Cadence Bank is a great fit for small and midsize businesses (SMBs) needing affordable business checking solutions from a traditional bank. It offers four business checking accounts, which include an interest-bearing and a nonprofit account.
All business checking accounts come with their own complimentary Mastercard debit card. The monthly fees are waivable when you hit the account’s monthly debit card transaction requirement. Additionally, you can earn up to 20% cash back when using your debit card with select merchants.
Cadence Bank operates over 400 full-service branches in Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas. Part of the Cadence Bank business checking requirements is to visit a branch to open an account.
Pros
- Easy-to-waive monthly fees
- 225 free transactions for basic account
- Cashback on qualified debit card purchases
Cons
- Branches only in a few states
- No online account opening
- Only 10 free bill payments per month
Features
- Three general business accounts and a nonprofit account
- Online banking with 10 free bill payments monthly
- Integrates with QuickBooks and Quicken
- Overdraft protection services
- Free financial education seminars via the Cadence Bank@Work program
- Business savings, business lending, credit cards, business insurance, and wealth management solutions available
How Cadence Bank Stacks Up With Its Competitors
When Cadence Bank Is a Good Fit
- You have a low-to-moderate transaction volume: Cadence Bank’s Business My Way Checking account offers a fee-free monthly transaction allowance of 225 items.
- You want to earn cash back on debit card purchases: If you enroll in Cadence Bank’s easy savings program, you can earn up to 20% cash back when making purchases at select merchants.
- You have five or more employees: The Cadence Bank@Work program provides banking perks and discounts to your workers, including free financial education seminars.
When To Choose Cadence Bank Alternatives
- You need nationwide access to in-person banking services: Cadence Bank has no brick-and-mortar branches outside Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas. We recommend Chase, which operates in all 48 mainland states. Read our Chase business checking review for a breakdown of the bank’s three accounts.
- You pay over 10 billers per month: All Cadence Bank business checking accounts have a monthly limit of 10 free bill payments. The financial technology (fintech) solution Relay lets you initiate bill payments via ACH and check for free or via wire transfer for a fee running from $0 to $10 Under Relay Pro (paid plan), wire transfers are free—and you can auto-import bills from QuickBooks Online or Xero. . Learn more about these features through our review of Relay business checking.
- You want to bank without a monthly fee: Cadence Bank charges monthly fees on all its business checking accounts. A good alternative is the U.S. Bank’s Silver Business Checking account, which has no monthly fees and offers 125 free monthly transactions. Our U.S. Bank business checking review provides more detailed features.
Cadence Bank Business Checking Requirements
To open a business checking account, you are required to visit a branch. You may also be required to submit relevant business documents during the account opening process; however, there are no specific requirements listed on the bank’s website.
Refer to our guide on how to open a business bank account for a downloadable checklist of documents that banks typically request upon account opening.
Cadence Bank Business Checking Features
Business Debit Mastercard
Your Cadence Bank business checking account will come with a complimentary business debit card powered by Mastercard. The card provides fee-free access to Cadence Bank ATMs. Out-of-network ATM transactions cost $2, plus third-party operator fees.
The card also provides the following benefits:
- Up to 20% cash back on qualified purchases through the Cadence Bank Easy Savings Program
- Insurance coverage for rental vehicles
- Price protection and extended warranty coverage
- Travel emergency assistance
Business Online Banking
You can access Cadence Bank services through the website or mobile app. Business Online Banking lets you do the following:
- View account balances, transactions, and statements
- Deposit checks remotely
- Pay bills and set up recurring payments
- Send money using Zelle
- Connect with QuickBooks and Quicken
The Cadence Bank mobile app has a high rating of 4.8 on the App Store[1] from around 432,000 reviews and 4.5 on Google Play[2] from about 5,000 reviews. Satisfied users found the app convenient and easy to use. However, a handful reported difficulty in accessing the app and complained about receiving login errors.
Merchant Services
Cadence Bank offers point-of-sale (POS) solutions powered by Clover. These solutions let you accept payments in-store, online, or through mobile devices. To learn more, read our review of Clover POS.
Bank at Work Program
Cadence Bank@Work is a free program designed for the financial wellness of employees. Benefits include access to special banking perks and discounts and free seminars that strengthen financial knowledge. To qualify, companies must have a minimum of five employees.
Other Cadence Bank Business Products
Cadence Bank offers business savings accounts, money market accounts, and certificates of deposit (CDs):
- The Business Savings Account charges a monthly fee of $10, waivable with a minimum daily ledger balance of $500, or monthly online transfers of $50 or more from Cadence Bank checking to savings. This account has an opening deposit of $50 and a fee-free monthly withdrawal allowance of six items.
- Money Market Select earns tiered interest and charges a $10 monthly fee, waivable with a minimum daily ledger balance of $10,000. It has an opening deposit requirement of $1,000.
- CDs come in one- to 60-month maturity terms with opening deposits and minimum balance requirements that range from $1,000 to $5,000, depending on your chosen term.
The Cadence Bank Mastercard BusinessCard® has no annual fee and offers the following benefits:
- Security through EMV chip technology
- Optional enrollment in the Cadence rewards program
- Up to 20% cash back on select merchants through optional enrollment with the Cadence Bank Easy Savings Program
- Up to 5% savings on gas and maintenance locations
- Rebates from establishments in the Mastercard Hotel Network and brand-name car rental agencies
- Optional overdraft protection for Cadence Bank business checking accounts
- 24-hour access to cash with emergency cash advances
Cadence Bank offers the following types of business lending products:
- Small Business Administration (SBA) loans
- Lines of credit
- Term loans
Through Cadence Bank, you can gain access to the following wealth management solutions:
- Corporate trusts
- Business succession planning
- Custodial and escrow services
- Employee benefits and retirement plans
Cadence Bank offers local businesses and organizations with insurance coverage for the following:
- General liability and umbrella/excess liability
- Commercial property and commercial flood
- Cyber liability
- Surety bonds
- Workers’ compensation
Cadence Bank Business Checking Reviews From Users
Most users gave negative feedback in their Cadence Bank business checking reviews. On WalletHub[3], the bank has 2.9 stars from about 300 reviews. Customers mentioned that the bank placed long holds on large check deposits and charged overdrafts and extra service fees. Others also complained about the unavailable branch services on Saturdays.
Note that negative reviews can be common for small local banks due to their limited resources. However, they don’t necessarily indicate that the bank is problematic.
Frequently Asked Questions (FAQs)
Yes. Cadence Bank’s business checking deposits—including its savings and money market accounts—are insured by the Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor.
The minimum opening deposit requirement for Cadence Bank business checking accounts varies. Both the Business My Way Checking and Business Plus Checking accounts require $50, whereas the bank’s interest-earning and nonprofit checking accounts require $1,000 and $100, respectively.
Cadence Bank operates over 400 full-service branches in nine states, specifically Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, Tennessee, and Texas.
Yes. As of the bank’s call report filed in December 2023, Cadence Bank has approximately $48.9 billion in assets.
Bottom Line
We recommend Cadence Bank to SMBs that often make debit card transactions. You earn 20% cash back from frequent debit card use at select merchants and can waive the monthly fees of its business checking accounts when you meet a target number of debit card transactions. Further, small business owners with five employees or more can offer their staff financial wellness benefits through the free Cadence Bank@Work program.