First Citizens Bank Business Checking Review 2023
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
First Citizens Bank is an outstanding traditional bank for small businesses and nonprofit organizations with a low transaction volume and seeking no monthly fees. It has 500-plus branches in 21 states and provides five business checking account options: Business Banking, Business Banking I, Business Banking II, Business Banking III, and Core Business Checking (for nonprofits). They come with a free debit card, waivable monthly fees, online and mobile banking, and a choice of discounted Treasury Management services, except for the Business Banking and Core Business Checking accounts.
What We Like
- No monthly fee for Business Banking and 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
What's Missing
- Branches in 21 states: 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
- Account opening must be done at a branch
- $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 Quicken and QuickBooks
- Full suite of banking products and services
How First Citizens Bank Stacks Up With Its Competitors
Annual Percentage Yield (APY) | Free Monthly Transactions | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|---|
 Business Banking | N/A | 100 | $5,000 free per month, then 20 cents per $100 | None at First Citizens ATMs, $2.50 per transaction at non-First Citizens Bank ATMs | $100 |
 Business Checking | N/A | 150 | $5,000 free, then 30 cents per $100, per statement cycle | $3 per transaction at any non-PNC Bank ATM | $100 |
 Silver Business Checking | N/A | 125 | $2,500 free, then 30 cents per $100 per statement cycle | None at MoneyPass ATMs, operator fees may apply for non-US Bank ATMs | $100 |
When First Citizens Bank Is a Good Fit
- 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 have a nonprofit organization looking for an interest-bearing account with no monthly fees: 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 based on its daily collected balance.
- You frequently deposit large cash deposit amounts: Its basic Business Banking checking account provides up to $5,000 in free cash deposits and up to $20,000 for its Business Banking III checking account.
- You want to take advantage of Treasury Management services: First Citizens offers a choice of discounted Treasury Management services to Business Banking I, II, and III checking account holders.
- You want a free basic business checking account: Business Banking checking doesn’t have a monthly fee as long as you enroll in paperless statements.
When First Citizens Bank Is Not a Good Fit
- Your business needs in-person banking but is based outside the bank’s service area: First Citizens Bank’s brick-and-mortar branches are located in 21 states: 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. We recommend Chase for wider branch access given its 4,700 branch locations in 48 states. Read our Chase Business Complete Banking review to learn about its business checking products.
- You want a traditional bank with no monthly fees: First Citizens Bank’s Business Banking I, II, and III require $25,000, $50,000, and $75,000 average daily balances, respectively, to waive its monthly fees. If this is a deal-breaker for you, then U.S. Bank’s Silver Business Checking is ideal since it charges no monthly fees. Learn about its features and fees from our U.S. Bank Business Checking review.
- You prefer the convenience of a digital bank offering a free checking account: With First Citizens Bank, you need to visit a branch to open a business checking account. If your needs can be satisfied by digital-only banks and fintechs, you can review our list of the best online business banks to open a fee-free account.
Check out more providers in our list of the leading small business checking accounts.
First Citizens Bank Business Checking Overview
First Citizens Bank Business Checking Requirements
You can visit a First Citizens Bank branch to open a business checking account. You’ll need to provide the business’s federal employer identification number (EIN). For a sole proprietorship business or sole limited liability company (LLC) member, a Social Security number is accepted.
Note that anyone with 25% or greater ownership or significant 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 the Declaration of Unincorporated Business.
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 offer 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’s 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
You can view account transactions, transfer money, and pay your bills from any device easily with First Citizens Digital Banking for Business. To enroll, visit a local branch or call the bank—take note that an active First Citizens business account is required.
Reviews for First Citizens Bank’s mobile app are good on App Store (4.5 out of 5) and Google Play (4.3 out of 5). Users like the convenience of depositing checks using a mobile device and the ease of navigation of the Bill Pay system. Others, however, still experience login issues and request additional features present in other banks, such as notes for Bill Pay.
Business Banking
The basic Business Banking checking account is a great match for small businesses, with its 100 free items per month and up to $5,000 free cash deposits. It’s ideal for those who prefer not to pay any monthly fee since this is a free account when you enroll in paperless statements.
