First Citizens Bank Business Checking Review 2024

First Citizens Bank is a great traditional banking provider for small businesses and nonprofit organizations seeking options to waive monthly fees. Its basic business account, Business Banking, charges no monthly fee and offers a monthly allowance of 100 fee-free transactions and $5,000 worth of cash deposits.

If your business has a higher transaction volume, First Citizens Bank offers three more scalable business checking accounts. It also has a fee-free interest-earning checking account for nonprofits. Each account comes with a free debit card, waivable monthly fees, and online and mobile banking.

The bank operates more than 500 branches across 21 states, with most of its branches are in California, Florida, Georgia, North Carolina, and South Carolina. You can open a First Citizens Bank business checking account online if you are an existing customer enrolled in business digital banking and your business structure is a sole proprietorship, limited liability company (LLC), or corporation. Otherwise, a branch visit is required to open an account.

Pros

No monthly fee for basic Business Banking and nonprofit CORE Business Checking accounts when enrolled in paperless statements
High free monthly cash deposits
Discounted Treasury Management services for Business Banking I, II, and III checking accounts

Cons

Branches limited to 21 states First Citizens Bank has branches in Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin
High maintaining balances to waive the monthly fee for higher-tier checking accounts
$100 opening deposit

Features

Free business debit card
Online and mobile banking
Pay bills, transfer funds, and deposit checks using the mobile app
Customize a banking plan with a choice of discounted Treasury Management services
Integrates with QuickBooks and Quicken
Specialized checking, business savings, money market accounts, certificates of deposit (CDs), lending, and insurance

Visit First Citizens Bank

How First Citizens Bank Stacks Up With Its Competitors

	Monthly Fee	Monthly Transaction Limit Before Fees	Monthly Cash Deposit Limit Before Fees	Geographic Availability
Business Banking	$0 when enrolled in paperless statements	100, then 50 cents per item	$5,000, then 20 cents per $100	21 states First Citizens Bank has branches in Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin
Business Banking	Visit First Citizens Bank
Business Checking	$12; waivable	150, then 50 cents per item	$5,000, then 30 cents per $100	Washington, D.C., and 28 states PNC Bank has branches in Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maine, Maryland, Michigan, Minnesota, Missouri, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Wyoming
Business Checking	Visit PNC Bank
Silver Business Checking	$0	125, then 50 cents per item	$2,500 free, then 33 cents per $100	All states U.S. Bank is available in all states via online banking. It has branches in Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
Silver Business Checking	Visit U.S. Bank

When First Citizens Bank Is a Good Fit

You want to bank without a monthly fee: The basic Business Banking account does not have a monthly fee as long as you enroll in paperless statements.
Your business has a low transaction volume: With its Business Banking checking account, you get 100 free items and up to $5,000 in free cash deposits each month.
You’re a nonprofit organization: First Citizens Bank allows small charitable organizations, small religious institutions, and short-term end-of-life estate accounts to open a CORE Business Checking account—a free nonprofit checking account if you enroll in paperless statements. The account also earns variable interest The interest is compounded daily and paid monthly based on its daily collected balance.
You want to benefit from discounted treasury management services: You can open a Business Banking I, II, or III checking account to tailor your business checking package and access remote deposit capture, fraud prevention, and Electronic Data Interchange (EDI) reporting banking services.

When To Consider First Citizens Bank Alternatives

You want a bank with wide geographic coverage: First Citizens Bank’s brick-and-mortar branches are located in 21 states. A good alternative is Chase, which has 4,700 branch locations in 48 states, making it a great fit for businesses seeking wider branch access. Read our review of Chase business checking to learn about its three accounts.
You want to earn interest on checking deposits: Only First Citizens Bank’s nonprofit account earns interest. The best interest-earning account is Bluevine Standard Checking, which offers a competitive 2.0% APY on qualifying balances up to $250,000. Our Bluevine business checking review will tell you how to qualify for the provider’s APY.
You want access to affordable wire transfers: First Citizens Bank’s wire transfer fees are steep. Conducting digital wire transfers requires paying a wire transfer base module of $15 per month. Meanwhile, Mercury charges zero fees for wire transfers. Learn more about the provider through our review of Mercury business checking.

You can see more recommendations in our list of the leading small business checking accounts.

