City National Bank is a traditional bank offering three main checking accounts for small businesses: Business Checking, Business Elite Checking, Business Elite Checking with Interest.
Since the entry-level business checking account offers a low number of fee-free monthly transactions (100 items) for a relatively high monthly service fee ($22), 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.
The bank also offers analyzed checking options for larger businesses. Other products include public funds checking, attorney checking, savings accounts, certificate of deposits (CDs), lending products, and credit cards.
Pros
- Business Builder Elite Package comes with business checking account and three free bank accounts
- $5,000 cash deposit allowance for entry-level account
- Interest-earning option available (for Business Builder Elite Package)
Cons
- Limited branches in seven states (California, Florida, Georgia, Nevada, New York, Tennessee, and Virginia) and Washington, D.C.
- $22 monthly fee for basic account
- High maintaining balance requirements 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
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 want to bank without a monthly fee: 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 review of Chase business checking 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 tells 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
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 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
With the Business Builder Elite Package, you can create a custom package of business banking products that meet your needs. This package will include:
- One main Business Elite Checking or Business Elite Checking with Interest account
- Three additional nonanalyzed personal/business checking accounts or savings/money market accounts
The entire package costs $50 per month. You can waive the monthly fee by maintaining a combined balance of $50,000 across the accounts included in the package.
You also receive the following benefits:
- 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
- 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 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.
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 3.5 out of 5 on the App Store[1] (based on nearly 300 reviews) and 2.7 out of 5 on Google Play[2] (based on 100-plus reviews). The majority of written reviews are negative, with many past customers complaining that the app crashes on startup. According to users, 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, 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 (FX), international trade services, and supply chain finance
Other City National Bank Business Banking Products
City National Bank provides the following specialized checking accounts:
- Analyzed Business Checking
- Public Funds & Bankruptcy Checking
- Public Funds & Bankruptcy Checking with Interest
- Attorney-Client Trust Account (IOLTA/IOTA)
- Attorney Escrow Account (IOLA)
- 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 five years. Short-term CDs (seven days to 11 months) have a minimum deposit requirement of $10,000, while long-term CDs (one to five years) have a minimum deposit requirement of $2,500.
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.
There are two types of credit cards available at City National Bank.
- Visa Commercial Credit Card with Rewards earns 1 point per $1 spent. This card lets you issue additional virtual employee credit cards.
- Visa Crystal Commercial Credit Card with Rewards also earns 1 point per $1 spent but charges no foreign transaction fees and offers travel discounts, making it suitable for regular travelers.
City National Bank Business Checking Reviews From Users
Most City National Bank business checking reviews are negative. On WalletHub[3], the bank has a rating of 2.5 stars (based on more than 60 reviews). Comments from users included the following:
- Outdated banking technology: One customer complained that the City National Bank app often failed to load properly and that its user interface (UI) failed to keep up with modern banking apps.
- Unfair overdraft fee practices: In one anecdote, a user reported that the bank held check deposits when funds were needed for an automatic payment. Because it had held the check, the automatic payment bounced, causing the user to incur insufficient funds fees.
- Poor customer service: One reviewer criticized the bank for refusing 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.
