City National Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
City National Bank is a traditional bank offering four main checking accounts for small businesses: Business Checking, Business Elite Checking, Business Elite Checking with Interest, and Analyzed Business Checking. Since its basic business checking account offers a low number of fee-free monthly transactions for a relatively high monthly service fee, midsize companies would get more value by choosing either of the Elite accounts, which have higher allowances for transactions and cash deposits. Those two accounts also give access to the Business Builder Elite Package, a business banking custom package that lets you save on fees for other banking services.
Analyzed Business Checking is for businesses with high transaction activity, allowing them to receive earnings credit to offset fees.
What We Like
- Waivable fees
- Free incoming domestic wires under the Business Builder Elite Package
- Up to $25,000 in free cash deposits under the Business Elite Checking and Business Elite Checking with Interest account
What's Missing
- Limited branches in seven states―California, Florida, Georgia, Nevada, New York, Tennessee, and Virginia―and Washington, D.C.
- $22 monthly fee for basic accounts
- High maintaining balances to waive the monthly fee
Features
- Visa Business debit card
- Online and mobile banking
- View balances, transfer funds, and deposit checks using the mobile app
- Integrates with NetSuite, Microsoft Dynamics, QuickBooks (via Direct Connect), and Sage
- Offers the Business Builder Elite Package, which provides waived monthly fees, free wires, and fee-free treasury management accounts
How City National Bank Stacks Up With Its Competitors
Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Business Checking | $22 (waivable) | 100, then 45 cents per item | Up to $5,000 per month free, then 2/10ths of a cent per $1 | California, Florida, Georgia, Nevada, New York, Tennessee, Virginia, and Washington, D.C. |
 Business Checking | $12 (waived for the first three months) | 150, then 50 cents per item | Up to $5,000 monthly free; then 25 cents per $100 per statement cycle | Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, Wyoming, and Washington, D.C. |
 Simple Business Checking | $0 | 50, then 50 cents per item | Up to $2,000 per month free; then 3/10ths of a cent per $1 per statement cycle | Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C. |
When City National Bank Is a Good Fit
- 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 and credit and lending benefits.
- You want rewards on credit card spending: City National Bank’s commercial credit cards earn 1 point for every $1 spent.
When City National Bank Is Not a Good Fit
- You have a low monthly transaction volume: Despite only offering 100 free transactions per month, City National Bank’s lowest-tier account charges a steep fee of $22 and has a minimum balance requirement of $7,500 to waive fees. Truist offers a fee-free business checking account with 50 fee-free transactions per month. Learn more through our Truist Business Checking review.
- You operate outside City National Bank’s service area: City National Bank’s service area only covers seven states and Washington D.C. The best bank for nationwide access to in-person branch banking is Chase, which has branches in 48 states. Read our Chase Business Checking review to determine which account suits you best.
- You send wire transfers regularly: Wire transfers at City National Bank can go for as high as $60. If you want fee-free domestic and international wire transfers, choose Mercury. Our Mercury Business Checking review can tell you more about its terms and features.
Check out our roundup of the best small business checking accounts for additional recommendations.
City National Bank Business Checking Overview
City National Bank Business Checking Requirements
You can visit a branch to open a business checking account. You will need to provide your business name, address, Tax Identification Number, the date and state of formation, annual revenue, business activities, source of funds, and purpose of the account, including supporting legal documents and identifying information for all individuals with over 25% ownership interest (beneficial owners).
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.
Our guide on how to open a business bank account contains a checklist of documents banks typically require from applying businesses.
City National Bank Business Checking Features
City National Bank’s Business Checking account offers online and mobile banking access and business services. It also features Business Essentials, an online banking solution for small businesses. Aside from that, it has a Business Builder Elite Package for account holders of Business Elite Checking or Business Elite Checking with Interest.
Business Builder Elite Package
If you have a Business Elite Checking or Business Elite Checking with Interest account, you can create a custom package to bundle and customize different types of banking services.
