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Our review of the Citizens Bank Clearly Better Business Checking account looks at fees and features that can improve the way you manage your business finances.
Citizens Bank Business Checking Account
Doing so can provide an informative view of your business finances. You can also protect your personal assets if your business is structured properly.
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Finding the right business checking account takes work, though. You need to understand your business needs and find an account that meets those needs.
To help you decide if the Citizens Bank Clearly Better Business Checking Account is right for you, we’ve gathered the most important information about this account in our review below.
A Better Business Checking Account does not charge a monthly maintenance fee. This is rare for business checking accounts and can make your life as a business owner less stressful.
You don’t have to worry about maintaining a minimum balance in the account or completing other activities to waive the maintenance fee. Instead, you can focus on optimizing your business instead of your bank account.
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Each account gets 200 free transactions per month. This includes checks deposited, paid, or cashed. Each check deposited, paid, or cashed beyond the first 200 results in a $0.50 per item fee.
This account comes with $5,000 in free cash deposits every month. Every $1,000 of coins and currencies deposited beyond the $5,000 limit results in a $2.50 fee.
The Citizens Bank Clearly Better Business Checking Account offers a few more features even though it doesn’t have a monthly maintenance fee. These features are pretty standard for most business checking accounts.
The bank has 1,000 branches and 3,000 ATMs to make banking easier. As a customer, you get access to online and mobile banking. These tools include mobile deposit, online bill payment, and account management tools.
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You can choose to register in one of the Bank’s Business Overdraft Plans, such as a credit overdraft line, Business Overdraft Pass, or no-fee savings overdraft transfer. Know the cost of each program before signing up.
You can get employee debit cards that allow you to assign specific functions and banking responsibilities to each card.
If you need help with your business bank account, Citizens offers a dedicated business phone number. Call 1-800-4BUSINESS for assistance.
You can start the process of opening a Citizens Bank Clearly Better Business Checking Account online or by scheduling an appointment at a branch.
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The online process requires you to enter your name, business name, and zip code. You must also provide your contact information. Then, a business specialist will contact you to inform you about the next steps.
Depending on the type of business, you may need to bring various documents to open an account. In general, expect to provide the following:
Choosing the right business checking account isn’t difficult if you boil the process down to the basics. You need to know what your business needs from your account and what each account you are considering offers.
To help determine what fees you should pay, understanding these aspects of your business is important:
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The information above can help you understand a large part of the fee structure of most business accounts. Other fees and non-fee factors can play a big role in the account you choose, too. Here are some concepts that may be important to your business.
Most bank accounts charge a monthly maintenance fee in the range of $10 or higher. The bank may offer a way to waive the fee.
One way many checking accounts offer to waive the monthly fee is with minimum balance requirements. The amount can be small, such as $1,500, or high, such as $10,000 or more.
Personal checking accounts usually don’t limit the number of transactions you get for free, but business checking accounts do. Know how many free transactions you get each month, which transactions qualify, and how much each excess transaction costs.
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You can usually deposit up to a certain amount every month for free. Once you exceed that limit, you’ll have to pay a fee for every $100 or $1,000 in excess cash you deposit.
Businesses that send wire transfers often need to know the type and amount of wire transfers they are doing.
Then, compare that information with the fees charged by the bank. These fees can add up quickly, so it’s important to know what you’re paying for.
If you plan to bank in person, look at the bank’s location and the hours the location is open. Make sure they are convenient for you and the employees who need to visit the branch.
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Other businesses may plan to use ATMs. Find out where and what fees you have to pay to use this convenient feature.
Banking features, such as mobile deposit, online banking, and mobile banking can make your life easier. The convenience features offered by the bank can save time and money as well.
Many banks offer services where you can accept card payments and get funds deposited directly into your bank account. The fee for this service will be profitable but it can be expensive.
Banks usually work with major software providers. This is especially true for accounting software, such as QuickBooks. Some banks may charge for integration, but it can save you or your accountant a lot of time.
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You may already have a significant banking relationship due to loans or other types of accounts. These other accounts, loans, or services may be more important to you than your checking account.
In this case, you may prefer to open a checking account with the same bank so that all of your business stays in one place.
As your business grows, you may need a checking account other than the Citizens Bank Clearly Better Business Checking Account.
Business Advisor Checking Accounts charge a monthly maintenance fee of $25. It can be released with an average daily balance of $10,000 or a combined monthly balance of $35,000.
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This account provides 500 free checking transactions per statement period. Each additional checking transaction in the month costs $0.30. This account offers $20,000 free coins and currency deposits per statement cycle. Additional currency deposits cost $2.50 per $1,000 deposited.
Business Checking Account Analysis for very high volume businesses. It has a non-refundable $20 monthly maintenance fee. But it can be offset against earnings credits.
You should talk to your relationship banker about the monthly transactions that are included based on your estimated activity.
Cash deposits cost $2.50 per $1,000 of coins and bills deposited. You have to pay $0.50 per $1,000 of full currency and $0.12 per full coin spin. Earnings credits can also offset that amount.
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Small businesses just starting out will appreciate that the Better Business Checking Account doesn’t charge a monthly maintenance fee. You get a reasonable amount of free checking transactions and cash deposits for your account with no maintenance fees.
The bank also allows you to grow together as your business grows. If you need more transactions, you can upgrade to a Business Advisor Checking Account or an Analysis Business Checking Account.
Lance is a Certified Public Accountant (CPA) licensed in the state of Virginia and specializes in money management, budgeting, financial products, and more. He is also the founder of Money Manifesto, a personal finance blog, where he writes about his family’s relationship with money.
We believe that by providing tools and education, we can help people optimize their finances so they can take control of their future. While our articles may include or feature selected companies, vendors, and products, our approach to compiling them is fair and unbiased. The content we create is free and independently sourced, with no paid promotions.
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This content is not provided or commissioned by bank advertisers. The opinions expressed here are solely those of the author, not the bank advertiser, and have not been reviewed, endorsed or approved by the bank advertiser. This site may be compensated through the bank’s advertiser Affiliate Program.
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Has partnered with CardRatings for credit card product coverage. and CardRatings may receive commissions from card issuers. Opinions, reviews, analysis & Recommendations are the author’s only, and have not been reviewed, endorsed or approved by the entity.Think Small Business with… Advisor Checking Our Advisor Checking brand is designed specifically for businesses with lower transaction activity.
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