Bluevine Review 2022

Online Business Banking With Tons of Features

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A growing number of online banking platforms are dedicated to small businesses. They tend to offer business checking at low or no fees and have a heavy emphasis on mobile banking for speed and efficiency. tttt

Bluevine takes that basic concept and adds even more features, including paper checks, the ability to earn high interest on your checking account balance, accepting cash deposits, and even small business financing. Bluevine should be near the top of your list if you're a small business owner looking for a new banking relationship.

Commissions & Fees - 10
Customer Service - 8
Ease of Use - 9
Savings Options - 8
Traditional Banking Features - 8

8

Bluevine offers plenty of features not available in most online business checking accounts, including the ability to accept cash, invoice customers within the banking platform and take advantage of multiple payment options. This is truly one of the better online business banking services available.

Sign up for Bluevine Business Checking

What Is Bluevine?

Bluevine (formerly Bluevine Capital) has rapidly developed into one of the most advanced online business banking platforms in the industry. Though they offer only one type of bank account — Bluevine Business Checking — it pays high interest on account balances, making it a checking account and high-yield savings account in one.

Bluevine is based in Redwood City, Calif., and was launched in 2013 by CEO Eyal Lifshitz. Bluevine is primarily an online small business checking account provider. But they distinguish themselves from their competitors by also being a source of several types of business financing.

Lifshitz began the bank to fill the gap left by traditional banks and help small businesses succeed. He was inspired by his father's and grandfather's frustrations in managing finances for their own small businesses. So he set out to create products and services that would bring peace of mind to underserved small business owners.

  • Today the company has more than 200,000 customers and has provided small business financing over $9 billion.
  • Bluevine provides an online business checking account. And in another departure from the crowd of online small business checking providers, Bluevine's checking account pays interest and comes with paper checks.
  • Like most online business checking account banks, Bluevine does not offer specific deposit accounts, like certificates of deposit (CDs) or money market or savings accounts.
  • Bluevine is available in all 50 states for small business owners engaged in just about any industry. The only exceptions are adult entertainment, gambling, illegal substances, weapons, and firearms.
  • The bank has an A+ rating from the Better Business Bureau, the highest on a scale of A+ to F and has been accredited by the agency since 2014.

Bluevine has also recently entered into a banking service partnership with Coastal Community Bank. This helps them invest in what matters most to borrowers: the overall customer experience, new and innovative products, and your business's ensured success and growth. 

Bluevine Features

Account Types
Business Checking Accounts
Sub Accounts
Yes
Interest Rate
1.50% APY
Physical Branches
None
FDIC Insurance
Yes
Monthly Fees
None
Customer Service
Call 888-216-9619
  • Number of In-network ATMs: 37,000+
  • Availability: All 50 states
  • Paper checks: Very few online checking accounts — let alone business checking accounts — offer paper checks. Bluevine not only provides paper checks but gives you the first 200 free of charge.
  • Cash deposits: Another common limitation of online checking accounts is the inability to accept cash deposits. Bluevine makes this feature available through more than 90,000 Green Dot locations across the country. So if your business earns at least some income in cash payments, Bluevine can accommodate those deposits.
  • High yield: Bluevine Business Checking currently pays interest of 1.5% on all balances up to $100,000. That's a better APY than even most high-yield savings accounts offer. However, it bears mentioning that starting May 1, 2022, you'll need to meet one of the following requirements to continue earning interest:
    • Spend at least $500 per month with your Bluevine Business Debit Mastercard®
    • Receive at least $2,500 per month in customer payments
  • Business financing: We'll cover this in greater detail later in this review, but Bluevine does provide financing to help grow your business and better manage your cash flow.
  • Sub accounts: Create up to five sub accounts for your business to help manage expenses like payroll and taxes. Sub accounts don't have monthly fees or minimum either, and balances can still earn 1.5% in interest if they meet the activity requirements.

How Does Bluevine Work?

The account offers online and mobile banking. And with mobile banking, you can also take advantage of mobile check deposits.

The account can be used to send and receive payments through either wire transfers or ACH. You can also schedule one-time and recurring payments as well as transfer funds between your other accounts.

Bluevine Business Banking comes with a debit MasterCard that can be used fee-free at more than 37,000 MoneyPass ATM locations across the country. And as noted earlier, you can make cash deposits at more than 90,000 Green Dot locations. The Bluevine Business Debit Mastercard is issued by Coastal Community Bank.

One of the big advantages of Bluevine Business Banking is that you can access live customer support 12 hours a day, Monday through Friday. There is no minimum daily balance requirement. And the account comes with unlimited transactions. With most business checking accounts, you get a certain number of transactions provided free, with a charge applied to all excess transactions.

