Farmers National Bank is a convenient choice for businesses based in Ohio and Pennsylvania, with its 65 branches and varied business checking accounts. These accounts suit businesses with moderate or high transaction volumes:
- Business Green Checking offers 200 fee-free monthly checks, deposited and/or written, and no monthly fees.
- Business Gold Checking provides 400 fee-free monthly checks, deposited and/or written, and has a $20 monthly fee that is waived by maintaining $25,000 daily.
- Business Interest Checking is solely for sole proprietors, nonprofits, and public agencies and offers 150 fee-free monthly checks, deposited and/or written. The $10 monthly fee can be waived by maintaining $3,000 daily.
The bank also provides a robust suite of banking products and services, which include specialized business checking accounts, sweep accounts, savings products, and lending options.
Farmers National Bank is a Federal Deposit Insurance Corp. (FDIC)-insured bank offering access to approximately 40,000 MoneyPass ATMs. Opening a business checking account requires visiting a branch in person.
Pros
- 200 checks, deposited and/or written for basic account, Business Green Checking
- No monthly fee for basic accounts
- Specialized checking accounts and sweep accounts available
Cons
- Branches limited to Ohio and Pennsylvania
- $1,000 opening deposit for Business Interest Checking
- $25,000 daily balance to waive the monthly fee of Business Gold Checking
Features
- Free debit card
- Online and mobile banking
- Online bill pay
- Small Business Administration (SBA) loans and commercial real estate (CRE) loans
- Savings, money market accounts, and certificates of deposit (CDs)
- Term loans, lines of credit, and construction loans
- Overdraft protection
How Farmers National Bank Stacks Up With Its Competitors
When Farmers National Bank Is a Good Fit
- Your monthly checking transactions are around 200 or fewer: Farmers National Bank’s basic account, Business Green Checking, offers the first 200 checks, written and/or deposited, for free.
- You can maintain a $25,000 daily balance: You get a higher free transaction allowance with a Business Gold Checking account, and the monthly fee is waived if you meet the daily minimum balance requirement of $25,000.
- You seek access to a full suite of banking products and services: Farmers National Bank offers specialized checking, sweep, savings, money market accounts (MMAs), and certificates of deposit (CDs). Further, the bank extends different lending products.
When To Consider Farmers National Bank Alternatives
- You require in-person banking services: If your business is outside Ohio and Pennsylvania, we recommend Chase as an alternative since it has branches in 48 states. Read our review of Chase business checking review to learn which account suits you best.
- You want a free checking account that earns interest: An initial deposit of $1,000 is needed to open Farmers National Bank’s Business Interest Checking account. Meanwhile, Bluevine has no opening deposit and offers a 2.0% annual percentage yield (APY) for qualifying balances up to $250,000 on its Standard Checking account. Learn more from our Bluevine business checking review.
- You are a sole proprietor who wants to use free tax tools and expense tracking features: Farmers National Bank lets you integrate with QuickBooks, which offers these useful tools at an extra cost. Instead, you may want to consider Found, which offers integrated tax planning tools and a detailed expense tracker. For more details, check out our review of Found business checking.
See more providers in our list of the best small business checking accounts.
Farmers National Bank Business Checking Overview
Farmers National Bank Business Checking Requirements
There are no Farmers National Bank business checking requirements listed on the bank’s website. Opening a business checking account requires contacting the bank and visiting a branch.
Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of documents typically required upon account opening.
Farmers National Bank Business Checking Features
Business Checking Accounts
- Business Green Checking is ideal for small and medium-sized businesses and offers the first 200 checks, deposited and/or written, for free. Past this limit, a 40-cent fee will be charged. This account has no monthly fee, but an opening deposit of $50 is required.
- Business Gold Checking provides twice the number of free deposited and/or written checks than a basic account but has a monthly fee of $20, which can be waived by maintaining a daily balance of $25,000.
- Business Interest Checking is exclusive for sole proprietors, nonprofits, and public agencies. This account requires an opening deposit of $1,000 and gives 150 fee-free check transactions. The $10 monthly fee can be waived by maintaining a $3,000 daily balance.
Debit Card
A free business debit card comes with a checking account. Cards can be issued per authorized user, and dollar limits can be individually set for ATM use and point-of-sale (POS) purchases. Card changes are solely authorized by the business owner or manager.
Note that if the card gets lost or stolen, or when an employee leaves a company, it can be frozen. Even when one card is frozen, other cards can remain active.
Online & Mobile Banking
Farmers National Bank provides convenience to business owners through an online banking platform. You can
- View account balances and e-statements
- Check transaction history
- Transfer funds between accounts
- Set alerts and approve wires and automated clearing house (ACH)
- Use business bill pay
- Set up account alerts
- Perform stop payments
- Create alerts and control approvals to prevent fraud through check/ACH positive pay
Users can download Farmers National Bank’s mobile banking app to deposit checks, pay bills, and transfer funds between business accounts. On App Store[1], it received a rating of 1.8 from around five reviews. On Google Play[2], it has 1.6 stars from about 10 reviews.
Most reviewers stated they encountered login issues with their credentials going unrecognized by the bank’s system. They said it was inconvenient to call customer support often because of this problem.
Treasury Management Services
- ACH transfers
- Wire transfers
- Controlled disbursement
- Check and ACH positive pay
- Lockbox services
- Remote deposit capture (RDC)
- Merchant services
Other Farmers National Bank Business Banking Products
Farmers National Bank features specialized checking accounts, savings products, sweep accounts, CDs, and an array of lending products, which include SBA and CRE loans.
- Business Commercial Analysis is designed for businesses with higher balances and transaction volume. An earnings credit is available and may offset banking fees.
- Interest on Lawyers’ Trust Account (IOLTA)/ Interest on Lawyer Account (IOTA) is exclusive to attorneys and title companies and has no monthly service fee.
- Business Savings requires an opening deposit of $100 and a maintaining balance of the same amount to waive the $5 monthly fee. Variable interest is earned when your daily balance is over $1. If you exceed six monthly withdrawals, a $1 service fee applies.
- Money Market Index has a minimum opening deposit and maintaining balance of $7,500. A $10 monthly fee applies if you fail to keep this balance. This account offers variable tiered interest, and transfers or withdrawals via checks, debit cards, or electronic transaction is limited to six monthly.
- Insured Cash Sweep (ICS) is a cash management option protecting large deposits by placing funds into demand deposit accounts through the IntraFi Network. This service lets you access multimillion-dollar FDIC insurance.
- Public Funds Sweep is designed for public entities and is a liquid investment option with competitive interest and full public entity access.
Farmers National Bank offers CDs with competitive rates and a wide range of terms. The bank also has a Certificate of Deposit Account Registry Service (CDARS), where funds are placed in CDs at network banks through IntraFi Network to access a multi-million FDIC coverage.
- Commercial term loans
- Revolving lines of credit
- CRE loans
- Construction loans
- Domestic letters of credit
- SBA loans
- Public & municipal finance
- GrowNow Ohio program participant
Farmers National Bank Business Checking Reviews From Users
Farmers National Bank business checking reviews are unavailable. On WalletHub[3], the bank received a rating of 4.7 from around five reviews, but only one comment was written in the past six months. The reviewer praised the bank’s customer service at the Cornersburg branch and stated that the staff was responsive and resolved issues quickly.
Bottom Line
Farmers National Bank offers business checking accounts with high transaction allowances, generating savings for small businesses. The starter account, Business Green Checking, is worth considering since it has no monthly fees. If you prefer an interest-earning basic account and more locations, you should check out other providers.
User review resources:
[1]App Store
[2]Google Play
[3]WalletHub