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

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Updated on November 21, 2022 by
Fifth Third Bank Small Business Banking Review

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Fifth Third Bank offers business clients the ability to have different types of accounts with different features. There are accounts that offer online banking, mobile deposit and those that allow you to pay bills online. The company has many branches throughout the country, which is attractive to small business owners who would rather meet with a banker in person.

Fifth Third Bank Business Checking services are ideal for small business entrepreneurs and managers if:

  • You prefer to do transactions in person rather than online, and live close to a bank.
  • You can satisfy the requirements needed to keep the bank account balanced or do any other transaction that will enable you to get around the fee that is charged each month.
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The Pros & Cons

Pros

The Average Household Income in the...
The Average Household Income in the United States
  • There are more than 50,000 ATMs nationwide that offer free services.
  • There are 1,200 branch locations in the 11 states that Fifth Third Bank serves.

Cons

  • There are limited accounts that allow you to transact transactions fee-free.
  • There are maintenance costs associated with each account that have to be paid monthly.
  • Some business owners find it difficult to pay a few fees for doing other things.

How Does Fifth Third Bank Business Checking Work?

Fifth Third Bank offers three different types of business accounts, Standard, Business Premium, and Elite. All three accounts have business debit cards, and they also feature on-line banking services, such as bill pay and banking on smartphones. All business accounts at Fifth Third Bank have yearly fees that must be paid, which are waivable if you meet the following requirements:

Business Standard Checking is $11/month, payable when you meet certain requirements:

  • Keep accumulated money in a Fifth Third business checking account and in an additional three Fifth Third savings accounts and certificates of deposit (CDs).
  • Pay $500 each month on a credit card of Fifth Third business.
  • Link the business account with a Fifth Third Wealth Management or Privileged checking or savings account.

Fifth Third Bank Small Business Banking Review

Business Premium Checking, you will pay $25 a month. If you meet the requirements:

  • Keep combining your money in all your bank accounts, in all your savings accounts and in all of your CDs.
  • Have an en-bill with a commercial lender or line of credit
  • Pay a minimum of $500/month in recurring payments to Fifth Third for your business credit card
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Business Elite Checking, $38 per year, paid only if you meet the requirements.

  • Keep 25,000 dollars in each of your business checking, CDs, and savings.
  • Have an authorized business line of credit.
  • Spend $3,000 per month on Fifth Trolley business credit card and join e-Deposit Manager / Cash Management Essentials.

Why Is Fifth Third Bank Business Checking Different?

No-money ATM networks: Fifth Third is the only bank in the United States that partners with AllPoint, 7-Eleven, and Presto! which allows customers to have access for free to nearly 50,000 ATMs.

Access to Branch: Fifth Third Bank has around 1,200 branch offices, which are ideal for small businesses because they can visit them in person and get the services they need. Its branches are more abundant in several states than in others.

Non-profits get free fee: Fifth Third Bank waived the maintenance fee that was due on its Business Standard Checking account for all non-profit organizations.

Where Does Fifth Third Bank Business Checking Fall Down?

Limits on transactions: Fifth Third checking accounts are limited to 250 and 450 or 650 transactions per month, whichever is greater. Each transaction that exceeds the monthly free transaction limit is charged at 50 cents each. All transactions, including cash and checks, and any ACH credits and debits, can be added to your limit. Limitations are common for business checking accounts, but some banks limit transactions to only certain types of transactions. Most business checking accounts allow users to do an endless amount of transactions at no cost. Some online banks have no transaction limits. Some banks charge additional fees for in-person transactions. Chase Business Complete Checking, which includes unlimited deposits to your account electronically, lets you do any business check that you like.

Pay attention to the small print when opening a Fifth Third business bank account. It's because there are charges for: stop payments of $33, overdrawn funds of $37, wire transfers of $15.50-$42.50, and also balance inquiries of $10.75. Businesses who want to stay away from paying expensive fees for their checking accounts may want to open a free account with NBKC Business Checking. This account offers no fees for opening a new checking account, whether that is for checking accounts or other types of transactions.

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