BlueVine Business Banking Review: Features, Rates, and Fees

– BlueVine Reviews –

With bluevine reviews, you will get to know what the bluevine customers have to say about their experience working with us, including why they choose us and how they use us. So strap in and get started by reading through carefully.

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In this review, we look at everything BlueVine Business Checking has to offer business owners.

How it stacks up to the competition so you can determine if it’s right for you.

Small business owners deserve a checking account that benefits, not limits, their day-to-day business operations.

What is BlueVine Business Banking

BlueVine is an online banking platform, based in Redwood City, Calif., and was founded in 2013, by CEO Eyal Lifshitz.

It offers a business checking account with unlimited transactions, few fees, and a laundry list of other helpful features.

BlueVine (formerly BlueVine Capital) has rapidly developed into one of the most advanced online business banking platforms in the industry.

Features of BlueVine

Bluevine offers the following:

1. They offer only one type of bank account. BlueVine Business Checking.

2. It pays high interest on account balances, making it a checking account and high-yield savings account in one.

3. Also, they distinguish themselves from their competitors by also being a source of several types of business financing.

More Information!!

Lifshitz set out bluevine to create products and services that would bring peace of mind to underserved small business owners.

Today the company has more than 200,000 customers and has provided small business financing of over $9 billion.

BlueVine provides an online business checking account. And is another departure from the crowd of online small business checking providers.

BlueVine Checking Account Rates

BlueVine’s checking account pays interest and comes with paper checks. Like most online business checking account banks;

BlueVine does not offer specific deposit accounts, like certificates of deposit (CDs) or money market, or savings accounts.

BlueVine is available in all 50 states for small business owners engaged in just about any industry.

The only exceptions are adult entertainment, gambling, illegal substances, weapons, and firearms.

More Information!!

The bank has an A+ rating from the Better Business Bureau, the highest on a scale of A+ to F and has been accredited by the agency since 2014.

BlueVine has also recently entered into a banking service partnership with Coastal Community Bank.

This helps them invest in what matters most to borrowers: the overall customer experience, new and innovative products, and your business’s ensured success and growth.

How Does BlueVine Work?

The account offers online and mobile banking. And with mobile banking, you can also take advantage of mobile check deposits.

The account can be used to send and receive payments through either wire transfers or ACH.

You can also schedule one-time and recurring payments as well as transfer funds between your other accounts.

More Information on How BlueVine Works

BlueVine Business Banking comes with a debit MasterCard that can be used fee-free at more than 37,000 MoneyPass ATM locations across the country.

And as noted earlier, you can make cash deposits at more than 90,000 Green Dot locations.

The BlueVine Business Debit Mastercard is issued by Coastal Community Bank.

One of the big advantages of BlueVine Business Banking is that you can access live customer support 12 hours a day, Monday through Friday.

More Information!!

There is no minimum daily balance requirement. And the account comes with unlimited transactions.

With most business checking accounts, you get a certain number of transactions provided free, with a charge applied to all excess transactions.

The account is currently compatible with accounting software platforms such as QuickBooks Online, QuickBooks desktop 2009 or later, Xero and Freshbooks.

And the company expects to roll out new payment capabilities and more sophisticated cash management functions.

READ ALSO!!

Bluevine Business Checking Reviews

Business Checking

BlueVine only offers one account, but the list of features within the account is impressive.

BlueVine Business Checking is an interest-bearing online business checking account that currently earns a competitive 1.2% APY on the account.

Balances up to and including $100,000 (balances over $100,000 do not earn interest).

More Information!!

Beginning May 1, 2022, to continue earning the 1.2% APY, you will need to spend $500 per month with your BlueVine Business Debit Mastercard.

Better still receives $2,500 per month in customer payments into your BlueVine Business Checking account via ACH, wire transfer, and mobile check deposit.

You can also receive directly from your merchant payment processing provider.

1. Fees

Bank fees can be problematic, especially as you try to run your business and make a profit.

BlueVine Business Checking helps companies by eliminating a lot of common fees and minimums. It offers:

‣ No monthly service fee

‣ No minimum balance requirement

‣ No minimum deposit requirement

‣ No ATM fees at more than 37,000 MoneyPass ATMs nationwide

‣ No non-sufficient fund fees

The checking account also allows unlimited transactions each month with no fees. Although BlueVine offers no other accounts.

