Chartway Small Business Checking

 Chartway Small Business Checking is a credit union business checking account designed for small businesses that want simple day-to-day banking with manageable activity levels. It is positioned as a basic operating account rather than a high-volume or treasury-focused solution.

The core strengths are straightforward transaction-based structure, credit union membership model, and access to digital banking tools and business services. It works well for businesses that want predictable activity limits and standard features.

The main tradeoff is the monthly transaction cap, which can increase costs if exceeded. Businesses with higher transaction volume or heavy cash usage may find the structure limiting.

Overall, this account fits small, low-to-moderate activity businesses and may not fit businesses that need high transaction capacity or complex treasury tools.

For a broader comparison, see the Best Business Checking Accounts in Utah.

For an overview of this credit union and how to become a member, check our Chartway Credit Union profile.

Quick Summary

• Account: Small Business Checking
• Institution: Chartway Credit Union
• Monthly Fee: $10 (waived with e-Statements)
• Minimum Opening Deposit: $100
• Transaction Limits: 100 checks per month; cash threshold at $10,000

Key Details

Basic Account Details

• Monthly fee: $10
• How to avoid fee: Enroll in e-Statements
• Minimum opening deposit: $100
• Minimum balance requirement: None
• Transaction limit: 100 checks deposited per month
• Excess transaction fee: $0.25 per check after 100
• Interest-bearing: No

Business Features and Tools

• Debit card: Included
• Checks: Available
• Cash deposits: Available
• ACH transfers: Yes
• Wire transfers: Yes
• Merchant services: Available
• Accounting integrations: Not stated
• Multi-user access: Not stated

Access and Banking Tools

• ATM access: CO-OP Network access available
• Online banking: Yes
• Mobile banking: Yes
• Mobile check deposit: Yes
• Online bill pay: Yes
• Account alerts: Available
• Customer service: Branch and phone support available
• Availability in Utah: Yes

Overdraft and Transaction Costs

• Overdraft fee: $30
• NSF fee: $30

Chartway Small Business Checking uses a threshold-based pricing model rather than a full transaction cap. The account includes up to 100 checks deposited per month, and once that level is exceeded, each additional check is charged at $0.25 per item.

Cash handling follows a separate volume-based structure. The account includes up to $10,000 per month in combined cash deposits and withdrawals, and once that amount is exceeded, a 0.05% fee applies to the additional cash activity.

What Chartway Small Business Checking Offers

Chartway Small Business Checking provides basic business banking with both digital tools and in-branch access. Businesses can manage accounts through online and mobile banking, including mobile check deposit and bill pay, supporting day-to-day operations without relying only on branch visits.

The account includes a business debit card and no minimum balance requirement, allowing businesses to operate without maintaining a specific balance. This makes it easier to manage cash flow without additional constraints.

It also includes Overdraft Privilege, which can cover transactions when funds are not available, up to a defined limit. This provides a short-term buffer for cash flow gaps, though overdraft fees still apply.

Chartway also offers merchant services and cash management tools, which support payment processing, receivables, and cash flow management. Deposits are insured by the NCUA (National Credit Union Administration), and you can learn more in what NCUA insurance means for Utah credit union members.

Fees to Know

• Monthly fee: $10 (waived with e-Statements)
• Transaction limit: 100 checks deposited per month
• Excess transaction fee: $0.25 per check after 100
• Cash deposit limit: $10,000 per month (combined deposits and withdrawals)
• Cash deposit fee: 0.05% after $10,000
• Overdraft fee: $30
• NSF fee: $30

This fee structure is threshold-based rather than unlimited. Costs stay predictable if your business remains within the included check and cash limits, but higher activity levels can increase total monthly cost.

How to Open the Account

Documents Needed

• Business formation documents:
  • Articles of Organization (LLC)
  • Articles of Incorporation (corporation)
  • Partnership agreement (partnerships)
  • Certificate of Limited Partnership (if applicable)
• Business registration:
  • DBA / trade name certificate, or
  • State name registration, or
  • Business license (if applicable)
• EIN or SSN:
  • EIN for most business types
  • SSN allowed for sole proprietors or single-member LLCs (if applicable)
• Ownership documents:
  • Operating agreement (LLC)
  • Corporate resolution or meeting minutes (corporation or organization)
  • Partnership agreement showing authorized signers
• Personal ID for all account signers

Chartway Small Business Checking can be opened at a branch, by phone, or through video banking. The process requires verification of business registration and ownership structure before approval. Some documents may be pulled directly from state records, but businesses should be prepared to provide them during the application process.

Pros and Cons

Pros

• Monthly fee can be waived with e-Statements
• No minimum balance requirement
• Simple fee structure based on check and cash thresholds
• CO-OP Network ATM access available

Cons

• 100 check limit may be restrictive for active businesses
• Cash activity capped at $10,000 per month before fees apply
• Transaction costs increase with volume

Who This Account May Be Best For

Chartway Small Business Checking is best suited for businesses that want simple, predictable banking with moderate activity levels. The account works well when transaction volume stays within the included thresholds and cash handling remains manageable.

It may be a good fit for:

• Service-based businesses with limited check volume
• Freelancers or sole proprietors with straightforward banking needs
• Small businesses that want a credit union option with basic features

It may not be the right fit for:

• Retail or cash-heavy businesses that exceed $10,000 in monthly cash activity
• Businesses with high check volume
• Companies needing advanced treasury or high-volume transaction support

Final Thoughts

Chartway Small Business Checking is a straightforward, threshold-based business checking account that works best for businesses with moderate activity and simple banking needs. The structure is easy to understand, but costs can increase if check or cash activity exceeds the included limits.

Businesses that expect higher transaction volume or frequent cash deposits may want to compare alternatives. For a broader view, see the Best Business Checking Accounts in Utah or explore the Chartway Credit Union review.

Overall, Chartway Small Business Checking is a practical option for small businesses that want basic functionality with predictable usage patterns, rather than a high-capacity or growth-focused account.

COMPARING OPTIONS?

Disclaimer:
This page is not affiliated with, maintained by, or sponsored by Chartway Credit Union. Information may change after publication, so please verify details directly with the institution. UtahFi does not guarantee the accuracy of this content. The name and logo are trademarks of Chartway Credit Union.