Money

Citi Small Business Banking Review – Is It The Right Bank For You?

We're putting together an editorial staff that reflects our broad audience and their various financial circumstances. We value and encourage the experiences and perspectives that help us connect with our readers, answer their questions, and win their trust. Please read our disclosure for more information.
Updated on November 13, 2022 by

CommonCentsMom.com is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. The contents of the CommonCentsMom.com website, such as text, graphics, images, and other material contained on this site (“Content”) are for informational purposes only. The Content is not intended to be a substitute for professional financial or legal advice. Always seek the advice of your Financial Advisor, CPA and Lawyer with any questions you may have regarding your situation. Never disregard professional advice or delay in seeking it because of something you have read on this website!

Citibank provides four types of checking accounts for businesses: CitiBusiness® Streamlined Checking, CitiBusiness® Analyzed Checking, CitiBusiness® Flexible Checking, and CitiBusiness® Interest Checking.

Citibank has programs for small- and medium-sized businesses. Some of these programs are specifically tailored to help you manage your business finances.

CitiBusiness Streamlined Checking Account and Citi Business Flexible Checking Account are ideal for small business owners because they offer easy access to bank accounts at most major banks. When you open a business account with Citi, you can access a number of benefits, including a very flexible cash withdrawal policy, a free online and phone banking service, and 60,000 of the nation's ATMs.

Small Business Questions Answered
Got A Business? Fast, Affordable Access To Business Experts

Chat online with business lawyers and accountants. Get the answers you need in minutes. No retainers. No hourly fees.

The Average Household Income in the...
The Average Household Income in the United States

Citibank Business Checking services are ideal for small business entrepreneurs and managers if:

  • Need a basic bank account and manage your money from your day-to-day bank transactions.
  • Can afford to pay recurring fees or, if you meet certain criteria, may be able to waive the fee.
  • Keep your transactions to less than 250 every month for Streamlined or 500 transactions every month for Flexible
  • Prefer opening a bank account at a bank branch to get more money.

How Does Citibank Business Checking Work?

Options for Account: Customers have the choice between CitiBusiness Streamlined Checking, CitiBusiness Analyzed Checking, CitiBusiness Flexible Checking, and CitiBusiness Interest Checking.

Citibank has several checking accounts that are tailored to the needs of various industries, such as the CitiBusiness Preferred program, which allows companies to get rewards points for being members of their own credit union.

CitiBusiness Streamlined Checking and Streamlined Flexible Checking accounts are ideal for businesses that need to do regular banking on a regular basis; the Analyzed Checking account is ideal for larger businesses that need to do more frequent transactions.

CitiBusiness Interest Checking offers the same features as the Streamline Checking and Flex Checking programs but allows only 25 free transactions each month.

Business customers should check with Citibank regularly to see if the interest earned on business checking accounts is worth paying the fee.

If you're looking for a checking account that pays you interest and has more flexible transaction limits, you should look at Wells Fargo or Bluevine.

Why Is Citibank Business Checking Different?

Small Business Questions Answered
Got A Business? Fast, Affordable Access To Business Experts

Chat online with business lawyers and accountants. Get the answers you need in minutes. No retainers. No hourly fees.

Available locations: Citibank branches are located in more than 700 states in all U.S. states. It is possible to open a business bank account with Citibank in any one of these states

Application guide: Visit whichever branch location has the CitiBusiness checking account to sign up. Some branches of Citibank are not able to offer CitiBusiness accounts, which means you may need to make an appointment with your local branch to have your application processed ahead of time.

Next step: After you're cleared to open a bank account, you will be able to make transfers or deposits to fund your account, and you will also be able to sign up for a free account on our site, and you will be able to set alert preferences for your phone. Use the Citibank debit cards to make ATM withdrawals and deposits at Citibank ATMs across the country, and for employees if they need to.

Citi Small Business Banking Review

Access of ATM: Banking with CitiBusiness is only available in a few states; however, you're connected to a network of 60,000 ATMs free of charge in the U.S.

Citibank also provides ATMs at various locations, including branches, as well as ATMs that are branded as Citibank at other locations and as a part of its MoneyPass service.

Cash deposits: Checking accounts of CitiBusiness Streamline customers are eligible for up $500 per year in deposit into their accounts with no cost in Connecticut, New York, Massachusetts, and New Jersey, and up $10,000 per year in cash deposit into their accounts in any of the other seven states and District of Columbia.

Where Does Citibank Business Checking Fall Down?

There are only a few perks that come with having a Streamlined or Flexible checking account. Being able to access your money when you need to, without paying a membership fee, and being able to deposit money when you want to.

Some banks also waive some fees or give you free tools for holding checks and doing other financial transactions. Some banks waive fees for their business checking accounts; for example, the monthly fee for their business checking accounts is $50, but the business checking accounts for all other businesses include waivers for cash payments, money orders, transferring money electronically and the first two outbound wire transfers each month.

With Citi, these benefits are available only for customers who have been enrolled in the Privy banking program (which has a higher fee and a higher balance to waive) but who also have the same flexible check account (which has the same limits and fees) available.

Not available to open a business checking account online. Business owners are very willing to open a business checking account and deposit money from that account if it is available on the Internet. Many banks, which are commonly found in brick-and-mortgage locations, allow customers to open bank accounts online and pay a small fee to open them.

Site navigation is sometimes a problem. Since Citibank has two separate sites for small businesses. Websites such as this are limited compared to competitors that offer more comprehensive information, such as more detail on each product and how it works, as well as easy-to-search and search-able FAQs and other resources.

(Visited 1 times, 1 visits today)

🏔 Read Next 🏔

Best Side Hustles of 2022

The 27 highest paying side hustles you can start today.

View article ➞

The Common Cents Mom Newsletter

Join thousands of curious consumers getting the inside scoop.

[class^="wpforms-"]
[class^="wpforms-"]