BlueVine Bank Review

Pros

• No minimum deposit or account minimums
• Unlimited transactions
• No monthly fees
• Cash deposits accepted
• Free ATM in-network

Cons

• No savings account
• No loans
• Fees for cash deposits

Services Offered By BlueVine Bank

Founded as a financing option for small businesses, BlueVine has only recently branched out into business banking services. As a financial technology company and not a bank itself, BlueVine partners with Coastal Community Bank, member FDIC, to provide business checking and lines of credit. Small businesses that deposit their funds with BlueVine Bank are insured for up to $250,000 per depositor. BlueVine operates online exclusively and does not have any physical branches, so it’s a good fit only for those small businesses that are comfortable banking through their computers and the BlueVine mobile app.

BlueVine stands out from many of its competitors in that it offers small businesses a chance to earn a higher than average rate of interest via its checking account. BlueVine currently provides 1.2% on the first $100,000 in deposits. Balances above that cap will not earn additional interest. Although BlueVine does not offer savings options, the interest-bearing checking account will make up for that lack for many users.

Note: As of May 1, 2020 BlueVine customers will need to meet one of two monthly requirements to earn that high APY. They can either spend $500 per month with their BlueVine debit card or process $2,500 per month in customer payments into their BlueVine checking account via ACH, wire transfer, mobile check deposit, or through their payment processor.

To decide whether this is the right bank for your small business, keep reading this complete BlueVine Bank review to learn more about these banking services and more:

• Business checking
• Interest-bearing accounts
• Debit Mastercard
• Fee-free MoneyPass ATM network
• Mobile app
• Access to lines of credit
• Live support options
• Mobile check deposit
• Bill pay
• Unlimited free incoming domestic wires
• Unlimited ACH transfers
• 200 free checks
• Cash deposits accepted via Green Dot

BlueVine Bank Rewards & Perks

You certainly can find business banking services that offer a wider range of perks and rewards. However, the limited number you’ll find with BlueVine Bank can be particularly valuable. First, let’s run through some common business banking rewards that you won’t find here:

• No signup bonus
• No partner promotions
• No perks or points for using a debit card

So what can you expect in the rewards category when your business uses BlueVine Bank? Here is what you will see:

• High APY: While you can’t open a savings account or buy a certificate of deposit to earn interest from BlueVine banking, you will receive a relatively high-interest rate on your checking balance when it’s between $1 and $100,000. At the time of this review, that rate stands at 1.2%, which is 40 times the national average for checking account interest. Note that you won’t earn interest on the portion of your balance that tops $100,000.
• Access To Credit: As a BlueVine customer, you’ll be eligible for financing from BlueVine. While having a business checking account with BlueVine does not explicitly improve your chances of being approved for a loan, building a credit and transaction history with BlueVine means your application will be easy to evaluate.
• Free Checks: As long as you have a balance in your account, you can order two free books of checks.
• Periodic Rewards: BlueVine appears to offer limited-time rewards to its customers. For example, in December, customers could be entered to win cash prizes for using their BlueVine debit cards.

BlueVine Bank Fees & Pricing

BlueVine Bank has a simple fee structure. Essentially, there are none, or at least you won’t find any recurring fees. That means no monthly fees, no penalties for slipping below a required minimum balance, no limits on the number of free transactions allowed, no fees for ACH payments, and no penalty for NSF transactions.

Still, it wouldn’t be entirely accurate to say that you won’t find any fees with BlueVine Bank. While BlueVine touts the fees it doesn’t charge, we give it credit for also stating upfront the few fees you can expect to incur. For example, while you can use your BlueVine debit card with no fees at any of 37,000 ATMs in the MoneyPass network, you’ll pay BlueVine $2.50 if you go out-of-network, and you may be charged a fee by the ATM owner as well. While incoming domestic wire payments are free, you’ll pay $15 for outgoing wires. And if you lose your debit card and order a new one, you’ll be charged $30 for express shipping.

The only fee that could cause the typical small business owner ongoing pain is the $4.95 you can expect to pay for making a cash deposit at one of the affiliated Green Dot retail locations. Because there’s a $500/deposit limit (and a $2,000 daily limit), the fees could add up if your sales are heavy on cash.

BlueVine Bank Eligibility Requirements

BlueVine business banking services are aimed at small business owners, and the company doesn’t throw up unnecessary barriers. Applying is done completely online, with applications generally reviewed within 24 hours and approval taking anywhere from three to five business days. BlueVine eligibility requirements listed on the website include the following:

• Small business owner aged 18+
• US citizen or permanent legal resident
• Verifiable address in one of the US states or the District of Columbia; US territories are not eligible locations

BlueVine banking services are not available to small businesses in the following industries: adult entertainment, gambling, weapons and firearms, illegal substances, and virtual currency.

Before starting the online application, make sure you have handy the most common forms of documentation required for opening a business bank account. What you need will depend on how your business is structured. Notably, you won’t have to share your credit score. In fact, BlueVine advertises that a business account with this bank is a good way to build your small business credit and work toward building a credit profile that can help you qualify for loans.

BlueVine Banking Features

BlueVine banking includes a fairly complete set of tools for running a small business, with a couple of exceptions. For one, while BlueVine’s Mastercard debit card works fee-free at thousands of ATMs and can be used for paying bills, users won’t be able to receive additional debit cards for employees’ use. And while BlueVine can connect small businesses with access to the capital they may need to grow via lines of credit, you won’t be able to rely on BlueVine for merchant services that enable your business to process credit and debit card payments.

