Head-to-Head
Live Oak Bank Business Checking
Online U.S. bank checking with waivable monthly fees, unlimited items, Allpoint ATM cash-out, no cash deposits, no checking APY
VS
Chartway Premium Business Checking
Credit-union business checking with tiered dividends up to 4.00% APY and a $10 fee waived at $2,500 ADB
Monthly Fee
Essential $10/cycle if ADB <$1,000; Plus $25/cycle if ADB <$25,000; Analysis $100/mo (offset by earnings credit — rate unpublished)
$10.00/month
Checking APY
None — non-interest-bearing on all three current tiers
Tiered variable share dividends — progressive bands by balance (site Sep 2026)
Rating
7.6/10
7.7/10
Costs & Fees
| Metric | Live Oak Bank Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Monthly maintenance | Essential $10/cycle if ADB <$1,000; Plus $25/cycle if ADB <$25,000; Analysis $100/mo (offset by earnings credit — rate unpublished) | $10.00/month |
| Fee waiver | Essential: cycle ADB ≥ $1,000. Plus: cycle ADB ≥ $25,000. Analysis: earnings credit offsets fees. | Waived if average daily balance of $2,500 maintained during the month. Product page also markets 'No Minimum Balance' for ongoing operation. |
| Transaction fees | Unlimited — no charge for checks paid/deposits, ACH, debit card on Essential/Plus (fee schedule 7.21.25) | Hybrid limited analysis — not classic earnings-credit. No published excess fees for ACH batches, teller visits, checks written, or electronic items. |
| Overdraft/NSF | Overdraft $25; NSF no charge; returned item $5. No daily cap published. | Overdraft Privilege $30/transaction (can cover up to $750 per fee schedule; ODP brochure cited $500 — conflict). NSF/returned item $30. Returned deposited item $20. Opt-in required. OD transfer from linked savings/MM $0. |
| ATM fees | Allpoint 55,000+: $0 from Live Oak. OON: Live Oak $0 + owner surcharge. Foreign ATM 3% of amount. No rebate program. | Chartway-owned / CO-OP Network $0 Chartway fee. Out of Chartway-owned and out of CO-OP: $1 inquiry + $1 transaction (owner surcharge extra; no rebate disclosed). |
| Wire/ACH | Incoming wire $10. Outgoing domestic $19. Outgoing international $40. ACH no charge on fee schedule. ACH collections/payments/EFTPS are Plus/Analysis features only. | Outgoing domestic wire $25. Incoming domestic, incoming/outgoing international, ACH origination per-item/monthly fees not disclosed on business fee PDF. |
Interest & Yields
| Metric | Live Oak Bank Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Checking APY | None — non-interest-bearing on all three current tiers | Tiered variable share dividends — progressive bands by balance (site Sep 2026) |
| Savings APY | Business Money Market Plus separate — relationship APYs 1.25% ($10k) to 4.00% ($1M+) plus 1.00% relationship bonus with business checking and ≥$10k ADB in MM | |
| FDIC coverage | Standard FDIC $250,000 per depositor per ownership category at Live Oak Banking Company |
Features & Access
| Metric | Live Oak Bank Business Checking | Chartway Premium Business Checking |
|---|---|---|
| Branch/ATM network | No retail branch network. Allpoint 55,000+ for cash withdrawal only — no ATM cash deposit. OON Live Oak fee $0. | ~33–42 branches in VA/NC, Utah, Houston TX (2025 snapshot). CO-OP Network ~37k–50k surcharge-free ATMs plus Chartway-owned. Direct Teller ITMs expanding (~50 path cited). |
| Mobile app | iOS ~2.6/5 (~109 ratings); Android ~3.0–3.1/5 (~100–107 reviews) — Forbes Advisor Aug 2026 called mediocre | Chartway Mobile Banking iOS 4.5/5 (5.7K ratings); Android 4.2/5 (~2.7–2.8K reviews). General app, not separate business treasury app. |
| Virtual cards | Not disclosed beyond debit Card Center | Not disclosed |
| Opening deposit | $100 | $100 membership share |
| Eligibility | Sole prop, partnership, LLC, corporation, nonprofit. LP, professional corp, association on savings/CD pages. | Sole prop, GP/LP, LLC (SMLLC may use SSN), corporation (incl. incorporated nonprofit), unincorporated association/club. Beneficial ownership required. |
Pros & Cons
Live Oak Bank Business Checking
Pros
- Unlimited transactions and $0 item/ACH/debit fees on Essential/Plus (fee schedule 7.21.25)
- Monthly fee waivable at modest ADB — $1,000 Essential, $25,000 Plus
- Deposits at Live Oak Banking Company (true bank) with optional IntraFi ICS
- Allpoint 55,000+ cash-out with no Live Oak surcharge
- QuickBooks, bill pay, mobile deposit, multi-approver controls; long weekday phone hours (8am–11pm ET)
Cons
- Checking earns no APY
- No cash deposits and no branches
- Essential lacks online wire origination and ACH collections/payments per official matrix
- Outgoing wires $19 domestic / $40 international; Analysis fee schedule not public
- Weak mobile app ratings (~2.6 iOS); ICS liquidity not instant ($350k enrollment minimum)
Chartway Premium Business Checking
Pros
- Official tiered checking APY up to 4.00% with no spend or direct-deposit gate (site Sep 2026)
- $10 monthly fee waived at relatively low $2,500 ADB
- NCUSIF insurance at federally chartered CU — not fintech/partner-bank stack
- Cash management (ACH origination + online wires) explicitly tied to Premium tier
- Loan origination and rate discounts for Premium holders; CO-OP ATM + shared-branch access
Cons
- 4% APY only at $500k+ — most SMBs earn 0.50–2.50% on lower bands
- Business fee PDF omits incoming, international, ACH origination, FX, and card replace prices
- Analysis fees on cash above $10k in+out and deposited checks above 250/month
- $250k NCUSIF only — no extended-insurance sweep for large balances
- Shared debit card number across authorized users; regional membership and branch footprint
Verdict
Live Oak Bank Business Checking
Live Oak Bank offers three online-only business checking tiers at Live Oak Banking Company (Member FDIC): Essential ($10, waived at $1k ADB), Plus ($25, waived at $25k ADB), Plus Analysis ($100, ECR offset unpublished). Fee schedule 7.21.25: unlimited items, $0 ACH/debit, $10 incoming wires, $19/$40 outgoing wires, $25 OD. Essential = QuickBooks, bill pay, mobile deposit. Plus adds wire origination, ACH collections/payments, EFTPS, RDC. No cash, no APY, no branches. Allpoint cash-out only. Optional IntraFi ICS ($350k min). Weak app ratings. $200 bonus expired Apr 2026.
Chartway Premium Business Checking
Chartway FCU Premium Business Checking is NCUSIF-insured share checking with $10/mo (waived at $2,500 ADB), $100 membership share, tiered APY to 4.00% at $500k+, and limited analysis on excess checks/cash. Outgoing domestic wires $25; many wire/ACH prices undisclosed. Treasury Management requires this tier. No ICS sweep above $250k NCUSIF. Strong for regional CU relationship and high-balance yield; weak for national digital-first SMBs and thin multi-user controls.