The account is currently compatible with accounting software platforms such as QuickBooks Online, QuickBooks desktop 2009 or later, Xero and Freshbooks. And the company expects to roll out new payment capabilities and more sophisticated cash management functions.

FDIC insurance of up to $250,000 is available through Bancorp Bank, which also provides checking account services and the debit MasterCard.

Bill Pay

You can also pay your vendors with Bluevine Business Checking. This is designed to improve your cash flow by allowing you to choose how you'd like to make payments. You can pay bills by credit card or from your bank account balance by wire, ACH, or check.

Bluevine has a directory of more than 40,000 companies you can quickly send an electronic payment to. And you can easily add new vendors or payees in a few simple steps. The feature accommodates both one-time and recurring payments.

Also, you can pay by credit card to preserve your cash. Payments made by credit card incur a fee of 2.9% of the amount paid. Outgoing wires incur a $15 per payment fee.

Bluevine Competitors

The number of dedicated online business checking account providers is growing each year. In addition to Bluevine, you may want to check out Novo and NorthOne. Each offers one or more unique features that may be a good fit for your small business. Here's how Bluevine compares to the others:

HighlightsNovo BlueVineNorthOne Business Checking Account
Rating8/108/108/10
AccountsSavings, Checking, Money Market, CDsSavings, Checking, Money Market, CDsSavings, Checking, Money Market, CDs
Online Deposits
Physical Branches
FDIC Insurance
ATM Reimbursement

Bluevine Fees

Like many dedicated online small business checking accounts, Bluevine does not charge a monthly service fee. And that's not all — Bluevine is light on fees across the board.

For example, there are no fees for incoming wires or even for non-sufficient funds items or overdrafts. The only major fee they charge — and it isn't that high — is $15 for outgoing wire transfers, as previously mentioned.

However, one fee to be aware of is the use of the Green Dot network for cash transactions. Green Dot charges $4.95 for each cash deposit.

And you can, of course, withdraw cash fee-free by using the extensive in-network ATM system.

Bluevine Accounts

BlueVvne offers a single account, the Bluevine Business Checking Account. There are currently no options for savings accounts, money market, or CDs.

But one area where Bluevine stands out is in offering small business financing, which is available through several programs. And, as mentioned, its introduction of sub accounts gives business owners more control over how they budget and plan for various expenses.

Bluevine Line of Credit

Until recently, Bluevine offered two financing options for small businesses: a line of credit and invoice factoring.. In January 2022, Bluevine sold its invoice factoring business to FundThrough. But it still offers lines of credit to businesses in 47 states (it's not available in Nevada or either of the Dakotas).

Similar to a home equity line of credit, you can access the funds from your credit line as needed. As you repay the outstanding balance, your available credit increases. Funds withdrawn from the line are paid back with fixed monthly or weekly payments over six or 12 months.

Credit lines are available from $5,000 to $250,000, with an interest rate as low as 4.8%. What's more, you can get approval in as little as five minutes. And consistent with Bluevine's low fee structure, there are no prepayment fees, monthly maintenance fees, account closure fees, or fees to either open or maintain your credit line.

To qualify for the business line of credit, you must have been in business for at least three years and have a minimum FICO score of 650 and a minimum of $40,000 in monthly revenue.

pros

  • No/low-fee small business checking account – Bluevine's only fees are a $15 outgoing wire fee and $4.95 for cash deposits — that's it.
  • No minimum balance requirement – You can open an account with no money at all.
  • Interest-bearing account – Earn 1.5% APY on account balances of up to $100,000.
  • A checking account that actually comes with paper checks – To reduce costs, most online checking accounts don't offer paper checks. Bluevine Business Banking does.
  • Unlimited transactions – Some online business checking accounts offer a limited number of free transactions, after which you're charged a fee for each additional transaction. But there are no limits on how many transactions you can run through your Bluevine Business Checking account.
  • Small business financing – Bluevine's business line of credit offers rates as low as 4.8% on credit lines up to $250,000
  • Invoice within the banking platform – Unlike many business checking accounts that use third parties for invoicing, you can invoice directly through Bluevine Business Banking.
  • The ability to deposit cash – It's an almost universal limitation among online checking accounts that you can't deposit cash. But Bluevine lets you deposit cash at more than 90,000 participating locations.
  • Extensive ATM network – Use your Debit MasterCard to withdraw cash at tens of thousands of fee-free ATMs across the country.

cons

  • No savings options – As with many online business checking accounts, Bluevine does not offer savings or money market accounts or CDs. But the interest you earn from higher checking account balances offsets this limitation.
  • High fees for depositing cash – The fee of $4.95 per deposit through the Green Dot network can be costly on a percentage basis on cash deposits of a few hundred dollars or less.
  • No physical branches – Yes, that's the basic idea behind online banking. But it's still it's worth pointing out that you won't be able to stop by a local branch and talk to a banker face-to-face if you run into any account issues.
  • No customer service on weekends – This can be a decided disadvantage if your business runs seven days per week.

