First Citizens Bank does not offer a business checking account with zero monthly fees
First Citizens Bank's business checking products all carry a monthly maintenance fee. The bank does not market a free tier. Their standard business checking account costs $15 per month, though the fee can be waived if you maintain a minimum balance—typically $2,500 to $5,000 depending on your account type and location. Some First Citizens branches offer promotional periods where the fee is waived for the first few months, but these are temporary.
If you need a business checking account without monthly fees, you will need to look at other banks. Online banks like Square Cash for Business, Novo, and Lemonade Business offer no-fee checking. Some regional banks and credit unions also have free business checking, though availability depends on your location and whether you meet membership requirements.
Key Takeaways
- First Citizens Bank's business checking accounts charge $15 per month in maintenance fees with no free option available.
- You can waive the monthly fee by keeping a minimum balance, usually between $2,500 and $5,000.
- Promotional fee waivers sometimes run for the first few months when you open a new account, but these are not permanent.
- Online banks and some credit unions offer business checking with no monthly fees if you want to avoid maintenance charges entirely.
How First Citizens Business Checking Fees Work
First Citizens offers several business checking products, and the fee structure varies slightly by account type. The most common option is their standard business checking, which charges $15 monthly. Some branches offer a premium business checking product with higher fees but additional features like higher check limits and priority customer service.
The monthly fee applies unless you meet the balance requirement. If you keep the minimum balance in your account at all times, the fee is waived. This means the balance must not drop below the threshold on any day of the month—not just at the end of the month. If your balance dips below the minimum even once, you will be charged the full fee for that month.
First Citizens also charges per-item fees for certain transactions beyond what is included in your account. These might include fees for excess deposits, wire transfers, or stop payments. The exact fees and transaction limits depend on your specific account type, so you should ask your branch what is included before opening an account.
When First Citizens Waives the Monthly Fee
The most straightforward way to avoid the $15 monthly fee is to maintain the minimum balance. For most First Citizens business checking accounts, this is $2,500, though some accounts require $5,000. You need to keep this balance in the account continuously—not just deposit it once and let it sit elsewhere.
New account promotions occasionally waive the fee for a limited time. These promotions change by location and season, so you should ask your local branch whether they currently have any fee-waiver offers. A promotion might waive the fee for three to six months, after which the regular $15 monthly charge resumes unless you meet the balance requirement.
If you are opening an account specifically to avoid fees, calculate whether maintaining the minimum balance makes sense for your business. A $2,500 minimum balance earning little to no interest may cost you more in lost opportunity than the $15 monthly fee itself, depending on what you could earn elsewhere.
What Is Included in First Citizens Business Checking
Beyond the monthly fee, First Citizens business checking typically includes unlimited check writing, online banking, mobile deposits, and ACH transfers. The exact features depend on your account tier, so confirm what comes standard before you open.
Most accounts include a certain number of transactions per month before per-item fees kick in. For example, you might get 100 transactions included, and anything beyond that costs a small fee per transaction. Deposits, withdrawals, and transfers all count toward this limit.
First Citizens also offers merchant services, payroll processing, and business credit cards as add-ons, though these are separate products with their own fees. If you need these services, bundling them with your checking account sometimes results in discounts.
Comparing First Citizens to Banks With No Monthly Fees
If the $15 monthly fee is a dealbreaker for your business, several alternatives offer business checking with no monthly maintenance charge. Online banks like Novo, Square Cash for Business, and Lemonade Business have built their model around low or zero fees. These accounts typically come with online banking, mobile deposits, and ACH transfers included.
The trade-off is that online banks do not have physical branches. If you need to deposit cash or speak to someone in person, an online bank may not work for you. First Citizens has physical locations across the Southeast and Mid-Atlantic, which matters if you regularly need in-person banking.
Some local credit unions also offer free business checking to members. Credit union membership usually requires living or working in a specific area or belonging to a certain profession or organization. Check whether you are may be able to access for any credit unions in your region—they often have lower fees across the board.
| Bank or Service | Monthly Fee | Minimum Balance to Waive | Physical Branches |
|---|---|---|---|
| First Citizens Bank | $15 | $2,500–$5,000 | Yes (Southeast/Mid-Atlantic) |
| Novo | $0 | None | No |
| Square Cash for Business | $0 | None | No |
| Lemonade Business | $0 | None | No |
How to Open a First Citizens Business Checking Account
You can open a First Citizens business checking account in person at any branch or online through their website. In-person opening usually takes 15 to 30 minutes and requires your business license or EIN, a government-issued ID, and your Social Security number. Online opening is faster but may require you to visit a branch later to verify your identity.
First Citizens will run a background check and review your banking history as part of the approval process. This is standard for business accounts. The bank uses ChexSystems, a banking history database, to check whether you have had problems with previous accounts.
Once approved, your account opens when ready if you explore in person. Online applications typically take one to two business days to process. You will receive debit cards, checks, and online banking access within a week.
Frequently Asked Questions
Can I avoid the $15 monthly fee without keeping a minimum balance?
No. First Citizens does not offer a free business checking account. The only way to waive the monthly fee is to maintain the required minimum balance—usually $2,500 to $5,000. Promotional fee waivers are temporary and expire after a few months.
What happens if my balance drops below the minimum for one day?
You will be charged the full $15 monthly fee. First Citizens monitors your balance daily, so even a temporary dip below the minimum triggers the fee. If you regularly struggle to maintain the balance, a free online business checking account may be a better fit.
Does First Citizens charge fees for wire transfers or ACH payments?
Yes. Wire transfers and stop payments typically cost extra beyond your monthly fee. ACH transfers are usually included, but confirm the exact fees with your branch before opening, as they vary by account type and location.
Can I switch to a different First Citizens business account if I find a better option?
Yes. First Citizens offers multiple business checking tiers. If you open one account and later want to downgrade or upgrade, you can contact your branch to switch. There is no penalty for changing account types, though you may need to close the old account and open a new one.
Is there a better option if I only need basic business checking?
If you only need online banking, mobile deposits, and ACH transfers, an online bank with no monthly fee is likely cheaper. Novo, Square Cash for Business, and Lemonade Business all offer these features at no cost. The main reason to choose First Citizens would be if you need physical branch access or prefer working with a traditional bank.