Shopping malls in the U.S. are looking to add more entertainment venues and restaurants as part of an effort to reinvent themselves as “theater districts” focused on socializing and shopping.
To do so, many shopping malls have, or are in the process of converting vacant stores on their premises into indoor entertainment destinations, with activities including arcade games, go-karts, rides and brand experiences such as Legoland and the Crayola Experience, Curbed.com reported.
“Today,
it’s about real-life socialization,” said
Randy
White, the
CEO
of White Hutchinson Leisure & Learning Group. “Potential
shoppers can have all the digital entertainment experiences at home.”
Shopping
malls need to do something or they risk going out of business. That’s
because consumers’ habits have changed, and more and more people
are choosing to stay at home and do their shopping online. Between
2000 and 2017, out-of-home spending on entertainment fell by 3% in
the U.S., according to Department of Labor data.
“The
amount Americans spend to go out is actually going down because
they’re staying home more,” Nick Egelanian, president of
SiteWorks, a retail consultant firm, told Curbed.com.
And
so malls are resorting to creating new experiences to try and entice
people to visit them. The new American Dream Mall in New Jersey for
example, has an indoor ice rink and ski slope. Meanwhile the Tuttle
Crossing Mall in Columbus, Ohio, has converted a former Macy’s
store into an indoor entertainment zone called Scene75, complete with
children’s rides and go-karts.
But
it remains to be seen if entertainment alone will be enough to rescue
America’s malls.
““The
A or B-plus level malls will survive,” White told Curbed.com. “The
rest will turn into Amazon distribution centers or other uses. We’ve
always had too many square feet of retail, and now it’s insane.”
Another
question that remains unanswered is if people who come to malls for
the entertainment will actually spend more on shopping.
It’s
a risk no doubt, but in any case developers are increasingly betting
on the idea of a family-oriented entertainment as a new kind of
anchor for shopping malls.
“Malls
may not be retail playgrounds anymore; maybe these new businesses can
help redefine malls and their role as common social spaces,”
Curbed.com reported.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
If customer satisfaction is your thing, and you happen to need a home loan, you might want to check out Royal United Mortgage.
The company recently topped LendingTree’s customer satisfaction rankings for four consecutive quarters, and have consistently ranked in the top-10 for the past six years.
Another thing that makes them unique is the fact that they offer home equity lines of credit (HELOCs), and a lot of them at that, based on their HMDA data. Let’s learn more.
Royal United Mortgage Fast Facts
Privately-held, employee-owned retail mortgage lender licensed in 32 states
Founded in 2008, headquartered in Indianapolis, Indiana
Funded roughly $1 billion in home loans during 2019 via consumer direct channel
Ranked a top-10 mortgage lender by LendingTree since 2014
Began 2020 as LendingTree’s #1 lender in customer satisfaction for 4th quarter in a row
Most of their business comes from the states of Florida, Indiana, and Texas
Royal United Mortgage is a relatively young company, around since 2008, which is right around the time the mortgage crisis and Great Recession took place.
But they’ve made it through some tough times and mustered over a billion in home loan volume last year.
They’re a privately-held, employee-owned direct-to-consumer mortgage lender, meaning they operate remotely without branches.
At the moment, they seem to be licensed to do business in 32 states, including Alabama, Arizona, Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
Royal United Mortgage Loan Process
They offer a digital mortgage application powered by Ellie Mae
You must first get in touch with a loan advisor to get started
Prospective can call them up directly or fill out a short contact form on their website
Claim to have some of the fastest turn times in the industry thanks to in-house processing and underwriting
To get started, they ask that you either call them up or fill out a short contact form on their website.
Once you connect with a so-called trusted loan advisor, they’ll go over your goals and guide you through the loan process, including an overview of available loan options.
They appear to offer a digital mortgage application powered by Ellie Mae that should allow you to link financial accounts and/or upload key documents.
Additionally, once conditionally approved for a loan, you can check loan status at any time or opt-in to real-time notifications regarding loan progress.
Because they use in-house loan underwriters and processors, they say they’re able to offer some of the fastest turn times in the industry, typically only 2 to 3 weeks (how long does it take to get a mortgage).
All in all, pretty straightforward, though it would be nice if you could apply without having to take the extra step of speaking to a human.
Loan Types Offered by Royal United Mortgage
Home purchase loans and refinance loans
Rate and term and cash out refis (debt consolidation)
Home improvement loans
Conforming loans backed by Fannie/Freddie
FHA loans and VA loans
Home equity lines of credit (HELOCs)
One drawback to Royal United Mortgage is their somewhat limited menu of loan programs.
While they appear to have most of the basics, they’re missing a few major loan types, including jumbo loans and USDA home loans.
That leaves us with conforming loans backed by Fannie Mae and Freddie Mac, along with FHA loans and VA loans.
The good news is that should cover most of the homeowner population.
They seem to focus on mortgage refinances, including rate and term refis and cash out refis for debt consolidation.
They also say they’ve got home renovation loans, though it’s unclear if they’re talking about the FHA 203k and/or the Fannie Mae HomeStyle.
One silver lining is they offer home equity lines of credit (HELOCs), which not all lenders offer these days. So you can tap into your equity without touching your first mortgage.
While they do offer home purchase financing, it seems to make up a small portion of their overall loan volume, maybe just north of 10%.
Interestingly, it is HELOCs that tend to make up the most of their business.
They lend on primary residences, second homes, and investment properties.
Royal United Mortgage Rates
For one reason or another, Royal United Mortgage does not publicize its mortgage rates.
This isn’t uncommon, as many banks and lenders tend to keep their interest rates to themselves.
However, since they don’t advertise their rates, we have no way of knowing how competitive they are in the pricing department relative to other mortgage lenders.
The same goes for their lender fees, which don’t seem to be listed on their website anywhere. This means we don’t know if they charge points or a loan origination fee.
So be sure to get all that information early on before you spend too much time with them in case their rates/fees aren’t to your liking.
Royal United Mortgage Reviews
As noted, they were ranked 1st by LendingTree for customer satisfaction from the second quarter of 2019 through the first quarter of 2020.
That’s four consecutive first place rankings, which seems like a pretty big feat. Additionally, they have roughly 9,000 customer reviews on LendingTree with a 4.9 out of 5-star rating.
Some 98% of former customers recommend using Royal United Mortgage, per the LendingTree website.
They have been Better Business Bureau accredited since 2008 and currently hold an A+ rating with the company.
At the time of this writing, Royal United Mortgage has nearly 400 customer reviews on the BBB website with a 4.5/5 rating.
Like all other mortgage lenders, they have complaints too, which are inevitable when you’re dealing with a large number of customers in the mortgage industry.
But all in all, they appear to be well received by their customers, which is a good sign.
Royal United Mortgage Pros and Cons
The Good
Offer a digital mortgage application powered by Ellie Mae
Ranked #1 by comparison service LendingTree
Excellent customer reviews across multiple review sites
A+ BBB rating and an accredited business
Offer home equity lines of credit (HELOCs)
Free mortgage calculators and mortgage glossary on site
The Maybe Not as Great
Not licensed to lend in all states
You have to contact them before applying for a home loan
If you live in California, you may have seen or heard commercials for Intelliloan, a mortgage company that boldly advertises its mortgage rates every chance they get.
Unlike many other mortgage lenders out there, who don’t even mention their interest rates or lender fees, Intelliloan puts it out there for everyone to see.
Of course, leading with your mortgage rates isn’t so easy, since they can change daily and quite significantly from month-to-month.
This might explain why Intelliloan is constantly updating the mortgage rates in its commercials – fortunately, they’ve been moving in the right direction lately, lower.
Intelliloan Fast Facts
Direct-to-consumer mortgage lender located in Costa Mesa, CA
Founded in 1993 by Darryl Preedge
Licensed to do business in 33 states nationwide
Specialize in low mortgage rates with no lender fees
Seem to do much of their business in their home state of California
First a little brief history on Intelliloan, which opened its doors back in 1993 in Downey, California.
It was founded by Darryl Preedge, who had worked for a lender for three years before venturing out to open his own mortgage shop.
The company started with just three employees, but has since grown into a national mortgage lender licensed to do business in 33 states.
At the moment, they don’t appear to lend in Alabama, Alaska, Hawaii, Indiana, Kansas, Kentucky, Missouri, Montana, Nebraska, New York, North Carolina, Ohio, West Virginia, or Wyoming.
They seem to do most of their home loan lending on the West Coast, particularly in California.
Applying for a Mortgage with Intelliloan
Intelliloan is a direct-to-consumer mortgage lender, meaning you work with them online or by phone remotely.
They say it takes about 15 minutes to get your mortgage approval started. And that process begins by filling out a short lead form on their website.
From there, they’ll ask you to create an Intelliloan account and you’ll need to provide some basic contact information.
Then you’ll proceed to fill out a loan application with the help of a loan specialist.
Alternatively, you can use the chat/text feature on their website to begin, which allows you to speak to a specialist right away if you have questions.
Or you can simply call them up on the phone to get started.
It’s unclear if they offer a digital loan application after that point, but it appears to be pretty no-frills and direct.
They say they’re big on customer service and satisfaction, so hopefully that’s demonstrated in the loan process from start to finish.
Loan Types Offered by Intelliloan
Home purchase and mortgage refinance loans
Conforming loans backed by Fannie/Freddie
Government home loans including FHA loans and VA loans
Jumbo home loans up to $3 million loan amounts
Reverse mortgages for those 62 and older
Fixed-rate options: 30-year fixed and 15-year fixed
ARM options: 5/1, 7/1, and 10/1 ARMs
Intelliloan offers all the typical stuff you’d expect from a mortgage lender, including home purchase financing and mortgage refinancing.
Their bread and butter is probably refinance loans since they offer super low mortgage rates, a key decider for those looking to refinance an existing home loan.
But they also offer home purchase financing on primary residences, second homes, and investment properties. And they’ll get you pre-approved so you can shop with confidence.
In terms of loan type, they offer conventional conforming loans backed by Fannie Mae and Freddie Mac, along with government home loans including FHA loans and VA loans.
They don’t appear to offer USDA loans, and it’s unclear if they offer construction or renovation loans.
It seems they are focused on straightforward vanilla stuff that isn’t too complicated, which allows them to close loans fast and offer low rates.
In fact, they mention in their fine print that they’re not currently accepting applications from self-employed borrowers, nor will they accept conforming loan amounts below $200,000.
However, they do offer jumbo loan financing with loan amounts as high as $3 million, and cash out as high as $500,000.
Additionally, aside from fixed-rate options, they offer adjustable-rate mortgages that are fixed for the first 5, 7, or 10 years.
And they’ve got ARM options for both FHA loans and VA loans.
Homeowners aged 62 and older can take advantage of their reverse mortgage offering as well.
Intelliloan Mortgage Rates
As noted, Intelliloan isn’t shy about advertising its mortgage rates. In fact, just about every advertisement I’ve seen from them features a mortgage rate and/or mortgage APR.
So they lead with their pricing, which is a good sign if the lowest price/rate is what you’re after when purchasing a home or refinancing an existing mortgage.
Right on their homepage you’ll see “today’s rates,” which at last glance looked pretty darn good.
For example, on the day of this post they were offering a 30-year fixed at 2.325% (2.49% APR) and 15-year fixed at 1.75% (1.99% APR). Yes, that low.
The assumptions were a $300,000 loan amount a single family, owner-occupied property in the state of California. Minimum 740 FICO and 60% loan to value (LTV).
If you don’t fit all those criteria, expect a higher mortgage rate. But still, those advertised rates look pretty enticing.
They advertised similarly low rates for high-cost conforming loans and FHA/VA loans.
Intelliloan Rate Protection Promise
Intelliloan also offers a Rate Protection Promise that provides up to three years of so-called mortgage rate protection.
Simply put, if fixed interest rates fall below your current fixed rate on a previously closed Intelliloan mortgage, you can refinance to that lower fixed rate on a 15- or 30-year mortgage.
This can be exercised at any time after the first 100 days from loan closing up until the third anniversary of the loan closing.
You won’t have to pay any non-recurring closing costs (e.g. lender fees, appraisal fee, credit report fee, escrow, title, recording, notary, courier, etc.), but you will be responsible for any recurring closing costs such as prepaid interest, property taxes, insurance premiums, HOA dues, and so on.
Basically, it’s a no cost refinance if fixed mortgage rates happen to fall significantly in the three years that follow your original transaction with Intelliloan.
Of course, you can always shop around with other lenders, and may find that another can beat them on rate and offer it without closing costs.
Either way, you need to re-qualify for the loan, so it’s not totally automatic, it’s just a discounted refinance.
Intelliloan Reviews
On LendingTree, they have a 4.9-star rating out of 5 based on more than 500 reviews, with a 98% recommendation rating.
On Google, they’ve got nearly 200 reviews and a 4.5-star rating out of 5, which is obviously very good. Most former customers seem to be very happy with their service and rates.
On Yelp, they’ve got a 4.5-star rating based on about 200 reviews as well. It appears most of their customers refinanced an existing mortgage, which seems to be their top offering.
Similarly, they have an excellent 4.93-star rating out of 5 on the Better Business Bureau website based on over 200 reviews, which is pretty unheard of.
Usually, customers head over to the BBB to complain about a company, but that doesn’t appear to be the case here.
They are an accredited business with the BBB since 1999, but only have a B+ rating at the moment thanks to 13 complaints filed against the business.
All in all, they appear to be a mortgage lender focused on offering the lowest rates possible to borrowers who have fairly straightforward loan scenarios. If that’s you, they might be able to offer you an excellent rate.
But if you’re self-employed or have a complicated loan scenario, they may not be the best fit.
Intelliloan Pros and Cons
The Good
Appear to offer very low mortgage rates with limited or no lender fees
Excellent reviews on several ratings sites
BBB accredited company since 1999
Offer most major home loan types
Can apply for a mortgage directly from their website
Intelliloan Rate Protection Promise allows you to refinance without lender fees
The Maybe Not Good
Not licensed in all 50 states
Do not offer USDA loans
May not offer construction/renovation financing or home equity loans/lines
May not be a good fit for those with complex loan scenarios
Citi announced today that it will let borrowers stay in their homes for six months if they agree to a deed-in-lieu of foreclosure.
In exchange for the deed on their property, homeowners will also get a minimum of $1,000 for relocation assistance and counseling, as well as coverage for certain property expenses if Citi determines the borrower can no longer afford them.
Borrowers must continue to pay utilities on their own, though homeowner’s association and escrow fees will be determined on a case-by-case basis.
So what’s the catch? Well, as part of the agreement, homeowners must maintain the property in its current condition and agree to bi-monthly meetings with relocation specialists.
