Fifth Third Bank is an excellent choice for businesses looking to establish a strong bank relationship. It offers three scalable business checking accounts:
- Fifth Third Business Checking AccountTM has a 100 free monthly transaction limit, a $5,000 free cash deposit limit, and no monthly service fee.
- Fifth Third Business Premium Checking Account® offers 500 fee-free monthly transactions, a $10,000 cash deposit allowance, and some discounted treasury management products.
- Fifth Third Business Elite Checking Account® provides 1,000 monthly free transactions, a $25,000 free cash deposit limit, free fraud protection, automated clearing house (ACH) initiation, and Fifth Third Direct Prior Day Reporting services.
The monthly service fees of the higher-tier accounts are waived by combining balances with other business bank accounts, using a credit card for monthly spending, or having business loans. You also gain an additional relationship interest rate when you have a Business Premium or Business Elite checking account linked with a Business Relationship Savings account.
Pros
- No monthly service fee for basic-tier account, Fifth Third Business CheckingTM
- High monthly cash deposit allowance
- Cardless ATM feature using the mobile app to withdraw cash
Cons
- Bank locations in 11 states only
- High monthly maintenance fees for higher-tier checking accounts
- Steep wire fees
Features
- Business debit card
- Digital banking
- Overdraft solutions
- Merchant services
- Analyzed checking accounts, public funds accounts, and Interest on Lawyer Account (IOLA)/Interest on Trust Accounts (IOTA) IOLA refers to Interest on Lawyer Accounts and IOTA refers to Interest on Trust Accounts
- Business savings accounts, certificates of deposit (CDs), and credit cards
- Small Business Administration (SBA), real estate, and term loans and lines of credit
- More than 40,000 fee-free ATMs at Fifth Third Bank, Allpoint, and selected 7-Eleven networks
How Fifth Third Bank Stacks Up With Its Competitors
When Fifth Third Bank Is a Good Fit
- You have a low monthly transaction volume and want monthly fee savings: The Fifth Third Business Checking AccountTM offers up to 100 fee-free transactions, which include checks paid, deposited items (paper and electronic), cash deposits, deposit tickets, ACH addenda, ACH credits and debits received, and overdraft protection transfers. It also does not charge a monthly service fee.
- You have a moderate or high transaction activity: Fifth Third Bank’s higher-tier business checking accounts, Fifth Third Business Premium Checking Account® and Fifth Third Business Elite Checking Account®, offer higher monthly transaction limits.
- You make regular cash deposits: Business owners get high cash deposit allowances from Fifth Third Bank, from $5,000 for its basic-tier account up to $25,000 under its highest-tier account.
- You plan to establish a solid banking relationship: Opening several business banking products at Fifth Third Bank has many advantages. Both higher-tier accounts allow waiver of monthly service fees by combining balances from business checking, savings, or CD accounts, using a credit card for monthly purchases, or having business loans.
When To Consider Fifth Third Bank Alternatives
- You regularly send and receive wire transactions: Fifth Third Bank domestic and international wires can increase business costs. We recommend Mercury for offering fee-free inbound and outbound domestic and international wire transfers. See our Mercury business checking review to learn more about Mercury’s features.
- You seek to earn annual percentage yield (APY): While Fifth Third Bank offers savings products that earn interest, its business checking accounts don’t provide APY earnings. Consider Bluevine’s 2.00% yield on qualifying balances up to $250,000. Read our review on Bluevine business checking to see if Bluevine is a good fit for your business needs.
- You want nationwide branch access: The branches of Fifth Third Bank are limited to 11 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee, and West Virginia. If you’re looking for in-person banking in more states, an excellent alternative is Chase. Our Chase Business Complete Banking review provides more information about Chase’s basic-tier account.
Check out more providers in our list of the best small business checking accounts.
Fifth Third Bank Business Checking Overview
Fifth Third Bank Business Checking Requirements
Opening a Fifth Third business checking account requires visiting a local branch, contacting a business banker online, or calling the bank’s business banking support center at (877) 534-2264. You can also schedule a branch or phone appointment online.
The bank will ask you to provide business information, such as:
- Legal business name, address, and phone number
- Tax identification number (TIN)
- Form W-9 or W-8
- Organization documents
- Beneficial ownership disclosure form
All signers must also provide their personal information, such as:
- Name, address, and phone number
- Social Security number
- Driver’s license or ID
- Mother’s maiden name
Here are additional Fifth Third Bank business checking requirements according to business type:
- 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
- Partnership agreement/certificate of limited partnership
- Fictitious name/trade name or assumed name certificate, if applicable
- Articles of organization/certification of formation
- Deposit account resolution
- 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
- Fictitious name/trade name or assumed name certificate (DBA), if applicable
- 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 (TIN must be provided in the documentation and used for account opening)
- W-9
- Deposit account resolution
Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
Fifth Third Bank Business Checking Features
Fifth Third Bank offers three scalable business checking accounts, digital banking, fee-free ATM transactions at designated interbank networks, and overdraft solutions.
- A Fifth Third Business Checking AccountTM is designed for businesses with basic transactions and credit needs. It provides up to 100 free monthly transactions and up to $5,000 in cash deposits. It also does not charge a monthly service fee.