You can enjoy several benefits, such as:
- Combining three additional eligible, nonanalyzed personal or business checking, savings, or money market accounts with no monthly fees
- Waiver of the annual fee for the first year on a Basic Business Builder line of credit
- Waiver of the monthly Package fee for the first three months
- Up to $75 discount on the first order of business checks ordered through the bank
- Waiver of up to five commercial credit cards with City National Rewards
- No fees for incoming domestic wires for the Business Elite Checking or Business Elite Checking with Interest account and other eligible accounts
- Waived monthly fee for Business Bill Pay, and first 20 Business Bill Pay payments per month are free
- Accessing up to four accounts for free through Business Essentials, an online banking solution providing real-time account transfers and transaction reporting
Business Builder Elite Package | |
|---|---|
Monthly Package Fee | $50 |
Maintaining Balance to Waive Monthly Package Fee | $50,000 combined average daily balance |
Qualifying Balances | Eligible nonanalyzed business or personal eligible checking accounts, savings accounts, money market accounts, eligible certificates of deposit, and Attorney-Client Trust or Attorney Escrow (IOLTA/IOTA/IOLA) |
Monthly Transaction Allowance Before Fees | 500, then 45 cents per transaction (Includes deposits, deposited items, electronic credits, incoming and outgoing wires, checks, and all electronic debits) |
Cash Processing Allowance | Up to $25,000 per month free, then 2/10ths of a cent per $1 |
E-DepositSM | $25 per month, complimentary single-feed scanner (electronic deposit service for moderate volume check deposits, no more than 15 electronic check deposits per week with no more than 10 checks per deposit) Note that the monthly fee and complimentary scanner are subject to a two-year minimum service term and month to month thereafter. If the service is canceled for any reason prior to the end of the two-year term, a $400 cancelation fee may be charged. |
Business Essentials
Business Essentials, an online banking solution that helps small business owners manage their cash more efficiently, allows systematic account management in one central location. It features real-time account balance and activity information, account-to-account transfers, online check and deposit images, and business bill payments.
Online & Mobile Banking
You can securely pay your bills, move funds, and deposit checks using your mobile phone.
The City National Bank app has a rating of 3.2 out of 5 on the App Store and 3 out of 5 on Google Play. However, the majority of written reviews are negative. Many past customers complained that the app crashes on startup. Others found the app completely unreliable and claimed that deposits, transfers, and Zelle support do not work.
Business Services
- Merchant services: Major credit and debit cards and mobile wallets through Elavon, E-Deposit, lockbox services, and cash vault services
- Treasury management services: EASI Link, Book2Bank, AgilLink, business suite, business essentials, Positive Pay, account reconcilement processing, ACH fraud protection, stop payments, zero balanced accounts, sweep accounts, Commercial AP, business bill pay, wire Transfers, and controlled disbursements
- Software solutions: AgilLink, Exactuals. FilmTrack, and E-Deposit
- Capital markets: Loan syndications, interest rate hedging, foreign exchange, international trade services, and supply chain finance
Other Business Checking Products
Other checking accounts available are Public Funds & Bankruptcy Checking, Public Funds & Bankruptcy Checking with Interest, Attorney-Client Trust Account (IOLTA/IOTA), and Attorney Escrow Account (IOLA).
Other Banking Products
Savings Products
- Business savings: With no minimum opening deposit, you can open a business savings account. To waive the $5 monthly fee, you need to maintain a $1,000 average daily balance in your account.
- Business money market: City National Bank provides two business money market accounts:
- Money market does not require a minimum opening deposit and has a $20 monthly fee that you can waive by maintaining $5,000 in your account.
- Ladder money market has a $10,000 minimum opening deposit and a $25 monthly fee that you can waive by maintaining $10,000 in your account.
- Business CDs: The bank offers business CDs with terms ranging from seven days to 5 years. You can place a minimum deposit of $2,500.
Lending Products
City National Bank has a full suite of business loans and credit solutions, such as SBA loan programs, business lines of credit, asset-based lending, and equipment lease financing.
Credit Cards
There are two types of credit cards available at City National Bank:
- Visa Commercial Credit Card with Rewards earns 1 point per $1 spent.
- Visa Crystal Commercial Credit Card with Rewards also earns 1 point per $1 spent but charges no transaction fees and offers travel discounts, making it suitable for regular travelers.
You can issue employee credit cards. Both cards have account management features that let you control employee access levels. Visa also provides a $100,000 liability waiver for employee misuse and abuse.
City National Bank Business Checking User Reviews
City National Bank has a rating of 2.5 out of 5 stars on WalletHub1 (based on 60-plus reviews). However, there are too few common threads between the available written reviews to draw any accurate conclusions about customer satisfaction. Recurring complaints include poor customer service and outdated digital banking technology. One customer complained that the bank held checks for too long, which led to insufficient funds fees from bounced automatic payments. Another customer complained that the bank refused to recognize fraudulent transactions as fraud.
Bottom Line
City National Bank is best suited to midsize companies that want their business checking, savings, and lending products in one location. Its middle-tier business checking accounts, Business Elite Checking and Business Elite Checking with Interest, offer high allowances for transactions and cash deposits while giving access to discounts on banking products and services through the Business Builder Elite Package.
However, the bank is not a good choice for businesses with low transaction volume. City National Bank’s basic business checking account, which offers only 100 transactions per month, charges a fee of $22, waivable with a minimum balance of $7,500. Other banks in the market offer similar fee-free transaction allowances for lower or easier-to-waive monthly fees.
User reviews reference
