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Frequently asked questions
BlueVine Business Checking offers no monthly, incoming2 wire, ATM , or NSF fees, dedicated live support, and 1.0% interest (20x the national average4) earned on checking balances up to $100,000.1 Additionally, we offer a simple, easy-to-use dashboard and mobile app to deposit checks, view your balance, and other everyday banking activities. You can also withdraw cash using the BlueVine Business Debit Mastercard® and your deposits are FDIC-insured to at least $250,000 through the Bancorp Bank.
All business owners are invited to apply for a bank account. To open an account, you must be:
- A small business owner
- At least 18 years old
- A U.S. citizen or a resident with a verifiable U.S. address
- Not in the following industries: Adult Entertainment, Gambling, Weapons and Firearms, Illegal Substances, Virtual Currency
Other restrictions may apply. Full terms and restrictions may be found in the agreement at the time of application.
Yes, BlueVine Business Checking accounts are offered through Bancorp Bank, member FDIC. Your deposits are insured to at least $250,000. You can learn more about coverage on the FDIC website.
BlueVine Checking Account Services are provided by The Bancorp Bank. Your deposits are FDIC-insured to at least $250,000 through The Bancorp Bank; Member FDIC. The BlueVine Mastercard® Debit Card is issued by The Bancorp Bank pursuant to a license from Mastercard® International Incorporated and may be used everywhere Debit Mastercard® is accepted.
There are a few ways that you can send and receive money. You can easily make payments to vendors or external accounts through ACH or domestic wire transfers. Add funds into your BlueVine Business Checking account through a mobile check deposit, initiate a transfer from external accounts within the BlueVine Dashboard, or initiate a transfer within your external bank account, outside of BlueVine. At this time, BlueVine does not have the ability to accept incoming wire transfers. Outgoing wires are $15, which is significantly lower than the industry standard.
Customers also receive 200 free checks by ordering through their BlueVine dashboard, so you can write checks from your balance.
Small businesses can avoid the complicated fee structures and hidden fees often associated with traditional banks. BlueVine Business Banking offers unlimited transactions, no monthly fees, no minimum balances or deposits, no ACH payment fees, no NSF charges, nor ATM fees at 38,000 locations.
The only fees associated are with expedited debit card replacements, cash deposit fees at Green Dot® retail locations ($4.95) and outgoing wires ($15), which is significantly lower than the industry standard. You may also be charged a fee by out of network ATM owners, even if you don’t complete the transaction.
We have paused online applications for invoice factoring, as well as new business line of credit applications, to focus on securing PPP funds for small businesses. Sign up for updates on when applications will resume.
Frequently asked questions
To use your BlueVine line of credit, here’s how it works: Once approved for a credit line, request funds directly from your dashboard. Funds are then deposited in your bank account in as fast as hours. Payments are automatically debited from your account each week or month over 6 or 12 months. As you pay off your balance, your available credit line is automatically replenished. Plus, because your repayments are calculated with simple interest, you can save on interest when you pay early. BlueVine doesn’t charge prepayment, or early repayment, fees.
Here’s how BlueVine’s Invoice Factoring works. First, pick and choose an invoice(s) that you want to fund and submit it via the BlueVine dashboard or sync your favorite accounting software. We’ll deposit up to 90% of the invoice value upfront into your bank account in as fast as a few hours. Then, once your invoice has been paid by your customer, you’ll receive the rest of the invoice value minus our fee. Throughout the entire process, you’ll be guided by one of our dedicated and knowledgeable representatives.
Weekly repayments are automatically debited from your bank account. As long as you have sufficient money in your bank account, you never have to worry about missing a payment.
BlueVine currently accepts invoices where:
- The service or product was completed, delivered and accepted by your customer
- The customer is based in the US or Canada (English speaking provinces)
- The customer is a business or government (not a consumer)
- The invoice face value is higher than $500
- The payment term is shorter than 13 weeks
- The due date is at least 1 week away
Frequently asked questions
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