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First Citizens Bank Business Checking Accounts, Reviewed for Your Small Business

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was a senior editor at SmartAsset, a personal finance startup, and has held various editorial roles at the Huffington Post and AOL.com. She is passionate about financial literacy and educating small business owners.

As a business owner, having the right bank account is crucial. A business bank account allows you to separate your company’s finances from your own, making record-keeping and financial management easier, and helps build your business’s credibility. You need a business checking account to do everything from paying your expenses to depositing money and stashing it away for the future.

Of course, not all business checking accounts are created equal. You’ll want to find an account with features and services that will serve your unique needs now and into the future, and that doesn’t take a chunk out of your bottom line with exorbitant fees. One option to consider is First Citizens Bank Business Checking Accounts.

First Citizens Bank offers several business checking account options, from their Basic Business Checking account to their Professional Business Checking account. This provides business owners with a range of options, whether they want a simple account with no minimum balance or monthly maintenance fee or an account that caters to medical, legal, and accounting practices. First Citizens Bank has more than 500 branches located across 20 states, primarily on the East and West Coasts and in the South. You can use First Citizen Bank’s ATM & branch locations tool to see if there is a branch near you.

Choosing the Best Business Checking Account for Your Small Business

Before choosing your business checking account, it’s important to first consider how you plan to use the account and what features would best serve your business. Ideally, as you’re selecting a business checking account, you’ll also be considering your business’s future so you can choose an account that can grow with you.

Here are a few factors to keep in mind as you make your selection:

Fees

You’ll want to look carefully at the monthly fees you’ll pay. First Citizen Bank’s monthly maintenance fees vary by business account type. First Citizens Bank does not charge a monthly maintenance fee for their Basic Business Checking. There is also no monthly maintenance fee for the Value Business Checking, Premier Business Checking, and Professional Business Checking accounts either, as long as certain account requirements are met. If stipulated balance minimums are not met, you will be charged a monthly maintenance fee ranging from $25 to $55.

Also note out-of-network ATM fees, as these can add up if you’re often traveling and not near one of the bank’s ATMs. Basic Business Checking and Value Business Checking charge a $2.50 out-of-network ATM fee; Premier Business Checking and Professional Business Checking charge no fee.

Balance Minimums

Another consideration is the minimum balance required, as many business checking accounts require either a minimum account balance or a minimum initial deposit. All First Citizens business checking accounts require a minimum opening deposit of $100. Basic Business Checking is the only account type that does not have a minimum balance requirement. The other accounts’ minimum balances must be met in order for the bank to waive the monthly maintenance fee.

Transaction Limits

You’ll also need to look at the accounts’ transaction limits, especially since many business owners make a number of transactions each month. Business banking accounts typically cap the number of transactions that can be made on a monthly basis at no additional fee.

At First Citizens Bank, this limit varies by account type. Basic Business Checking offers no fee for 175 items, which includes debits, credits, and deposited items, whereas Professional Business Checking offers no fee for 1,000 items.

First citizens bank business

First Citizens Bank Business Checking Accounts

Beyond the above factors, you should also note the features and services that come with each of First Citizens’ business accounts. First Citizens online business banking offers a number of account types, each of which has different fees and features. All of the accounts include:

  • Visa® Business debit card
  • Secure account access via online and mobile services
  • Online statements
  • Check safekeeping or imaging for up to 140 items
  • Access to 475+ ATMs

First Citizens Bank Basic Business Checking

First Citizens Bank’s most basic account option for business owners is Basic Business Checking. This account is for business owners who want only a business checking account’s essential features at an affordable price. While this account doesn’t have many extra perks like some other First Citizens online business banking accounts, it has no minimum balance and no maintenance fee.

Basic Business Checking does have a fairly low transaction minimum compared to some of the other options—the limit is 175. However, if you don’t expect to make many transactions—or could easily limit the number you make—and aren’t looking for lots of additional perks, this low-cost option might be right for you.

Monthly fees and limits:

  • No minimum balance
  • No monthly maintenance fee*
  • 175 transactions per month (includes debits, credits, and deposited items)
    • $0.40 fee per excess transaction over 175
  • Up to $5,000 free coin and currency deposits each month
    • $0.16 free per $100 deposited beyond $5,000 limit

*E-statements are required to avoid a paper statement fee.

Best for:

  • Business owners making infrequent transactions and deposits
  • Business owners with a low average account balance

First Citizens Bank Value Business Checking

First Citizens Bank Value Business Checking offers a slightly larger package of financial services than Basic Business Checking. This account is for business owners who need slightly higher transaction and deposit limits. Aside from a couple of discounts and freebies, the only additional service offered by this account is an investment sweep option, which automatically places any money sitting idly in your account into overnight investment accounts so it can accrue interest.

Unlike the Basic Business account, there is a monthly maintenance fee. However, if minimum balance requirements are met, the bank will waive the $25 flat monthly maintenance fee. This account option is best for business owners who have moderate transaction activity and want a straightforward account.