The upside with a deed-in-lieu of foreclosure is that the borrower is released from the mortgage liability, but the obvious downside is losing their home.
The win for the bank/mortgage lender is avoiding foreclosure costs, and the possible damage/theft to the home that comes with that; the program may also reduce downward pressure on home prices.
The pilot program, which is expected to help as many as 1,000 families in places Texas, Florida, Illinois, Michigan, New Jersey and Ohio, will begin on February 12.
To be eligible for the program, dubbed the “Foreclosure Alternatives Program,” borrowers must be at least 90 days delinquent, occupy the property in question, and hold a first mortgage with clear title owned by CitiMortgage.
Homeowners will only be considered for the program after being evaluated for a permanent loan modification; for those who don’t qualify, CitiMortgage will also explore the possibility of a short sale.
“At CitiMortgage, we’re committed to finding every solution possible to help families facing foreclosure. However, the reality is that not every homeowner has the financial ability to remain in their home,” said Sanjiv Das, CEO of CitiMortgage, in a release.
“The goal of the program is to help homeowners make a smooth transition into the next chapter of their lives. The Foreclosure Alternatives Program is another tool in our ongoing efforts to find creative, innovative ways to help our customers across a variety of difficult financial situations.”
Late last year, mortgage financier Fannie Mae unveiled a foreclosure prevention tool called the “Deed for Lease Program,” which allowed borrowers to lease their homes after agreeing to a deed-in-lieu of foreclosure.
Opening a 529 plan is a tax-advantaged way to set aside money for college. The money you contribute can grow tax-deferred and qualified withdrawals are tax-free. While there is no federal tax break for making 529 plan contributions, you may be able to claim one at the state level. Breaking down the 529 tax deduction by state can give you an idea of how you might be able to benefit when saving for college. Need help creating a college savings plan? Get connected with a financial advisor near you to learn more.
Understanding 529 Plan Tax Deductions
Tax deductions are amounts that reduce your taxable income for the year. You can claim both federal and state tax deductions. They’re different from tax credits, which reduce your tax liability on a dollar-for-dollar basis.
Claiming tax deductions can help you to pay less in taxes or garner a bigger refund if you typically get money back at the state or federal level. Some deductions are above-the-line, while others require you to itemize on your tax return. Credits, meanwhile, lower your tax bill.
The federal government offers some tax deductions for education, but a deduction for 529 plan contributions isn’t one of them. You can, however, deduct interest paid to student loans. The American Opportunity Tax Credit and the Lifetime Learning Tax Credit can also be claimed to offset higher education expenses.
529 Tax Deduction by State
Every state offers at least one 529 plan, but states are not required to offer a tax deduction or other tax breaks for education. That being said, a number of states do offer deductions if you’re making contributions to a 529 plan. States can also offer credits or other tax breaks as an incentive to save for college.
Nine states do not have income tax which means they don’t offer a 529 plan deduction. Those states are Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming. California, Hawaii and Kentucky do not offer any type of 529 tax deduction but do assess income tax.
This table breaks down the 529 tax deduction by state.
529 Tax Deductions by State
Alabama
$5,000 single filers; $10,000 joint filers
Alaska
None
Arizona
$2,000 single or head of household; $4,000 joint filers
Arkansas
$5,000 single filers; $10,000 joint filers
California
None
Colorado
Full contribution
Connecticut
$5,000 single filers; $10,000 joint filers
Delaware
$1,000 single filers; $2,000 joint filers
Florida
None
Georgia
$4,000 single filers; $8,000 joint filers
Hawaii
None
Idaho
$6,000 single filers; $12,000 joint filers
Illinois
$10,000 single filers; $20,000 joint filers
Indiana
20% tax credit on contributions (maximum credit $1,500)
Iowa
$3,785 per beneficiary
Kansas
$3,000 single filers; $6,000 joint filers
Kentucky
None
Louisiana
$2,400 single filers; $4,800 joint filers
Maine
Up to $1,000 per beneficiary
Maryland
$2,500 single filers; $5,000 joint filers
Massachusetts
$1,000 single filers; $2,000 joint filers
Michigan
$5,000 single filers; $10,000 joint filers
Minnesota
$1,500 single filers; $3,000 joint filers
Mississippi
$10,000 single filers; $20,000 joint filers
Missouri
$8,000 single filers; $16,000 joint filers
Montana
$3,000 single filers; $6,000 joint filers
Nebraska
$10,000 single filers; $5,000 married filing separately
Nevada
None
New Hampshire
None
New Jersey
$10,000 per taxpayer
New Mexico
Full contribution
New York
$5,000 single filers; $10,000 joint filers
North Carolina
None
North Dakota
$5,000 single filers; $10,000 joint filers
Ohio
Up to $4,000 per beneficiary
Oklahoma
$10,000 single filers; $20,000 joint filers
Oregon
$150 tax credit single filers; $300 tax credit joint filers
Pennsylvania
$17,000 single filers; $34,000 joint filers
Rhode Island
$500 single filers; $1,000 joint filers
South Carolina
Full contribution
South Dakota
None
Tennessee
None
Texas
None
Utah
4.95% tax credit per beneficiary
Vermont
10% credit on up to $2,500 for single filers; $5,000 joint filers (maximum $250 per taxpayer, per beneficiary; VHEIP is the only eligible plan)
Virginia
Up to $4,000 per account
Washington, D.C.
$4,000 single filers; $8,000 joint filers
Washington
None
West Virginia
Full contribution
Wisconsin
$3,860 per beneficiary; $1,930 for divorced parents or those married filing separately
Wyoming
None
Claiming 529 Plan Tax Benefits
To claim a tax deduction or credit for 529 plan contributions, you must live and file taxes in a state that offers these benefits. You must also be eligible to get a tax break, based on your relationship with the account beneficiary.
In most states, any contributor to a 529 plan can claim a tax break, regardless of whether they’re the account owner or not. However, some states limit tax benefits to account owners only. That means grandparents, aunts and uncles or other contributors would be excluded from deducting contributions or claiming tax credits.
The good news is that there are no time limits on claiming education tax benefits associated with a 529 college savings plan if you’re eligible to do so. Unlike Coverdell Education Savings Accounts (ESAs), which require you to withdraw all assets once the beneficiary turns 30, 529 plan money can stay in the account indefinitely. So, as long as you’re making contributions you could still claim a deduction or tax credit if you’re eligible.
Is Contributing to a 529 College Savings Plan Worth It?
Saving money in a 529 plan can be worth it for a few reasons, starting with the laundry list of tax breaks they offer. Contributions grow on a tax-deferred basis, so you’re not having to pay tax on any earnings while the money is in the account. Any qualified withdrawals are tax-free, as long as you use them for eligible higher education expenses. You can also withdraw up to $10,000 without a tax penalty to pay for qualified expenses for grades K-12.
You can open a 529 plan and contribute money to it on behalf of any eligible beneficiary, including yourself or your spouse. Should your beneficiary decide not to go to college or if they don’t use up all of their savings, you could transfer the money to a different beneficiary. And as outlined in the table above, some states offer tax breaks for college savings in the form of deductions or credits.
Aside from those benefits, a 529 plan can offer a better rate of return on your money compared to keeping money in a high-yield savings account or even a CD. They also allow for more flexibility than savings bonds. And while you could tap into an Individual Retirement Account (IRA) to pay for college, that could shortchange your retirement savings and potentially trigger some tax consequences.
