Bluevine Review

Summary of our opinion

Don’t have time to read it all? Here is a summary of our opinion on Bluevine, to help you understand whether Bluevine is a good choice for you or not!

Bluevine is a fintech business and not a bank; nonetheless, its banking services are supplied by Coastal Community Bank, and the Federal Deposit Insurance Corp. insures all accounts for a maximum of $250,000 per depositor.

Bluevine allows entrepreneurs and SMB’s to quickly and easily set up a bank account which has no monthly fees, no transaction fees, no ACH payment fees, as well as no minimum opening deposit. 

In summary, Bluevine makes it quick and affordable to set up a bank account for your business through the Bluevine dashboard where you can insert your details, upload your documents and fast track your way to no-nonsense business banking. 

For a full in-depth review, the following is our opinion of Bluevine in detail.

Bluevine fees

Fees and features

Here is a summary table of Bluevines’s main pricing plans for self-employed workers, freelancers and others:

Business Checking Account features	Details
Monthly fees	$0
Transaction fees	$0
Minimum balance	$0
Overdraft fee	$0
NSF fee	$0
Incoming ACH	$0
Outgoing ACH	$0
Depositing checks	$0
Sub-accounts	Add up to 5 no-fee sub-accounts
Online banking	Included
Monthly transactions	Unlimited
Annual Percentage Yield (APY)	1.5% up to $100,000
Cash Deposit Fee	$4.95 fee at Green Dot ATMs
ATM Fee	No fee at MoneyPass ATMs, $2.50 outside of MoneyPass
Support	Mon – Fri: 8am to 8pm EST
Paper checks	Up to 2 free checkbooks annually

The annual percentage yield (APY) is a percentage that reflects the amount of money, or interest, you earn on a bank account over one year. 

Bluevine clients who spend $500 a month using their Bluevine Corporate Debit card or who receive $2.5k in client payments through ACH, bank transactions, mobile deposit, or via your commercial payment processor are qualified for the 1.50% APY on amounts up to $100k.

Our opinion on the monthly cost

As business bank accounts for LLCs, freelancers and startups go, Bluevine offers a very competitive price point. We like the fact that there are no monthly, transaction fees or minimum balance requirements, a huge help for businesses starting out. 

If you do need an overdraft, again there are no fees for this and the Business Checking Account can be rightfully classified as one of the best banking offers on the market for the self-employed.

You can also withdraw cash without fees at 37,000 ATMs through the MoneyPass network, and deposit checks and cash at 90,000 retail locations through Green Dot.

Business lines of credit up to $250,000 are available to all states except North Dakota, South Dakota, Nevada and Vermont. To be eligible for a line of credit, you must have an excellent FICO score, at least $10,000 in monthly revenue, and have been in business for at least six months. 

If your LLC only needs a checking account and line of credit, Bluevine may be the perfect fit. Given the range of features offered, the price seems very affordable.

Our opinion of the other fees

Incoming and Outgoing ACH fees are zero, which is attractive and great for businesses who have many transfers. There is however an Outgoing wire fee of $15.00, whilst cash deposit fees are charged at $4.95 per deposit. 

There is an additional cost of $2.50 for using an ATM that is not part of your network. Despite this, the fees at Bluevine are still quite low in comparison to those at other financial institutions and market participants.

Who can use Bluevine?

You need to be the owner of a small company, a minimum of 18 years of age, and reside at a verified address in the United States in order to create a checking account with Bluevine Business.

Customers need to be citizens or permanent residents of the United States and have an address in the United States that can be verified. It’s possible that the IRS may ask for a confirmation letter about your EIN in certain circumstances.

Means of payment

Regarding payment methods, Bluevine mainly offers the following:

Payment	Features offered?
Debit card	Mastercard
Check	Yes
Wire transfers	Yes
ACH transfers	Yes
International wires	No

The question of means of payment remains the same as for other financial institutions: Will your business be satisfied with these means of payment. This is a decision each individual business owner will have to make. 

If the answer is no, you can always consider Bluevine in addition to a traditional bank (and still pay a smaller overall price if you combine all the banking services in the traditional bank).

Customers may use their accounts to make one-time payments toward their bills or to set up monthly automated payments for an even greater level of convenience. You are able to prevent making late payments when you set up recurring payments since you are able to track the day that the money is sent to the payee.

Bluevine offers an online directory that has information on 40,000 registered merchants, and you also have the option to add your own as required. Through BlueVine’s online transaction system, it is also possible to make payments using a credit card.

Means of collection

The means of collection are the basics of any financial institution. Bluevine customers can conduct wire transfers, generally the fastest method to transfer funds electronically. 

At this time, Bluevine cannot accept or initiate international wires.

Payment	Features offered?
Check	Yes
Wire transfers	Yes
ACH transfers	Yes
International wires	No

Transfers

Customers can easily transfer funds to and from your bank account from other financial institutions’ accounts.

Credit Card machine

Bluevine does not offer a credit card reader but is compatible with the vast majority of classic terminals as well as modern payment terminals including Square, SumUp, Clover and Payanywhere.

Services and features offered by Bluevine

Bluevine offers a bank account focused around features dedicated to small businesses and professionals. These offers are exactly what have made Bluevine stand out from the competition.

A quality business bank account

Bluevine offers the classic services of an online bank, within an intuitive interface. The use of the account is straightforward and you can carry out all your tasks within a few clicks.

Bluevine focuses on excelling at the basic banking services for entrepreneurs.

A wide range of services for all entrepreneurs

In addition to being an excellent professional bank account, we appreciate the various services offered by Bluevine including:

• Collection by check
• Pay via ACH, wire transaction or check
• Mobile app transactions
• Business Line of Credit

Vendors solutions

Bluevine Business Checking makes it relatively simple to pay vendors. As a small business owner, you can accept a variety of payment methods, including ACH, wire transfer, and checks.

You can use your account to make one-time monthly bills or establish recurring recurring payments for added convenience. You can avoid late payments by seeing when the payout arrives at the recipient when you use recurring payments.

Bluevine has a database with 40,000 authorised vendors online, and you may insert your own as required. Bluevine’s online payment system also accepts credit card payments.

Transactions

Due to the nature of Bluevine’s business, the company do not hold any brick-and-mortar locations. However, as a consequence of agreements with other financial institutions, customers still have access to a diverse range of transaction choices.

Bluevine Business Checking includes two free checkbooks and a complimentary Business Debit card from Mastercard. Through a MoneyPass ATM network collaboration, Bluevine customers are entitled to use in excess of 38,000 surcharge free ATMs across the United States.

Despite the lack of Bluevine branch offices, owners of small businesses also can make cash payments with Bluevine thanks to an alliance with Green Dot. To complete the transaction, you consider taking cash deposits straight to the till from over 90,000 partaking U.S. retail outlets.

Remember that Green Dot charges a service fee of roughly $4.95 for each cash deposit you make using their service, so keep that in mind.

Online banking tools and integrations

Tools for online banking: The Bluevine business account account contains all of the resources that you need to simplify your financial management, such as the ability to make mobile check deposits as well as regular and one-time transactions.

Transactions may also be synchronized with accounting software such as QuickBooks Online, FreshBooks and Wave among others. In addition, you have the ability to connect to third-party applications such as Expensify, PayPal, and Stripe.

Business Credit Line

A Bluevine line of credit could provide your company with additional capital up to the available credit.

Credit lines provided by Bluevine operate very similarly to rolling credit accounts, providing enhanced access to funds in proportion to the amount of the balance that has been paid off. Your repayment is handled automatically, and a predetermined amount will be taken out of your bank account on a weekly basis for a period ranging from six months to a year.

To qualify for a line of credit, you must fulfill the following requirements:

• Have been in business for at least 180 days
• A corp or a limited liability company
• Have a credit history score of at least 600
• Have a monthly income of at least $10k

A useful mobile application

Customers who use BlueVine’s checking services are given access to the company’s mobile app, which enables them to make digital check deposits and complete other daily activities as required. By utilizing the app, owners of small businesses have the ability to control their cash flow and transactions regardless of their location.

Open a Bluevine account

Opening a bank account with Bluevine is very simple. Start by going to the official website, and follow the instructions. You will need to provide some information related to the company in order to complete the procedure (which only takes a few minutes).

You will be required to give the following information at the very least:

• A supplemental document, such as a driver’s license or a social security number, must be provided as proof of identity. This must be validated before the transaction may go place.
• Information about the firm this will contain details about your company, such as its location, EIN number, and the incorporation documents.

Generally, applications are reviewed within 24 hours; however, the process may take anywhere from 3 – 5 business days. After you receive approval from Bluevine, you’ll need to accept the account agreement and then you’ll be able to fund and access your account.

Customer Service and Support

Bluevine is available from Monday to Friday from 8am – 8pm EST. Customers can call 1-888-216-9619 or send an email to support@bluevine.com. 

They also have multiple resources and support articles on their website and business blog. 

Bluevine: Customer reviews

Per this review update, Bluevine had more than 6,900 reviews on Trustpilot, for an average rating of 4.4/5.

When looking through the negative reviews, there are two things to notice. Clients who complain about unsent or unreceived transfers and others who complain about hasty account closures. 

It’s difficult to judge these customer reviews and if customers thoroughly read the Bluevine general conditions (in particular the activities not accepted). 

We did appreciate seeing their customer service respond to all opinions and efforts to find a solution to each problem.

When reading the positive reviews, two elements also stand out very often. The ease of use of the bank account and the associated functions on the one hand and the responsiveness of the customer service on the other. 

Bluevine: Overall verdict

Bluevine asserts itself as one of the best professional banking offerings at the moment, whether you are self-employed, a startup or a growing LLC. 

Bluevine offers a professional bank account underpinned by their:

• Ease of use and the services offered
• Clear, transparent and favorable pricing
• Unlimited transactions 

On the downside, Bluevine does not have any physical branches and customer service is not available on weekends. If you can survive without this however, then Bluevine is for you.