Business owners who want opportunities to bank with a technology-first institution that is also established may find BankProv to be a consideration. BankProv offers a way for tech-forward businesses that want access to both traditional banking and cryptocurrency services.
Like other banks, they also offer deposits, loans, wire, and ACH transfers. If you’re a small to medium-sized business owner who wants opportunities to access crypto banking with a longstanding institution, check out BankProv. See what it has to offer and whether it’s the right fit for your needs.
- Crypto banking and lending
- Above-average APY for savings above $50,000
- Several plans tailored to individuals and businesses
What Is BankProv?
BankProv is a division of Provident Bank, the tenth oldest bank in the U.S. Provident Bank was established at a time when horse-drawn carriages were the way to get around town.
The bank focuses on providing financial solutions in cryptocurrency, financial technology, and renewable energy, to name a few.
In 2021, the bank rebranded to BankProv, focusing on providing crypto companies a banking solution. For businesses that want to do their banking transactions via crypto, BankProv provides API access for account management and quick transfers. Their focus is to be an integrated banking solution and bridge the gap between traditional banking services and cryptocurrency.
What Do They Offer?
You don’t have to have a crypto need to bank with BankProv. They offer plenty of traditional banking services that rival other institutions that focus on business banking. This includes personal lending for:
- Small businesses
- Commercial enterprises
They cater to businesses, offering:
- Payroll processing
- Business crypto transactions
- Application programming interface (API) banking for security
In the crypto space, BankProv offers things like:
- ProvXchange™, which is a 24/7 payments platform for crypto payments
- Deposit services to cryptocurrency exchanges, institutional investors and brokers
- Banking in USD and cryptocurrencies (Bitcoin and Ethereum). Thus, you benefit from superior flexibility in money transfers and account management.
- BankProv offers crypto loans backed by Ethereum.
Deposits are 100% FDIC insured so if the bank happens to fail, your money is safe, even beyond the $250,000 amount. Details on this, in the DIF section below.
What Is DIF?
DIF stands for Depositor’s Insurance Fund. Unlike the FDIC, which is a government entity with the full backing of the U.S. government, DIF is a private, industry-sponsored organization. It has over $270 million in assets and $100 million in reinsurance.
DIF insurance covers all types of deposit accounts, including:
- Savings accounts
- Checking and NOW accounts
- Certificates of deposit (CDs)
- Bank money market accounts
- IRA deposit accounts
DIF has always paid deposits and associated interest up to its insurance limits. No depositor has ever lost funds with an account that has both FDIC and DIF insurance. There are no fees or applications to fill out for receiving DIF insurance on your account. It’s applied automatically.
For those who have more than $250,000 to deposit, there are a few ways to work around the FDIC insurance limit if you’re willing to put up with some hassle. But because BankProv basically provides unlimited insurance, these workarounds are no longer necessary. Depositors can have full faith that funds in excess of $250,000 will be fully protected.
Online Banking Features
BankProv offers an impressive API banking suite, which allows for easy money transfers, account management, and improved business productivity.
Some of their online banking features for both business and personal accounts include:
- Pay bills
- Put your misplaced card on hold
- Temporarily increase your card limit
Business customers can also:
- Connect to QuickBooks
- Perform wire transfers
- Initiate ACH
- Manage bills
- Set users for the account
BankProv puts digital and customer experience at the forefront. User reviews for the apps were mixed. For iOS, it had an average of two stars. For reference, however, there were only eight reviewers at the time of writing. Android reviews were much higher, at 4.1 stars and 44 reviews.
You can securely access your accounts 24/7 and on the go. You can view your balance, deposit checks, send money, transfer funds, and pay bills.
BankProv’s business app can also help you easily facilitate business functions like balances, fee-free business check deposits, approvals, and transfers. You can also connect to QuickBooks, perform wire transfers, initiate ACH, manage bills and set users for accounts from the app.
Here is a quick list of handy things you can do from the mobile app:
- Review deposit account activity and balances
- View loan and line of credit accounts
- Pay bills or cancel scheduled payments
- Place a stop payment on a check
- Get instant balances without logging in to your account
- Lock/Unlock your card
BankProv doesn’t disappoint when it comes to the variety of ways you can reach out to them including phone, chat, email, and contact form on their site.