The Bottom Line
Getting a head start on college planning can help you to be better prepared when it’s time for your student to head off to school. Saving money in a 529 plan can benefit you at tax time and your money may have more room to grow than it would sitting in a bank account. Reviewing your 529 tax deduction by state can help you figure out how much of an additional tax advantage you might get from saving.
Financial Planning Tips
If you’re ready to start saving for college but you don’t know how to approach it, getting professional advice can help. A financial advisor can walk you through different college savings options so you can choose the one that best fits your needs and situation. Finding a financial advisor doesn’t need to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
When comparing 529 savings plans, remember that you’re not locked into choosing your state’s plan. You could invest in a different state’s plan if you prefer the range of investment options offered or if another plan allows for higher lifetime contribution limits. Keep in mind, however, that your choice of plan may affect your ability to deduct those contributions on your state income tax return.
Rebecca Lake, CEPF®
Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She’s worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children.
Whether you are a freelancer, side hustler, or run a full-time business, opening a separate business bank account should be your first move after starting your business.
A business bank account helps you keep your business finances and personal income and expenses separate. Having a business bank account for all your business finances makes it easy to run records and track your costs and deductions at tax time.
Business checking accounts can also help business owners establish credit, which they can use for net terms with suppliers or to take out business loans or business credit cards.
But which business checking account is best? And can you find good options with free business checking accounts?
12 Best Free Business Checking Accounts
We’ve done the legwork for you, compiling a list of the 12 best free business checking accounts available in the U.S. today.
1. Bluevine: Best Free Business Checking Account Overall
Bluevine offers one of the most comprehensive and best free business checking accounts you’ll find. It has no monthly maintenance fees, no overdraft fees, and an annual percentage yield APY of 2% on up to $250,000 of your balance if you meet monthly activity goals. To qualify, simply make $500 in debit card purchases with your Bluevine business debit or receive $2,500 per month in customer payments to your account.
Bluevine offers features that make it great for a team, including the ability to open multiple sub-accounts and even have separate logins for employees or contractors, like accountants and virtual assistants.
While some free business checking accounts have transaction limits, your Bluevine business checking account does not. Funds are backed by Coastal Community Bank, Member FDIC. Coastal Community Bank provides business banking services for Bluevine customers.
2. Capital One Business Bank Account: Best for Local Branches
If you’re looking for personalized service at local branches, consider Capital One business checking. Capital One offers two tiers of checking accounts: Basic and Enhanced. Both accounts offer unlimited digital transactions, free overdraft coverage, access to Capital One’s mobile app, no ATM fees at 70,000 Capital One, Allpoint, and MoneyPass ATMs, and low monthly fees that are easily waived when you meet minimum balance requirements.
Capital One Enhanced business checking is designed for larger businesses who can meet $25,000 average daily balance requirements needed to waive the $35 monthly service fee. Enjoy free incoming wire transfers, five free outgoing wire transfers monthly, and a remote scanner for mobile check deposits.
3. GO2bank: Best for Online Banking
GO2bank is a complete mobile banking solution with digital banking services provided by Green Dot Bank. The bank offers many features in its online business checking account that will appeal to business owners and their employees, including co-branded debit cards, optional overdraft protection, and a co-branded app for businesses. You can also get a secured business credit card through GO2bank.
Waive the monthly fees with qualifying direct deposits, and receive ACH payments up to two days early. You can also purchase eGift cards for yourself or as employee incentives and earn up to 7% cash back.
4. Found: Best for Freelancers
Hailed as the debit card for the self-employed, we rate Found as the best free business account for freelancers. It has no monthly maintenance fees, no minimum deposit or minimum balance requirements, and no credit check to open your account.
Found has a few features that can help you streamline your business. By evaluating your income and expenses, Found can calculate your tax bill, categorize tax write-offs, and even auto-save the correct amount from each deposit to cover your quarterly taxes. You can also send invoices from the app.
Found is a financial technology company, not a bank. Deposits are FDIC insured through Piermont Bank.
5. First Citizens Bank Basic Business Checking: Best for Checking Account Choices:
Most business checking accounts have one option for a business owner. First Citizens has four choices to help you choose the right business checking account with the features you need. The basic business checking account offers 100 transactions with no monthly fee, and has a minimum opening deposit of $100.
Business Banking I is free with a merchant account or a minimum daily balance of $25,000. It offers processing of up to $250 transactions per month, plus $10,000 in cash processing, including cash deposits. Business Banking II has similar features with 500 free transactions and $15,000 in cash processing, including cash deposits. There is a $50 monthly fee unless you have a merchant account or an average daily ledger balance of $50,000.
Business Banking III is best for larger enterprises who want choices and do a high volume of business. Process up to 750 transactions free each month, with $20,000 in cash deposits. You’ll need a merchant account or $75,000 in your average daily ledger balance to avoid the monthly maintenance fee.
Business Banking I, II, and III accounts also let you customize your plan with additional discounted services.
6. Novo Business Checking Account: Best for E-commerce and App Integrations
Novo is not a bank, it’s a financial technology company with deposits backed by Middlesex Federal Savings, Member FDIC. Novo is one of the most tech-forward financial institutions on our list, offering easy integration with apps like Shopify, Wise, Stripe, Square, and Quickbooks.
The Novo Business Checking account has no monthly fees, no minimum balance requirements, no cash deposit fees, and ATM fee reimbursement for out-of-network ATM use. Account holders can also get discounts on popular business software and services, including LegalZoom, Constant Contact, and Stripe.
7. Mercury Banking For Start-ups: Best for Start-ups
Bootstrapped and venture-backed startups of every size have unique needs in a business checking account. A Mercury free business checking account helps your money stretch further with no monthly fee, no minimum balance requirements, and no minimum deposit to open. You can earn 5.11% annual percentage yield APY with mutual funds invested through Mercury Treasury if you have an account balance of $250,000 or more.
Mercury free business checking offers unlimited free transactions, including no cash deposit fees, for businesses who process less than $200,000 per month. The account offers team management tools, debit cards for multiple employees, and capabilities to open multiple checking and savings accounts to manage cash flow.
Plus, your Mercury account is backed by up to $5 million worth of FDIC insurance through partner banks. Banking services are provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC and deposits are held in various partner banks.
8. U.S. Bank Silver Business Checking: Best for Sign-up Bonus
If you’re looking to earn free cash to boost your business, consider a U.S. Bank Silver Business checking account with a $100 minimum deposit before June 30, 2023. You can earn a $500 bonus when you make new deposits of at least $5,000 and maintain a minimum balance of at least $5,000 until 60 days after the account opening. Increase that to $15,000 in new money deposits and maintain that balance for 60 days and earn $750 deposited into your new business checking account.
U.S. Bank offers tons of benefits for business owners, including no transaction fees for up to 125 transactions each month, 25 free cash transactions (or up to $2,500 in free cash deposits, whichever comes first), no monthly maintenance fee, and 50% off on your first check order, up to $50.
Larger businesses may prefer a Gold Business Checking Account, with no transaction fees for up to 300 transactions per month. It also has a waivable $20 monthly fee.
There is also a Platinum Checking Account Package with 500 free transactions and a $30 monthly fee. This fee is waived by meeting monthly minimum balance requirements.
9. Chase Business Complete Banking: Best for Payment Processing
For those who want to avoid online only banks and are looking for a big bank with international recognition and branches and ATMs across the U.S., Chase Business Complete Banking offers a solid solution. It comes with many ways to waive the monthly service fee.
