City National Bank (CNB) is a traditional bank offering three main checking accounts for small businesses: Business Checking, Business Elite Checking, and Business Elite Checking with Interest.
Its entry-level business checking account has low fee-free monthly transactions (100 items) and a relatively high monthly service fee ($22). Midsize companies would get more value by choosing either of the Elite accounts, which have higher transaction (500 items) and cash deposit allowances.
For more savings on additional banking products and services, you can opt for the Business Builder Elite Package, which allows you to customize your accounts and services.
City National Bank is a subsidiary of Royal Bank of Canada (RBC) and has over 60 branches in California, Delaware, Florida, Georgia, Nevada, New York, Tennessee, Virginia, and Washington, D.C. You are required to visit a branch to open an account.
With a decade of banking experience, my solid financial background helps me provide the best answers to our audience in line with the Fit Small Business editorial policy. I strive for accuracy, clarity, and objectivity in writing reviews and guides to ensure that small business owners can access impartial and critical information that supports their business decisions.
I also completed a Business degree and have substantial experience in facilitating account opening, performing KYC, and cross-selling different banking and investment products and services to both retail and preferred clients.
While updating the City National Bank business checking review, I visited the bank’s website and carefully checked the following criteria:
- Product features
- Monthly fee
- Opening balance
- Required balances
- Account opening requirements
- ATM fees
- Cash deposit fees
- APY
- Monthly transaction limits
- Cash deposit allowances
- Branch accessibility
- Other business banking product
I also looked at the same key information for the bank’s competitors to see how City National Bank’s business checking account stacks up.
Pros
- Business Builder Elite Package with a business checking account and three free bank accounts
- $5,000 cash deposit allowance for entry-level account
- Interest-earning options available
- Free incoming domestic wire transfers for Business Elite Checking accounts
Special Offer | None |
Opening Deposit Requirement | None |
Monthly Maintenance Fee | |
APY |
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ATM Fees | |
Other Standout Features |
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- You run a midsize business with a moderate transaction volume and large cash deposits: With a Business Elite Checking or Business Elite Checking with Interest account, you get higher combined free transactions and up to $25,000 in free cash deposits.
- You need access to affordable business savings products: City National Bank offers the Business Builder Elite Package, which allows you to bundle a customized package of personal and business checking, savings, or money market accounts with no monthly fees and extra treasury, credit, and lending benefits.
- You often receive domestic wire transfers: City National Bank offers free incoming domestic wires for Business Elite Checking and Business Elite Checking with Interest account holders.
City National Bank Alternatives & Comparison
Account Name | Monthly Service Fee | APY | Free Monthly Transactions | |
|---|---|---|---|---|
| Business Checking | $22; waivable | None | 100, then 45 cents per item |
 | Silver Business Checking | None | None | 125, then 50 cents per item |
 | Standard | None | Unlimited | |
Visit Bluevine
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank.
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 | Business Checking | None | None | Unlimited |
Visit Novo
Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings.
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Best For | Learn More | |
|---|---|---|
| You want a free business checking account from a traditional provider: City National Bank’s lowest tier account has a waivable monthly fee. However, if you prefer a basic checking with no monthly fee and waiver conditions, U.S. Bank is a great choice. | Read our U.S. Bank business checking review |
| You seek high APY earnings: City National Bank offers an interest-bearing account, Business Elite Checking with Interest, but the rate is variable. Meanwhile, Bluevine Standard offers a fixed competitive yield of 1.5% for qualifying balances up to $250,000. | Read our Bluevine business checking review |
| You want to save on ATM fees: Withdrawing at non-City National Bank ATMs will incur a $2.50 fee plus operator surcharges, whereas Novo refunds domestic and international ATM transaction fees up to $7 monthly. | Read our Novo business checking review |
City National Bank Business Checking Reviews From Users
Many City National Bank business checking reviews show negative feedback from users. The bank has a rating of 2.4 from about 70 reviews on WalletHub[1], where reviewers said that the bank’s technology and processes are outdated. One customer complained about an obsolete user interface, while another reported that the bank can complicate simple requests. Some also said they encountered loading issues.
Additionally, many shared that they were unimpressed by the bank’s customer service. One reviewer mentioned receiving different answers when contacting the toll-free customer service number and speaking to branch representatives in person.
City National Bank’s mobile app was rated 3.5 on the App Store[2] from nearly 300 reviews and 2.7 on Google Play[3] from about 100 reviews. Users left negative comments, stating that the app was slow, unresponsive, and error-prone. Some also complained about the lack of mobile check deposit functionality.
City National Bank Business Checking Terms
Business Checking | Business Elite Checking | Business Elite Checking with Interest | |
|---|---|---|---|
Required Opening Deposit | None | None | None |
Monthly Fees | |||
APY | None | None | Rate varies |
Transaction Limit Before Fees | 100 | 500 | 500 |
Excess Transaction Fee Per Item | 45 cents | 45 cents | 45 cents |
Domestic Wire Transfer Fees |
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International Wire Transfer Fees |
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Cash Deposit Fees | $0.002 per $1 after $5,000 | $0.002 per $1 after $25,000 | $0.002 per $1 after $25,000 |
ATM Fees | None at City National Bank ATMs; | ||
City National Bank Business Checking Requirements
To open a business checking account, you need to visit a branch. You will need to submit the following City National Bank business checking requirements upon application:
- Business name
- Address
- Tax identification number (TIN)
- The date and state of formation
- Annual revenue
- Business activities
- Source of funds
- Purpose of the account
- Supporting legal documents
- Identifying information for beneficial owners Individuals with over 25% ownership interest
City National Bank offers checking accounts for partnerships, limited liability companies (LLCs), joint ventures, limited liability partnerships (LLPs), public agencies, property management companies, nonprofits, and foreign entities.
City National Bank Business Checking Features
Business Essentials | Online banking solution that
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Business Builder Elite Package | Customize a package of business banking products to support your needs This package includes
The entire package costs $50 monthly but can be waived by maintaining a combined balance of $50,000 across the accounts included in the package. Additional benefits:
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Mobile Banking | Securely pay bills, move funds, and deposit checks via mobile phone |
Business Services |
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Debit Card | Visa Business Debit Card |
Physical Checkbooks | |
Software Integrations | NetSuite, Microsoft Dynamics, Sage, QuickBooks, and EASI Link |
Business Payment Integrations | Apple Pay, Google Pay, Zelle, Elavon, Book2Bank, Commercial AP, and AgilLink |
Customer Service |
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Other City National Bank Business Products
- Analyzed Business Checking
- Public Funds & Bankruptcy Checking
- Nonprofit Checking
- Attorney-Client Trust Account (IOLTA/IOTA)
- Attorney Escrow Account (IOLA)
- Business Savings
- Business Money Market
- Business CDs
- Credit cards
- SBA loans
- Business lines of credit
- Asset-based lending
- Equipment financing
Frequently Asked Questions (FAQs)
Yes. City National Bank is an FDIC member bank, so deposits are covered up to $250,000 per depositor.
City National Bank has approximately $92.2 billion in assets as of the bank’s most recently filed call report in June 2024.
Bottom Line
City National Bank suits midsize companies that want their business checking, savings, and lending products in one location. Its Business Elite Checking and Business Elite Checking with Interest accounts offer high allowances for transactions and cash deposits while giving access to discounts on banking products and services through the Business Builder Elite Package.
[1]WalletHub
[2]App Store
[3]Google Play