Citizens Bank and Trust Business Checking Review 2023
This article is part of a larger series on Business Banking.
If you run an Alabama-based business and need affordable business checking solutions from a traditional provider, Citizens Bank and Trust is a good choice. The bank, which has eight branches in Alabama, offers two scalable business checking accounts, one interest-earning checking account, and an analysis account. Each comes with a free debit card, mobile and online banking, and access to merchant services:
- Business Basic Checking offers 100 checks paid and items deposited and waives the $5 monthly maintenance fee by accepting a business debit card and signing up for e-statements.
- Business Prime Checking provides up to 500 checks paid and items deposited and has a waivable $10 monthly maintenance fee.
- Business Edge Checking offers interest on the account’s entire balance and has a waivable $10 monthly maintenance fee.
- Business Direct Checking provides an earnings credit, allowing large businesses with high transactions to save on monthly and transaction fees.
Pros
- Easy-to-waive and low monthly fee for Business Basic Checking
- Waivable and low monthly fees for three other business checking accounts
- 500 free monthly transactions for Business Prime Checking
Cons
- Eight branches limited to Alabama
- No online account opening
- $100 minimum opening deposit for all business checking accounts
Features
- Free Visa® debit card
- Free digital banking services, including bill pay
- Integrates with Apple, Google, and Samsung Pay
- Business savings, money market, and certificates of deposit (CDs) available
- Credit cards, agricultural loans, and commercial real estate loans available
- Access to Merchant Services with payment solutions by First Data®
How Citizens Bank and Trust Stacks Up With Its Competitors
Citizens Bank and Trust has a low monthly fee that’s easy to waive. However, U.S Bank, a national bank, has no monthly fee, provides a higher fee-free transaction allowance, and offers online account opening in all states.
Compared to Citizens Bank and Trust, PNC Bank has a higher monthly fee, but it also offers various ways of waiving the fee. Further, it provides more free transactions and has physical branches in several states.
When Citizens Bank and Trust Is a Good Fit
- You want to bank without a monthly fee: With a Business Basic Checking account, you just need to accept a business debit card and enroll for online statements to waive the $5 monthly fee.
- Your business has low to moderate banking activity: A Business Basic Checking account offers 100 free checks paid and items deposited per month. The fee for excess deposits is only 25 cents.
- You have high transaction volumes: Under a Business Direct Checking account, an earnings credit can reduce or waive the monthly maintenance and transaction fees.
- You want access to a wide selection of banking products: Citizens Bank and Trust also offers savings accounts, money market accounts, CDs, credit cards, and lending products.
When To Consider Citizens Bank and Trust Alternatives
- You operate outside the Citizens Bank and Trust service area: Citizens Bank and Trust’s eight branches are all located in Alabama. We recommend Chase as the best bank for geographic availability, with more than 4,700 branches in 48 states. Read our Chase business checking review for more information.
- You want to earn interest on a fee-free checking account: Among Citizens Bank and Trust’s business checking accounts, only Business Edge Checking earns interest. Bluevine charges no monthly fee and earns 2.00% interest on balances of up to $250,000, as long as you meet its monthly activity requirements. Check if it fits your small business needs through our review of Bluevine business checking.
- You send international wire fees frequently: Citizens Bank and Trust charges high fees for wire transfers. If you need free incoming and outgoing wire transfers, consider the financial technology (fintech) solution Mercury. Our Mercury business checking review discusses the product’s fees and features in-depth.
Check out more providers on our list of the best small business checking accounts.
Citizens Bank and Trust Business Checking Overview
Citizens Bank and Trust Business Checking Requirements
Citizens Bank and Trust business checking requirements aren’t listed on the bank’s website, so to learn more, you need to contact the bank. You can visit a branch to open an account.
You can read our guide on how to open a business bank account for a downloadable checklist of documents banks typically require.
Citizens Bank and Trust Business Checking Features
Citizens Bank and Trust’s business checking accounts offer a Visa® debit card, online and mobile banking, waivable fees, and interest (with Business Edge Checking).
Business Checking Accounts
- Business Basic Checking is an ideal account for small businesses with low check writing activity. It provides free 100 checks paid and items deposited and charges 25 cents past the limit. The $5 monthly maintenance fee is easily waived by receiving a business debit card and signing up for e-statements.
- Business Prime Checking is suitable for midsized businesses, providing up to 500 checks paid and items deposited. To waive the $10 monthly maintenance fee, keeping a $5,000 daily balance or $10,000 average monthly balance is required.