Chase also makes it easy to accept credit and debit card payments without using a third-party payment processor. Chase QuickAccept is a built-in feature as part of Chase Business Complete Banking. You don’t need to apply for a separate merchant account, and the transaction fees are competitive with other credit card processing companies.
QuickAccept also allows you to access money faster with same-day deposits with no added fees. If you need a merchant payment processing provider that works in synch with your bank account, Chase Business Complete Banking could be the best choice for you.
Right now through August 3, 2023, businesses can earn a bonus up to $500 when they open a Chase Business Complete Checking account and meet requirements, which including total deposits of $15,000 or more. Deposit just $2,000 or more and snag an easy $300 for your new business checking account.
10. Huntington Business Checking 100 (Midwest): Best for Community Banking
Huntington National Bank, headquartered in Columbus, Ohio, since 1866, offers three business checking accounts, including a business interest checking account, Unlimited Plus Business Checking.
The top-tier account includes unlimited transactions, plus cash deposits of up to $25,000. Waive the $40 monthly fee with up to $50,000 in total deposit relationship balances across business accounts. Designed for larger businesses, the Unlimited Plus Business Checking allows you to choose two bonus services such as a fraud tool, waived returned deposited items fees on up to 25 items per month, or two free incoming domestic wires monthly.
The Unlimited Business Checking account offers similar features, with unlimited transactions, free cash deposits on up to $10,000 per month, and a choice of one bonus service. Waive the $20 monthly fee by maintaining a minimum balance of at least $10,000. A Business Checking 100 account offers up to 100 transactions per month, and up to $5,000 in cash transactions with no monthly fee.
Huntington is devoted to the local communities it serves and spotlights small business owners on its website. It also specializes in SBA loans and offers a linked business money market account to earn interest on savings with no monthly maintenance fee if you maintain an average daily balance of $10,000+.
11. Relay Business Checking: Best for Money Management
Relay online banking offers up to 20 primary business checking accounts for members of your team or for different business expenses, plus 50 virtual or physical Visa debit cards. Designed to assist with cash flow and money management, your Relay online banking account allows automated transfers into the various checking accounts based on percentage of income or flat-rate dollar figures.
Your Relay online and mobile banking account also includes up to two business savings accounts with APYs of 1% to 3%. Best of all, unlike many free business checking accounts that are only free if you meet transaction or balance requirements, Relay has no monthly maintenance fee, no transaction fees, no overdraft fees, no ATM fees, and no minimum balance requirements.
12. Axos Basic Business Checking Account: Best for No Fees
Axos Bank has been voted best online bank by Money Magazine and its business offering stands out for small business owners as a straightforward business checking account with no transaction fees, no monthly maintenance fee, and no minimum opening deposit. You also don’t have to worry about balance requirements or ATM fees. You’ll even receive unlimited reimbursements for using out-of-network ATMs within the U.S.
You will need to maintain a minimum balance of at least $5,000 for the first five statement cycles to earn a $100 account opening bonus. You will receive $25 into your business account each month you maintain the minimum requirements. However, if you close the account within 120 days, you might have to pay a $100 early closure fee.
What to Consider When Choosing the Best Free Business Checking Account
The best free business checking account for your business depends on the volume of cash deposits, number of transactions, the size of your company and your general banking needs.
It’s important for a business of any size, including a sole proprietor or 1099 contractor, to open a business checking account to keep business funds separate from your personal checking account and other personal finances. This is especially important at tax time.
Many of the business bank accounts on our list of best free business checking accounts make it easy for you to track your business finances. They offer end-of-month or quarterly reports or integrate with QuickBooks or other accounting software to make money management easy. This, along with costs, quality of customer service, mobile apps, and more should factor into your decision when you choose a small business checking account.
Monthly Maintenance Fee
Account fees have long been a fact of life for individuals and business owners, but they no longer have to be with so many free checking accounts available today. Some of the banks on this list, including Axos and Relay, offer no monthly fee of any kind. Others make it easy to waive the monthly fee by meeting balance requirements.
See if there are any balance requirements, direct deposit requirements, or minimum debit card purchases to avoid the monthly service fee, and if you will be able to meet those minimums easily each month.
Easy-to-use Online and Mobile Banking
Even basic business checking today should have a robust app and mobile banking solutions, including mobile check deposits, capability to turn your debit cards on or off, and to monitor spending in a user-friendly app.
You may think online-only banks have better mobile capabilities, but that’s not always the case. All the best business checking accounts on our list have intuitive, user-friendly mobile apps.
Low Minimum Opening Deposit Requirements
Most of the free checking accounts on our list have low minimum opening deposit requirements. Some may have higher minimums to earn a bonus on your business checking account. Make sure to read the fine print and know the minimum deposit requirements if you want to earn that sign-up bonus.
Reasonable Fees
While it’s possible to find a business checking account with no monthly service fee, your bank may have some fees. Read the fine print so you know exactly what you’re getting for your money. It should be easy to avoid ATM fees, overdraft fees, and even monthly fees.
However, you may have to pay for wire transfers, out-of-network ATMs, and other transactions. Unlike personal accounts, it’s common for business bank accounts to have fees if you deposit cash. Sometimes, a certain number of cash transactions is included in your monthly fee.
Customer Service
It’s important to research the bank’s customer service before you commit to a business checking account. Online only banks, especially, may have limited ways to reach customer support. Find out if they offer 24/7 service. Many people prefer online banking for the convenience and low account fees. But if you experience a problem, you want to make sure you can get help promptly.
Positive Customer Reviews
When you’re looking for the best business checking account, it pays to research the opinions of other business owners like you. Customer reviews can give you a feel for the level of customer service, ATM fees, monthly fees, fraud protection, and more.
Practical Transaction and Cash Deposit Limits
Many of the best business checking accounts offer unlimited transactions and reasonable monthly limits to deposit cash. Many banks offer different tiers of business checking accounts, so you can pay a set monthly fee for the level of service you need.
Linked Business Savings Account or Business Interest Checking Account
If you want to earn interest on your cash reserves, look for a checking account that pays interest or for a bank with a high interest savings account. Pay attention to account fees, withdrawal limits, and
Consider the Need for a Bank With Physical Locations
Online banking offers lower monthly fees and convenience. But if your business needs to deposit cash regularly or you just want personalized service and relationship banking, you might prefer a bank account at a financial institution with brick-and-mortar locations.
Questions to Ask Before Deciding on a Business Checking Account
When you’re shopping around for a free business checking account, consider your needs, the number of transactions you conduct daily, your account balance, and whether you prefer a traditional bank or are willing to consider online only banks for your business checking needs. Ask yourself the following questions so you can compare your options.
Will you be making regular cash deposits?
Many business checking accounts charge a fee if you want to deposit cash. Sometimes, a number of cash deposits will be included in your monthly fee. Make sure to pick an account with the capabilities you need.
Do you prefer a bank or credit union?
You might prefer the personalized service of a credit union instead of choosing a large bank or an online bank. When you’re evaluating credit unions, compare all the features and fees the same as you would evaluate business bank accounts.
Do you need to process customer transactions?
Banks like Chase offer credit card processing as an add-on feature to their services. If you are using an online bank, you might want one that integrates with Stripe, Square, or other payment processors. The capability to process customer transactions is one element that sets a business bank apart from a personal checking account.
Do you want to earn interest on your balance?
Several banks on our list offer high yield savings accounts, which is a benefit for small businesses, start-ups, and any business that wants to earn free money from their balance. You might also consider an interest earning business checking account like Bluevine, which pays interest on your checking account balance.
Business Checking vs. Money Market Account
A money market account is a special savings account designed to hold money that you may need to access in the short term. Some money market accounts offer higher APYs than other savings accounts. A money market account often has limits on the number of fee-free withdrawals per month.
Most business owners will want to open a free business checking account and link it to a money market account to earn interest on cash reserves.
What You Need to Open a Small Business Checking Account
You may not need an Employer Identification Number or Tax ID number to open a business checking account. If you have one, you should open the account using that number instead of your Social Security number to help keep your business and personal funds separate.
But if you are a freelancer and file taxes as a sole proprietor/self-employed, you can open your business checking account with your SSN. However, if your business has a DBA (doing business as) you will need a certificate or paperwork showing that name.
Likewise, if you are an LLC, you’ll need your business registration along with your EIN. If you have a partnership, you’ll need your partnership agreement and paperwork showing the business name.
Beyond that, you can open a business checking account with your business address, a phone number, email address and the minimum deposit (if required). Visit a branch for personalized service or open your free business checking account online.
FAQs
See what people are asking about free business checking accounts.
Do you need to pay account or transaction fees?
Some business checking accounts have monthly fees that you can waive by meeting specific requirements. You may also pay ATM fees, fees for cash deposits, and fees for wire transfers or international transactions.
Read the fine print or speak to a personal banker to choose the account that’s right for you.
Can you open a business checking account with no credit check?
Most banks and credit unions will allow you to open a business checking account with no credit check. By maintaining a positive balance in your account, you can build your business credit. A credit check may be required for business loans, lines of credit, or “net” terms with vendors.
What are the most important features of business checking accounts?
Most business owners are looking for business checking with no ATM fees and no monthly fee or easy ways to waive the monthly fee. Beyond that, consider the type and number of transactions you complete monthly, whether you need payment processing capabilities, and if you want a linked savings account to earn interest.
What banks offer free business checking accounts?
Many online and traditional banks offer free business checking or easy ways to waive the monthly fee. The list above describes 12 of our favorite options in free business checking.
Last week, the U.S. House of Representatives passed the “Middle Class Borrower Protection Act of 2023,” legislation sponsored by Rep. Warren Davidson (R-Ohio) that was designed to cancel controversial changes to loan-level pricing adjustments (LLPA). The LLPA changes were announced earlier this year by the Federal Housing Finance Agency (FHFA).
The measure — which recently earned the support of the National Association of Mortgage Brokers (NAMB) — passed on a vote of 230-189, with the House Republican conference voting unanimously in its favor. Fourteen Democrats crossed party lines to join Republicans, according to the office of the U.S. House’s clerk.
“The Biden administration wants to use mortgage fees to put their finger on the scale and decide who gets to pay more and who gets to pay less,” House Financial Services Committee Chairman Patrick McHenry (R-N.C.) said in a statement. “This will make housing less affordable, not more, and puts taxpayers at risk by threatening the safety and soundness of our housing finance system.”
Nearly 95% of Americans have credit scores above 680, and the group could face an extra $1.8 billion in new fees over the next two years under the LLPA plan, according to McHenry.
“House Republicans are taking action to protect middle-class borrowers with Rep. Davidson’s bill and I was proud to support it on the House floor,” McHenry said.
“The Biden administration’s mortgage rule is a socialist redistribution of wealth. I’m glad to see my colleagues recognize this issue and pass my legislation to reverse this rule,” Davidson added.
The proposed LLPA changes caused uproar when announced earlier this year. The main issue stemmed from the belief that the changes would punish borrowers with good credit, which FHFA Director Sandra Thompson later characterized as a misconception.
The changes were ultimately rescinded, but not before House Republican lawmakers took aim in a House Financial Services subcommittee hearing and an additional hearing with Thompson as a witness.
“I want to be very clear on one key point, and one that bears repeating: under the new pricing framework, borrowers with strong credit profiles are not being penalized to benefit borrowers with weaker credit profiles,” Thompson said during the hearing. “That is simply not true.”
According to the entry on the U.S. Congress website, the bill has yet to be introduced in the U.S. Senate. It’s unclear if the bill will make it to the floor of that chamber, where the legislative agenda is controlled by a Democratic majority.
From the hustle and bustle of Union Square to the peaceful tranquility of small villages like Cold Spring, New York is a great pace to live and work. New York residents have plenty of options when it comes to financial institutions, including some of the best credit unions and community banks in the country. Our goal is to make finding the right bank easier with this list of the best banks and credit unions in New York.
11 Best Banks in New York
New York City is known for Wall Street, but there’s far more to New York than its financial center. No matter where you live in the state, you can choose to go with a credit union, regional bank, local bank, or the biggest bank in the country. Don’t rule out online banks, either, since many have competitive offerings.
Here’s our list of the 11 best banks and credit unions in New York to help you narrow it down to one solid option.
1. New York Community Bank
It may be a New York bank, but New York Community Bank is one of the largest banks in the country. NYCB’s parent company is New York Community Bancorp, Inc., which also owns Flagstar Bank and has branches in New York, New Jersey, Ohio, Florida, and Arizona.
You’ll get access to more than 56,000 ATMs through NYCB’s ATM network, which includes both Allpoint and Presto! machines nationwide. NYCB also offers great rates on CDs. You can get a 6-month CD that earns 4.50% APY or a 12-month CD with a rate of 4.25% APY.
Fees:
No monthly maintenance fees
No overdraft fees
Balance requirements:
$1 minimum deposit to open
ATMs:
Fee-free at New York Community Bank ATMs
Fee-free at Allpoint and Presto! ATMs nationwide
$2.50 fee for each out-of-network ATM transaction
Interest on balance:
Up to 4.50% APY on CDs
Additional perks:
2. Chime
Chime is a modern online banking service that features a wide array of benefits, including fee-free overdrafts up to $200, early direct deposit access, and no monthly fees or foreign transaction charges.
With Chime, you can also get a secured credit card to help boost your FICO Score® with no interest or annual fees. In addition, it allows for fee-free transfers and savings growth with an APY of 2.00%.
You also stay informed with daily balance notifications and transaction alerts. Safety is a priority with secure processes in place, FDIC insured funds up to $250,000, and round-the-clock support channels for any assistance required.
Fees:
No monthly service fees
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 60,000+ ATMs nationwide
$2.50 fee for out-of-network ATMs
Interest on balance:
2.00% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
SpotMe covers up to $200 in overdrafts
3. Chase Bank
National banks have plenty to offer, including expanded brick-and-mortar branches and a wide range of banking products. Chase Bank is one of the largest banks in the U.S., with branches and ATMs in 48 states and the District of Columbia.
Currently, Chase is offering a $200 bonus for its Chase Total Checking account. This account comes with a $12 monthly fee, but Chase will waive it if you receive at least $500 monthly in direct deposits, maintain a $1,500 daily balance, or have an average $500 daily balance across all your Chase accounts.
Fees:
$12 monthly fee (waived with requirements)
$34 overdraft fee
Balance requirements:
No deposit to open
No minimum balance requirement
ATMs:
Fee-free at 15,000+ Chase Bank ATMs nationwide
$3-$5 out-of-network ATM fee
Interest on balance:
0.01% APY on savings accounts
Up to 3.75% on CDs
Additional perks:
$200 bonus for new checking account
Bonus and 1.5% unlimited cash back on credit card
4. NBT Bank
Based in Norwich, New York, NBT Bank has branch locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. You’ll find two checking accounts that don’t charge monthly fees.
Classic Checking includes unlimited check writing and is designed for those who prefer the experience that comes with traditional banks. NBT’s eChecking account has you managing everything. The biggest benefit to eChecking is that your balance earns interest.
Fees:
No monthly fees
$35 overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at NBT Bank ATMs
$1.50 fee for out-of-network ATM withdrawals
Interest on balance:
0.01% APY on eChecking
Up to 0.03% APY on savings
Additional perks:
Competitive rates on loans
Multiple business checking accounts
5. Capital One
One of the top national banks in New York is Capital One, which has branches and cafés across the country. Although there are fewer branches these days, some locations have been turned into cafés with coffee and free Wi-Fi along with banking services. But wherever you are, chances are you’ll find a Capital One ATM. You can withdraw cash at any Capital One, MoneyPass, or Allpoint ATM nationwide.
Fees:
No monthly maintenance fees
No overdraft fee
Balance requirements:
No deposit to open
No minimum daily balance requirements
ATMs:
Fee-free at Capital One ATMs
Fee-free at any MoneyPass or Allpoint ATM
$2 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.10% APY on savings
Up to 4.75% APY on CDs
Additional perks:
Cash deposits at any CVS location
Some branch locations have cafés and free Wi-Fi access
6. GO2bank
Online banks like GO2bank have their perks. You’ll often find competitive interest rates and low fees. However, mobile banking does have its limits, and that’s where GO2bank stands out.
You’ll not only be able to withdraw cash at any Allpoint ATM, but you can also deposit cash at more than 90,000 retailers across the country. As long as you’re okay with not having an in-person banking experience, GO2bank could be a solid option.
Fees:
$5 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
No opening deposit minimum
No minimum daily balance required
ATMs:
Fee-free at Allpoint ATMs nationwide
$3 fee for out-of-network ATM transactions
Interest on balance:
Up to 4.50% APY on savings
Additional perks:
Secured credit card helps you build credit with no credit check required
Deposit cash at 90,000+ retail locations nationwide
7. Santander Bank
Santander Bank is a regional bank with branch locations in New York, Connecticut, Delaware, Florida, Massachusetts, New Hampshire, New Jersey, Pennsylvania, and Rhode Island. The free checking account option is Simply Right Checking, which waives the $10 monthly fee as long as you have at least one activity on the account each month. This includes any deposit, withdrawal, transfer, or payment posted to the account within each calendar month.
Fees:
$10 monthly fee (waived with requirements)
$15 overdraft fee
Balance requirements:
$25 opening deposit
No minimum daily balance required
ATMs:
Fee-free at 2,000+ Santander Bank ATMs
$3 fee for out-of-network ATM transactions
Interest on balance:
0.03% APY on savings accounts
Up to 5.50% APY on CDs
Additional perks:
8. HSBC
HSBC isn’t just a national bank. It’s multinational, with locations across the U.S., as well as in Latin America, Europe, Africa, the Middle East, and Asia. This is a bank for high rollers, with a steep fee of $50 monthly if you don’t meet minimum requirements. Those requirements are either a $75,000 balance, monthly direct deposits of at least $5,000, or a residential mortgage loan of at least $500,000.
If you travel internationally, though, HSBC is worth considering since you can use your debit card at any ATM worldwide with no fees. HSBC also rebates up to five U.S. third-party ATM fees each month.
Fees:
$50 monthly fee (waived with requirements)
No overdraft fee
Balance requirements:
No minimum opening deposit
No minimum daily balance required ($5 to earn interest)
ATMs:
Fee-free at 55,000+ Allpoint ATMs nationwide
No fees for out-of-network ATM transactions
Up to five third-party U.S.-based ATM fees rebated monthly
Interest on balance:
0.01% APY on checking
Up to 4.15% APY on savings account
Up to 4.50% APY on CDs
Additional perks:
Unlimited rewards credit cards available
In-app support for international transactions
9. Corning Credit Union
Corning Credit Union membership is open to anyone who lives, works, worships, or attends school in Chemung County or Corning, New York. Membership is also open to residents of select areas in North Carolina, Pennsylvania, and South Carolina. The best thing about Corning Credit union is that its basic checking account earns 3.00% APY.
Fees:
No monthly fee
$32 overdraft fee
Balance requirements:
No minimum daily balance required
ATMs:
Fee-free at Corning Credit Union ATMs
$1 fee for out-of-network ATMs (waived for first four each month)
Interest on balance:
Up to 3.00% APY on checking
Up to 1.00% APY on savings
Up to 4.60% APY on share certificates
Additional perks:
Competitive rates on loans
Wide range of rewards-earning credit cards available
10. Dime Community Bank
If you run a business in the New York City or Long Island area, Dime Community Bank has plenty to offer. Dime’s business checking accounts come with a $12 monthly fee for up to 250 items, but Dime will waive it as long as you have an average daily balance of $10,000 each month.
Small business owners might find this on the high side, but if you have more than 250 items each month, that fee goes up to $25 with a balance requirement of $20,000 to waive it. But if you can meet the minimums, or you don’t mind the fee, you might like the extra services offered to members.
Fees:
$12 monthly fee (waived with requirements)
$35 overdraft fee
Balance requirements:
No minimum opening deposit required
ATMs:
Fee-free at Dime Community Bank ATMs
$1.50 fee for out-of-network ATMs
Interest on balance:
Rates not publicly disclosed
Additional perks:
Wide range of loans that serve small businesses
Access to legal, real estate, and accounting services
11. TD Bank
TD Bank is a national bank with hundreds of branches across New York. Although TD’s checking account comes with a $4.95 monthly fee, everything else is free, including overdrafts. One of this bank’s standout features, though, is its CD rates. Currently, you’ll get 5.00% APY on a six-month CD, with the option to bump up the rate if the market changes.
Fees:
$4.95 monthly fee
No overdraft fees
Balance requirements:
No minimum opening deposit required
No minimum daily balance required
ATMs:
Fee-free at 2,600+ TD Bank ATMs nationwide
$3 fee for out-of-network ATMs
Interest on balance:
Up to 3.51% APY on savings account
Up to 5.00% APY on CDs
Additional perks:
Live 24/7 customer service available online
Same-day replacement for lost debit card
Methodology
If you live in New York, chances are you know there’s no shortage of options. But we strove to create a list that brings together a little of everything. Not every customer wants the biggest bank, but plenty of customers would rather have a larger bank with a robust set of features. We combined small, local banks, credit unions, and large, corporate banks to ensure you can find the best bank for you.
Of course, it’s vital to make sure you’re going with a secure bank. We narrowed our list to those banks that had solid reputations and a history of serving New York residents. Beyond that, we made sure each bank offers savings accounts as well as checking, and we included a few that have features that would appeal to small business owners.
When you’re ready to open a bank account, it’s important to compare banks to make sure you’re getting the best rates. Many banks and credit unions can offer a great banking app and chat support, but you might prefer the personal touch you get with a local bank. Whatever your choice, pay close attention to fees and interest rates to ensure you’re getting the best deal for parking your money.
