly cited benefits include:

Pros

•   No fees (besides wire transfer fees) and no minimum balance required
•   Unlimited monthly transactions
•   Relatively high interest rates (one percent APY—or about twenty-five times the national checking account average)
•   Wide ATM network, with additional support from Green Dot 

Cons

However, the company also has some commonly cited drawbacks:

•   $4.95 fees for deposits made via Green Dot, along with $15 fees for outgoing wire transfers
•   No incoming wire transfers
•   No physical locations and no customer support on weekends
•   No joint accounts, even for business partnerships
•   Some complaints from users about holding deposits and other issues 

Who BlueVine Business Checking is Best for

BlueVine is not the most sophisticated platform, but it certainly seems to get the job done. The platform is ideal for small business owners that want an easy-to-use mobile app, have relatively simple cash flow needs, and are willing to give up some features in exchange for not paying any monthly fees.If this description matches your small business, you may want to consider opening a BlueVine account.

Who Should Reconsider Using BlueVine

BlueVine is great for many small business owners, but there are some who might want to reconsider and use a different platform. This includes businesses that:

• Have multiple owners or team leaders
• Prefer using a physical location for their banking
• Will need to frequently receive wire transfers
• Need to make direct cash deposits/deal with cash frequently 

Conclusion

It is clear that the banking industry is rapidly changing. Companies like BlueVine make it possible for small business owners to have a wider range of banking choices. If your business is looking for a modern banking solution and is okay with accepting BlueVine’s shortcomings, this innovative platform might be a viable option. However, we strongly encourage all business owners to compare multiple options before making a final decision.