Fifth Third Bank has three checking accounts tailored to meet the needs of businesses at various levels. Each has standard features—such as a business debit card for each signer, online banking, bill pay, mobile banking, mobile deposit, discounted payroll, text alerts, and overdraft protection.
- The entry-level account has a $0 monthly maintenance fee and includes 100 fee-free transactions and $5,000 cash deposits per statement cycle. These features make this account an excellent choice for managing business finances.
- The two premium accounts have added features but charge a monthly service fee. This fee can be waived by meeting certain criteria, making the account more affordable. In addition, they provide access to cash management features, if needed, such as Electronic Deposit Manager (EDM), Automated Clearing House (ACH), lockbox, merchant services, wire transfers, and payroll services.
Why You Can Trust Fit Small Business
How I Evaluated Fifth Third Bank Business Checking
I used a few different methods to evaluate Fifth Third Bank’s business checking accounts. I first looked at as much information as possible on the bank’s website to ensure I had a good overview of the checking account structure. I then looked at online reviews from account holders and even compared them with competitors.
Additionally, since Fifth Third Bank is a traditional bank with in-person services, I compared it with comparable banking models for pricing, ease of use, features, and software integrations. In general, Fifth Third Bank has equivalent products and also includes numerous free services that are costly at similar financial institutions.
Terms & Features
| Opening Deposit Requirement | $0 for all checking accounts |
|---|---|
| Monthly Maintenance Fee |
|
| APY | N/A |
| ATM Fees |
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| Other Standout Features | Online banking, bill pay, mobile banking, text alerts, overdraft protection, discounted pricing for payroll solutions, and debit cards for all signers |
Use Cases
- Business owners requiring payroll processing: Fifth Third has partnered with Paycor (read our review of Paycor) and offers a discounted fee to all new business account holders. This is especially beneficial for businesses that require payroll processing services for employees. The actual discount may vary based on the number of employees added to the payroll transmission file, and payroll must be processed through a Fifth Third business account to qualify for the discount.
- Businesses with a moderate amount of monthly transactions: The entry-level Fifth Third Business Checking account allows 100 free transactions and $5,000 in cash to be deposited each month without any fees. This makes the account a good fit for business with a moderate level of monthly transactions.
- Fifth Third Business Checking Alternatives & Comparison
- Fifth Third Business Checking Reviews From Users
- Fifth Third Business Checking Overview of Terms
- Fifth Third Bank Business Checking Requirements
- Fifth Third Bank Business Checking Features
- Other Fifth Third Bank Business Products
- Frequently Asked Questions (FAQs)
- Bottom Line
Fifth Third Business Checking Alternatives & Comparison
| Monthly Fee | Monthly Transaction Limit Before Fees | Monthly Cash Deposit Limit Before Fees | Geographic Availability | |
|---|---|---|---|---|
 Business Checking Account | $0 | 100, then $0.50 per transaction | $5,000, then $0.003 per dollar | 11 states |
| Visit Fifth Third Bank | ||||
 Business Checking | $0 | Unlimited | Unlimited | Online in all states |
| Visit Bluevine | ||||
 Silver Business Checking | None | Unlimited digital, 25 free teller transactions | 25 free teller transactions, then $0.50 per item | 26 states |
| Visit U.S. Bank | ||||
 Business Complete Banking | Unlimited electronic deposits; $15 waivable | 250 in-person transactions | $20,000 | 48 states |
| Visit Chase | ||||
Best For | Learn More | |
|---|---|---|
| Businesses looking for an interest-bearing checking account: Fifth Third does not offer any interest-bearing business checking account. For business owners wanting to capitalize on their investment, Bluevine offers eligible customers 1.3%-3.25% APY on one of its business checking accounts. | Read our Bluevine business checking review |
| Business owners with over 100 transactions per month: Fifth Third Bank allows 100 transactions per statement cycle, whereas U.S. Bank allows 125 fee-free transactions, giving businesses more flexibility in managing transactions. | Read our U.S. Bank business checking review |
| Businesses wanting access to in-person branches across the US: Fifth Third Bank has branches in 11 states | Read our Chase Business Complete Banking review |
Fifth Third Business Checking Reviews From Users
Note: The reviews listed below are for the bank as a whole. There were no specific reviews listed for the business checking accounts individually.
| Users Like | Users Dislike |
|---|---|
| Mobile app is easy to use | Mobile app can have slow periods |
| Branch staff are personal and helpful | Checks deposited are held for lengthy amounts of time |
| Banking issues solved quickly | Some accounts are frozen with little explanation |
While reading customer reviews for Fifth Third Bank, I noticed a fair share of positive and negative feedback. Many were very pleased with how the bank handled disputes and solved account issues, while others felt they had received unfair treatment.
When diving deeper into some of the negative reviews, it was clear there were some unusual situations. Some of these resulted from fraud generated by online scammers and bank policy disputes. Others felt their check deposits were held for a long time without access to their funds.
The reviews for mobile banking from iOS and Android users were rated much higher. Most reviewers were pleased with the app’s functionality, except for slow times here and there. Some mentioned technical issues resulting in reloading the app, but others related only to a positive experience while using mobile banking.
