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CitiBusiness Checking account review

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Earn account credits to offset transaction fees, but only by maintaining a $5,000 minimum balance.

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.

$22 per month

Monthly fee

0%

APY

$0

Minimum deposit to open

Details

Monthly fee$22 per month
Minimum deposit to open$0
ATMs60,000 ATMs across the US
ATM transaction fee$0

What are the benefits of a checking account with Citibank?

Receive a CitiBusiness debit card and remote check deposit along with the following:

  • No Citibank withdrawal fees. Withdraw funds for free at any of Citibank’s 60,000 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 Citibank representative we spoke with.

Citibank’s ATM network and fees

The CitiBusiness Checking account comes with a CitiBusiness debit card, which provides access to Citibank’s vast ATM network.

Citibank advertises that it has the largest fee-free ATM network by any major bank in the US. Its network includes over 60,000 ATMs nationwide, including those found in Costco, CVS Pharmacy, Target and Walgreens.

While there’s no fee for making a withdrawal at a Citibank ATM, expect a third-party surcharge when you use a non-Citibank 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 $22 monthly maintenance fee.
  • Transaction fees. Unlike other Citibank business checking accounts, there are no free transactions included with the CitiBusiness Checking account. Fees vary by state and account according to a Citibank 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

Name Product APY ATMs Fee
16,000 Chase ATMs and nearly 5,000 branches
$15/month
(can be waived)
If you’re new to Chase, get $200 when you open this account and complete qualifying activities. It boasts convenient features to help small and growing businesses reach their goals.
Free at more than 1,800 ATMs across the Midwest
$20/month
(can be waived)
Earn a $400 bonus when you open an Unlimited Business Checking account if you live in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania or West Virginia. Conditions apply.
Free at more than 1,800 ATMs across the Midwest
$40/month
(can be waived)
Earn a $750 bonus when you open an Unlimited Plus Business Checking account if you live in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania or West Virginia. Conditions apply.
Huntington Business Checking 100
Huntington Business Checking 100
Free at more than 1,800 ATMs across the Midwest
$0
Earn a $200 bonus when you open a Huntington Business Checking 100 account if you live in Ohio, Illinois, Indiana, Kentucky, Michigan, Pennsylvania or West Virginia. Conditions apply.
0.61% on balances of $100,000 to $10,000,000
0.51% on balances of $50,000 to $99,999.99
0.41% on balances of $25,000 to $49,999.99
Over 80,000 fee-free ATMs
$0
Account will boost your money’s productivity with a high yield, no monthly maintenance fee and the essential banking services your business needs.
0.80% on balances of $0 to $4,999,999.99
ATM fees reimbursed at any ATM nationwide
$10/month
(can be waived)
Earn up to 0.80% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
ATM fees reimbursed at any ATM nationwide
$0
No monthly maintenance fees, a low minimum deposit requirement and unlimited domestic ATM fee reimbursements.
$0
A low-fee online checking account designed for small businesses and startups, but you won’t be able to deposit cash
55,000 Allpoint ATMs in its network
$0
This business checking account has no monthly fees and no minimum balance, but you can’t deposit cash.

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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 Citibank, 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

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 Citibank’s 60,000 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 Citibank offer?

Citibank’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.

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.

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