Business Bank accounts

Citizens Bank Business Checking Review: The Best Choice for Your Business?

Panna Kemenes

23.04.24

Read time 5 minutes

If you’re a small business located in New England, the Mid-Atlantic or Midwest, Citizens Bank could be a great option.

Citizens Bank offers three business checking account options, with a large number of free transactions. It also offers accounting and invoicing integration, as well as access to SBA loans.

This article will give you a detailed review of Citizens Bank Business Checking. You can also learn about Wise Business as a solution for international business payments.

Citizens Bank Business Checking Review: Quick Overview

Before getting started, here’s an overview of the main features of Citizens Bank Business checking accounts.

	Citizens Bank Business Checking Accounts
🗝️ Key features	Offers 3 different checking account types depending on the size of your business Autobooks integration for invoicing and accounting SBA loans and financing available
💰 Main fees	Out-of-network ATM fee Overdraft fee $0.50 USD per item after transaction limit reached with Clearly Better Business Checking account $0.30 USD per item after transaction limit reached with Business Advisor Checking account Monthly maintenance charge of $25 with Business Advisor Checking account (can be waived)
✔️ Great for	Businesses wanting a free business checking account with large number of free transactions

Citizens Bank Business Checking: Key Features

Citizens Bank offers 3 types of business checking accounts, depending on your business’ needs and size:

Clearly Better Business Checking®
Business Advisor Checking®
Citizens Analysis Business Checking²

The Clearly Better Business Checking account is perfect for businesses with a low volume of transactions.

There’s no monthly maintenance charges, no setup fees and no minimum deposit or balance requirements. You’ll get up to 200 check transactions per statement cycle for free. Any transactions thereafter cost $0.50 USD per item.

The Business Advisor Checking account is a great option for businesses in a growth phase with a medium volume of transactions.

The account has no minimum opening deposit or setup fees. But there is a monthly service charge of $25 USD.

You can waive this service charge by:

Maintaining a $10,000 USD average daily balance; or
Maintaining $35,000 USD in monthly combined balances

The account also gives you up to 500 check transactions per statement cycle for free. Any extra transactions thereafter cost you $0.30 USD per item.

The Citizens Analysis Business Checking account is best suited to medium to large businesses wanting cash management, merchant, payroll and money movement services.

The account’s cash management services include:

Electronic payments—ACH and wire transfers
Sweeps
Remote deposit capture³

You’ll get a discount of $100 off of your first order of checks, when you order through Citizens Bank’s preferred partner, Deluxe. You’ll also enjoy 10% off Citizens Bank’s payroll service, Paychex.

While there are no setup fees or minimum opening deposits, the account charges a monthly service fee. This fee is agreed upon in consultation with a relationship banker. However, the account offers Earnings Credit which can be used to offset the monthly maintenance charges.

Ease of Use

All Citizen Bank business checking accounts come with online and mobile banking access.

On top of this, Citizens Bank has more than 1,000 branches and 3,000 ATMs across 14 states, making access easy.⁴

You can find branches in:

Connecticut
Delaware
Florida
Maryland
Massachusetts
Michigan
New Hampshire
New Jersey
New York
Ohio
Pennsylvania
Rhode Island
Vermont
Virginia
Washington, DC⁵

You can also use Autobooks to create, send and manage invoices. You can accept digital payments and automate accounting processes using the software. Autobooks can be added to your account for an extra fee of $9.99 per month.⁶

Customer Service

Citizens Bank offers a customer service phone line for business banking inquiries with limited working hours. They also have a database of FAQs as well as the option to book appointments with them at a local branch.

However, Trustpilot reviews of Citizens Bank comment that the customer service isn’t optimal and that issues can take a long time to be resolved.¹

Citizens Bank Business Checking Fees

As mentioned, the Citizens Bank is relatively fee free.

The Clearly Better Business Checking charges a fee of $0.50 per item after making 200 check transactions within a statement cycle. In contrast, the Business Advisor Checking account charges $0.30 USD per item after making 500 check transactions within a statement cycle.