Here’s how Fifth Third Bank scored on third-party review sites:
- WalletHub[1]: 3.4 out of 5
- Trustpilot[2]: 1.2 out of 5
- Google Play[3]: 4.7 out of 5
- App Store[4]: 4.7 out of 5
Fifth Third Business Checking Overview of Terms
| Fifth Third Business Checking Account | Fifth Third Business Premium Checking Account | Fifth Third Business Elite Checking Account | |
|---|---|---|---|
| Required Opening Deposit | $0 | $0 | $0 |
| Monthly Fees | $0 | $25; waivable | $50; waivable |
| APY | N/A | N/A | N/A |
| Transaction Limit Before Fees | 100, then $0.50 per transaction | 500, then $0.50 per transaction | 1,000, then $0.50 per transaction |
| Cash Deposits | $5,000 | $10,000 | $25,000 |
| Standard and Same-day ACH Fees |
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| Domestic Wire Transfer Fees |
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| International Wire Transfer Fees |
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| ATM Fees |
| ||
Fifth Third Bank Business Checking Requirements
The requirements to open a Fifth Third business checking account depend on your business structure.
Select your entity type to see the requirements.Select your entity type to see the requirements.LLCSole ProprietorshipCorporationNonprofitOrganization/GroupPartnership
- Articles of Organization / Certification of Formation
- Deposit Account Resolution
- Secretary of State Certificate of Good Standing
- W-9
- Trade or assumed name certificate
- Secretary of State Certificate of Good Standing
- W-9
- Articles of Organization / Certification of Formation
- Deposit Account Resolution
- Secretary of State Certificate of Good Standing
- W-9
- If applicable; obtain Fictitious Name, Trade Name, or Assumed Name Certificate (DBA)
- Not-For-Profit Articles of Incorporation
- Determination Letter for 501(c)(3) tax status from the IRS
- Deposit Account Resolution
- Secretary of State Certificate of Good Standing
- W-9
- Documentation of Membership to the Larger National Chapter (Tax ID must be in this documentation and used for account opening)
- W-9
- Deposit Account Resolution
- Articles of Organization / Certification of Formation
- Deposit Account Resolution
- Secretary of State Certificate of Good Standing
- W-9
- Partnership Agreement/Certificate of Limited Partnership
- If the partnership is using a fictitious name – Fictitious Name, Trade Name, or Assumed Name Certificate (Not required if the Name of the Partnership contains the last name of all partners)
How to Open a Fifth Third Bank Business Checking Account
Fifth Third Bank does not allow business accounts to be opened online at this time. Here are the steps to open an account in person:
- Step 1: Collect all documents needed based on the entity type of your business.
- Step 2: Find a local branch by visiting Fifth Third Bank’s Locations page.
- Step 3: Reach out to that branch to make an appointment to open an account.
Fifth Third Bank Business Checking Features
Debit Card
Each account signer at Fifth Third Bank is eligible to receive a business debit card. Please inform the customer service representative at the time of your account opening if a debit card is needed.
Physical Checks
Fifth Third Bank has three different ways to order checks
- Visit a Fifth Third Bank branch and speak to a customer service representative
- Call 1-800-355-8123
- Order checks on Fifth Third Bank’s business checking page.
Software Integrations
- QuickBooks
- Quicken
- Paycor
Customer Service
- Call 1-877-534-2264.
- Reach out to a local branch by visiting https://businessbank.53.com/.
Other Fifth Third Bank Business Products
Fifth Third Bank has a full product line to assist business owners with daily operations. Some of these include:
- Business credit cards
- Business savings accounts
- Cash management solutions
- HR and payroll
- Merchant services
- SBA lending
- Healthcare lending
- Business capital
- Wealth lending
Frequently Asked Questions (FAQs)
Is Fifth Third Bank good for small businesses?
Yes. Fifth Third Bank has a large variety of business banking products and services for businesses of all sizes. There are also free services included for business owners looking for money-saving options.
What are the disadvantages of the Fifth Third Bank?
There are a few disadvantages of banking with Fifth Third Bank. The branches only serve a small number of states, and the two premium accounts charge high monthly maintenance fees and require high balances to waive the fee.
Is Fifth Third good to bank with?
Yes. Fifth Third Bank is great for business owners looking for a traditional bank with in-person banking services. It also offers a large variety of business services and has accounts that service businesses of all sizes.
Is Fifth Third Bank safe from collapse?
Fifth Third Bank has a large asset holding of over $213 million. It ranks number 18 according to MX Blog[5] in the top 250 banks by asset size in the United States. It also has a long-standing history, with an established year of 1858, and continues to remain strong to this day.
What are some fun facts about Fifth Third Bank?
Fifth Third Bank has many firsts and continues to stay on the cutting edge of technology. In the early 1960s, it was one of the first banks to convert from handwritten banking records to a computerized system. In the 1970s, it was the first bank to establish a network of ATMs in the US. Fifth Third was also the first to place banks in shopping malls in the 1950s and in grocery stores in the 1980s, creating a seven-day banking week.
Bottom Line
Business owners looking for a traditional bank with a large variety of business banking products will find plenty of options at Fifth Third Bank. It also offers special rate promotions for premium accounts if you have a savings account under the same entity.
Fifth Third is a leader in technology with constant attention to the needs of growing businesses. It has made continuous efforts to meet technology demands, often being the first financial institution to implement changes. I highly recommend Fifth Third Bank for those wanting to build a lasting relationship with a strong bank and a solid history.
References:
[1]WalletHub
[2]Trustpilot
[3]Google Play
[4]App Store
[5]MX Blog
