Who is Axos Basic Business Checking for?
The Axos Basic Business Checking account is a good fit for small business owners who don't want to worry about monthly fees or maintaining a certain minimum balance. Those with high monthly transaction volumes will enjoy this account as well, since it comes with free unlimited transactions.
Features of the Axos Basic Business Checking account
Here's a look at some of the key features of the Axos Basic Business Checking account.
1. No monthly fees
The Axos Basic Business Checking account is one of the few business checking accounts that doesn't charge a monthly maintenance fee at all. This is great news for business owners who worry about being able to waive the monthly maintenance fee most brick-and-mortar business checking accounts charge.
2. No minimum balance requirement
There is no minimum balance requirement or ongoing balance requirement you must meet to have one of these accounts. Many other business checking accounts do require you to keep a minimum amount in your account, so the Axos Basic Business Checking account holds a definite edge for those with small average daily balances.
3. Unlimited domestic ATM fee reimbursements
As with its personal checking accounts, the Axos Basic Business Checking account includes unlimited domestic ATM fee reimbursements, so you can use any ATM in the country. The bank does have a surcharge-free ATM network; if you use an ATM within this network, you won't pay a fee at all. Otherwise, the ATM owner may charge a fee, but Axos Bank will reimburse you for it at the end of the month.
4. Free monthly transactions
You're allowed an unlimited number of free transactions per month. This includes debits, credits, and deposited items. This makes the account suitable for businesses with small and large monthly transaction volumes.
5. Merchant services
Axos Basic Business Checking account customers can optionally enroll in merchant services the bank offers through a partnership with Celero. This includes shopping cart integration; POS systems to track time, inventory, and attendance; software to set up recurring billing; and of course, the ability to process credit and debit card sales. Those interested in this service must contact Axos for more information.
6. Payroll integration
This checking account integrates with Roll™ software by ADP®. It's a chat-based system that enables you to quickly give out raises and bonuses and take advantage of unlimited payroll and tax filing. Axos Basic Business Checking account customers get four months of this service free when they open their bank account.
7. Designated accessibility levels
If you want others in your company to be able to access your business checking account funds, you can set this up in your Axos online banking account. There are settings that enable you to control what each person can do, so if you don't want someone to be able to withdraw funds or you only want them to be able to withdraw up to a certain amount, you can specify this.
You must contact Axos Bank if you're interested in setting up individual account permissions.
8. Welcome bonus
Business owners who open a Basic Business Checking account can earn up to a $400 welcome bonus. This bonus is paid out in a series of four installments over the first five months after account opening. In order to claim it, business owners must:
- Open a new Axos Basic Business Checking account by Aug. 1, 2024 with the promo code NEW400.
- Maintain an average daily balance between $25,000 and $49,999.99 (for a $75 bonus per statement cycle, up to four) or $50,000 or more (for a $100 bonus per statement cycle).
- Complete at least 10 point-of-sale transactions per month with your Small Business Checking Visa® Debit Card with a minimum of $3 per transaction.
- Have bill pay set up and connected to your Basic Business Checking account (transaction minimum of $10).
Those who fulfill this criteria for the statement cycle and have their account in good standing will receive their incentive within 10 days of the end of the statement cycle. Also, the business owner must keep the account open for at least 150 days. Closing it sooner could result in an early closure fee of up to $400.
How to access your money with the Axos Basic Business Checking account
These are your choices for depositing and withdrawing funds from your Axos Basic Business Checking account.
Deposit options
You can deposit money into your Axos Basic Business Checking account using any of the following methods:
- Wire transfer
- Mailed checks
- Mobile check deposit
- Electronic transfer
- ATM deposit at select ATMs
You can find your nearest Axos deposit-taking ATM by using the locator tool on the company's website or in its mobile app.
Withdrawal options
When you need to withdraw funds from your Axos Basic Business Checking account, these are your options:
- Wire transfer
- Electronic transfer
- Writing a check
- ATM withdrawal
- Point-of-sale withdrawal
Advantages to using Axos for your business checking account
Axos Bank is a popular place to open a business bank account for several reasons.
1. Few fees
Axos doesn't try to nickel-and-dime you like some other banks. It avoids common fees like monthly maintenance and out-of-network ATM fees and it's transparent about the fees it does charge, so you shouldn't run into any surprises.
2. Variety of other business services
Axos Bank has a more robust line of business products than most other online banks. In addition to checking accounts, it also offers small business savings accounts and certificates of deposits (CDs) as well as accounts for larger businesses and business loans. If you'd like to manage all your business funds in one place, Axos Bank could be a good fit for you.
3. Useful integrations
The Axos Basic Business Checking account integrates with useful tools like merchant services and payroll software. This is yet another plus for those interested in doing all their banking business in one place.
Drawbacks of using Axos for your business checking account
While there are many benefits to doing your business banking with Axos, there are also a few drawbacks you'll need to factor in.
1. No physical branches
Most people are comfortable banking online these days, but some people still prefer to visit a branch for in-person support. This is especially true if your business handles a lot of cash. Axos doesn't have any physical locations, so this isn't an option if you choose this bank.
2. Not ideal for cash deposits
Though Axos Bank does have some deposit-taking ATMs in its network, you may have difficulty depositing cash payments if you don't live near one of these. If your customers frequently pay you in cash, you may be better off choosing a business checking account with a brick-and-mortar bank that has a branch near you.
3. Poorly rated mobile app
Both the Axos Bank Business iOS and Android apps have received poor ratings from users. The company also has numerous negative reviews regarding its online and mobile tools on Trustpilot. This could be problematic for those who often find themselves using online and mobile banking tools.
Alternative business checking account options from Axos
If you don't think the Axos Basic Business Checking account is the right fit for you, one of these other Axos business checking accounts may suit you better.
- Axos Business Interest Checking: This business checking account lets you earn interest on your funds, but you must maintain a minimum balance if you want to avoid the monthly fee.
- Axos Analyzed Business Checking: The Axos Analyzed Business Checking account is designed for larger businesses that need higher monthly transaction limits. You must contact Axos Bank by phone to set up one of these accounts.
Fact Checked
Ashley Maready