Monthly fees and limits:

  • Monthly maintenance fee: $0 if requirements are met, otherwise $25
  • Either $10,000 average daily check balance or $15,000 minimum daily ledger balance in a related business savings account required to waive maintenance fee
  • 250 transactions per month (includes debits, credits, and deposited items)
    • $0.40 fee per excess transaction over 250
  • Up to $7,500 free coin and currency deposits each month
    • $0.16 fee per $100 deposited beyond $7,500 limit

Best for:

  • Business owners making a moderate amount of transactions and deposits each month
  • Business owners with a moderate checking or savings balance

First citizens bank business

First Citizens Bank Premier Business Checking

First Citizens Bank Premier Business Checking is ideal for established businesses with a moderate amount of account activity that want a relatively straightforward account. This option has double the transaction limit of Value Business Checking, with up to 500 free transactions per month. The cash deposit limit is moderately higher, at $10,000. However, the balance minimum isn’t significantly higher than it is for Value Business Checking. No monthly maintenance fee applies if this minimum is met.

Monthly fees and limits:

  • Monthly maintenance fee: $0 if requirements are met, otherwise $35
  • Either $15,000 average daily balance in a single Premier Business Checking account, or $20,000 combined minimum daily ledger balance in Premier Business Checking, Business Savings, Commercial Money Market Savings, Premium Money Market Savings or CDs
  • 500 transactions per month (includes debits, credits, and deposited items)
    • $0.40 fee per excess transaction over 500
  • Up to $10,000 free coin and currency deposits each month
    • $0.16 fee per $100 deposited beyond $10,000 limit

Best for:

  • Business owners making a higher number of transactions per month (up to 500)
  • Business owners making a moderate amount of cash deposits (up to $10,000)
  • Business owners with a high checking or other account balance

First Citizens Bank Professional Business Checking

First Citizens Bank Professional Business Checking is only available to certain businesses, which includes medical and dental practices, veterinary practices, accounting firms, and legal practices. This account has specialized features for these types of businesses. Professional Business Checking also has by far the highest transaction limit at 1,000, and the highest deposit limit, at up to $12,500 each month. However, this account is for businesses that have high account balances, as steep minimums must be met in order to waive the $55 monthly maintenance fee.

Monthly fees and limits:

  • Monthly maintenance fee: $0 if requirements are met, otherwise $55
  • Either $30,000 average daily ledger balance in Professional Business Checking account, or $75,000 combined minimum daily ledger balance in Professional Business Checking, Business Savings, Commercial Money Market Savings, or CDs, or $10,000 in monthly volume with First Citizens Merchant Services
  • 1,000 transactions per month (includes debits, credits, and deposited items)
    • $0.40 fee per excess transaction over 1,00
  • Up to $12,500 free coin and currency deposits each month
    • $0.16 fee per $100 deposited beyond $12,500 limit

Best for:

  • Medical practices and firms in certain fields*
  • Businesses within these approved fields that make a large volume of transactions each month
  • Approved businesses that have a high checking or other account balance

*To see if your business qualifies, contact a First Citizens Bank representative.

Who Is a First Citizens Bank Business Checking Account Right For?

First Citizens Bank online business banking can meet a range of business owner checking account needs with their different account types. First Citizens Bank Professional Business Checking is exclusively available to certain types of businesses, making it worthwhile to consider it separately before delving into the other account options. If you own a medical practice or firm in one of the approved fields, this specialized account may be good for you as it has features that support activity exclusively for these business types. It offers by far the highest number of transactions and the most deposits a month.

Beyond that account_which is somewhat of an outlier since it’s exclusively available to certain types of businesses—the differences between First Citizens Bank business checking accounts might seem minimal. As you consider your options, arguably the biggest thing to keep in mind is whether or not you can meet the minimum balance requirements. With the exception of First Citizens Bank Basic Business Checking, you’ll need to maintain a minimum account balance in order to waive the monthly maintenance fee. While each account offers slightly different additional services and perks, the most basic difference between the account types is the transaction and deposit limits.

If your business is just starting out and you don’t expect to have a high amount of account activity, you may be well-served by the most basic option, Basic Business Checking. The next account option, Value Business Checking, offers a middle ground, as it has a moderate balance minimum and limits with a handful of additional features. Premier Business Checking is advertised as being for “established businesses.” While this account has higher transaction and deposit limits, it also has steeper minimum balances you must meet in order to avoid paying a $35 monthly maintenance fee.

Ultimately, to get a business checking account that serves your business well, you’ll first need to think carefully about what type of account truly aligns with your business’s current needs. The good thing about an option like First Citizens Bank is that if you start with the most basic option, there’s plenty of room to grow.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was a senior editor at SmartAsset, a personal finance startup, and has held various editorial roles at the Huffington Post and AOL.com. She is passionate about financial literacy and educating small business owners.

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