CitiBusiness Checking account review
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
Minimum deposit to open
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
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.
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
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.
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.