A Citibank small business checking account is designed to meet the unique cash‐management needs of small and emerging enterprises. Backed by Citi’s global infrastructure and a suite of digital tools, these accounts help you streamline day-to-day transactions, manage cash flow, and scale operations—while minimizing fees and maximizing convenience.
1. Account Types & Tiers
Citibank offers multiple small business checking tiers to align with your company’s size and transaction volumes:
- CitiBasic® Business Checking
- Ideal for very small businesses or startups with low monthly activity
- No monthly maintenance fee when you maintain a modest average balance or meet a minimum number of transactions
- CitiBusiness® Checking
- Suited for growing companies with higher transaction volumes
- Includes tiered fee waivers based on average ledger balances, plus free cash deposits up to a set threshold
- CitiBusiness® Streamlined Checking
- Designed for businesses that prefer flat fees over tiered structures
- Predictable monthly fee in exchange for unlimited transactions and a higher free cash‐deposit allowance
2. Key Features & Benefits
- No- or Low-Monthly Fees
Each tier features multiple waiver paths—maintain a daily balance, initiate a minimum number of ACH/debit transactions, or link to other Citi products to eliminate fees. - Free Cash Deposits
CitiBasic and CitiBusiness accounts include a monthly free cash‐deposit allowance (e.g., USD 5,000–25,000); Streamlined Checking offers an even higher or unlimited cash‐deposit limit. - Digital Cash Management
- CitiBusiness® Online® and the Citi Mobile® App for Business let you view real-time balances, initiate ACH and wire transfers, and pay vendors—all from one secure portal.
- Zelle® for Business integration for fast, low-cost P2P payments and vendor disbursements.
- Enhanced Overdraft Protection
Link your business checking to a Citi Business Line of Credit or Citi Savings to cover unexpected shortfalls at reduced fees or interest rates. - Merchant Services Integration
Seamlessly pair with Citi’s merchant‐processing solutions for credit-card acceptance, POS reporting, and next-day funding options.
3. Eligibility & Requirements
- Business Registration: Must be a U.S.-registered sole proprietorship, partnership, LLC, or corporation in good standing.
- Minimum Opening Deposit: Starts as low as USD 100, depending on the chosen tier and any promotional offers.
- Documentation:
- Employer Identification Number (EIN) or Social Security Number (for sole proprietors)
- Articles of Organization/Incorporation or DBA certificate
- Valid government-issued ID for each owner or authorized signer
- Proof of address and, for certain industries, additional licenses or permits
4. How to Open an Account
- Gather Your Documents: Business registration, EIN/SSN, owner IDs, and proof of address.
- Compare Tiers: Use Citi’s online comparison tool to identify which checking package aligns with your expected transaction volumes and cash-deposit needs.
- Apply Online or In-Branch: Complete the application via citi.com/business or visit a local CitiBusiness® center.
- Fund & Activate: Make your opening deposit via electronic transfer or check. Enroll in digital banking and set up security credentials.
- Link Products: Consider adding a Business Line of Credit, CitiSavings®, or merchant services to maximize fee waivers and relationship benefits.
5. Fees & Waiver Strategies
| Fee Type | Standard Charge | Waiver Options |
|---|---|---|
| Monthly Maintenance | USD 10–30 | Maintain minimum balance, 50+ transactions, or product links |
| Cash Deposit Overages | USD 0.30 per USD 100 | Stay within free deposit allowance per month |
| Outgoing Wires | USD 25 domestic; USD 45 intl | Link to CitiBusiness® product package |
| Excess Debit Items | USD 12 per item | Link to overdraft protection or maintain higher balance |
6. Tips for Maximizing Your Checking Account
- Automate Deposits & Payments: Use recurring ACH for payroll and vendor disbursements to count toward transaction waivers.
- Monitor Balances Daily: Set low-balance and large-transaction alerts in the online portal to avoid fees.
- Consolidate Banking Relationships: Add a CitiBusiness® Line of Credit or CitiSavings® to boost your relationship balance and qualify for enhanced benefits.
- Review Monthly Statements: Quickly identify fee-causing activities and adjust your banking behavior accordingly.
Conclusion
A Citibank small business checking account combines flexible fee structures, robust digital tools, and global reach to support your company’s growth. By choosing the right tier, leveraging fee-waiver opportunities, and integrating additional CitiBusiness® products, you can streamline cash management, reduce costs, and focus on what matters most: running and expanding your business. Ready to get started? Visit citi.com/business or your nearest CitiBusiness® center today.