You can quickly transfer funds in and out of your checking account from accounts at other financial institutions.

BlueVine doesn’t charge ATM fees for out-of-network ATM usage, but the ATM owner might.

Always check before using an ATM outside of the MoneyPass ATM network, which partners with BlueVine to provide ATM services.

2. Vendor Services

Paying vendors is relatively straightforward with BlueVine Business Checking.

Various payment types are at your disposal as a small business owner, including ACH, wire transfer, and checks.

You can make one-time bill payments through your account or set up recurring automatic payments for more convenience.

With recurring payments, you see what day the payment arrives at the payee, allowing you to avoid late payments.

BlueVine has an online directory of 40,000 registered vendors, or you can add your own as needed.

You can even make payments by credit card through BlueVine’s online payment system.

3. Transactions

As an online banking platform, BlueVine has no branches available for in-person services.

Customers still have access to several transaction options, though, thanks to partnerships with other financial networks.

BlueVine Business Checking comes with a free BlueVine Business Debit Mastercard and two free checkbooks.

BlueVine customers have access to over 38,000 fee-free ATMs across the U.S. through a partnership with the MoneyPass ATM network.

Despite BlueVine’s lack of branches, small business owners can still make cash deposits with BlueVine.

Deposits occur through a partnership with Green Dot.

There are over 90,000 U.S. retail locations where you can make cash deposits.

With Green Dot, you take cash deposits directly to the register at participating retail locations to complete the transaction.

Unfortunately, cash deposits are one of the few services offered by BlueVine that carry a fee.

Green Dot charges a fee of up to $4.95 for each cash deposit.

Cash deposits also may be subject to Green Dot daily limits.

4. Bill Pay

You can also pay your vendors with BlueVine Business Checking.

This is designed to improve your cash flow by allowing you to choose how you’d like to make payments.

You can pay bills by credit card or from your bank account balance by wire, ACH, or check.

BlueVine has a directory of more than 40,000 companies you can quickly send an electronic payment to.

And you can easily add new vendors or payees in a few simple steps.

The feature accommodates both one-time and recurring payments.

Also, you can pay by credit card to preserve your cash.

Payments made by credit card incur a fee of 2.9% of the amount paid. Outgoing wires incur a $15 per payment fee.

5. Safety

BlueVine is a financial technology company, not a bank.

BlueVine banking services are provided through a partnership with Coastal Community Bank, Member FDIC.

Coastal Community Bank provides FDIC insurance for all BlueVine Business Checking accounts up to the legal limits.

READ ALSO!!

6. Mobile App

Checking customers have access to BlueVine’s mobile app, which allows them to make mobile check deposits and perform other daily transactions as needed.

The mobile app is available for iOS and Android and lets you manage your account and make mobile check deposits.

Unfortunately, BlueVine’s mobile app has low ratings in the App Store (3.5 out of 5 stars, with only 16 ratings).

Also on Google Play (2.5 out of 5 stars, with only 340 ratings), compared to other mobile banking apps.

Customer service is available by calling 1-888-216-9619, Monday through Friday from 8 a.m. to 8 p.m. ET, or by email through an online form on its website.

Small business owners can manage their finances and cash flow from anywhere by using the app.

7. Competitors

The number of dedicated online business checking account providers is growing each year.

In addition to BlueVine, you may want to check out Novo, NorthOne, Kabbage, and other online banks.

Each offers one or more unique features that may be a good fit for your small business.

BlueVine offers cheaper checking than traditional banks (like Bank of America and U.S. Bank) as well as some online banks (like NorthOne).

Plus, BlueVine earns interest on your account balance. Kabbage, another online bank, offers that perk too.

But BlueVine still stands out compared to most banks that don’t offer any interest on your checking.

So with the low costs and the big earnings, BlueVine looks pretty good compared to the competition.

BlueVine competitors

8. Line of Credit

Until recently, BlueVine offered two financing options for small businesses: a line of credit and invoice factoring.

In January 2022, BlueVine sold its invoice factoring business to FundThrough.

But it still offers lines of credit to businesses in 47 states (it’s not available in Nevada or either of the Dakotas).

Similar to a home equity line of credit, you can access the funds from your credit line as needed.

As you repay the outstanding balance, your available credit increases.

Funds withdrawn from the line are paid back with fixed monthly or weekly payments over six or 12 months.

Credit lines are available from $5,000 to $250,000, with an interest rate as low as 4.8%.

