CNB Bank Business Checking Review 2023
This article is part of a larger series on Business Banking.
CNB Bank is a great choice for organizations needing affordable in-person business banking services. The bank offers three types of business checking accounts:
- A basic checking account with 200 free transactions per month and no monthly fee.
- An interest-earning checking account with a $10 monthly fee and 200 free transactions per month.
- A custom interest-earning checking account that offers unlimited free transactions while charging a fixed monthly fee customized for your business.
All accounts come with free cash and coin deposits, up to five free business check cards, and online banking. Other products include savings accounts, small business lending products, IntraFi Cash Services (ICS), Certificate of Deposit Account Registry Service (CDARS), and credit cards.
CNB Bank has 18 brick-and-mortar branches in northwestern Pennsylvania. To open an account, you are required to send an email, call a banker, or visit a branch.
Pros
- No monthly fee or minimum balance requirements for basic account
- 200 fee-free transactions for basic account
- Fee-free cash deposits
Cons
- Only available in 18 branches in Pennsylvania
- $10,000 minimum balance requirement on midtier account
- Additional monthly fees for online bill payment services
Features
- Basic and interest-earning checking options
- Free standard Business eBanking
- ePay available with eBanking for a low monthly fee
- Free Business Debit Card
- First-time credit (worth $71) available for client’s choice of checks except for Small Business Checking
- Nonprofit checking, nonprofit savings, business savings, CDs, lending products, ICS, and CDARS available
How CNB Bank Stacks Up With Its Competitors
When CNB Bank Is a Good Fit
- You make cash deposits regularly: Cash and coin deposits are fee-free with no limits on deposit amounts.
- You make 200 or fewer transactions per month: Two of its business checking accounts, Small Business Checking and Business Interest Checking, offer 200 fee-free transactions per month.
- You want access to small business loans: It offers Small Business Xpress (SBX) Loans, which can give qualified businesses access to term loans or lines of credit for as little as $5,000 and up to $100,000.
When CNB Bank Is Not a Good Fit
- You want nationwide access to in-person branches: CNB Bank operates exclusively in Pennsylvania. Businesses wanting access to more branches should choose Chase, which has 4,700 branches across 48 states. Check out our Chase Business Checking review to determine which of its three accounts is right for you.
- You want unlimited fee-free transactions: Its Small Business Checking and Business Interest Checking accounts offer only 200 fee-free transactions per month, whereas Novo provides an unlimited number of fee-free transactions. However, it only allows cash deposits through money orders. If this setup works for you, you can read our review of Novo Business Checking to learn more about the provider’s features.
- You want to make unlimited online bill payments fee-free: Its unlimited bill pay is only available through Business eBanking’s ePay bill payment service, which charges a low monthly fee for usage. Most online-only banks allow unlimited online bill payments, and First Internet Bank would be a good choice since it also offers a full range of banking services. Our First Internet Bank Business Checking review provides detailed information about the solution’s offerings.
If your small business meets one or more of these scenarios, head over to our guide on the best small business checking accounts for additional recommendations.
CNB Bank Business Checking Overview
CNB Bank Business Checking Requirements
Applicants can only open a business banking account by talking to a representative at one of CNB Bank’s physical locations. You can call customer service at (800) 492-3221 for business account inquiries. Customer service hours run from 8 a.m. to 5 p.m. on weekdays and 9 a.m. to noon on Saturdays. Another alternative is to send an email to CustomerServiceCenter@CNBBank.bank.
For a checklist of documents most banks typically require, refer to our guide on how to open a business bank account.
CNB Bank Business Checking Features
Digital Banking
CNB Bank offers two digital banking options: the Browser-based Business eBanking and the GoMobile app.
Business eBanking comes in two levels.
1. Standard Package lets users do the following:
- Access CNB Bank accounts
- Transfer funds between accounts
- View check images
- View deposit images and the items within the deposit
2. Full Package adds the following features:
- Originate direct deposit of payroll checks with automated clearing house (ACH) capabilities
- Initiate wire transfers
Business eBanking also offers a paid service called ePay, which provides unlimited bill pay. The bill management service lets users make single payments or schedule payments for monthly bills. The monthly fee for ePay is $5 for Small Business Checking accounts. The fee varies for Business Interest Checking and Business Custom Interest Checking.
Meanwhile, through the GoMobile app, which is available on iOS and Android, users can:
- Check account balances
- Review transaction histories
- Transfer funds between accounts
- Deposit checks with Mobile Deposit
CNB Bank’s GoMobile app has a rating of 4.8 stars on the App Store[1] (based on 1,100-plus reviews) and 4.2 stars on Google Play[2] (based on more than 200 reviews). Satisfied reviewers said that the app is easy to follow and quick to load. Negative reviews typically come from customers who encountered bugs during update rollouts.
CNB Bank Business Check Card
The CNB Bank Business Check Card is a business Visa debit card that can be used anywhere Visa debit cards are accepted. It can be used as an ATM card at Visa/Plus and MoneyPass networks. CNB Bank provides up to five free debit cards per business.
Other CNB Bank Business Products
This interest-earning account caters to nonprofits and municipalities with low banking activity. It offers 100 fee-free transactions per month and free cash deposits. You can waive the $10 monthly fee by maintaining a daily balance of $5,000 or higher.
This earns interest on excess funds and allows an unlimited number of fee-free in-person withdrawals at CNB Bank offices. It charges an undisclosed monthly maintenance fee, which can be waived with a minimum balance of $1,000.
CNB Bank also offers Non-Profit/Public Savings accounts, which require a minimum balance of $100 to waive monthly fees.
Both accounts have a minimum opening deposit requirement of $100.
Business CDs are Federal Deposit Insurance Corp. (FDIC)-insured and earn interest at locked-in rates. The minimum deposit requirement to open a CD is $500. CD terms range from one month to seven years.
If you want to provide FDIC insurance to deposits over $250,000, you can place your funds in ICS or CDARS. With an ICS or CDARS, CNB Bank will split your deposits into amounts under $250,000 and spread them across multiple FDIC-insured money market accounts (for ICS) or CDs (for CDARS).
CNB Bank offers the following lending products:
- SBX loans and lines of credit (from $5,000 to $100,000)
- Commercial term loans
- Commercial lines of credit
- Letters of credit
CNB Bank’s business credit card is the Visa Business Rewards Credit Card, a rewards-earning credit card with contactless technology. Through participation in the ScoreCard Rewards program, the card earns one point per $1 spent on net purchases. Points can be redeemed for gift cards, merchandise, and travel.
CNB Bank Business Checking Reviews From Users
The user review platforms WalletHub[3] and DepositAccounts[4] currently have very few CNB Bank business checking reviews as most posts published within the last three years instead discussed customer service and lending products. WalletHub users gave CNB Bank an average score of 2.8 (based on approximately 30 reviews) while DepositAccounts users gave it 2.5 (based on fewer than five reviews).
The only common complaint present in recent reviews was poor customer service. According to CNB Bank customers, the bank’s representatives tend to be impolite and inefficient at addressing concerns.
Bottom Line
With its 200 fee-free transactions, fee-free cash and coin deposits, and lack of a monthly service charge, the Small Business Checking account of CNB Bank is an excellent choice for companies looking for an affordable and comprehensive business checking product.
However, the bank charges extra fees for online bill payment, a feature that many banks in the market offer for free. Additionally, with only 18 physical locations, the bank is not a great fit for businesses operating outside Pennsylvania.
User review references:
