CitiBusiness Checking account review
- Fee
- From $15 per month
- APY
- N/A
- Minimum deposit to open
- $1
Summary
Earn account credits to offset transaction fees, but only by maintaining a $5,000 minimum balance.
finder.com's rating: 2.7 / 5.0
★★★★★
Its standout features include free ATM withdrawals, overdraft protection and mobile banking. But multiple account fees may detract from your business capital, and it’s only available in a few select states.
Pros
-
No Citi withdrawal fees
-
No minimum opening deposit
-
Overdraft protection
-
Monthly earnings credit
Cons
-
Maintenance fee
-
Transaction fees
-
Limited availability
How do I open a CitiBusiness Checking account?
To open a CitiBusiness Checking account, you’ll need to visit a branch in person to fill out an application. Unlike other accounts offered by Citi, you can’t open this account online or over the phone.
Eligibility
You must meet the following criteria to be eligible for this account:
- US citizen
- At least 18 years old
- Social Security number or tax identification number
- Valid driver’s license or state ID
- Valid bank account
- Resident of California, Connecticut, District of Columbia, Florida, Illinois, Maryland, New Jersey, Nevada, New York or Virginia
Required information
Bring the following information with you when you apply at a local branch:
- Name and date of birth
- Business address and details
- Social Security or tax ID number
- Two forms of government-issued photo ID
- Business registration certificate
What are the benefits of a checking account with Citi?
Receive a CitiBusiness debit card and remote check deposit along with the following:
- No Citi withdrawal fees. Withdraw funds for free at any of Citi‘s 70,000 ATMs across the US.
- No minimum opening deposit. Open an account with any amount.
- Overdraft protection. Automatically transfer funds from a linked CitiBusiness savings or money market account for added overdraft protection.
- Monthly earnings credit. Maintain a balance of $5,000 or more and earn credits to offset monthly service fees. The fees vary by state according to a Citi representative we spoke with.
Citi‘s ATM network and fees
The CitiBusiness Checking account comes with a CitiBusiness debit card, which provides access to Citi‘s vast ATM network.
Citi advertises that it has the largest fee-free ATM network by any major bank in the US. Its network includes over 70,000 ATMs nationwide, including those found in Costco, CVS Pharmacy, Target and Walgreens.While there’s no fee for making a withdrawal at a Citi ATM, expect a third-party surcharge when you use a non-Citi machine.
What should I look out for?
This business checking account has a few drawbacks to take note of:
- Maintenance fee. While monthly earnings credits may potentially help offset the cost, expect a $15 monthly maintenance fee.
- Transaction fees. Unlike other Citi business checking accounts, there are no free transactions included with the CitiBusiness Checking account. Fees vary by state and account according to a Citi representative.
- Limited availability. The CitiBusiness Checking account is limited to residents of California, Connecticut, District of Columbia, Florida, Illinois, Maryland, New Jersey, Nevada, New York and Virginia.
Compare with other business checking accounts
How do I deposit or withdraw my money?
There are plenty of ways to manage the funds of your business:
- Online. Transfer funds to or from an externally linked account.
- Mobile check deposit. Deposit a check using the CitiBusiness Mobile app.
- ATM. Withdraw funds for free at any of Citi‘s 70,000 nationwide ATMs.
- Wire transfer. All incoming wire transfers cost $15, while outgoing domestic and international transfers cost $55 and $65, respectively.
- In person. Visit a branch to conduct a transaction in person.
What other checking options does Citi offer?
Citi‘s suite of accounts includes several other business products. Each account comes with a CitiBusiness debit card, remote check deposit, cash management services and overdraft protection:
- CitiBusiness Interest Checking account. This interest-bearing business checking account offers 25 free monthly transactions and has a $22 to $30 monthly maintenance fee that varies by state. This fee can be waived by maintaining a minimum monthly balance of $10,000.
- CitiBusiness Streamlined Checking account. A basic business account designed for startups and small businesses that comes with 250 free monthly transactions. The $15 maintenance fee can be waived by maintaining a minimum monthly balance of $5,000.
- CitiBusiness Flexible Checking account. Geared toward growing businesses, this checking account offers 500 free monthly transactions, but requires a $10,000 minimum balance to waive the $22 to $30 monthly maintenance fee.
All information about these products has been collected independently by Finder.
Bottom line
While overdraft protection and earnings credits help offset fees, this account has a number of cost-related drawbacks — including monthly maintenance fees, transaction fees and wire transfer fees.
Compare your options with additional providers to find the business checking account that meets the dynamic needs of your business.
Frequently asked questions
Checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
CitiBusiness Checking is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 4.60% APY on savings
- $0 account or overdraft fees
- Get a $300 bonus with direct deposits of $5,000 or more
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