Bluevine Customer Service Review

You can contact Bluevine customer service by email and phone. Many people have said that Bluevine customer service is easy to contact and work with, compared to traditional brick and mortar banking institutions. However, some people report that they found it difficult to access a representative when they called.

Bluevine Borrower Eligibility

Bluevine borrower eligibility is based on several factors, depending on which products you apply for. Below, you will find some eligibility criteria to keep in mind.

Financial History

When it comes to your financial history, Bluevine doesn't require you to maintain a minimum average bank balance. If you have declared personal bankruptcy after a year has passed since discharge and you have tax liens under a repayment plan, you may still be eligible.

Bluevine can refinance up to 100% of a borrower's existing debt.

For Your Application

When you apply, there is some information you need to provide:

  • Bank statements spanning the last three months
  • General business information, including your business address, phone number, Tax ID number, etc.
  • Personal contact information regarding the business owner
  • Copy of invoices

To apply, you must be the owner or an officer of the company.

Update to Bluevine's Paycheck Protection Program

Bluevine is no longer accepting new PPP loan forgiveness applications. However, on their loan forgiveness page they mention that they are still reviewing applications in progress.

The PPP loan program supported small businesses with federally guaranteed loans to help them overcome any obstacles they had been experiencing due to the COVID-19 pandemic.

Under this PPP loan program, a small business could apply for up to 2.5x their monthly payroll costs. The PPP loan has a two-to-five years maturity and an interest rate of about 1.00%.

Loan Forgiveness

Bluevine served more than 300,000 small businesses with COVID-19 relief. Now, they are shifting their focus to loan forgiveness for these borrowers.

You can apply for loan forgiveness today by logging into your account. You have up to 10 months to defer payments from the end of the covered period. If Bluevine manages your First or Second Draw forgiveness process, and your loan is under $150,000, you can apply directly through the SBA for PPP Forgiveness.

Bluevine FAQs

What does the Bluevine business loan application process look like?

The business loan application process for Bluevine takes just minutes. To get started, you will answer some questions about yourself and your business, verify your identity and business, and submit the application. The application for your business loan will then be reviewed, and you may receive an email if any additional steps are required.

What are the loan terms, fees, and discounts for Bluevine?

Bluevine offers loans of up to $250,000 for businesses with rates as low as 4.8% and approval in just minutes. The pricing is simple and transparent. You pay a fixed, weekly rate over a term of six to 12 months. When it comes to fees, there is a 2.9% fee on the payment amount and a $15 per payment fee for outgoing wires. There is no monthly fee, minimum balance requirement, minimum deposit requirement, ATM fees, or non-sufficient fund fees.

How long does it take Bluevine to deposit money?

Bluevine approval happens quickly, and funds can be made available within just a few hours of approval for your small business loan. You can choose a free ACH transfer and have the funds available the next business day or within three days.

Is there a minimum credit score needed for a Bluevine loan?

Under the minimum qualifications for a Bluevine loan, you will find that you need a FICO score of 600 or higher. In addition, you have to have been in business for more than six months and have $10,000 in monthly revenue.

Is Bluevine an approved SBA lender?

Bluevine helped process Paycheck Protection Program loans during the pandemic, but they are not an approved SBA lender and they do not offer SBA loans.

Final Thoughts on Bluevine

As you might guess from the fact that the Pros heavily outnumber the Cons with this bank, Bluevine rates as one of the best choices for a small business banking relationship.

Not only do they offer free checking with unlimited transactions, but they also pay one of the highest interest rates on balances up to $100,000. That will eliminate the need to maintain a separate savings or money market account at another institution.

The checking account comes with other valuable business features, including paper checks, the ability to accept cash deposits, and invoicing within the banking platform. And you can use the line of credit to even out your cash flow or grow your business.

That's a lot of benefits packed into a free online small business checking account. If you have a small business and decided to open a dedicated bank account for it, you owe it to yourself to check out Bluevine.

Kevin Mercadante

Kevin Mercadante is professional personal finance blogger, and the owner of his own personal finance blog, OutOfYourRut.com. He has backgrounds in both accounting and the mortgage industry. He lives in Atlanta with his wife and two teenage kids.

