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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.
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:
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.
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.
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.
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:
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:
*E-statements are required to avoid a paper statement fee.
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.
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.
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.
*To see if your business qualifies, contact a First Citizens Bank representative.
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.