Citizens Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
Citizens Bank is a good traditional banking provider for organizations seeking affordable business checking with generous transaction limits. It offers two types of accounts for small businesses:
- A $0 account with a fee-free cash deposits allowance of $5,000 and 200 fee-free transactions.
- A $25 account with a fee-free cash deposit allowance of $20,000 and 500 free transactions.
Both offer free debit cards, online and mobile banking, and access to Citizens Bank Merchant Services. You cannot open a business checking account directly from the website. Instead, you must visit a branch or submit an online request form to get in touch with a banker.
Citizens Bank has approximately 1,200 brick-and-mortar branches. It operates exclusively in Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington.
What We Like
- No monthly fee and 200 free transactions per month for Clearly Better Business Checking
- Minimum opening deposit is any amount
- Waivable monthly fee for Business Advisor Checking
Drawbacks
- Branches limited to 15 states: Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington
- No annual percentage yield (APY)
- No online account opening
Features
- Free Visa debit card
- Mobile and online banking
- Transfer funds, deposit checks and view balances online
- Integrates with QuickBooks and Quicken
- Business overdraft protection plans
- Access to Citizens Merchant Services
- Analyzed checking, nonprofit checking, Interest on Lawyer’s Trust Accounts (IOLTA), savings products, lending products, healthcare banking solutions, and buy now, pay later (BNPL) solutions also available
How Citizens Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Clearly Better Business Checking | $0 | 200, then 50 cents per item | Up to $5,000 free, then $2.50 per $1,000 | Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington |
 Business Advantage Fundamentals Banking | $16; waivable | 200, then 45 cents per item | Up to $7,500 free, then 30 cents per $100 | All states except Alabama, Alaska, Hawaii, Louisiana, Mississippi, Montana, Nebraska, North Dakota, Vermont, West Virginia, Wisconsin, and Wyoming |
 Business Complete Banking | $15; waivable | Unlimited digital transactions; 20 paper transactions, then $0.40 per item | Up to $5,000, then $2.50 per $1,000 | All states except Alaska and Hawaii |
When Citizens Bank Is a Good Fit
- You want a free business checking account: Citizens Bank’s Clearly Better Business Checking has no monthly fees, no minimum balance requirements, and no minimum opening deposit requirements.
- Your business has a modest transaction volume: With Clearly Better Business Checking, you get 200 free transactions and up to $5,000 in free cash deposits each month.
- You need access to a full range of banking products: Citizens Bank offers business savings and certificates of deposit (CDs), Small Business Administration (SBA) loans, and business credit cards.
When Citizens Bank Is Not a Good Fit
- You need nationwide access to in-person banking services: The Citizens Bank branch network covers Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington. If you want a provider with a wider geographical presence, consider Chase, a national bank with branches in all 48 mainland states. Refer to our Chase business checking review for more information on the three business checking accounts.
- You want to earn interest on checking deposits: Citizens Bank checking accounts do not earn interest. The best provider for high APY is Bluevine, an online-only banking solution that offers 2.0% APY on balances of $250,000 or less to accounts that meet its activity requirements. Learn more through our review of Bluevine business checking.
- You want to save on ATM fees: Under Citizens Bank, the fee for out-of-network ATM usage is $3, plus possible third-party operator fees. If you want fee-free ATM usage, choose the online-only provider Novo, which reimburses all ATM fees at the end of each month. Read our Novo business checking review for more details.
See more providers in our guide to the best small business checking accounts.
Citizens Bank Business Checking Overview
Terms
Clearly Better Business Checking | Business Advisor Checking | |
|---|---|---|
Required Opening Deposit | Any amount | |
Required Minimum Balance to Waive Monthly fee | N/A | $10,000 average daily balance (ADB) or $35,000 monthly combined balance |
Monthly Fees | $0 | $25 |
Transaction Limit Before Fees | 200 items per statement period | 500 items per statement period |
Excess Transaction Fee | $0.50 | $0.30 |
Domestic Wire Transfer Fees | Incoming: $18 Outgoing: $18 to $30 | |
International Wire Transfer Fees | Incoming: $12 Outgoing: $22.50 to $40 | |
ATM Fees | Free at Citizens Bank ATMs, $3 for nonnetwork use* | |
Monthly Cash Deposit Limit | $5,000 | $20,000 |
Excess Cash Deposit Fee | $2.50 per $1,000 | |
Overdraft Fee | $39 per item | |
Sustained Overdraft Fee† | $30 | N/A |
APY | N/A | |
*Third-party operator fees may apply.
†If your account remains overdrawn for four consecutive business days, Citizens Bank will charge a Sustained Overdraft Fee on the fifth business day. It will charge a second Sustained Overdraft Fee on the eighth business day if your account remains overdrawn for seven consecutive business days and on the 11th business day if your account remains overdrawn for 10 consecutive business days, up to a total of $90.