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20 Comments

  1. This company lends you money easy enough but..…
    This company lends you money to be paid weekly in either a flex 6month weekly payments or 12month weekly payments. They were brokered to me using Lendzi as a line of credit. I was awarded 30K flex credit. So far so good. I use 10k of the 30k, paid them back in 6 months as promised, I paid responsibly. Here is the Rub, I opened a loan with Ondeck at the same time as opening with BlueVine. Paid them ontime weekly, not missing a beat. BlueVine calls this “Stacking”. Now Lendzy said that it okay they are different products. I call it opening up another account. So BlueVine placed a hold on the “FLEX” line until I have paid back Ondeck in full? Where is the Flex in that? With a zero balance, no flex, no need to keep BlueVine open, I’ve asked to close the account. Support reaches out, sorry to see you go, we will need to send you a letter for signature to officially close your account followed by asking for a how we do thumbs up or down. I of course responded with a thumbs down, hoping to get some acknowledgment even explaining my point of view to their hold, but nope, still waiting for a reply to my request to close the account, an account I can’t use with a zero balance of “FLEXLINE” of credit. My Advice, If you are credit worthy, you may want to try a company that rewards your performance and wants to actually build a business relationship.

  2. Their mobile Check Deposit app is the worse among all banks. I had to try 6 times and finally gave up. Each time they sent an email with a different reason of rejection. None that was correct, as I found out later by a phone call. When finally, at the last attempt everything went thorough, I got an email to have the check be signed with my name while the wording “FOR MOBILE DPOSIT ONLY” + the acct # (which is accepted as signature by all banks) was not enough for these duds..

    I decided to stop depositing checks with this bank.

    I’m also going to switch to another bank as they also lowered their interest rate – as Dec 1st, 2021, from 1% to 0.6%. This is still better than other banks, but no longer so attractive.

  3. This is an absolutely horrible bank to work with. Their customer “service” screwed up multiple times with a check deposit, then vindictively closed my account after I complained.

  4. Stay away from BlueVine!! I opened a business account with them and I’m beyond frustrated with them at this point. I never received a debit card from them and today they closed my account because my debit card did not get activated.
    I no longer can’t even login into that account. They sent me an email letting me know if I had any balance in my account they will mail me a check in 14 days!!!!
    The worst bank I ever dealt with!
    My credit card was getting paid from that account. Now I have no access to my funds!

  5. Absolutely horrible. I made a mobile cash deposit through my cash app and selected instant deposit. The funds never arrived so I contacted customer support no answer so I sent an email. At this point they can send my money back and close the account.

  6. Most of these positive reviews are fake…My boss opened multiple business accounts and within a few weeks proceeded down a spiral of financial loss that was a nightmare!!! I would not be surprised if BlueVine is actually paying someone to flood the feed with fake positive reviews just to hide THE TRUTH. This FAKE BANK is ROBBING people…They allow people to open accounts then block transactions, transfers, wires, or action to take money out…etc…Then they send emails to customers requesting verification docs, then they send emails claiming “suspicious activity” then they close accounts abruptly and seize the account funds…Then, not surprisingly, the customer service reps on the phone are complete liars, they act clueless and play dumb so there is no one to help…These people are criminals…and BlueVine needs to be SHUT DOWN and FAST…The next victim could be YOU!

  7. This bank is a scam a big scam nobody should bank with them I repeat nobody. I opened the checking account sometime last month and everything was fine until I deposited funds. Two days after I deposited funds my account was suspended I called and they requested for additional information which I’ve provided initially but I did provide it again. I called back after a few days and they requested for a utility bill which I provided. I called again after one week only for the dude to tell me that the utility bill I sent can’t be used because it’s an internet bill not water light or gas and you have to wait a week to tell me leaving my business on hold can’t get money in can’t get money out I run an online business and customer payment has been declining. After that he then asked for another information a bank statement from my personal account which I immediately provided only to receive an email the next day that my account has been closed. This is not the right way to treat a customer I didn’t provide any false information. So I called to get my money that’s in the account and the couldn’t tell me if I’ll be receiving a check and when saying she couldn’t disclose the information. This put an hold to a lot of things for me. Still waiting for information concerning my funds in the account.

  8. I just spoke with Shana, a customer service in BlueVine regarding a denied application for PPP. She is completely UNKNOWLEDGEABLE regarding the process. She even informed me that a permanent resident (Green Car Holder) is not eligible to apple because they are not a citizen nor a resident of he United States. OMG, have someone who knows what they are talking about be in customer service please.

  9. Opened the account some timd ago as a ‘go to’ because of the rumors Azlo might close. Funded a few days ago with a couple hundred to prime it. Had a ppp fund to it and although its showing in my account, atm access denied. Im getting a sick feeling…who are they to lock down my long awaited ppp funds? Horrible.