For state-specific alternatives, see our lists of the:

First Citizens Bank Business Checking Overview

Terms
Features

	Business Banking	Business Banking I	Business Banking II	Business Banking III	Core Business Checking (for Nonprofits)
Required Opening Deposit	$100
Required Minimum Balance	N/A	$25,000 average daily ledger balance	$50,000 average daily ledger balance	$75,000 average daily ledger balance	N/A
Monthly Transaction Items include all debits, credits, and deposited items Limit Before Fees	100 items Each item or transaction (other than non-PIN debit card transactions) resulting in a debit or credit to the account is considered a separate “item.” This includes each check, paper draft, deposit, item deposited, wire transfer, electronic withdrawal or transfer, and PIN-based transaction. , then 50 cents thereafter	250 items Each item or transaction (other than non-PIN debit card transactions) resulting in a debit or credit to the account is considered a separate “item.” This includes each check, paper draft, deposit, item deposited, wire transfer, electronic withdrawal or transfer, and PIN-based transaction. , then 50 cents thereafter	500 items Each item or transaction (other than non-PIN debit card transactions) resulting in a debit or credit to the account is considered a separate “item.” This includes each check, paper draft, deposit, item deposited, wire transfer, electronic withdrawal or transfer, and PIN-based transaction. , then 50 cents thereafter	750 items Each item or transaction (other than non-PIN debit card transactions) resulting in a debit or credit to the account is considered a separate “item.” This includes each check, paper draft, deposit, item deposited, wire transfer, electronic withdrawal or transfer, and PIN-based transaction. , then 50 cents thereafter	100 items Each item or transaction (other than non-PIN debit card transactions) resulting in a debit or credit to the account is considered a separate “item.” This includes each check, paper draft, deposit, item deposited, wire transfer, electronic withdrawal or transfer, and PIN-based transaction. , then 50 cents thereafter
Monthly Fees	N/A when enrolled in paperless statements	$25 Avoid the monthly fee by having an active First Citizens merchant services account OR maintaining the required minimum balance	$50 Avoid the monthly fee by having an active First Citizens merchant services account OR maintaining the required minimum balance	$75 Avoid the monthly fee by having an active First Citizens merchant services account OR maintaining the required minimum balance	N/A when enrolled in paperless statements
Automated Clearing House (ACH) Fees	Batch of 15 transactions per month: $15, then $1 per item over limit Batch of 30 transactions per month: $25, then $1 per item over limit Single payments: $3 Same-day ACH transactions: $1
Domestic Wire Transfer Fees	Wire transfer base module per month: $15 (digital) Domestic wire origination: $15 (digital) Incoming: $16 Outgoing: $100
International Wire Transfer Fees	Wire transfer base module per month: $15 (digital fee) Incoming: $16 (United States dollars and foreign currency) Outgoing: $60 (USD) and $25 (foreign currency)
ATM Fees	None at First Citizens ATMs, $2.50 per transaction at non-First Citizens Bank ATMs Third-party operator fees may apply
Cash Deposit Fees	$5,000 free monthly then 30 cents per $100	$10,000 free monthly then 30 cents per $100	$15,000 free monthly then 30 cents per $100	$20,000 free monthly then 30 cents per $100	$2,500 free monthly then 30 cents per $100
APY	N/A	N/A	N/A	N/A	Yes (based on daily collected balance)

	Business Banking	Business Banking I	Business Banking II	Business Banking III	Core Business Checking
Debit Card	Free Visa^® Business Debit Card
Physical Checks	Varies based on style
Software Integrations	QuickBooks and Quicken
Business Payment Integrations	Zelle and Merchant Services
Customer Service	Toll-free: (866) 322-4249 (24/7 automated system) Digital banking for business: Monday to Friday, 8 a.m. to 9 p.m. Eastern time Saturday, 8 a.m. to 8 p.m. ET Commercial Advantage: Monday to Friday, 8 a.m. to 9 p.m. ET
Other Products	Specialized checking, business savings, money market accounts, CDs, lending, and insurance
Discounted Treasury Management Products	N/A	Choose 1 Treasury Management product	Choose 2 Treasury Management products	Choose 3 Treasury Management products	N/A

First Citizens Bank Business Checking Requirements

Among First Citizens Bank’s business checking accounts, only Business Banking is available for online account opening. However, to open a Business Banking account online, you must meet both of the following requirements:

You must be an existing First Citizens business customer with a Business Digital Banking login.
Your organization must be a sole proprietorship, LLC, or corporation.

If you do not meet these requirements or are opening a different type of account, you must visit a branch.

During the application process, you’ll need to provide the business’s federal employer identification number (EIN). If you are a sole proprietorship or a sole LLC member, you can provide your Social Security number instead.

Anyone with 25% or greater ownership or significant business responsibility will be asked for personal identifying information, including Social Security number or passport information for non-United States residents. Your business status must be listed as active, current, or in good standing on the website of the state entity where the corporation, LLC, or partnership is registered. LLCs, partnerships, and sole proprietors must also complete and sign First Citizens’ Declaration of Unincorporated Business document.

Here are additional business checking requirements according to business type:

Two forms of identification, such as a driver’s license or Social Security number
Certificate of assumed name, if using a trade or assumed name and if required by state law

Partnership agreement for general partnerships
Certificate of limited partnership for limited partnerships

Articles of organization or government-issued business license

Certified articles of incorporation, corporate charter or government-issued business license, corporate by-laws
501(c) letter from the IRS or tax-exempt documentation for nonprofits
Corporate resolution certified by corporate secretary or other applicable officer and a signature card signed by account signers

Before opening an account, see our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.

First Citizens Bank Business Checking Features

First Citizens Bank’s business checking accounts feature a free Visa® Business Debit Card, online and mobile banking, and a choice of discounted Treasury Management services (except for the basic Business Banking and nonprofit CORE Business Checking account).

Free Visa^® Debit Card

With your business checking account, you’re provided a First Citizens Visa^® Business Debit Card automatically. It is a contactless card you can use to pay for purchases instead of issuing checks and is covered by 100% liability and fraud protection.

Online & Mobile Banking

First Citizens Digital Banking for Business lets you access banking activities through your computer or mobile device. However, you are required to visit a branch or call the bank to enroll in this service.

Digital banking lets you do the following:

View accounts, transactions, and statements
Set up email and text alerts
Transfer money
Pay bills, credit cards, and loans
Manage cards
Access ACH and wire transfer services
Deposit checks remotely through mobile check deposit (mobile) or scanner (desktop)
Designate account access levels for employee accounts

Users have a lot of positive feedback for First Citizens Bank’s mobile app. On App Store^[1], it has a rating of 4.5 from around 23,000 reviews, while on Google Play^[2], it has 4.6 stars from about 14,800 reviews. Reviewers praised the app’s security and user-friendly Bill Pay system. They stated that it is convenient and reliable with little downtime. However, a few users who gave low ratings encountered login issues and mentioned that the app takes a while to load. Others said that the app lacked modern features.

Business Services

Merchant services: Business owners can use traditional desktop terminals, small terminals, and point-of-sale (POS) devices for in-store card payments, while wireless terminals and virtual terminals are available for secure card processing when handling mobile and online payments.
First Citizens Visa^® Purchasing Card: Business owners expecting to spend $1 million annually can apply for this card. It can be used in-person and online for your business purchases. You’ll benefit from secure electronic payments, lower costs, controlled spending limits, and easy monitoring of your purchase activity.
Fraud prevention: The bank provides business owners with fraud prevention services through:
- ACH positive pay: Helps block and return unauthorized electronic ACH transactions
- Check positive pay: Evaluates each check based on the electronic file record from your list of issued checks and reports irregularities.
- Reverse positive pay: Lets you review all paid checks from the previous day and decide whether to pay or return them.
Remote deposit capture (RDC): You can deposit checks remotely with the bank’s desktop scanner. If you transmit and confirm images by 10 p.m. ET, these will already be posted and available for the next business day.
EDI reporting: You can process payments faster and receive same-day emails containing detailed remittance information for all payments. This service reduces mistakes from manual input of data and guarantees on-time ACH payments and deposits.

Other Business Services

Business liquidity management: Business credit line sweep, business investment sweep, and zero balance accounts
ACH services: ACH payments and ACH receivables

Choice of Discounted Treasury Management Services

With a Business Banking I, II, and III checking account, you have the option of customizing a business checking package by adding a discounted treasury management service. The available treasury management products are RDC (free scanner), EDI reporting, ACH positive pay, check positive pay, and reverse positive pay.

