American Express Business Checking
No monthly fee + 1.30% APY on first $500k + Membership Rewards, online-only, no cash deposits
First Internet Bank Do More Business Checking
$0 monthly fee + modest checking APY + unlimited items, online-only, weak cash rails
Costs & Fees
| Metric | American Express Business Checking | First Internet Bank Do More Business Checking |
|---|---|---|
| Monthly maintenance | $0 — unconditional | $0 unconditional |
| Fee waiver | N/A — no monthly fee to waive | N/A — already $0 |
| Transaction fees | No excess-item fees; effectively unlimited electronic and paper items (operational limits may apply unpublished) | Unlimited transactions; no per-item fees advertised. Footnote: 'Dollar amount restrictions may apply' — meaning not disclosed. |
| Overdraft/NSF | $0 NSF/stop pay/returns; overdrafting not a product — items exceeding balance generally refused | Conflict: marketing says 'no overdraft fees.' Fee schedule lists Returned Item $20 and Uncollected Funds $30 (schedule dated 03/15/2018). Confirm at opening. |
| ATM fees | Allpoint + MoneyPass in-network $0 Amex fee; out-of-network owner surcharge (no rebate). Daily ATM cash limit $1,000. | Bank ATM fee $0. Third-party operator surcharge possible. Up to $10/month reimbursement of third-party ATM surcharges. No branded free network. 2% ISA on intl ATM/debit. |
| Wire/ACH | Incoming domestic wire $0. Outgoing domestic wire $25. Standard ACH $0. Same-day ACH $10 (cutoff 2:45 PM ET). Outgoing international wires not offered. | Incoming domestic: $15. Outgoing domestic: $20. Incoming intl: $15. Outgoing foreign: $50. Standard ACH in/out: not disclosed as fee (treated as free). Business ACH default cap $25,000/day unless raised in writing. |
Interest & Yields
| Metric | American Express Business Checking | First Internet Bank Do More Business Checking |
|---|---|---|
| Checking APY | 1.30% APY on first $500,000 per account (variable; no activity gate) | 0.50% APY variable — requires $10,000 average daily balance to earn interest. Daily Balance method. Below $10k ADB, effectively 0%. |
| Savings APY | N/A — single checking product | |
| FDIC coverage | Standard FDIC $250,000 per depositor, per ownership category at AENB (accounts aggregate) | Standard FDIC $250,000 per depositor per ownership category at First Internet Bank of Indiana |
Features & Access
| Metric | American Express Business Checking | First Internet Bank Do More Business Checking |
|---|---|---|
| Branch/ATM network | No branches. 70,000+ Allpoint + MoneyPass ATMs for withdrawals only (no cash deposits). | No branch network. HQ lobby Fishers, IN only. Any ATM for withdrawal — bank $0, up to $10/month surcharge rebate. No ATM cash deposit advertised. |
| Mobile app | Business Blueprint ~4.5/5 Google Play (~1.6k reviews); Amex app ~4.8–4.9 iOS cited | iOS 4.3/5 (~265 ratings); Google Play ~4.1–4.2 (~115–116 reviews) |
| Virtual cards | Not marketed for business debit product | Not disclosed for this checking tier |
| Opening deposit | $0 | $100 conservative (official page silent; secondary sources split $0 vs $100) |
| Eligibility | Corporation, LLC, partnership, unincorporated association, sole prop. 25%+ owners must be U.S./territory residents with SSN/ITIN. | U.S.-based businesses; owner at least 18. Structures not fully published — NerdWallet cites sole prop, LLC, corp with EIN or SSN and formation docs. |
Pros & Cons
American Express Business Checking
Pros
- $0 monthly fee, $0 opening deposit, $0 excess-item fee unconditionally
- 1.30% APY on first $500,000 per account with no balance or activity gate
- Membership Rewards on debit spend plus Redeem-for-Deposits into checking
- 24/7 specialist support — differentiator vs most online business banks
- 70,000+ Allpoint/MoneyPass ATM withdrawals at $0 Amex fee; up to 10 accounts at $0 extra
Cons
- Cash deposits not supported at all — need another bank for cash businesses
- No outgoing international wires; USD Fedwire domestic/territories only
- APY stops at $500k/account; FDIC remains $250k with no ICS/sweep
- Thin card/user toolkit vs Relay/Bluevine-style employee and virtual cards
- Beneficial owners must be U.S./territory residents with SSN/ITIN — blocks international founders
First Internet Bank Do More Business Checking
Pros
- $0 monthly maintenance, $0 stated per-item fees, unlimited transactions (2026 FAQ)
- 0.50% APY on checking at $10k ADB — uncommon among free business checking (rate 6/16/2026)
- Balance Optimizer sweeps idle cash to First IB MMA at 2.94% / 3.64% without third-party sweep
- Phone support into evening and Saturday; Zelle for Business and account aggregation included
- Direct FDIC member bank (cert. 34607) — not a fintech/partner stack
Cons
- No usable cash-deposit system
- Incoming wires $15 even domestic — recurring cost for wire-paid businesses
- Checking APY modest and gated at $10,000 ADB; below that, yield effectively zero
- Standard FDIC $250k only; no advertised excess-insurance network
- Stale 2018 fee schedule vs 'no overdraft fees' marketing; check holds up to 7–9 business days
Verdict
American Express Business Checking
American Express Business Checking is a single-tier online account issued directly by American Express National Bank — not a fintech wrapper. As of September 2026: $0 monthly fee, 1.30% APY on the first $500,000 per account (up to 10 accounts), standard FDIC $250k with no sweep. Strengths are unconditional $0 fees, decent APY without activity gates, MR on debit spend, QuickBooks, Zelle, and 24/7 support. Weaknesses are no cash deposits, no outgoing international wires, APY/FDIC gap above $250k, and limited multi-user debit tooling. Best for digital firms already in the Amex ecosystem; pair with a branch bank if the business handles cash.
First Internet Bank Do More Business Checking
Do More Business™ Checking is First Internet Bank of Indiana's single-tier online SMB checking. Direct FDIC member (cert. 34607). $0 maintenance, unlimited items, no cash network. 0.50% APY requires $10k ADB (rate 6/16/2026). Balance Optimizer sweeps to internal MMA (2.94%/3.64%). Costs: $15 incoming wires, $20 outgoing domestic, $50 outgoing foreign, $10/month ATM rebate cap, $3 paper statements, $5/month dormant. Funds availability can hold checks 7–9 days. Strong phone hours and Zelle; weak for cash, incoming wires, and balances above $250k FDIC.