It’s nice knowing you can talk to a real human over the phone. The customer service center’s phone number is 877-487-297. If you live in the Massachusetts or New Hampshire area, you can also head into a physical branch location.
Are There Any Fees?
Yes, there are monthly fees, which is typical for business banking. Monthly fees for BankProv range from $0 for Classic to $1,000 for ProvX+.
If you can keep a certain minimum balance, you may get your fee reduced. If you have a zero balance for your personal account, you’ll incur a $10 monthly fee.
Transactions at BankProv are on par with other banks—for example, domestic incoming wire fees are $10 and outgoing wires fees are $25.
Here’s a quick breakdown of fees:
Balance for 1/2 the Monthly Fee
Incoming Wires (Domestic/Int’l)
Direct Transmission of FTP Files
Outgoing Wires: International
How Does BankProv Compare?
BankProv specializes in banking services and cryptocurrency and is in a niche market. Its main competitor, Silvergate, can’t compete with BankProv’s long standing reputation. At a time when Silicon Valley Bank’s demise just went down in history as the second-worst bank failure in history, going with an established bank may be important to you.
If you want to see what else is out there, there are other players in the small business banking space. However, they don’t exactly offer the robust balance of traditional banking with business and crypto opportunities.
Juno, formerly known as OnJuno, is an online-only banking service that makes it easy to manage your cash and crypto assets all in one place.
Juno offers a high-yield checking and savings with the ability to receive your paycheck in cryptocurrency. If you’re looking for a high-interest savings with the ability to access crypto banking, Juno may be a consideration. You can earn up to 5% with Juno Metal. However, the bank doesn’t focus on business accounts, so if this is important, Juno may not be the best fit.
$0 to $35
If the fees at BankProv feel too high, you may consider Grasshopper, which is another business-focused bank that offers a free digital checking account for small businesses. Grasshopper provides modern APIs for FinTechs to leverage and offers a frictionless way to apply for a checking account (according to their website you can apply in as little as five minutes!) to free ACH and incoming wires.
A traditional brick-and-mortar bank will likely be more up your alley if you want to deposit cash regularly. Chase Business Complete Banking is a good option if you want access to a more traditional branch experience.
Is BankProv Safe And Secure?
Yes. As previously emphasized, BankProv offers both FDIC and DIF insurance. It is able to insure deposits of any amount and accounts of any size. Additionally, it uses encryption on its website.
When you scroll through BankProv’s homepage, you’ll find a lot of information on fraud. They even has a number you can call (877-487-2977) if you believe you’ve been scammed or a victim of fraud.
How Do I Contact BankProv?
Reach out to BankProv in the many ways provided, including:
- Contact us page on their site
- Branch locations if you live in the Massachusetts or New Hampshire area. Their hours vary but locations are typically open Monday through Friday: 9 a.m. to 5 p.m.
- The Customer Service Center answers all calls and can route calls to the desired branch.877-487-2977.
- For business banking solutions, contact their sales team
- Fraud alert number: 877-487-2977
How Do I Open An Account At BankProv?
Opening an account at BankProv is straightforward and can be done completely online. Include some basic information for your personal and business, depending on what your needs are.
You’ll need to provide your full name, birthday, phone, email, occupation, address, Social Security, and driver’s license or passport info.
Is BankProv Worth It?
All things considered, BankProv should be the right fit for businesspeople with steady and growing businesses. BankProv insurance, which protects all your funds, is one of its most significant benefits. People working with cryptocurrencies should find the bank’s services especially convenient.
One potential downside, which shouldn’t be a dealbreaker, is the lack of brick-and-mortar branches, except in Massachusetts and New Hampshire. Also, making deposits is possible only via wire transfer, which costs $30 per transaction.
Depends on the type of account. Ranges from $10 to $35.
$10 fee if you have a zero balance
Branch locations if you live in the Massachusetts or New Hampshire area. Their hours vary but locations are typically open Monday through Friday: 9 a.m. to 5 p.m.
Deposit Insurance Fund (DIF) Member