Features
Clearly Better Business Checking | Business Advisor Checking | |
|---|---|---|
Debit Card | Free Visa debit card | |
Physical Checks | Available via Deluxe Business Checks & Solutions Phone order: (800) 231-9915 | $100 off for first check order; Available via Deluxe Business Checks & Solutions Phone order: (800) 231-9915 |
Software Integrations | ||
Business Payment integrations | Citizens Merchant Services, Citizens Pay | |
Customer Service | Business banking (account opening): (800) 428-7463 Business banking (customer service): (800) 862-6200 Business online banking: (877) 229-6428 Mondays to Fridays, 7 a.m. to 7 p.m. Eastern time Saturdays, 8 a.m. to 5 p.m. ET | |
Other Products | Business savings, money markets, CDs, credit cards, lending, and insurance | |
Citizens Bank Business Checking Requirements
To open a business bank account, you must submit a contact request form through the bank’s website. A banker will get in touch with you to assist you with your application, and you will be required to present relevant business documents during the application process.
Click on your entity type to see specific document requirements.
- An unexpired government-issued photo ID (primary ID)
- Social Security number
- Employer identification number (EIN) or federal tax identification number (TIN)
- Assumed name certificate or fictitious name certificate
- An unexpired government-issued photo ID (primary ID) for each general partner
- EIN or federal TIN
- Partnership agreement
- Government-issued business license
- Assumed name certificate or fictitious name certificate
- Any beneficial owner who owns 25% or more of a business and the significant controller (an individual with significant responsibility for managing the business), will be required to provide additional information and complete a beneficial ownership attestation form
- An unexpired government-issued photo ID (primary ID) for each general partner
- EIN or federal TIN
- Registered certificate of limited partnership
- Partnership agreement
- Assumed name certificate or fictitious name certificate
- Any beneficial owner who owns 25% or more of a business and the significant controller (an individual with significant responsibility for managing the business), will be required to provide additional information and complete a beneficial ownership attestation form
- An unexpired government-issued photo ID (primary ID) for each signer
- Social Security number, if the entity is a sole member LLC
- EIN or federal TIN
- Assumed name certificate or fictitious name certificate
- Registered articles of organization
- Operating agreement listing the names of members and the manager, if applicable
- Banking resolution or similar document outlining roles and authorities for establishing accounts and services with the bank
- EIN assignment letter, tax ID certificate, tax ID verification letter
- Any beneficial owner who owns 25% or more of a business and the significant controller (an individual with significant responsibility for managing the business), will be required to provide additional information and complete a beneficial ownership attestation form
- An unexpired government-issued photo ID (primary ID) for each authorized signer
- EIN
- Registration of LLP
- LLP agreement, including the names of the partners
- EIN assignment letter, tax ID certificate, or tax ID verification letter
- Any beneficial owner who owns 25% or more of a business and the significant controller (an individual with significant responsibility for managing the business), will be required to provide additional information and complete a beneficial ownership attestation form
- An unexpired government-issued photo ID (primary ID) for each authorized signer
- EIN for the corporation
- Registered articles of incorporation
- Banking resolution (or similar document) outlining roles and authorities for establishing accounts and services with the bank
- Assumed name certificate or fictitious name certificate, if applicable
- Any beneficial owner who owns 25% or more of a business and the significant controller (an individual with significant responsibility for managing the business), will be required to provide additional information and complete a beneficial ownership attestation form.
- Social Security number
- EIN for the association or organization
- By-laws, charter, constitution, or other governing documents
- Assumed name certificate or fictitious name certificate, if applicable
Additional documents may be required before your business deposit account can be opened. The lists above may change as applicable state and federal regulations are revised.
Before opening an account, see our guide on how to open a business bank account. It includes a free downloadable checklist of required documents.
Citizens Bank Business Checking Features
Free Debit Card
Citizens Bank issues a free debit card in its branch locations. Business checking account holders can request it via online banking, through a customer service representative at (800) 922-9999, or by stopping by a local branch. The debit card is contactless-enabled and can be connected to a digital wallet for secure payments.
Online & Mobile Banking
You can access banking services through the Citizens Bank website or mobile app (available on both the App Store and Google Play). Through digital banking, you can do the following
- View balances
- View check images
- Deposit checks remotely
- Send and receive secure electronic payments
The mobile app has a rating of 4.7 out of 5 on the App Store1 and 4.3 out of 5 on Google Play2. Satisfied users said that while the app typically does its job well, it occasionally has glitches and bugs. According to reviewers, the login function, for example, tends to break whenever the developers roll out app updates.