Cleveland, Ohio, is renowned for its vibrant cityscape and rich history, but it’s also a city that embraces its natural beauty through a plethora of parks. If you’re in search of a home for sale or an apartment for rent in Cleveland, OH, you’ll be excited to discover that the city is home to a multitude of stunning green spaces. In this Redfin article, we’ll explore the most popular parks beloved by Cleveland locals.
1. Cleveland Metroparks
Cleveland Metroparks is a vast network of parks that spans over 23,000 acres, providing residents and visitors with an abundance of natural beauty and recreational opportunities. With over 100 miles of trails, you can explore scenic forests, tranquil rivers, and picturesque lakes. Popular parks within the Cleveland Metroparks system include the Rocky River Reservation, which offers stunning views of the Rocky River and features an extensive trail network, and the North Chagrin Reservation, home to the renowned Squire’s Castle and Buttermilk Falls.
2. Cuyahoga Valley National Park
Just a short drive from downtown Cleveland lies Cuyahoga Valley National Park, a true gem of the region. This expansive park encompasses over 33,000 acres of diverse landscapes, including rolling hills, lush forests, and beautiful waterfalls. You can enjoy hiking, biking, and horseback riding on the park’s extensive trail system, or explore the Cuyahoga River by canoe or kayak. The park also hosts a variety of events and programs throughout the year, such as guided hikes and wildlife presentations.
3. Edgewater Park
Situated along the shores of Lake Erie, Edgewater Park offers a stunning beachfront escape within the city limits. The park features a mile-long sandy beach where you can relax, swim, or soak up the sun. Picnic areas, grills, and playgrounds make it a perfect spot for a fun outing or a leisurely afternoon with friends. Edgewater Park also offers breathtaking views of the Cleveland skyline, especially during sunset, making it a popular spot for photographers and nature lovers.
4. Wade Oval
Located in the heart of University Circle, Wade Oval is a picturesque park surrounded by some of Cleveland’s top cultural institutions. The park’s expansive green space serves as a gathering place for concerts, festivals, and community events throughout the year. You can relax under the shade of the park’s trees, enjoy a picnic on the lawn, or take a leisurely stroll around the pond. Wade Oval is a vibrant hub of activity and a testament to Cleveland’s thriving arts and culture scene.
5. Cleveland Lakefront Nature Preserve
For those seeking a unique natural experience, the Cleveland Lakefront Nature Preserve offers a peaceful retreat amidst the industrial backdrop of Lake Erie. This 88-acre park features a variety of habitats, including wetlands, meadows, and woodlands, which provide a sanctuary for numerous bird species and wildlife. You can explore the park’s trails and observation decks, which offer panoramic views of the lake and the city skyline. The Cleveland Lakefront Nature Preserve showcases the resiliency of nature in an urban environment.
6. Rockefeller Park
Rockefeller Park is a historic park located along Martin Luther King Jr. Drive in Cleveland. This 275-acre park features beautifully landscaped gardens, tree-lined boulevards, and scenic waterways. One of the park’s highlights is the Cultural Gardens, a series of thematic gardens that pay homage to different ethnic and cultural groups in Cleveland. You can stroll through the gardens, admiring the ornate statues and vibrant displays of flowers, or enjoy a peaceful picnic in the park’s shaded groves.
7. Forest Hill Park
Nestled in the charming neighborhood of Cleveland Heights, Forest Hill Park offers a serene escape from the urban hustle and bustle. This 235-acre park has rolling hills, wooded areas, and a lake. You can enjoy a walk or bike ride along the park’s trails, have a picnic in one of the designated areas, or let children explore the playgrounds. Forest Hill Park also hosts community events and concerts, bringing neighbors together in a beautiful natural setting.
A final note on parks in Cleveland
Cleveland is home to a diverse range of parks that offer an escape from the urban landscape and a chance to connect with nature. Whether you’re looking for scenic trails, beautiful gardens, or serene lakefront views, Cleveland’s parks have a lot to offer. So, lace up your hiking boots, pack a picnic basket, and explore the natural wonders that await you in these ten popular parks in Cleveland, OH.
The recent merger of the PGA Tour and Saudi-backed LIV Golf ended a long battle between the two, typically framed as a struggle between pure, upright American values and brute economic, political and even murderous force. Many associated LIV backers with 9/11 and the killing of journalist Jamal Khashoggi.
The overwhelming financial might of the billionaires backing LIV ultimately resulted in an offer the PGA Tour leadership apparently couldn’t refuse. But while many are sickened by the effort to “sportswash” Saudi bank accounts, this foreign incursion is hardly the beginning of the sport’s outrages.
For the record:
6:56 p.m. June 13, 2023An earlier headline incorrectly identified the organization merging with LIV. It is the PGA Tour, not the PGA.
Golf courses have historically been places of exclusion. Segregated golf courses flourished in the South through the 1950s, and some private clubs continued to exclude women, people of color and religious minorities until much more recently.
Golf courses are also an environmental blight across the country. They treat their grounds with tons of harmful pesticides and fertilizers to maintain lawns manicured by massive, pollution-spewing mowers. Vast quantities of water help carry the chemicals into aquifers and wetlands.
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Communities starved for green space and affordable housing look on as these carefully tended acres are sequestered for use only by those who can afford it. Both public and private golf courses impose significant costs on the places where they operate, costs that are almost never absorbed entirely by the players.
Golf courses rarely pay their fair share in taxes either. Many enjoy special tax exemptions that allow them to pay a small fraction of the proportionate burden borne by neighboring properties, particularly in California.
The Los Angeles Country Club, which will host the U.S. Open starting Thursday, is an egregious example. It is a beneficiary of state constitutional provisions that limit golf course property taxes on top of the breaks conferred by California’s notorious Proposition 13. Its roughly 300 acres in the midst of some of the area’s most expensive real estate is assessed for tax purposes at around $18 million. That’s the case even though the area’s median home price is $2 million.
If the club were instead occupied by hundreds of homes, they would easily be worth 30 times the assessed value. Even if they never set foot on the course, Southern California residents are effectively underwriting its continued operations.
That’s only the beginning of the disproportionate public investment in the sport. Los Angeles County operates no fewer than 20 public golf courses, the nation’s largest such system. California’s public golf courses occupy enough land to build 375,000 homes at moderate density, according to the Legislative Analyst’s Office. In 2022, an Assembly committee killed a bill that would have made it slightly easier to develop housing on some of that vast acreage.
Millions of Americans who enjoy watching and playing the sport have the right to do so. But the truth is that all Americans are paying the price for the continued operation of golf courses across the country. Many of them probably would not freely choose to underwrite the degradation of the environment, dedicate millions of acres of valuable land to a very narrow and exclusive use, or subsidize that use with huge tax breaks. Do those Americans get a choice?
The LIV-PGA Tour merger suggests golf is big business. So why are we subsidizing it? Let golf courses absorb the true costs they impose on communities. If municipalities want to continue to make public courses available at an affordable price to people of lower incomes, they should at least tax the private courses at equitable rates to help make that possible.
Communities generally do not subsidize polo, for example, which might explain its near extinction in the United States. Perhaps golf has more widespread support, interest and staying power than polo. The LIV-PGA Tour mega-merger suggests that, at least for the time being, it does — and that there’s still big money in Big Golf. If that’s the case, it’s high time American taxpayers stop subsidizing it.
Ray Brescia is a professor of law at Albany Law School. This is adapted from an article in the Ohio State Law Journal, “Course Correction: Abolition, Grand Strategy, and the Case Against Golf.”