The Business Advisor account also charges a monthly maintenance fee of $25 USD, although it can be waived.

The Citizens Analysis Business Checking charges a monthly maintenance fee which can be offset through Earnings Credit.

If you want to integrate an accounting and invoicing solution into your account, you can subscribe to Autobooks for a fee of $9.99 USD per month.

Citizens Bank also charges out of network ATM fees and an overdraft fee of $35 per item.⁷ ⁸

Citizens Bank Business Checking Pros and Cons

Here’s an overview of the pros and cons of Citizens Bank Business Checking.

Features	Considerations
Free business checking account option Ability to waive monthly maintenance charge on Business Advisor account High number of free transactions No minimum opening deposit No setup fees Ability to sync invoicing and accounting with Autobooks Overdraft protection—no overdraft fees for overdrafts of $5 or less⁸	Out-of-network ATM fee Overdraft fee

What are the benefits of Citizens Bank Business Checking?

The standout benefit of Citizens Bank is that it enables you to open a business checking account for free. You don’t need to worry about monthly service charges, minimum balance requirements or setup fees.

Another key benefit of Citizens Bank is the number of free transactions it allows. For Clearly Better Business Checking, you get up to 200 free transactions per statement cycle while with the Business Advisor account you get up to 500. This can save you a lot if you manage to remain within the free transaction volume.

What are the considerations of Citizens Bank Business Checking?

Citizens Bank isn’t a nationwide bank. Its branches and ATMs are located in just 14 states. If you travel a lot through the US, this can make it less than ideal if you need physical branch access. It could also end up costing you in out-of-network ATM fees if you can’t find a Citizens Bank ATM.

Citizens Bank Business Checking Alternatives

If you want a bank that offers nationwide access, the Chase Business Complete Checking account could be a smarter alternative. It has branch access in the entire contiguous US.⁹

The account enables unlimited debit card purchases and Chase ATM transactions, and up to $5,000 no-fee cash deposits per statement cycle. It comes with a monthly service charge of $15 which you can waive by meeting minimum balance requirements.¹⁰

If you’re looking for a bank that’s free to set up and maintain an account with, you could consider Novo Bank. While it doesn’t have its own ATM network, Novo Bank will reimburse you up to $7 USD in out-of-network ATM fees per month.¹¹ You can also enjoy unlimited transfers as well as free ACH and Express ACH transfers, costing you less than a wire transfer.

Alternatively, if you want to earn a rate of interest on your balance, you could consider opening an EverBank Small Business Checking account.

You can earn 0.5% APY on your balance, although you’ll need a $1,500 minimum opening deposit.¹² If you maintain an average daily balance of $5,000, you’ll have all ATM fees reimbursed. If your balance is below $5,000, you can still get up to $15 in monthly ATM fee reimbursements.

Conclusion: Is Citizens Bank Business Checking the best choice for your business?

Overall, if you're a small business on the East Coast looking for a free business checking account, the Citizens Bank has a lot to offer.

You can save money on a large number of transactions per statement cycle and enjoy a low-cost account. You can also make life easier for yourself by having your invoicing and accounting software sync directly with your account, for an extra monthly fee.

But if you’re after a nationwide bank or want to earn interest on your balance, there are better options on the market.

Discover Wise Business: Make International Business Easy

Citizens Bank could be a good option if you conduct business within the East Coast. But if you want to reach international markets or work with foreign suppliers, it's worth considering Wise Business.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The account is free of monthly maintenance fees and minimum balance requirements.

You can hold over 40 currencies all in the one place, easily converting between them at the mid-market rate. You can also request local account details for a one-off fee, enabling you to pay and be paid like a local. You can send transfers to more than 160 countries, opening borders for you and your business.

And if you want to pay multiple international suppliers, you can use Wise’s batch payment tool, enabling you to send up to 1,000 payments in one click.

Or read the guide on how to open a Wise Business account

Sources:

All sources checked April 2024.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.