Review: Citibank Small Business Checking, 2018

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  • Citibank is best for high transaction business checking and businesses that anticipate a lot of growth.
  • Citibank currently has no any introductory offers.
  • $15 monthly maintenance fee on Streamlined Checking (waived with $5k minimum), variable maintenance fee on Flexible checking (waived with $10k minimum).
  • 723 branches in throughout the United States and also has 60,000 ATM locations.
  • Extended check deposits, lockbox P.O. Box check management services, overdraft revolving line of credit, and rewards credit card options.
  • Maintenance fees are assessed for average balances under $10,000.
  • Visit a local Citibank branch to open an account, or sign up online.  

Is Citibank easy to use?

With secure online banking and mobile app, Citibank is easy to use for business financial services. Citibank has a lot of ATM accessibility and is a worldwide bank convenient for high-travel business. There are four different business checking accounts to choose from, as Citibank is very focused on customers being able to grow with them.

What are Citibank’s checking account options?

CitiBusiness Streamlined Checking Account

This account is for small businesses.

  • 200-300 monthly transactions
  • $5,000 minimum average monthly balance to waive monthly $15 fee

CitiBusiness Flexible Checking Account

This account is for growing businesses.

  • 500 monthly transactions
  • $20,000 monthly currency deposits
  • $10,000 minimum average monthly balance to waive the monthly fee that varies by state

CitiBusiness Checking Account

This analyzed account is designed to offset monthly fees with the account’s earnings credit.

  • > 500 monthly transactions
  • 0 monthly currency deposits
  • $22 fee (cannot waive)

CitiBusiness Interest Checking Account

Interest-based account for low transaction business.

  • >25 monthly transactions
  • 25 monthly currency deposits
  • $10,000 minimum average monthly balance to waive the monthly fee that varies by state

You can choose from any of these four accounts and then grow at Citibank without having to worry about switching banks, which contributes to the checking account’s overall ease of use.

Does Citibank offer checking account bonuses?

There are no introductory offers currently at Citibank for business checking accounts.

How much are Citibank’s business checking fees?

Citibank has competitive fees for wire transfer and avoidable monthly maintenance fees. The biggest fees at Citibank are the overdraft fees and out-of-network ATM fee. However, Citibank has many fee-free ATM locations, over 60,000 to be exact.

  • Monthly Maintenance Fee $15-22 (can vary by state)
  • Incoming Wire Transfer Fee: $15
  • Outgoing Domestic Wire Transfer Fee: $25
  • Outgoing International Wire Transfer Fee: $35
  • Overdraft Fee: $34 each
  • Non-Citibank ATM Fee: $2.50

How big is Citibank?

Citibank is a comprehensive bank that spans over 2,649 locations in 19 different countries and 723 branches in throughout the United States and also has 60,000 ATM locations for you to make use of. Whenever and wherever you need money, you should be able to find a place to access it, without paying a fee. Citibank is one of the largest banks in the country ranking 3rdjust below Bank of America.  

Does Citibank have special account features?

Citibank checking accounts all come with a myriad of special features. Citibank has quite the offerings for checking account clients, without much-added expense:

Citibusiness Checking Plus Overdraft Protection

  • A revolving line of credit to offer business checking accounts overdraft protection

CitiBusiness Safety Check

  • Automatically transfers funds from your savings account or insured money market account to give overdraft protection for linked checking accounts.

Citibank Remote Check Deposit

  • Scan checks using your smartphone and deposit them directly into checking accounts

CitiBusiness Preferred Banking

  • A service offer that gives customers preferred pricing, waived fees, exclusive rebates, and bonus rewards.

Earnings Credit

  • Credit based on the monthly average balance in non-interest checking accounts that have more than $5,000, to help waive monthly service fee.

Cash Management Services

  • ACH Origination
  • Controlled disbursement
  • Account or deposit reconciliation
  • Currency services
  • Investing options
  • ACH debit blocks and filters

CitiBusiness Online

  • Online banking portal
  • Fee-based Cash Manager Suite available

How do I  open a Citibank account?

If you decide that you want to open a Citibank business checking account, you can either speak with a representative from the bank over the phone, or visit a local branch.  Regardless of which you choose, you’ll need to supply the following documentation in order to have your account approved:

  • Your Tax ID
  • A driver’s license or another valid government issued form of photo ID
  • All your LLC documents or documents of legal incorporation
  • A current copy of your business license
  • DBA registration papers if you are operating with a DBA in place

Summary

Citibank offers a solid business checking account solution if you are looking for a way to manage a large number of transactions every month. If you can maintain a minimum average of $10,000 in your account throughout the month, you’ll enjoy the benefits that come with the Flexible Business Account.  If this balance is too high, the Streamlined Checking account is a good option for consideration. It’ll allow for up to 250 transactions each month, with a $5,000 minimum account balance. Their checking accounts feature a lot of different extras to assist with cash flow management in addition to payroll and merchant services.

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