What’s more, you can get approval in as little as five minutes.

And consistent with BlueVine’s low fee structure, there are no prepayment fees, monthly maintenance fees, account closure fees, or fees to either open or maintain your credit line.

More Information!!

To qualify for the business line of credit, you must have been in business for at least three years and have a minimum FICO score of 650 and a minimum of $40,000 in monthly revenue.

You’ll need to meet some requirements to be eligible for a BlueVine business line of credit, including:

‣ Be in business for at least six months

‣ Be a corporation or an LLC

‣ Have a personal credit score of 600+ or higher

‣ Have at least $10,000 in monthly revenue

9. BlueVine Bank Accounts Options and Pricing

As we said, BlueVine has just one type of business checking account.

You won’t find any business savings accounts or specialized checking accounts.

Fortunately, that one checking account is quite nice.

BlueVine offers fee-free checking. That means you don’t pay a monthly maintenance fee to keep your account open and active.

You don’t have to pay transaction fees on payments and transfers. And you don’t have to worry about ATM fees when using in-network ATMs. It’s all free.

Now, BlueVine doesn’t charge any fees for day-to-day use, but there are a couple of fees you should know about.

If you lose your BlueVine debit card, you’ll have to pay a small replacement fee.

If you make an outgoing wire transfer, you’ll have a $15 wire fee.

10. BlueVine Customer Service Review

You can contact BlueVine customer service by email and phone.

Many people have said that BlueVine customer service is easy to contact and work with, compared to traditional brick and mortar banking institutions.

However, some people report that they found it difficult to access a representative when they called.

READ ALSO!!

BlueVine Loan Reviews

BlueVine borrower eligibility is based on several factors, depending on which products you apply for. Below, you will find some eligibility criteria to keep in mind.

1. Financial History

When it comes to your financial history, BlueVine doesn’t require you to maintain a minimum average bank balance.

If you have declared personal bankruptcy after a year has passed since discharge and you have tax liens under a repayment plan, you may still be eligible.

BlueVine can refinance up to 100% of a borrower’s existing debt. “Bluevine Reviews”

2. For Your Application

When you apply, there is some information you need to provide:

Bank statements spanning the last three months

‣ General business information, including your business address, phone number, Tax ID number, etc.

‣ Personal contact information regarding the business owner

‣ Copy of invoices

To apply, you must be the owner or an officer of the company.

BlueVine PPP Loans Reviews

BlueVine’s business Paycheck protection program(PPP) line of credit is a good option for short-term financing, but interest rates can be high compared to other online lenders.

Here are the pros and cons of blueVine loans reviews.

Pros

1.  Cash can be available within 12 to 24 hours.

2.  Multiple term lengths for different financing needs.

3.  Low minimum credit score requirement.

4.  Startup-friendly; accepts borrowers with a minimum of six months in business.

Cons

1.  May require weekly repayments.

2.  Requires personal guarantee.

3. Rates can be high compared to traditional lenders.

More Information!!

BlueVine is known for its simple application process in which borrowers can connect their business checking accounts, and in most cases, receive a decision in minutes.

Although you can sign up for BlueVine business checking, business owners are not required to use that account to qualify for financing.

Online lender BlueVine offers business lines of credit up to $250,000 which can be a good option for small-business owners looking for short-term working capital.

BlueVine is Best for Borrowers Who:

Need cash fast: You can complete an application for a BlueVine business line of credit in just minutes and receive a decision the same day.

Funds can be available within hours, but transfers may take up to three business days. “Bluevine Reviews”

Don’t meet eligibility requirements with other lenders: BlueVine considers borrowers with bad credit (minimum FICO score of 600 or higher) and six or more months in business.

Prefer a short repayment period: BlueVine offers lines of credit with repayment terms of six or 12 months.

BlueVine loan features

BlueVine offers revolving business lines of credit up to $250,000 with repayment terms of six or 12 months.

Loan amount: $5,000 to $250,000

Estimated APR range: 15% to 78%.

Fees: No prepayment fees, monthly maintenance fees, or account closure fees. $15 fee to receive funds via wire transfer.

Late fees may apply based on the information in your loan agreement.

Terms: 6 or 12 months.

Repayment schedule: Weekly or monthly.

Funding Speed: As fast as the same day. May take up to three business days for funds to process, depending on your bank.

BlueVine Loan Requirements

BlueVine’s minimum borrower eligibility requirements include:

Credit score: 600 or higher.

Time in business: Six months or more.

Annual revenue: $120,000 or more.

Merits

1. No monthly fee and few other fees

2. No minimum opening deposit or balance requirements

3. Unlimited transactions

4. Earns competitive interest rate

5. Check-writing privileges and two free checkbooks

6. Extensive ATM network

7. Access to cash deposits

Demerits

1. No savings account

2. No physical branches

3. Lower rated mobile banking app

4. Customer service is only available on weekdays

5. Fee for cash deposits

How BlueVine Business Checking Stacks Up

BlueVine Business Checking offers tons of features and few fees.

Many business checking accounts either don’t pay interest or pay very little interest. “Bluevine Reviews”

Albeit, one that provides such a competitive rate means more money for small businesses, especially if you keep larger balances.

BlueVine has no branches, so it’s not ideal for business owners who prefer in-person banking services.

Yet, it offers enough ways to manage money through ATMs, cash deposits, and mobile access that you may never need to step into a bank again.

More Information!!

If you’re a business that makes cash deposits often, the Green Dot cash deposit fee may be a turnoff.

Since BlueVine only offers a single business checking account, you may need accounts at multiple banks to cover all of your business needs.

Having all of your bank accounts under one roof is more convenient and may even come with some relationship benefits for opening multiple accounts.

That said, with all of its perks and lack of fees, BlueVine Business Checking might be worth the inconvenience.

BlueVine Application under Review

 BlueVine Application review

You can apply for a BlueVine Business Checking account in just minutes!

You can expect to see the following steps when applying for your Business Checking account. “Bluevine Reviews”

1. Getting Started

At the beginning of our application we will ask for the following information:

‣ Your Business’s Entity Type

‣ Corporation

‣ General Partnership

‣ Limited Liability Company (LLC)

‣ Limited Liability Partnership (LLP)

‣ Limited Partnership

‣ Sole Proprietorship

‣ Your First & Last Name

‣ Your Email Address

‣ Your Mobile Phone Number

‣ Your Self-Created Secure Password

Acknowledgment of BlueVine’s Registration Terms and Privacy Policy

2. Tell Us About Your Business

In this section, we would like to understand your business better depending on the business entity type you selected on the previous page. You will be asked to provide the following, regardless of entity type:

‣ Your Business Name.

‣ Your Trade Name (if applicable).

‣ Your Business Address.

‣ The physical location of your business, we cannot accept P.O. boxes.

‣ Your Work Phone Number.

‣ Your Annual Revenue.

‣ Your Industry (Note: Certain industries are restricted. More information is available here.).

‣ For Non-sole Proprietorships, you will need to provide your Tax ID or EIN.

If you are a Sole Proprietorship, we will need to know whether or not your business is registered with the state. If it is, you will need to indicate whether you have an EIN or Tax ID number.

3. Tell us about yourself

We need some basic information about you to verify your identity. We will ask for the following details.

‣ Your First and Last Name

‣ Your Home Address

‣ We cannot accept P.O. Boxes

‣ Your Date of Birth

‣ Your Social Security Number

‣ Your Mobile Phone Number

‣ Percentage of business owned by you: Other than you, are there any individuals who own 20% or more of the company?

If Yes, you will add information for the Additional Owners including

‣ Their First & Last Name.

‣ Their Date of Birth.

‣ Their SSN.

‣ Their Address; We cannot accept P.O. boxes.

‣ The Percentage of Ownership.

If the individual does not own more than 20% of your business, you will not be required to input their information.

‣ The Front and Back of their Driver’s License.

4. Verify your mobile number

Follow the prompts to set up your Multi-Factor Authentication (“MFA”) number using the mobile number you provided earlier in the application.

The MFA number must be a US-based cellular device that can receive SMS messages. More information on MFA can be found in our Multi-Factor Authentication Support Article.

5. Verify Your Identity

In some cases, you may be required to provide pictures of the front and back of your Driver’s License or State ID.

If applicable, the application will prompt you with step-by-step instructions to take and upload photos of the ID.

6. Verify Your Business

Depending on your business’s entity, you may be required to provide additional documentation to validate your business.

Common documents include Articles of Incorporation, Certificate of Formation, or Assumed Name Certificate.

More information can be found in our Verify Your Business: Document Upload support article.

7. Your Application is Being Reviewed

During this step, BlueVine will review the information you provided within the application. We may email you with any additional required steps.

The application review process generally takes one to three business days. “Bluevine Reviews”

8. Activate Your Account

If your application is approved, BlueVine will send a verification email to your email address. Once you receive the email, follow the prompts to activate your account.

Once your account is activated, you’ll be able to accept the account agreements, order your BlueVine Debit Mastercard, and fund your account.

BlueVine Bank Reviews

For small businesses, having a reliable bank that doesn’t charge a lot of fees can be so instrumental to your success.

But all too often you have to choose: low fees, or reliable service? BlueVine is a business bank that’s dedicated to giving you both.

Small-business banking

BlueVine is tailored to the needs of small businesses.

Larger companies are going to have more complex needs, so they’ll be better served by a bigger bank.

But for small-business owners who don’t want to pay for services they aren’t going to use, BlueVine fits the bill.

No monthly fees

Small-business owners who don’t want to pay monthly fees to own an account will find peace of mind at BlueVine.

Same with owners who are tired of trying to maintain a particular balance in their account to avoid penalties.

There’s no minimum balance requirement with BlueVine.

High-interest business checking

BlueVine pays interest on your balance, provided you meet one of the aforementioned monthly eligibility requirements.

Conditional or no, that’s not a common feature in banks for small businesses, particularly given that there’s no minimum balance required.

Other Small-Business Products and Services from BlueVine

Small-Business Products

As we said earlier, BlueVine doesn’t offer most of the products and services you’d find at other business banks.

You won’t find any merchant services or business credit cards, for example. “Bluevine Reviews”

If you need working capital, though, BlueVine offers some great business loan choices.

BlueVine currently offers two types of business financing: invoice factoring and a line of credit. (Pre-coronavirus, it also had a term loan, but we don’t know if that will come back.)

Each financing option offers competitive rates and loan amounts, especially for an online lender. In fact, BlueVine consistently ranks as one of our picks for the best small-business loans.

Frequently Asked Questions on BlueVine Reviews

Below are some Frequently Asked Questions on BlueVine Reviews:

1. Is BlueVine Legit?

Yes, BlueVine is FDIC insured through The Bancorp Bank.

 

When you deposit money into an FDIC-insured account at BlueVine, your money is protected in the event of bank failure in the amount of up to $250,000 per depositor, for each account ownership category.


2. Is BlueVine SBA Approved?

We wanted to share the exciting news that we’ve been approved by the SBA and Treasury as a direct non-bank lender for the Paycheck Protection Program (PPP)


3. Is BlueVine Legit PPP?

BlueVine is an official direct non-bank lender for the government-backed SBA Paycheck Protection Program.

 

Our entire PPP application process, including retrieving your loan number, is automated and online. Get started with a fast and secure online PPP loan application.


4. Where is BlueVine Located?

BlueVine is headquartered in Redwood City, California.


5. What Bank Does BlueVine Use?

Coastal Community Bank. The BlueVine Business Debit Mastercard is issued by Coastal Community Bank.

 

Member FDIC pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted.


6. What Happened to BlueVine?

BlueVine is no longer accepting new applications on its business checking accounts, invoice factoring, or lines of credit.

 

Luckily, there are plenty of alternatives that serve small businesses and offer similar benefits.


7. Who Owns BlueVine Bank?

Ohad Lifshitz, Business owner Ohad Lifshitz inspired his son Eyal to start BlueVine. BlueVine specializes in a business funding solution that’s been in use for 4,000 years.


8. Does BlueVine Do a Hard Pull?

For businesses organized as sole proprietors or general partnerships, we will only perform a hard credit pull after you receive and accept your offer.


9. How Long Does it Take to Get PPP Loan Approved BlueVine?

Fast and easy application Apply for a Line of Credit in minutes and get funds in as fast as 24 hours if you’re approved. Make and schedule payments right from your account via check, ACH, or credit card.


10. Does BlueVine Integrate with QuickBooks?

BlueVine’s QuickBooks integration lets customers easily sync data like bills, transactions, and payees between the two platforms.

 

Users will be able to sync bills from QuickBooks and complete payments on the BlueVine Dashboard with their preferred payment method.


We believe this article on Bluevine Reviews was of great use to you. Don’t forget to click on the subscribe button to get notified when new articles are being posted. Also, do well to share with friends and family.

CSN Team.

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