That might not matter as much if your business operates mostly online, rather than relying on in-person sales, because you’ll depend on a payment gateway to process sales. And if you’re looking for the best way to process online payments, you have a lot of great options to choose from! But if you’re doing a lot of face-to-face selling, you’ll need to explore your options for point of sales systems to keep up with your business needs.

Let’s take a closer look at a few of these features:

• Debit Card: Although BlueVine does not maintain its own ATM network, a partnership with MoneyPass allows BlueVine customers to access 38,000+ ATMs without fees. Venture outside that network, however, and you’re looking at a $2.50 transaction fee per use.
• Access To Credit: BlueVine offers its customers access to credit, but at this time, that’s limited to lines of credit and does not include credit cards or loans. BlueVine currently does not offer SBA loans.
• Transactions Limits: Users are allowed an unlimited number of incoming ACH or direct deposits from an external financial institution. In addition, you can make an unlimited amount of transactions to your BlueVine account via the website or mobile app, but those transfers cannot exceed $5,000 per calendar month. There’s no limit on free incoming wire transfers, and while there’s no limit to the number of checks you can deposit, you’ll be allowed only up to $20,000 per 30-day period. Similar limitations apply to debit card transactions: unlimited daily use totaling up to $10,000 in daily transactions and unlimited POS cash back up to $2,000 per day. You can make unlimited ATM cash withdrawals, capped at $2,000 per day.
• Cash Deposits: Not every online-only bank accepts cash deposits. So if your business does cash sales, this is important to note. Through a partnership with Green Dot Services, BlueVine customers can deposit cash at 90,000+ retail locations nationwide, using your debit card or by purchasing a MoneyPak. Depositing cash to your BlueVine business checking account can be quite spendy, however. Expect to pay a retail service fee of $4.95 per deposit, with a limit of $500 cash per deposit and a $2,000 daily limit.

Finally, like every banking services provider, BlueVine puts some limits on the availability of funds deposited into your account. Here is a quick overview of some of those limits:

BlueVine Customer Service

As an online bank, BlueVine banking does not offer any options for in-person customer support. However, this business banking services provider stands out from the competition by offering users various other means of live customer support. Here are some options:

• Phone: Phone support is available Monday-Friday, 8 AM-8 PM ET.
• Email: Send non-urgent questions and requests via detailed email message.
• Help Center: Find dozens of articles on the BlueVine website, arranged by commonly searched topics, or search for your own terms.
• Social Media: BlueVine maintains active accounts on Twitter, Facebook, LinkedIn, and Instagram. However, not all posts on those sites are specific to BlueVine business banking services.

BlueVine Bank Reviews & Customer Complaints

BlueVine, Inc. is an accredited business with the Better Business Bureau and has an A+ rating there. A total of 184 customer reviews give the company a composite 2.86/5 star ranking, with 224 complaints over the past three years. Many of the recent negative reviews seem to pertain to PPP loans, which are separate from business banking services.

BlueVine fares better on Trustpilot, with a 4.4/5 star composite rating based on 6,755 reviews. We particularly notice the many positive reviews that mention helpful customer service representatives by name in glowing terms.

Positive BlueVine Bank Reviews

• Helpful customer service
• Fast approval
• Easy-to-use mobile app
• Good access to funding

Negative BlueVine Bank Reviews

• Accounts closed without warning
• Weak fraud protections
• The mobile app can be glitchy

Is BlueVine Bank Safe?

Although BlueVine itself is not a bank, it partners with Coastal Community Bank, an FDIC member, to provide BlueVine business banking services. Under FDIC protections, amounts deposited in BlueVine checking are insured up to $250,000.

Multifactor authentication (MFA) is required for BlueVine accounts and cannot be turned off. Every time you log in from a new device, you’ll have to enter a code sent to your registered mobile number. BlueVine also makes it easy to freeze your debit card using your account dashboard. You can also call the company’s toll-free number to lock your card.

Final Verdict: Is BlueVine Bank Worth It?

With BlueVine banking, you won’t have any minimum deposit or account minimums to worry about maintaining. You’ll also have an unlimited number of free transactions, although you’ll need to be mindful of daily and monthly caps on the amounts of those transactions. BlueVine has no monthly fees, and our BlueVine review found that the few fees that apply — for cash deposits, outgoing wires, out-of-network ATM usage, and card replacement — were straightforward and reasonable.

It’s true that BlueVine doesn’t offer a savings option, but in our opinion, the interest-bearing checking account is a reasonable substitute, especially with its high APY. A lack of credit and financing options could be seen as a negative, but with easy-to-access lines of credit, it doesn’t have to be a deal-breaker. The only red flag potentially is the hefty $4.95 fee for cash deposits. With a $500/cash deposit limit and a $2,000 daily cash deposit limit, BlueVine customers could be paying nearly $20 a day to deposit cash. However, these limits and fees are easily discovered and clearly outlined, leaving it to business owners like you to evaluate the impact and decide if this is the right option for your particular business banking needs.

If you’re still working to define your banking needs, we have a resource that can help. Check out our step-by-step guidelines for choosing the right business bank account. After reading these suggestions, you just might decide that BlueVine is the business bank you need.

BlueVine Banking FAQs

The Merchant Maverick Seal of Approval 🏆

BlueVine Bank	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see BlueVine Bank for yourself.

The Merchant Maverick Seal of Approval 🏆

BlueVine Bank	Apply Now

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see BlueVine Bank for yourself.

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