Review: Citizens Bank Small Business Checking, 2018

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  • This checking account is best suited for those businesses with less than 200 transactions monthly.
  • No introductory offers available at this time for business checking accounts.
  • There is no monthly fee for the Business Advisor Checking account.
  • 1,200 branches and 3,200 ATMs in 11 different states across the country.
  • Additional features
  • There are no promotions and not a lot of additional cash flow management features.
  • You can begin applying for a business checking account with Citizens Bank online today.

Is Citizens Bank easy to use?

Citizens Bank is relatively easy to use for business checking accounts. There is a simple and standard online web portal where customers can perform most, if not all, of their banking actions. There is also their mobile app for banking on-the-go that is has a high rating for customer satisfaction.

What are Citizens Bank’s checking account options?

They offer three different business checking accounts to their customers to meet various financial service needs depending on size and business type:

Clearly Better Business Checking

  • No Maintenance fee or minimum monthly balance required
  • 200 check transactions (deposited, paid, or cashed) for every statement cycle
  • Free debit card

Business Advisor Checking

  • $20 Maintenance fee if the daily account balance is not $10,000 minimum or $35,000 combined monthly balance
  • 500 check transactions (deposited, paid, or cashed) for every statement cycle

Citizens Analysis Business Checking

  • $25 Maintenance fee
  • Cash management solutions account with ACH and wires, E-Z Deposit and high-volume account activity where you can earn credits to offset transaction costs.  

Find the right account for your business checking needs and begin signing up online.

Does Citizens Bank offer checking account bonuses?

There are no special offers at this time for Citizens Bank’s business checking accounts.

How much are Citizens Bank’s business checking fees?

Citizens Bank’s fees are competitive with other business checking account fees and the free Clearly Better Business Checking account is a plus. Here are some of the fees you might encounter banking with Citizens Bank:

  • $20-25 Maintenance fee for non-Clearly Better Business Checking accounts that don’t meet monthly requirements
  • Transaction fee: $.30-.50 per additional transaction over the monthly limit
  • Domestic Incoming Wire Transfer: $18 – $31
  • Foreign Incoming Wire Transfer: $10 – $12
  • Domestic Outgoing Wire Transfer: $18 – $30
  • Foreign Outgoing Wire Transfer: $8 – $35
  • Interbank Wire Transfer: $5
  • No cash deposit fee
  • Overdraft Fee: $39 per item, $6.99 per day for each day overdrawn up to $69.90
  • Out-of-Network ATM Fee: $3.00

How big is Citizens Bank?

The Citizens Bank Network expands across 11 states in the following regions: Northeast, Mid-Atlantic, and Midwest. It is a small bank network when compared with financial giants like Bank of America or Citigroup. However, they do have 1,150 physical locations and 3,300 ATMs. Citizens Bank is originally a Rhode Island-based bank, but now it offers services nationwide to over 5 million customers.

Does Citizens Bank have special account features?

The Citizen’s Bank business checking accounts have money management features that are standard to most basic checking accounts and then have payment solutions, eBill autopay, and overdraft solutions beyond the norm.

Citizens Bank Mobile Deposit

  • Citizens Bank has an award-winning mobile app that allows businesses to deposit checks right from their smartphones.

Online Bill Pay

  • Pay bills easily online with an integrated calendar tool to help pay bills as early as possible.

Account Management Tools

  • Track payments, bills, funds, and view all accounts at once with multiple user account access with added security.
  • Send bills to vendors and suppliers with autopay and alert systems.

Money Movement and Management

  • Popmoney is Citizens Bank’s online payment service that offers account-to-account transfers and cash flow management tools.
  • Brand invoices with custom business logos
  • Transfer funds across accounts.

Overdraft Line of Credit

  • Overdraft Credit links your checking account to an overdraft specific credit line that auto transfers funds to cover ATM fees, debit card purchases, and bill payments that go beyond the available balance.

Savings Overdraft Transfer

  • Overdraft Savings links your checking account to an overdraft specific savings account that auto transfers funds to cover ATM fees, debit card purchases, and bill payments that go beyond the available balance.

How do I open a Citizens Bank account?

You can apply for a business checking account online or at a branch location. You will need the following application materials to begin the process:

  • Government-issued photo ID
  • Social Security Number
  • Employer Identification Number (EIN)
  • Assumed Name Certificate or Fictitious Name Certificate
  • Registered Articles of Organization if you are an LLC and Operating Agreement
  • Banking Resolution outlining roles and authorities for establishing accounts and services with bank
  • EIN Assignment Letter
  • A Beneficial Owner who owns 25% or more of the business and the Significant Controller.

Summary

The Citizens Bank business checking account does not have any introductory offers, but the free checking account for small business without a monthly minimum or maintenance fee is a big draw for owners. The Popmoney feature is a useful set of cash flow management tools for businesses that deal with a lot of transactions and transfers. Their award-winning mobile app compensates for their lack of branches outside of certain regions in the U.S.

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