Overdraft Protection Plans
Citizens Bank offers overdraft solutions to protect business owners from paying overdraft fees. The Overdraft Line of Credit links your business checking account with your business credit line. You get borrowing limits of up to $10,000 to cover ATM withdrawals, debit card purchases, checks, and online bill payments when your checking balance is insufficient.
This service comes with a $30 annual fee, a $12 daily transfer fee for each day one or more transfers occur, and interest on outstanding balances. Credit approval is also required. The annual fee is waived for Business Advisor Checking account holders.
Another overdraft solution is the Savings Overdraft Transfer, where funds are transferred automatically from your savings to your checking account when your balance is insufficient to cover your transactions. No fee is collected when using this business overdraft plan.
Business Services
- Merchant services: With Citizens Merchant Services, small business owners can accept debit, credit, electronic benefit transfer (EBT) cards, and checks securely. You can also choose traditional or virtual point-of-sale (POS) terminals and manage face-to-face, phone, mail, and online payment processing.
- Payroll services: Payroll and human resources (HR) functions are provided by Paychex to support business owners in recruitment and hiring, staying compliant with laws and regulations, and simplifying HR processes.
- Cash management/Treasury management services: Citizens Bank provides a Lockbox network, remote deposit capture, coin and currency service, ACH transactions, wire transfers, and account reconciliation.
Other Citizens Bank Business Products
Citizens Bank also offers the following business checking accounts:
- Business Analysis Checking: An analyzed checking account with a $25 monthly fee that can be offset through earnings credit. It is designed for businesses with high transaction volume and comes with access to management services, ACH, transfers, sweeps, wires, and more.
- Association Checking With Interest: An interest-bearing nonprofit checking account that charges a $10 monthly fee, waivable with a minimum balance of $2,500. It offers 200 fee-free transactions per month, with a $0.50 fee per excess transaction.
- IOLTA: An interest-earning checking account for law firms and attorneys. The IOLTA has no monthly fees or minimum balance requirements and remits all interest earned into local bar associations and other qualifying legal organizations.
- Business savings: With no required minimum opening deposit, you can earn a 0.01% variable interest rate. The $4.99 monthly maintenance fee can be waived if you meet the $500 average daily balance.
- Business money market: With no required minimum opening deposit, you can earn a 0.02% variable interest rate. The $9.99 monthly maintenance fee can be waived if you meet the $2,500 average daily balance.
- Business CDs: For fixed-rate returns, you can open a CD for a minimum balance of $1,000 or $5,000 if monthly interest disbursement by check or transfer is required. There’s no monthly fee and terms are flexible from 3 to 18 months. Business CDs are offered in selected areas only.
Citizens Bank offers two credit cards with no annual fees. The Business Everyday Points® Credit Card offers unlimited 1.5% in rewards on your everyday business spending, while the Business Platinum Credit Card offers low introductory APR for your first 12 months.
Citizens Bank offers the following lending products:
- Lines of credit up to $250,000
- Term loans up to $250,000
- Business Flex Loans from $10,000 to $150,000
- Equipment Flex Loans from $150,000 to $500,000
- Business mortgages
- SBA loans, including SBA Express loans up to $350,000, SBA 7(a) loans up to $5,000,000, and SBA 504 loans up to $12,000,000
- Healthcare Practice Banking: Citizens Bank offers tailored solutions for organizations in the healthcare industry. These include healthcare practice financing, cash flow management, personal banking benefits, and personal wealth management to clients in the medical, dental, eye care, and veterinary fields.
- Citizens Pay®: The bank offers a point-of-sale financing solution, Citizens Pay. This is a BNPL option you can offer customers, which may help you generate new sales.
Citizens Bank Business Checking Reviews from Users
The bank has a rating of 3.9 out of 5 on WalletHub3 (based on 4,700-plus reviews) and 3.4 out of 5 on ConsumerAffairs4 (based on more than 450 reviews). However, the majority of recent Citizens Bank business checking reviews skew negative. Several checking account holders complained that the provider holds deposits too long. This practice caused many users to incur overdraft fees for automatic payments.
Although a few customers said that the bank’s customer service arm is helpful and informative, the majority of reviews published within the past three years consist of remarks on rudeness and inefficiency. Many reviewers noted that it is difficult to reach representatives and that wait times for phone customer service are overly long.
Bottom Line
If you’re a small business owner looking for cost-effective business banking solutions from traditional providers, the Clearly Better Business Checking account of Citizens Bank is a decent choice. With a transaction limit of 200, a cash deposit limit of $5,000, and no monthly fees, the account is particularly suitable for cash-reliant businesses with low transaction volume.
User review references:
1App Store
2Google Play
3WalletHub
4ConsumerAffairs
