Citizens Bank and Trust Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
Ricci Recto has two years of writing experience creating digital marketing content for finance clients. She specializes in business banking.
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 and one interest-earning checking account. Each comes with a free debit card, mobile and online banking, and access to merchant services.
What We Like
- Easy-to-waive monthly fee for Business Basic Checking
- Waivable and low monthly fees
- High free monthly transactions for Business Prime Checking
What's Missing
- Eight branches limited to Alabama
- No online account opening
- $100 minimum opening deposit
Features
- Free Mastercard debit card
- Online and mobile banking
- Send payments, view balances, and deposit checks using the mobile app
- Free digital banking services, including bill pay
- Access to Merchant Services with payment solutions by First Data®
How Citizens Bank and Trust Stacks Up With Its Competitors
Monthly Fee | Requirement To Waive Monthly Fees | Monthly Transaction Limit Before Fees | Minimum Opening Deposit | |
|---|---|---|---|---|
 Business Basic Checking | $5; waivable | Accept a business debit card and sign up for e-statements | 100 checks paid and items deposited free, then 25 cents | $100 |
 Business Checking | $0 | N/A | 500, then 25 cents per item | $100 |
 Initiate Business Checking | $10 | Maintain a $500 minimum daily balance or $1,000 average daily balance | 100, then 50 cents per item | $25 |
Citizens Bank and Trust has a low monthly fee compared to national banks like Wells Fargo. However, Peoples Bank of Alabama, another regional bank in Alabama, has no monthly fee and a higher fee-free transaction allowance. Citizens Bank and Trust’s opening deposit requirement is similar to what other banks in the market charge.
When Citizens Bank and Trust Is a Good Fit
- You want to bank without a monthly fee: With Business Basic Checking, 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: Business Basic Checking offers 100 free checks paid and items deposited per month. The fee for excess deposits is only 25 cents.
- You want access to a wide selection of banking products: Citizens Bank and Trust also offers savings accounts, money market accounts, certificates of deposits (CDs), credit cards, and lending products.
When Citizens Bank and Trust Is Not a Good Fit
- You operate outside the Citizens Bank and Trust service area: Citizens Bank and Trust’s eight branches are all located in Alabama. The best bank for geographic availability is Chase, which is available 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 $100,000 or less as long as you meet its monthly activity requirements. Check if it fits your small business needs through our Bluevine business checking review.
- 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 in our list of the best small business checking accounts.
Citizens Bank and Trust Business Checking Overview
Citizens Bank and Trust Business Checking Requirements
You can visit a Citizens Bank and Trust branch to open a business checking account. The bank’s website doesn’t list the specific documents required for opening a business checking account. To learn more, you need to contact the bank. You can also 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 Mastercard® debit card, online and mobile banking, waivable fees, and interest (with Business Edge Checking).
Mastercard Debit Card
With a Citizens Bank and Trust 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.
Online & Mobile Banking
You can check your balances and account activity, transfer funds, pay bills, and track your spending online. You can even deposit checks using your mobile device, make contactless payments, and schedule one-time or recurring payments. Download Citizens Bank and Trust mobile banking app via the App Store or Google Play.
The mobile app has a rating of 4.8 out of 5 on App Store (based on 500-plus reviews) and 4.4 out of 5 on Google Play (based on 30-plus reviews). According to reviewers, the app is easy to use. However, the majority of reviews published within the past year have been negative. Many users said that they encountered login errors and that the mobile check deposit function works inconsistently.
Interest-bearing Account
Business owners wanting to earn interest on their entire balance can open a Business Edge Checking account.
Business Services
- Merchant services: Payment solutions powered by First Data® and Clover® point-of-sale (POS) systems
- Treasury management services: Remote deposit capture, automated clearing house (ACH), and Positive Pay
Other Checking Products
Business Direct Checking is available for larger businesses with high transaction volumes looking to earn credits to eliminate the monthly fees.
Other Banking Products
Citizens Bank and Trust has a wide range of banking products, which include business savings, business CDs, credit cards, and loans.
Savings Products
- Business Secure Savings earns competitive interest and has a minimum opening deposit of $200. The $3 monthly fee can be waived if you maintain a $200 balance in your account.
- Business Money Market earns tiered interest and has a minimum opening deposit of $5,000. Maintain $5,000 in your daily balance to waive the $10 monthly fee.
- Business CDs earn guaranteed fixed returns and offer terms ranging from three months to five years. The longer the term, the higher the rate of return. A $500 minimum opening deposit is required.
Credit Cards
There are two Citizens Bank and Trust business credit cards: Citizens Bank and Trust Business Platinum Card and Citizens Bank and Trust Business Platinum Card with Cash Back Rewards. The Platinum option has no annual fee and the buying power of Visa Platinum with card member benefits, whereas the Cash Back option earns 1% cash back on all purchases up to the first $100,000 annually.
Lending Products
Citizens Bank and Trust offers the following lending products:
- Business term loans
- Commercial real estate (CRE) loans
- Business lines of credit
- Agricultural loans
Citizens Bank and Trust Business Checking User Reviews
As of this writing, no Citizens Bank and Trust business checking reviews have been published on any platform.
Bottom Line
Citizens Bank and Trust is a great choice for businesses with low monthly banking activity. You can start with Business Basic Checking, which only requires you to accept a business debit card and sign up for online statements to waive the monthly fee. As your transaction volume rises, you can shift to a Business Prime Checking or Business Edge Checking account. This is a bank worth considering if your business is located near any of its branches in Alabama.