- Business Edge Checking is optimal for businesses looking to earn interest on their entire balance. Similar to a Business Basic Checking account, it offers 100 checks paid and items deposited and incurs a 25-cent fee beyond the limit. Maintaining a $2,500 daily balance waives the $10 monthly maintenance fee.
- Business Direct Checking is designed for large businesses with high transaction volumes. An earnings credit is available to reduce or waive the $15 monthly service fee.
Visa® Debit Card
With a Citizens Bank and Trust Visa® debit card, you can make purchases online and offline and withdraw funds directly from your checking account through the ATM. It’s also more convenient since it has wide acceptance and is safer than carrying traditional checks and paper money.
The debit cards integrate with Apple, Google, and Samsung Pay and require a simple setup of payment information. The contactless payment option keeps purchases secure through a virtual account number.
Online & Mobile Banking
Through Citizens Bank and Trust online banking, users can
- Check balances and account activity
- Transfer funds between accounts
- Pay bills
- Track spending using the My Spending Tool
- Access statements online and view images of cleared checks
- Download account information for financial reports
Depositing checks using mobile devices is available by downloading Citizens Bank and Trust’s mobile app. Reviewers gave the app a rating of 4.9 out of 5 on App Store[1] from around 700 reviews, while it has a 4.5 out of 5 rating on Google Play[2] from about 50 reviews. Users stated the app is easy to use and convenient. Most comments that mention login errors and inconsistent check deposit functionality were from the past year.
Bill Pay
Under bill pay, users can make one-time and scheduled payments easily. Overnight bill payments per check costs $16.95, while same-day bill payments per ACH transaction costs $10.95.
Other Citizens Bank and Trust Banking Products
Citizens Bank and Trust has a wide range of banking products, which include business savings, business CDs, credit cards, and loans.
- A Business Secure Savings account earns competitive interest and has a minimum opening deposit of $200. The $3 monthly maintenance fee is waived by maintaining a $200 balance in the account. Two free monthly withdrawals are allowed. Beyond that, $2 is charged per withdrawal.
- A Business Money Market account earns tiered interest and has a minimum opening deposit of $5,000. To waive the $10 monthly fee, keeping a daily balance of $5,000 is required. Only six withdrawals per statement is permitted. A fee of $10 per excess withdrawal applies. Check out our guide to the business money market account to learn what it is and how it works.
- Business CDs earn guaranteed fixed returns and offer terms ranging from three months to five years. Opening a CD requires a $500 minimum opening deposit, with interest that compound and credits quarterly and at maturity. Early withdrawals are subject to penalty on earnings.
- Citizens Bank and Trust Business Platinum Card has no annual fee and the buying power of Visa® Platinum with card member benefits.
- Citizens Bank and Trust Business Platinum Card with Cash Back Rewards earns 1% cash back on all purchases up to the first $100,000 annually and has a $79 annual fee.
Citizens Bank and Trust offers the following lending products:
- Business term loans: Various financing options are available for business startups and expansions, equipment or vehicle purchases, and operating needs. The bank’s term loans also have flexible terms for refinancing corporate debt, consolidating loans, and acquiring fixed assets.
- Commercial real estate (CRE) loans: The bank offers competitive interest rates for leasing, purchasing, or refinancing. It also provides options for fixed or adjustable rate mortgages.
- Business lines of credit: Financing options can be seasonal or ongoing. The interest charged by the bank is based solely on usage. Read our guide to small business lines of credit to learn more about the different types, requirements, and rates.
- Agricultural loans: The bank specializes in financing farming operations and offers loans for land, country homes, poultry, crop production, livestock, agribusiness, equipment, and land improvement.
- Merchant services: Citizens Bank and Trust offers secure and innovative payment solutions through First Data and provides Clover POS systems and a full suite of accessories. Check out our Clover POS review to learn about the provider’s pricing and features.
- Treasury management services: The bank offers security and convenience to business owners through remote deposit capture (RDC), automated clearing house (ACH) origination, and positive pay.
Citizens Bank and Trust Business Checking Reviews From Users
As of this writing, no customer has left a Citizens Bank and Trust business checking review on any third-party platform.
Bottom Line
We recommend Citizens Bank and Trust for businesses with low or moderate monthly banking activity. You can start with Business Basic Checking, which only requires accepting a business debit card and signing up for online statements to waive the monthly fee. As your transaction volume rises, you can shift to the higher-tier accounts.
This bank is also ideal for businesses seeking agricultural financing for its robust lending options. It’s worth considering if your business is located near any of its branches in Alabama.
User review resources:
