Fifth Third Bank Business Account Review: Everything You Need to Know

Fifth Third (53) is a regional bank with 1,100 branches, mostly in the eastern US (with 267 locations in Ohio)¹. If you’re looking for a traditional bank and live in their service area, 53 business banking could be the right fit for you.

This article will discuss everything you need to know about their business banking solutions. It will also discuss how Wise Business is a good alternative if you’re looking for a digital account with an international focus and low fees.

Need a business account to make and receive payments overseas?

Get a Wise Business Account 👍

👉 Pay freelancers and suppliers overseas at low-cost
👉 No monthly fees or minimum balance requirements

Table of Contents

Overview Fifth Third Business Account and Services Fifth Third Business Checking Accounts Fifth Third Business Checking Pros and Cons How to Open an Account at Fifth Third Bank Comparison of Business Account Features Fifth Third Business Accounts Fees and Limits Comparison of these accounts⁴ Fifth Third Business Account Alternatives 1. Wise Business 2. Bank of America Business Fundamentals Checking 3. Bank Novo 4. Regions Save on fees and do business overseas with Wise

Overview Fifth Third Business Account and Services

Fifth Third offers a variety of services for business owners to simplify their operations day-to-day, including:

Business Accounts and Services²
Business Checking Accounts - Choose from three 53 business checking options to fit your needs and budget.
Business Savings Accounts - Earn interest on your deposits with competitive interest rates.
Business Credit Cards - Reward yourself for making purchases with cashback or travel rewards and take advantage of reporting tools.
Cash Management - Make the most of your business income and excess cash.
Merchant Services - Accept credit cards and other forms of payments quickly and easily.
Line of Credit - Get access to fast cash when you need it.
Term and Real Estate Loans - Grow and expand your business with long-term financing.
Employee Benefits Solutions - Offer your employees benefits solutions.

Fifth Third Business Checking Accounts

Fifth Third has three different types of business checking accounts, each with their own unique features³:

The Standard Checking Account is most suitable for businesses that don’t need many extras and have low activity. It comes with no monthly maintenance fee and up to 100 free transactions per month.

The Premium Checking Account provides more features and higher transaction limits for businesses that need it. It can be a good option, especially if your business requires merchant services.

The Elite Checking Account is the most feature-rich option from Fifth Third. It has money management tools, high transaction volume, and many other advanced solutions for large businesses.

Fifth Third Business Checking Pros and Cons

Pros

• Multiple business checking options
• No minimum balance requirements or monthly maintenance fee on the lowest-tier business checking account⁴
• 40,000+ free ATMs across the United States¹
• Many branches available within the Fifth Third’s business area¹
• Wide business services available (credit cards, merchant services, lines of credit, etc.)²

Cons

• Minimum opening balance requirement on premium accounts⁴
• Must open in-person
• Monthly service charges (maintenance fees) on premium accounts⁴
• Lowest tier business account includes only 100 monthly transactions⁴
• Foreign transactions and international fees could prove costly for international business transactions

How to Open an Account at Fifth Third Bank

While there are options to open a personal banking account online, business checking accounts have to be opened at a Fifth Third branch location or over the phone.

To do this, you can either call in and make an appointment or schedule one online.

Like with any other bank, you’ll need to know the type of business checking account you want to open. As well, get basic information about your business (name, address, etc.) and social security numbers for everyone who will have access to the account ready.

Finally, you’ll need to make an initial deposit into the account and sign any necessary paperwork. Don’t forget to bring at least two pieces of identification!

Want to open an account online?

Get a Wise Business Account 👍

👉 Pay freelancers and suppliers overseas at low-cost
👉 No monthly fees or minimum balance requirements

Comparison of Business Account Features

What sets each 53 business account apart are their features and capabilities. And this is probably what you'll be looking at the most when evaluating the different business accounts. Here’s a quick look at the features of the 53 business checking accounts³:

	Standard Checking Account	Business Premium Checking Account	Business Elite Checking Account
No. of transactions included	100	500	1,000
Cash deposits included	$5,000	$10,000	$25,000
Online and mobile banking	Yes	Yes	Yes
Mobile deposit with immediate funds	Yes	Yes	Yes
Debit Mastercard	Yes	Yes	Yes
Preferential pricing on payroll solutions	Yes	Yes	Yes
Relationship interest on Business Relationship Savings	No	Yes	Yes
ACH initiation	$20	$20	Yes
Direct prior day reporting	$20	$20	Yes
Check fraud protection	Available at extra cost	Discounted	Yes

Fifth Third Business Accounts Fees and Limits

Each 53 business account has different fees and limits that you’ll want to take note of, in particular, the monthly service charge and balance to waive the fee.

Comparison of these accounts⁴

	Standard Checking Account	Business Premium Checking Account	Business Elite Checking Account
Monthly service charge	$0	$25	$50
Balance to waive monthly service charge	$1,000	$25,000	$50,000
ACH transfer limits	For $20 - 50 debits + 50 credits, additional $0.25 overage fee per transaction	For $20 - 50 debits + 50 credits, additional $0.25 overage fee per transaction	Free 50 debits + 50 credits, additional $0.25 overage fee per transaction

When we consider international fees on a business account with Fifth Third bank, it is important to know that they do not differ across accounts. This could affect your business more as you grow, if many of your received or sent payments come from overseas. Let's take a closer look below.

Certain fees are the same across the board
International ATM transactions - $5 for international transactions, $3 for US transactions
International POS/ATM transaction fee - 3% of transaction amount
Incoming wire - $15.50 - $30 per transfer
Currency conversion⁵ - 0.21% of purchase from Mastercard
Foreign transaction fee⁵ - 3% of transaction (+ 0.21% for conversion)
Outgoing international wire (in USD) - $85 per transfer
Online outgoing international wire (in USD) - $45 per transfer
Outgoing international wire (FX) - $50 per transfer

Fifth Third Business Account Alternatives

Although the 53 business account options are great, other business banking solutions may be better suited for your needs.

1. Wise Business

For businesses that do work across borders and need to pay suppliers and contractors in multiple currencies, Wise is a great option. With the Wise Business account, you’ll get access to low-cost international transfers and fees as well as the mid-market rate, every time.

US businesses can open a free business account with no monthly fee or minimum requirements. Wise Business can be your only business account, or it can serve as your international business account to help you save when conducting business overseas.

Account Information	Wise Business
Monthly fee	$0
Opening deposit	$0
Currency Conversion costs	From 0.41% Free with local account details (Pay a one-time fee for details)
International outgoing wire transfer fees	On average, $4.14 wire transfer fee
Open account online	Yes

Getting paid:

Aside from low fees, Wise Business gives you a one-time fee for local account details in GBP, EUR, CAD, AUD, and more. This means you can get paid and then convert currency when and how you want. Since Wise uses the mid-market rate, you will save on fees compared to most traditional banks.

Paying out:

If you want to send payments across currency, Wise has fees as low as 0.41% for other transfer types. Wise is an easy and low-cost way to pay freelancers and suppliers overseas.

Managing your daily business needs:

Wise offers batch payment tools to send 1000 payments in one click, which is perfect for payroll or paying suppliers. Plus, all of your transactions can be reconciled in one of Wise’s account integrations with QuickBooks, Xero, Wave, or Sage.

You can also manage company budgets in Wise Business, as well as permissions and spending alerts to ensure that you’re on top of everything happening within your organization.

👉 Learn more about how Wise Business helps you save
Wise Business Fees

2. Bank of America Business Fundamentals Checking

Bank of America’s basic Business Fundamentals Checking account is a potential option for small businesses. Because of its widespread physical presence, BofA offers an extensive network of ATMs and branches, making it easy to manage your money. Additionally, you can take advantage of their online banking services to help simplify bookkeeping and keep track of expenses.

Your $16 monthly fee gets you 200 free transactions, $7,500 in free deposits, and you can waive your fee by⁶:

• Maintaining a $1,500 minimum balance
• Enrolling in their Preferred Rewards for Business program
• Spending $250 on a linked card

Account Information⁶	Bank of America⁷
Monthly fee	$17 - $29.95 (possible to waive)
Opening deposit	$100
Currency Conversion costs	3% of the US dollar amount on international transactions
International outgoing wire transfer fees	Varies + other fees may apply to the standard fee
Open account online	Yes

3. Bank Novo

Bank Novo⁸ is a digital banking platform offering a business checking account with no minimums and monthly fees. Thanks to the lack of fees, free debit card, and free international transfers, it's an ideal account for business owners who want to save.

What’s more, you can use Bank Novo’s invoicing software to send invoices directly from your account, as well as their spending control tools to help keep track of expenses. Their Wise integration also allows you to take advantage of their low-fee exchange rates and send money abroad.

Account Information⁸	Bank Novo
Monthly fee	$0
Opening deposit	$0
Currency Conversion costs	Integrates with Wise
International outgoing wire transfer fees	Integrates with Wise
Open account online	Yes

4. Regions

Regions is a large US bank with over 1,500 branches and 2,000 ATMs across 16 states in the Southeast and Midwest. They have several business checking accounts to meet your needs, from basic to premium options with higher limits and more features.

While they have the classic range of accounts that includes basic checking, more robust options, and one with interest and group banking services, they also have one specifically for non-profit organizations.

Account Information⁹	Regions LifeGreen Business Checking¹⁰
Monthly fee	$12
Opening deposit	$100
Currency Conversion costs	3% of USD amount
International outgoing wire transfer fees	$45
Open account online	No

Save on fees and do business overseas with Wise

The Wise Business account offers your business a global way to conduct business and save while doing so.

• Get started free (if you’re US-based)
• The competitive mid-market exchange rate
• No minimum fees
• No minimum balance requirement

Keep your Wise account handy for international transactions, or use it for everyday banking. Wise Business includes tools:

• Invoice management,
• Cash flow monitoring
• Batch payments (for paying suppliers and employees in one go)
• Accounting integrations (Sage, Wave, Xero, QuickBooks)

Get a Wise Business Account 👍

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Sources:

https://locations.53.com/index.html
https://www.53.com/content/fifth-third/en/business-banking/managing-business.html#s
https://www.53.com/content/dam/fifth-third/docs/reference/Business_Solutions_Welcome_Kit.pdf
https://www.53.com/content/fifth-third/en/business-banking/managing-business/checking-account-solutions.html
https://www.53.com/content/dam/fifth-third/docs/legal/cards/2021/business-debit-card-agreement.pdf
https://www.bankofamerica.com/smallbusiness/deposits/business-advantage-banking/
https://www.bankofamerica.com/salesservices/smallbusiness/resources/business-schedule-fees/
https://www.novo.co/business-banking
https://www.regions.com/-/media/pdfs/quick-guides/QuickGuide_LG_Business_Checking.pdf
https://www.regions.com/small-business/business-checking/-/media/465E7220E15C4C0DBDA070DE57C8C0CB.ashx