Business Banking I
For growing businesses with higher checking activity, Business Banking I is an excellent checking option. It offers free 250 items per month and fee-free monthly cash deposits of up to $10,000. As long as you’re able to meet the $25,000 minimum daily balance, you’re exempt from paying the $25 monthly fee.
This account also allows you to add one discounted Treasury Management product to your banking package, such as remote deposit capture, Electronic Data Interchange (EDI) reporting, or any fraud protection tools (ACH Positive Pay, Check Positive Pay, or Reverse Positive Pay).
Business Banking II
It provides as many as 500 free items per month and up to $15,000 in free cash deposits, making it ideal for established businesses. You can waive the $50 monthly fee if your account reaches the $50,000 minimum daily balance. Similar to Business Banking I, you’re given a choice to add a Treasury Management product at a discount, limited to two services.
Business Banking III
For even higher banking needs, the Business Banking III checking account can handle your growing business activity. You get up to 750 free items each month and up to $20,000 fee-free monthly cash deposits. Keeping a $75,000 minimum daily balance in your account lets you avoid paying the hefty $75 monthly fee. In addition, you can access three treasury management products at a discounted rate.
Core Business Checking
Small community organizations, religious institutions, and short-term end-of-life estate accounts can open a free nonprofit checking account—provided they enroll in paperless statements. This account offers 100 free monthly transactions and up to $2,500 free cash deposits each month. The Core Business Checking can earn interest that’s compounded daily and paid out each month.
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 automated clearing house (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: You can deposit checks remotely with the bank’s desktop scanner. If you transmit and confirm images by 10 p.m. Eastern time, 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 remote deposit capture (free scanner), EDI reporting, ACH Positive Pay, Check Positive Pay, and Reverse Positive Pay.
Other Business Checking Product
An Analysis Business Checking account is ideal for companies with more complex banking needs. It offers businesses a monthly earnings credit to offset their monthly expenses.
Other Banking Products
- Business savings: For a minimum of $100, you can earn 0.03% annual percentage yield (APY) on your daily balance. The monthly fee is waived when you maintain 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 if you maintain a $25,000 average daily balance.
- Business certificate of deposit (CD): With a minimum deposit of $500, you can earn an interest of 0.10% to 0.25%, depending on if you choose a 12, 24, or 36 months CD term. A monthly fee doesn’t apply to business CD accounts.
- Credit cards: First Citizens Bank offers four Visa small business credit cards: the Business Rewards Visa, Business Rewards Visa with Accelerated Earnings, Cash Rewards Business Visa, and Business Visa. These provide rewards, accelerated earnings, cash rewards, and low-interest rates.
- Business financing: The bank extends short and long-term small business solutions through business loans, business lines of credit, Small Business Administration (SBA) term loans, commercial letters of credit, and standby letters of credit.
- Equipment finance and leasing: Business owners can obtain equipment and vehicle financing for their businesses through vehicle and equipment financing, tractor and trailer financing, vendor financing, and preapproved credit lines.
Learn about the two options by reading our guides on Equipment Leasing and Equipment Financing.
- Insurance: 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.
- Business employee benefits: Business owners can offer their employees insurance and retirement plans, including access to free financial education sessions through the Bank at Work program.
- International banking services: First Citizens Bank makes overseas transactions easy with its commercial letters of credit, foreign exchange services, documentary collections, international wire transfers, and standby letters of credit.
- Customized banking solutions: The bank offers financing and tailored banking products to different areas of expertise, such as property management, transportation and logistics, nonprofits, professional services, healthcare, agribusiness, manufacturing and distribution, and skilled trades.
First Citizens Bank Business Checking User Reviews
| PROS | CONS |
|---|---|
| Helpful and pleasant branch customer service | Debit card takes a long time to arrive |
| Overdraft fee charges despite making a deposit | |
| Multiple erroneous fees not refunded | |
First Citizens Bank has a 3.8 out of 5 rating on ConsumerAffairs with around 65 reviews and a 2 out of 5 rating on WalletHub with around 260 reviews. Clients said that they appreciate that the bank personnel goes the extra mile to assist them with issues.
Meanwhile, some claimed that there’s a delay in receiving a debit card via mail. Others also said that they have concerns about being charged overdraft fees even if they already made deposits to their accounts. While the bank reimbursed some of the fees charged mistakenly, there were still complaints of repeat charging.
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.
