![]() ![]() ![]() A more cost-effective alternative would be the financial technology (fintech) solution Mercury, which charges no fees for wire transfers. You send wire transfers regularly: With KeyBank Basic Business Checking and KeyBank Business Interest Checking, outgoing domestic wire transfers cost $30, while outgoing international wire transfers cost $45.Our Bluevine business checking review provides more information. Bluevine charges no monthly fee and offers an annual percentage yield (APY) of 2.00% on balances of $100,000 or less if you can meet its monthly activity requirements. You want to earn competitive interest on a free account: KeyBank’s interest-earning account costs $15 per month to maintain.Read our Chase business checking review to learn more. Chase is a good alternative since it has branches in 48 states. You need nationwide access to in-person branch banking: While KeyBank has over 1,000 branches, its service area is limited to 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont, and Washington.You deal with cash regularly: All of KeyBank’s small business checking accounts provide a free cash deposit allowance of up to $25,000 per statement cycle.Upgrading to Key Business Reward Checking gives you 500 free combined transactions per month. ![]() You have a low to moderate monthly transaction volume: With KeyBank Basic Business Checking, you get up to 200 free combined transactions each month.Monthly fees for other KeyBank accounts are also waivable. You want to bank with a low, waivable monthly fee: KeyBank’s basic account, KeyBank Basic Business Checking, charges a monthly service fee of $5, which can be waived easily by maintaining a minimum balance of $1,000.However, KeyBank’s physical branches are available in fewer states, and Alaska and Vermont are the only two states KeyBank serves that Bank of America does not. Basic business checking accounts from national banks like Bank of America and Chase offer lower limits for day-to-day transactions and cash deposits at higher monthly fees. Compared to most traditional banks in the market, KeyBank charges lower fees, and its Basic Business Checking’s requirement for waiving monthly fees is relatively easy to meet. ![]()
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