- A Fifth Third Business Premium Checking Account® suits businesses with moderate transaction activity. The monthly free transaction limit is 500 per month, while the cash deposit allowance is up to $10,000. The $25 monthly service fee can be waived in various ways. Users also get discounted fraud management tools and money management services, including preferential pricing on payroll services.
- A Fifth Third Business Elite Checking Account® is ideal for businesses with high transaction volumes requiring advanced treasury management solutions. It offers up to 1,000 fee-free monthly transactions and a cash deposit allowance of up to $25,000. The $50 monthly service fee is waivable. Further, users get free check fraud protection, ACH initiation, and Fifth Third Direct Prior Day Reporting services for free.
Fifth Third Bank has over 2,100 ATMs but provides access to over 40,000 nationwide ATMs through its partners, Allpoint and 7-Eleven (see Fifth Third Bank branch/ATM locator site).
Fifth Third Bank offers secure online and mobile banking through encryption. Users can pay bills, set up account alerts, access up to 24 months of account history, download statements, and transfer funds.
Fifth Third Bank also provides various features through its mobile banking app. Users can deposit checks, send money through Zelle, and check balances without logging in.
The bank has a cardless ATM feature, allowing customers to withdraw at Fifth Third ATMs without a debit card. They must sign into the mobile banking app, select the account to withdraw money from, and tap the Cardless ATM icon. On the ATM screen, they can touch anywhere, scan the code that appears on their phone, and enter their PIN to proceed with the transaction.
Fifth Third Bank’s mobile banking app is available at the App Store[1] and has a 4.7 out of 5 rating from around 294,000 reviews. On Google Play[2], it has a 3.7 out of 5 rating based on 126,000 reviews. Users appreciate its updated look and ease of use, but there were several negative reviews of the app’s latest update. Many reported they experienced login issues and crashes.
Fifth Third Bank offers business customers overdraft coverage and overdraft protection.
- Overdraft coverage: The bank pays the transactions when funds are insufficient in the account. However, overdraft payments are discretionary and the bank reserves the right not to pay, especially when the account is not in good standing, deposits are irregular, or overdrafts are numerous. Enrollment is automatic for overdraft coverage, but users can opt out.
- Overdraft protection: The client can use the money stored in another account to cover a negative balance. Any Fifth Third business checking accounts are protected by linking a Fifth Third Simply BusinessTM Credit Card, business savings accounts, and selected business checking accounts. Transfer fees apply.
Check out our guide on business overdraft protection to learn more about how it works.
Other Fifth Third Bank Business Products
Fifth Third Bank has a full range of business products, which include specialty checking accounts, savings products, credit cards, lending products, and Treasury Management solutions.
Specialty Business Checking Accounts
- Commercial Analyzed Checking account
- Public funds account
- IOLA/IOTA IOLA refers to Interest on Lawyer Accounts and IOTA refers to Interest on Trust Accounts
Savings Products
- A Fifth Third Business Relationship Savings account earns tiered interest rates the higher the balances grow. You get a relationship interest rate when you have a Business Premium or Business Elite Checking account. Further, the account has check-writing privileges and a free monthly transaction limit of up to 20 deposited items. Only three checks or withdrawals are allowed each month.
- A Fifth Third Business Savings account collects a $5 monthly maintenance fee, which is avoided by maintaining a $1,000 average monthly collected balance. The interest is tiered and you can deposit up to 20 items monthly without a fee.
- A Fifth Third Business Money Market account has a $10 monthly maintenance fee which is waived by maintaining an average monthly collected balance of $10,000. Like the other savings accounts, the interest varies according to the daily balance and is subject to change.
- Fifth Third Business CDs have flexible terms, starting at seven days, and are covered by FDIC insurance.
Credit Cards
- A Fifth Third Simply BusinessTM Card provides a 1.67% unlimited cash back for every dollar spent. It has no rotating categories, earnings cap, or point expiration. Read our Fifth Third Simply BusinessTM Card review to learn more about the card’s features.
- A Fifth Third Commercial Card offers in-depth reporting tools and fraud protection monitoring. The card’s $250 fee is waived by spending a minimum of $350,000 a year.
Lending Products
- Fifth Third Fast Capital
- Lines of credit
- Term loans
- Real estate loans
- SBA financing
- Practice financing
Treasury Management Solutions
- Electronic Deposit Manager (EDM)
- Fifth Third Direct®
- ACH
- Wire transfers
- Lockbox
- Payroll services via Paycor
- Fraud protection (positive pay, check block, and ACH transaction control)
Fifth Third Bank Business Checking Reviews From Users
Fifth Third Bank business checking reviews are unavailable on third-party sites. On Trustpilot[3], Fifth Third Bank has a 1.3 out of 5 rating from around 115 reviews. Users said they received friendly and professional customer service at the branch.
However, some reviewers complained about being charged overdraft fees without receiving a grace period. Several clients also stated they experienced long waits on hold and dropped calls from offshore customer service agents. Others reported that fraud disputes take a long time to resolve.
Bottom Line
Fifth Third Bank maximizes relationship banking benefits by offering additional interest if you link specific business checking and savings accounts. You get monthly service fee waivers if you use the bank’s credit card, have business loans, or combine balances with other savings products. We recommend Fifth Third Bank to business owners looking to build a strong bank relationship to save on monthly service fees and earn higher interest rates from their linked savings account.
User review resources: