City National Bank 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.
This article is part of a larger series on Business Banking.
City National Bank is a great choice for in-person banking since it has branches in seven states, with the majority located in California, and Washington, D.C. It’s ideal for small and midsized businesses (SMBs) looking for business checking accounts with waivable fees, generous free cash deposits, and online and mobile banking.
It has four business checking accounts: Business Checking, Business Elite Checking, Business Elite Checking with Interest, and Non-Profit Checking. It also offers the Business Builder Elite Package, allowing you to customize products and services and enjoy discounts and waivers.
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.
- 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
Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
N/A | Up to $5,000 per month free, then two-10ths of a cent per $1 | None at City National Bank ATMs, $2.50 per withdrawal at non-CNB ATMs | Unlisted* | |
N/A | Up to $5,000 monthly free; then 25 cents per $100; per statement cycle | $3 per transaction at any non-PNC Bank ATM; two reimbursements for non-PNC Bank ATM per statement period | $100 | |
N/A | Up to $2,000 per month free; then three-10ths of a cent per $1, per statement cycle | None at Truist ATMs, $3 at domestic non-Truist ATMs & $5 for international | $100 | |
Simple *This information isn’t listed on the provider’s website, and we couldn’t obtain the information directly from the bank. This often means that the requirement varies by branch and/or location.
When City National Bank Is a Good Fit
- Small businesses with a low transaction volume: With a Business Checking account, you get up to 100 free combined transactions and up to $5,000 monthly free cash deposits.
- Midsized businesses with a moderate transaction volume and large cash deposits: With a Business Elite Checking and Business Elite Checking with Interest accounts, you get higher combined free transactions and up to $25,000 in free cash deposits.
- Businesses looking for more business account benefits: 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.
When City National Bank Is Not a Good Fit
- Businesses that need in-person banking but are based outside City National Bank’s service areas: While City National Bank has branches in seven states and Washington, D.C., it’s still limited. You can consider Chase, Bank of America, or Wells Fargo for their nationwide branch locations.
- Businesses seeking a free checking account or easy-to-waive monthly fees: The bank requires a substantial maintaining balance to waive the monthly fee. You can opt for Truist and PNC for business checking accounts with zero to low monthly fees. If you’re comfortable with digital-only banks and fintechs, then Bluevine, Axos Bank, Lili, Found, and Novo are excellent options.
- Businesses receiving and sending wires regularly: To avoid costly wire fees, you can choose Relay for its free incoming wires and low-cost outgoing wire fees.
City National Bank Business Checking Overview
*Includes deposits, deposited items, electronic credits, incoming and outgoing wires, checks, and all electronic debits. Doesn’t include City National fees.
**This information isn’t listed on the provider’s website, and we couldn’t obtain the information directly from the bank. This often means that the requirement varies by branch and/or location.
City National Bank Business Checking Requirements
You can visit a branch to open a business checking account. You’ll 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 beneficial owners. A beneficial owner is an individual with more than 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.
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 with Interest.
Business Builder Elite Package
The bank lets you bundle and customize different bank accounts and services with its Business Builder Elite Package. It requires a Business Elite Checking with Interest account as the primary checking account for the package.
You can enjoy several benefits, such as:
- Combining 3 additional eligible, non-analyzed 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 3 months
- Up to $75 discount on the first order of business checks ordered through the bank
- Waiver of up to 5 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 4 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 non-analyzed business or personal eligible checking accounts, savings accounts, money market accounts, eligible certificates of deposit and Attorney-Client Trust or Attorney Escrow― Interest on Lawyers Trust Accounts (IOLTA)/Interest on Trust Accounts (IOTA)/Interest on Lawyer Account (IOLA) |
Monthly Transaction Allowance Before Fees | 500, then 45 cents per transaction (Includes deposits, deposited items, electronic credits, incoming and outgoing wires, and checks and all electronic debits) |
Cash Processing Allowance | Up to $25,000 per month free, then two-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. Ratings for the City National Bank mobile banking app are average on the App Store (3.3 out of 5) and Google Play (3.0 out of 5). Some users said that they like the app’s seamless and intuitive design while others mentioned they had issues with the mobile check deposit feature.
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, automated clearing house (ACH) fraud protection, stop Payments, zero balanced accounts, sweep accounts, commercial accounts payable (A/P), 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
City National Bank offers Analyzed Business Checking. This is for businesses with high transaction activity, and it allows them to receive earnings credit to offset fees. 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
- 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 doesn’t require a minimum opening deposit and has a $20 monthly fee 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 you can waive by maintaining $10,000 in your account.
- Business CDs: The bank offers business CDs with terms ranging from seven days to five years. You can place a minimum deposit of $2,500.
- Lending: City National Bank has a full suite of business loans and credit solutions, such as Small Business Administration (SBA) loan programs, business lines of credit, asset-based lending, and equipment lease financing.
- Commercial credit cards: Commercial credit cards are available at City National Bank. You can apply for a Visa Commercial Credit Card with Rewards to earn 1 point per $1 spent and issue virtual cards to your employees. For regular travelers, a Visa Crystal Commercial Credit Card with Rewards is more suitable since it has travel discounts, zero foreign transaction fees, and 24/7 Crystal Card Concierge benefits.
City National Bank Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| Multiple benefits (fee-free accounts and waived fees) under the Business Builder Elite Package | Steep monthly fee for Business Elite Checking and Business Elite Checking with Interest |
| Low outgoing wire fees (internet-initiated) | Business Bill Pay monthly fee is not waived for Business Checking account |
| Full range of business banking products | No free nonprofit checking account |
City National Bank’s business checking product is great, as it provides several incentives to business owners through its Business Builder Elite Package. This includes waived monthly fees, four free online treasury management accounts, and free wires. The bank also provides an option for lower outgoing wire fees (as long as it’s internet-initiated) and has a full range of business banking products—from business savings and CDs to credit cards and lending.
However, it has a steep $50 monthly fee for its Business Elite Checking and Business Elite Checking with Interest account, making it costly. You also need to pay $7.95 every month for Business Bill Pay if you have a Business Checking account.
Alternatives to City National Bank Business Checking
If you want branch access in more areas, prefer an online account opening option, and seek to earn a high APY, check out these alternatives:
- Chase is best for business owners who prefer nationwide access to more brick-and-mortar locations.
- TD Bank is best for businesses that need the convenience of online account opening but also look for in-person banking.
- Grasshopper Bank is best for businesses that want to earn 1.5% APY with no required balance to maintain.
Find more options in our roundup of the best small business checking accounts.
Bottom Line
City National Bank is a superb choice as it caters to SMBs with low to moderate transaction volumes. If you plan to open several bank accounts, both business and personal, then you can take advantage of its Business Builder Elite Package, which provides product discounts and free services. Businesses with cash-heavy transactions can also benefit from the high free transaction limit and fee-free cash deposits offered by the bank.
