First Commonwealth Bank is great for businesses that generate a low-to-moderate transaction volume per month. It offers three types of small business checking accounts, which all provide 500 free transactions per month. You can choose between the following:
- Business Checking: A $0 entry-level account
- Business Solutions Checking: A $25-per-month account that provides access to remote deposit capture, automated clearing house (ACH) origination, online wire transfers, and positive pay
- Business Checking Plus: A $10-per-month account that earns 0.02% annual percentage yield (APY)
The minimum opening deposit requirement for all accounts is $50. Other offerings from the bank include analyzed checking accounts, savings accounts, money market accounts, financing products, and credit cards.
- Branches exclusive to Pennsylvania and Ohio
- Branch visit required for account opening
- Only 0.02% APY for interest-earning account
- $50 minimum deposit requirement
- 500 free transactions for all account types
- Free Business Debit Mastercard
- Online banking
- Mobile banking
- Treasury management solutions for Business Solutions Checking holders
- Analyzed checking, savings products, financing products, and credit cards
How First Commonwealth Bank Stacks Up With Its Competitors
When First Commonwealth Bank Is a Good Fit
- You want to bank without a monthly fee: The First Commonwealth Bank Business Checking account has no monthly fee and minimum balance requirements.
- You have a low to moderate monthly transaction volume: All nonanalyzed First Commonwealth Bank business checking accounts offer 500 free transactions per month.
- You need access to business software discounts: With the First Commonwealth Bank Business Debit Mastercard, you get discounts on QuickBooks, TurboTax, Salesforce Essentials, and Microsoft 365.
When To Choose an Alternative
- You need nationwide access to in-person banking: First Commonwealth Bank operates exclusively in Ohio and Pennsylvania, whereas Chase runs brick-and-mortar branches in all 48 mainland states. Refer to our Chase business checking review for a breakdown of all three Chase business accounts.
- You seek competitive interest: Business Checking Plus only earns 0.02% APY and charges a $10 monthly fee. Meanwhile, Bluevine’s standard business checking account has no monthly fee and pays 2.0% APY on balances of $250,000 and less. Our review of Bluevine business checking outlines the requirements you need to meet to access Bluevine’s APY.
- You make wire transfers regularly: Outgoing wire transfers at First Commonwealth Bank cost $25 domestically and $50 internationally. With the financial technology (fintech) solution Mercury, all wire transfers are free. Read our Mercury business checking review for more information.
If your small business meets one or more of these scenarios, check out our guide to the best small business checking accounts for additional recommendations.
First Commonwealth Bank Business Checking Overview
First Commonwealth Bank Business Checking Requirements
To open a business checking account, you are required to schedule an in-person visit. First Commonwealth Bank business checking requirements include the following:
All authorized signers and beneficial owners must provide:
First Commonwealth Bank Business Checking Features
Business Debit Mastercard
Once you open your business checking account, you get access to a free Business Debit Mastercard. The card connects with Apple Pay, Samsung Pay, Google Pay, Fitbit Pay, and Garmin Pay.
Thanks to the card’s participation in the Mastercard Easy Savings program, you can earn rebates with participating retailers. The card comes with discounts on QuickBooks, TurboTax, Salesforce Essentials, and Microsoft 365.
You can access banking services through the First Commonwealth Bank website or mobile app. Through digital banking, you can do the following:
- Review your accounts
- Make payments
- Transfer funds
- Set up email and text alerts
- Manage users
- Deposit checks remotely (app only)
The app has a rating of 4.8 on the App Store (based on more than 17,000 reviews) and 4.5 on Google Play (based on 4,000-plus reviews). The majority of users said that the app is reliable and easy to use. However, a handful of customers reported a glitch wherein they were told to update the app despite there being no update available.
Treasury Management Solutions
Business Solutions Checking comes with the following treasury management solutions:
- Remote deposit capture (RDC)
- ACH origination
- Online wire transfers
- Positive pay
Other First Commonwealth Bank Business Products
First Commonwealth Bank offers analyzed checking accounts, savings products, lending products, credit cards, and employee services.
Aside from Business Checking, Business Solutions Checking, and Business Checking Plus, First Commonwealth Bank also offers Elite Business Checking. It is an analyzed business checking account with no monthly fee.
It provides zero fee-free transactions and instead charges per-transaction fees, which vary depending on your account use. Like Business Solutions Checking, Elite Business Checking comes with access to treasury management solutions, including remote deposit capture, ACH origination, online wire transfers, and positive pay.
There are two types of First Commonwealth Bank business savings accounts:
- Business Savings Account charges a $5 monthly fee, which you can waive with a minimum daily balance of $500. You can open an account with a minimum opening deposit of $50. It earns APY anywhere from 0.02% to 0.04%, depending on your account balance.
- Hometown Money Market Account costs $3 per month, waivable with a minimum daily balance of $1,000. It comes with a monthly allowance of six free checks or transfers. The minimum opening deposit requirement is $1,000. It offers 0.10% to 0.25% APY.
First Commonwealth Bank offers the following types of financing products:
- Business lines of credit
- Letters of credit
- Commercial construction loans
- Commercial real estate (CRE) loans
- Equipment and term loans
- Public financing
- Dealer services
- Small Business Administration (SBA) loans
Available First Commonwealth Bank business credit cards include the following:
- The Business Card Line of Credit offers credit limits from $5,000 to $50,000. It offers rebates at participating retailers through the Mastercard Easy Savings program.
- Company cards are credit cards you can issue to your employees. You can set spending limits per card. Like the Business Card Line of Credit, it offers rebates with participating retailers, plus unlimited 1% cash back on everyday purchases.
- The One Card is another type of company card that gives your employees access to the worldwide Visa network. It comes with administrative tools that show you detailed transaction data and full expense management reporting.
First Commonwealth Bank Business Checking Reviews From Users
User-published First Commonwealth Bank business checking reviews contain mostly negative feedback. The bank has a rating of 2.2 stars on WalletHub (based on more than 30 reviews) and 2 stars on DepositAccounts (based on around 10 reviews).
Comments include the following:
- Long hold times for check deposits: According to one customer, check deposits can take seven or more business days to clear.
- Limited assistance for fraud cases: Clients who got scammed said that the bank provided very little or unhelpful assistance.
- Poor customer service: Multiple users said that customer service representatives were difficult to reach.
First Commonwealth Bank business checking accounts are great for businesses with a low-to-moderate transaction volume. However, your access to treasury management services will be limited unless you choose Business Solutions Checking, which charges a hefty $25 monthly fee. Additionally, most user-published First Commonwealth Bank business checking reviews skew negative and indicate issues with the quality of customer service.