  10. Bluevine is a scam, never will you get your money from the company. They will not tell you anything about your account – they didn’t even ask me my name and told me it was just a long waiting period. The features the company says they have don’t work – you only see 1 account, I wouldn’t trust them with my financial assets at all – DON’T WASTE YOUR TIME..

    1. You are only allowed to have one account. They don’t do personal accounts. I love posts like these because it proves people don’t even know what they are talking about.

  11. After having a horrible experience with Blueline I decided to see what experience others had and I was surprised to read your review and thought I was wrong until I scrolled down. Apparently others also had a bad experience. Your review needs to take into what clients of Blueline have experienced. They wasted my time and now I am weeks behind and starting over with a competitor of theirs. They botched up my app and now want me to start over.

  12. I am here to Echo the many complaints about BlueVine’s lack of customer service. I’ve waited an hour to speak to someone regarding funds not showing up in my account. I will be looking for a new place to bank for my business because this is ridiculous.

  13. Absolutely terrible! Please avoid. I cannot make an ACH payment to a vendor and have been trying to contact the bank for days and no one picks up my call. I’m on day 3 and have again been on hold for over an hour. I’m receiving an error message when trying to make and ACH payment that I successfully made a few months prior. Last time I received error messages it said to “try again later” which I did 6 subsequent times and the message kept appearing. A couple days later, all 6 payments went through to the tune of over $9,000! I called and called and sat on hold for hours before someone finally picked up. It took days and hours away from my business while sitting on hold to reverse the $9,000 and the payment finally went through to the vendor only after days of DELAYING DELIVERY of materials that are essential to keeping my business functioning. I asked why I was receiving an error message and was told because they couldn’t decipher why I was sending the money and needed to verify. It’s called Royal Trim and Moulding company! What do you think I was buying??! If you don’t want your small business to look unprofessional and low level, AVOID THIS BANK! You can’t trust that your payments will go through which can damage your business relationships with vendors, landlords or anyone you plan to pay through ACH or wire. And I’m once again held up receiving supplies while the vendor await payments. I can’t stress enough how important it is for small business to AVOID this bank. It will hurt your business.

  14. Take this posted review with a grain of salt as my experience has been anything but pleasant. I applied and made a typo in my email. I have utilized their online contact us form 3 times over the course of 2 weeks have gotten zero response. I have submitted 2 emails to their support email = zero response. I have called them 4 times, each time on hold for over an hour, I end up giving up. If you can not provide basic customer service how am I to trust you with my MONEY????

  15. I want to add to the other comments: I’ve been trying to contact BlueVine for more than a week without success. No one answers their phone, and other than the automated response, no one answers their help email. Im on the phone right this moment, 20 mns into it without success. Originally, I was contacting them to ask a few basic questions and make an address change. Now Im trying to contact them to cancel and delete my two accounts. I find it shocking that all across the interenet BlueVine is always at the top of “best biz accounts”. I spend hours researching before settling on them… So if anyone is reading this, you’re better off going with a tried and true bank, one that has years of experience with customer service, one that abides by all the required banking regulations, and maybe even one that has a local branch you can walk into and speak to a real person IN person if needed.

  16. No offense but have you actually TRIED using BlueVine before reviewing them? Their features look nice on paper but are useless because they have non-existent customer service. They sent my debit card to the wrong address (or didn’t send it at all) and I tried contacting them several times but they completely ignore me. Who wants to deal with a bank you can’t talk to when issues arise? The alleged good deals this “bank” offers comes at the price of apparently having no human employees or no time to talk to their customers.

    I became suspicious and looked up actual customer reviews of them, such as on TrustPilot. LOTS of people back up my claim of very poor customer service. Also, very alarming is the fact that they close down accounts for no reason and have kept peoples’ money. There is going to be a class action lawsuit against them for breaking Federal banking regulations. I would ask you to please use them yourself in disguise as a small business customer and try to contact them- see if they even bother to answer you. Then perhaps update your review. A big thing we small business owners care about as much as the pricing and features of a bank account is the quality (or least minimum existence of) customer service and prompt, reliable communication, so please consider adding this category to your reviews of these online “banks.” Thank you!

  17. Horrendous customer service, 5 days for mobile deposit funds to become available, hours on the phone with the customer service

  18. I followed your advise and Blue Vine has Horrendous service: incredibly slow to set-up, impossible to communicate with customer service, and then out of nowhere they just closed my account saying suspicious activity when I had not even had a chance to deposit money or have a single transaction. I am furious that this company has my personal information and wasted my time.

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