Other Banking Products

CORE Business Checking is designed for nonprofits. This interest-earning account does not charge a monthly fee when enrolled in paperless statements and provides a free 100-item monthly transaction allowance.
Analysis Business Checking is ideal for companies with more complex banking needs. This account offers businesses a monthly earnings credit to offset their monthly expenses.
Basic Business Checking is offered to public entities only and has no monthly fee. This account requires a $100 opening deposit and provides 150 fee-free items.
Premier Business Checking is also limited to public entities. This account has a $100 minimum opening deposit, a $25 monthly maintenance fee, and a 500-item fee-free transaction allowance.

Business Savings: For a minimum of $100, you can earn compounded interest on your daily balance. The $5 monthly fee is waived by maintaining a $300 daily ledger balance.
Premium Money Market Savings: For a minimum of $25,000, you can earn interest based on tiered rates as your balances increase. The $10 monthly fee is waived by maintaining a $25,000 average daily balance.

With a minimum deposit of $500, you can earn guaranteed fixed interest rates and choose a 12-, 24-, or 36-month CD term. A monthly fee does not apply for business CD accounts.

First Citizens Bank offers four Visa small business credit cards: the Premium Rewards Business Visa, Rewards Business Visa, Cash Rewards Business Visa, and Business Visa. These provide redeemable point rewards, accelerated earnings, cash rewards, and low interest rates.

The following types of business lending products are available:

Business loans
Business lines of credit
SBA term loans (SBA 504, SBA 7(a), or SBA Express)
Commercial letters of credit
Standby letters of credit
Equipment financing and leasing
Tractor and trailer financing
Vendor financing
Preapproved credit lines

To learn more about the different SBA terms, rates, and requirements, check out our guides to the

To protect your business and minimize risks, the bank provides auto insurance, bonds, liability insurance, life and disability insurance, property insurance, succession planning, umbrella insurance, and workers’ compensation.

You may be interested to read our guide on small business insurance to learn about costs and coverages.

Business owners can offer their employees insurance and retirement plans, including access to free financial education sessions and consultations through the Bank at Work program.

First Citizens Bank makes overseas transactions easy with its commercial letters of credit, foreign exchange (forex) services, documentary collections, international wire transfers, and standby letters of credit.

The bank offers financing and tailored banking products to different areas of expertise, such as agribusiness, healthcare, manufacturing and distribution, nonprofits, professional services, property management, skilled trades, and transportation and logistics.

First Citizens Bank Business Checking Reviews From Users

Many of First Citizens Bank’s business checking reviews contain unfavorable comments. The bank scored 2.4 on ConsumerAffairs^[3] from around 100 reviews, 2.0 on WalletHub^[4] from about 280 reviews, and 1.7 on Trustpilot^[5] from around 20 reviews.

Business checking customers said the check deposits take longer to reflect on the account compared to other banks and also mentioned having encountered high transaction fees. Some of the reviews focused on the bank’s quality of customer service.

Although a few shared their positive experience with friendly and responsive bank staff, several complained that they encountered rude personnel. They also reported that they were often asked to contact the branch when they called the customer service toll-free line.

Frequently Asked Questions (FAQs)

Yes, First Citizens business accounts are FDIC-insured up to $250,000 per depositor.

First Citizens Bank offers a basic and nonprofit business checking account with no monthly fees if you sign up for paperless statements. It also provides options to waive the monthly fees for its higher-tier checking accounts. However, the monthly fees can be steep if you cannot meet the required balances for waiver or keep an active merchant services account.

Yes, First Citizens Bank provides a Business Banking checking account, which lets you avoid monthly fees if you sign up for paperless statements.

Bottom Line

First Citizens Bank caters to the different transaction needs of small business owners, offering Business Banking to those with low transaction volume with its 100 free items per month. As your business activity increases over time, you can open higher-tier accounts, which provide additional discounted Treasury Management services that protect your business from fraud and increase your operational efficiency. First Citizens Bank also has multiple banking products and business services, making it a great choice if your business is located near one of its branches.

User review references:
¹App Store
²Google Play
³ConsumerAffairs
⁴WalletHub
⁵Trustpilot

First Citizens Bank Business Checking Review 2024

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