There are no monthly service fees or minimum deposits for Citizens Bank’s significantly better business checking. This makes it an attractive option for small business owners who live in the bank’s service area. Citizens Bank operates in 11 states across New England, the Mid-Atlantic and the Midwest.
Citizens Bank Business Checking is best for small business owners who:
Live in the bank’s service area and work or live near a branch.
Don’t expect more than 200 transactions per billing cycle.
Advantages and disadvantages
Free business review with no minimum deposit and high transaction limit.
Almost 1,000 branches and 2,700 ATMs in the bank’s 11-state service area.
Non-profit organizations can open an interest-bearing checking account.
Citizens Bank is not part of a nationwide ATM network. Customers pay $ 3 for every use of an ATM outside of the network.
High overdraft fees can prove costly when an account goes into negative balance.
Citizens Bank Business Checking at a glance
Significantly better business verification
Business advisor review
Minimum requirement for the opening deposit:
200 free transactions per statement cycle; 50 cents for each additional transaction
500 free transactions per statement cycle; 30 cents for each additional transaction
How Citizens Bank’s Business Review Works
Account settings: Citizens Bank offers two primary business accounts – much better business reviews and business advisor reviews – as well as Citizens Analysis Business Checking, which is geared towards high volume companies. Citizens also offers two specialty checking accounts: an escrow account for law firms and Association Checking with Interest I, an interest-bearing option for nonprofits.
Citizens Bank limits cash and currency deposits to $ 5,000 per statement cycle for significantly better business reviews and association reviews with Interest I and to $ 20,000 per statement cycle for business advisor reviews. There is also a fee of $ 2.50 per $ 1,000. These limits are not uncommon for checking accounts, but they can prove impractical for some businesses.
Location availability: Citizens Bank has nearly 1,000 branches in 11 states: Michigan, Ohio, Pennsylvania, Delaware, New Jersey, New York, Vermont, New Hampshire, Massachusetts, Connecticut, and Rhode Island. Citizens Bank operates around 2,700 ATMs in its service area.
How to apply: You can make an appointment with a banker through the Citizens Bank website, but you will ultimately have to go to a branch to open a business account.
Needed information: Identifying information – date of birth, social security number, tax identification number and address – and basic details about your company.
Required documents: You will need a valid government-issued photo ID as well as all relevant business documents such as partnership agreements, company agreements, statutes or founding documents.
Next Steps: Once you’ve opened a business account, you can use your business debit card, sign up for online banking, download the Citizens Bank mobile app, and order business checks. Citizens Bank’s digital banking platforms allow you to pay bills and transfer money from your computer or smartphone. You can also deposit checks using the mobile app.
Where Citizens Bank Business Checking stands out
Free verification: There are no monthly fees or minimum balance for Citizens Bank’s much better business, which means more money stays with your business. Consider how many transactions you will make each month before registering, as exceeding the account limit (200 per statement cycle) will result in additional fees.
High transaction limits: Transaction limits are common with business accounts. What makes Citizens Bank stand out is that it allows a greater number of free transactions than many of its competitors, even on their free business checking accounts.
Much better Business Checking has no monthly service fee and includes up to 200 fee-free transactions. For comparison, the US Bank’s free business checking account has 125 free transactions, and PNC Business Checking ($ 10 per month) has 150 free transactions.
If you want a bank with no transaction limits, you should consider a free online business account like the one offered by NBKC or BlueVine.
Where Citizens Bank’s business control falls short
ATMs and fees: Customers have free access to around 2,700 Citizens Bank ATMs, but that’s a fraction of what other banks offer, especially those that are part of the MoneyPass or AllPoint ATM network. Citizens Bank charges $ 3 for off-network ATMs.
Overdraft Fees: If you pull your account negative, there will be a $ 39 fee for every item paid for. You may also incur an ongoing overdraft fee of $ 30, which will be charged periodically if your account is still in the red. This fee applies on days four, seven and ten of a persistently negative balance.