Citibank Business Checking: 2021 Review

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Citibank offers four main checking accounts: CitiBusiness® Streamlined Checking, CitiBusiness® Flexible Checking, CitiBusiness® Analyzed Checking and CitiBusiness® Interest Checking.

Citibank also offers industry-specific banking programs for healthcare, legal, accounting, and property management professionals, as well as the CitiBusiness® Preferred Banking programs that allow you to customize a banking package to meet your unique business needs.

The CitiBusiness Streamlined Checking and CitiBusiness Flexible Checking accounts are aimed at the general small business owner and offer uncomplicated banking from a stationary institute. These Citi Business checking accounts give you access to competitive monthly cash deposit limits, free online and mobile banking tools, and over 60,000 toll-free ATMs across the country.

Citibank Business Checking is best for small business owners who:

  • Do you want a simple stationary bank account where you can store and manage your daily finances?

  • May pay a monthly fee or qualify to forego it.

  • Do not exceed 250 transactions per month (streamlined checking) or 500 transactions per month (flexible checking).

  • It is better to open an account in person in a branch rather than online.

Advantages and disadvantages

  • Minimum of $ 1 opening deposit.

  • High monthly cash deposit limits: $ 5,000 or $ 10,000 (depending on location) for Streamlined Checking and $ 20,000 for Flexible Checking.

  • Access to over 60,000 toll-free ATMs in the United States, including Citibank locations, retail stores, and participating MoneyPass ATMs.

  • Option to link your account to the CitiBusiness Checking Plus line of credit (subject to credit approval).

  • Upgrade to CitiBusiness Analyzed Checking or CitiBusiness Preferred Banking to accommodate higher transaction volumes and growing business needs.

  • Limited perks with optimized and flexible testing, e.g. B. no waived ancillary costs or discounted / included business services.

  • No account can be opened online.

  • Availability restricted by the state.

Citibank Business Checking at a glance

CitiBusiness Streamlined Checking

CitiBusiness Flexible Exam

$ 15 waived with an average monthly balance of $ 5,000.

$ 22, 25, or 30 (depending on your location) was waived with an average monthly balance of $ 10,000.

Minimum requirement for the opening deposit:

Up to 250 fee-free transactions per month, then 45 cents per transaction.

Up to 500 fee-free transactions per month, then 45 cents per transaction.

Up to $ 5,000 or $ 10,000 per month with no fee (depending on your location). After that, the fee per $ 100 deposit is anywhere from 17 to 35 cents, depending on your location.

Up to $ 20,000 per month with no fee. After that, the fee per $ 100 deposit ranges from 17 to 35 cents, depending on your location.

This is how Citibank’s business audit works

Account settings: The four business accounts are CitiBusiness Streamlined Checking, CitiBusiness Flexible Checking, CitiBusiness Analyzed Checking, and CitiBusiness Interest Checking.

Citi also offers specialty accounts for various industries as well as the customizable CitiBusiness Preferred programs.

CitiBusiness Streamlined and Flexible Checking are designed for standard banking needs, while the Analyzed Checking account caters to larger companies with higher transaction volumes.

Although the CitiBusiness Interest Checking account offers similar features and fees to the Streamlined and Flexible Checking account – $ 5,000 or $ 10,000 in free monthly cash deposits and a service fee of $ 22, 25, or 30, depending on the state – it does include it only 25 fee-free transactions per month.

Business owners can contact Citibank to get the current interest rates and determine if the interest rates are worth the tradeoff.

For business accounts that earn interest and offer more competitive transaction limits, this should be considered BlueVine or Wells Fargo.

Location availability: Citibank has nearly 700 branches in the United States. Citi business accounts are available in 11 states: California, Nevada, Florida, Illinois, Maryland, Virginia, New York, Connecticut, Massachusetts, New Jersey, and Texas, and Washington, DC fees and accounts. Features vary slightly by state.

How to apply: Visit a branch office to fill out and submit your application. Not all locations offer CitiBusiness accounts. So please contact your local office to confirm that applications are being processed in advance.

  • Needed information: Basic details about you and your company, including date of birth, home address, social security number, company name, Employee identification number, Number of employees, etc.

    • Citi also requires that you provide basic information for anyone associated with the company, such as: B. account holders or authorized signatories, owners of the company (10% or more), owners of a personal investment company or company trust and controlling persons (e.g. president, managing member, general partner, managing director).

  • Required documents: Some form of government-issued identification and company formation document (varies by entity type).

Next Steps: Once approved, you can make deposits or transfers to top up your account, log into online banking, download the mobile app and customize your notification settings. Use your Citibank business debit card to withdraw and deposit cash at Citibank and other participating ATMs across the country. If necessary, request debit cards for your employees.

Where Citibank Business Checking stands out

Cash deposits: The CitiBusiness Streamlined Checking Account includes up to $ 5,000 per month in cash free deposits in Connecticut, Massachusetts, New Jersey and New York. In the remaining seven states as well as Washington, DC, the account includes free cash deposits of up to $ 10,000 per month.

This threshold of US $ 10,000 is particularly noticeable in the checking accounts of the base companies of stationary competitors. For comparison, the Chase Business Complete Checking® account and the Wells Fargo Initiate Business Checking account both have a fee-free monthly limit of up to $ 5,000. Citi Streamlined Checking even exceeds Bank of America’s initial limit of up to $ 7,500 on its Business Advantage Fundamentals account.

In addition, with the CitiBusiness Flexible Checking account, this limit increases to $ 20,000 per month regardless of location. This threshold corresponds to comparable offerings from Bank of America, Chase and Wells Fargo, but outperforms other competitors such as PNC Bank and US bank.

ATM access: While there are only a few states that you can open a checking account, you have access to a toll-free network of over 60,000 ATMs in the United States

Citibank’s ATM network includes ATMs in Citi branches, Citibank-branded ATMs in other locations, and MoneyPass ATMs.

CitiBusiness Checking Plus: This revolving line of credit can be used with either the Streamlined or Flexible Checking accounts (as well as other account options) to protect overdrafts and uncollected funds – with associated fees.

In addition, CitiBusiness Checking Plus can be used by default Business line of creditThis gives you the ability to withdraw funds or write checks for more than the available balance in your checking account up to the balance on your line of credit.

It is important to note that this product requires credit approval. This means that you need to file a separate application and get approval from Citibank to assign this line of credit to your business account.

CitiBusiness Preferred Banking Programs: For business owners looking to customize their banking or upgrade from a standard business checking account, Citi offers the CitiBusiness Preferred Banking programs.

With Preferred Banking and Preferred Banking Plus, you get monthly free cash deposits of up to USD 20,000, up to 500 (Preferred) or 750 (Preferred Plus) free transactions per month and waive online stop payment fees.

You also get discounts on merchant services and checkbooks, including wire transfers and specific tariffs for ancillary services like ACH origination and remote check deposit.

For the Preferred Banking program, you pay a monthly fee of $ 40 waived with an average monthly balance of $ 15,000 and for the Preferred Plus a monthly fee of $ 95 waived with an average monthly balance of $ 50,000 becomes.

Where Citibank Business Checking falls short

Limited benefits with optimized and flexible testing: Aside from the monthly fee and the no-fee monthly transactions and cash deposits, there are no significant differences between the CitiBusiness Streamlined and Flexible Checking accounts.

In comparison, many banks offer additional discounts between checking account levels, e.g. B. waiving certain fees or offering free tools. For example, the Wells Fargo Initiate Business Checking account does not waive incidental charges, but the Navigate Checking second level account waives freezes, bank checks, money orders, inbound transfers, and the first two outbound domestic transfers per month.

With Citibank, you can only access these types of additional benefits with the Preferred Banking program, which also requires a higher monthly fee and higher average balance to be waived, but with the same free monthly cash deposits and transaction limits as the Flexible Account .

An account cannot be opened online: Whichever Citi Business checking account you choose, you will need to go to a local branch to open one. According to a 2019 survey by BAI, a nonprofit research and training organization for entrepreneurs, nearly 70% of small business owners would prefer to open an online deposit account.

Many competitors, including national brick-and-mortar banks such as Wells Fargo, Bank of America, and Chase, offer the option of opening online checking accounts in addition to visiting a branch.

Website problems: The Citibank website can be difficult to navigate as it shows two different versions of the small business banking section. In general, the site is limited when compared to brick and mortar competitors, which offer more detailed account and feature descriptions, easily searchable FAQs, and additional resources.

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