First Citizens Bank does not offer a truly free business checking account

First Citizens Bank business checking accounts come with a monthly maintenance fee. The exact fee depends on which account you choose, but most accounts charge between $10 and $15 per month. Some accounts waive the fee if you maintain a minimum balance or meet other conditions, but there is no account with zero fees and no strings attached.

The bank offers several business checking products aimed at different business sizes and transaction volumes. Smaller businesses and sole proprietors may find lower fees in some accounts than others, but you will pay something unless you hit a specific threshold the bank sets.

Key Takeaways

  • First Citizens Bank business checking accounts charge monthly maintenance fees ranging from $10 to $15, with no completely free option available.
  • Some accounts waive the monthly fee if you keep a minimum balance, typically $1,000 to $2,500 depending on the account type.
  • The bank may also charge per-transaction fees for items like wire transfers, ACH transfers, and check deposits beyond a certain number per month.
  • You should compare First Citizens' fees against other banks' business checking options before opening an account, since fee structures vary widely.

How First Citizens Bank structures business checking fees

First Citizens Bank uses a tiered fee model. The bank offers multiple business checking accounts, each with its own monthly maintenance fee and its own conditions for waiving that fee. The most common condition is maintaining a minimum daily balance or average monthly balance in the account.

If you keep the required balance, the monthly fee disappears. If your balance drops below that threshold, you pay the fee that month. This means the account is free only if you have cash sitting in it at all times—money you cannot use for operations or emergencies without triggering a fee.

Some accounts also waive fees if you meet a combination of conditions: a minimum balance plus a certain number of monthly transactions, or a minimum balance plus direct deposits. Check the specific account terms when you visit the bank's website or speak with a business banker, because these conditions change and vary by account type.

Additional charges beyond the monthly fee

The monthly maintenance fee is not the only cost. First Citizens Bank charges separate fees for specific transactions and services. Wire transfers typically cost $15 to $25 per outgoing wire, depending on whether it is domestic or international. ACH transfers may have per-transaction fees if you exceed a monthly limit.

Check deposits beyond a certain number per month may incur fees. Remote deposit capture (scanning checks with your phone or computer) may also carry a fee. Overdraft fees apply if your account goes negative, and those fees are separate from the monthly maintenance charge.

Before opening an account, ask the bank for a complete fee schedule in writing. This document should list every transaction type and its cost. Many banks post this online, but it is worth requesting it directly so you have a clear picture of what you will actually pay.

Comparing First Citizens to banks with lower business checking costs

Other banks offer business checking with lower or no monthly fees. Some online banks and credit unions charge no monthly maintenance fee at all, though they may charge for specific services like wire transfers or check deposits. Regional banks sometimes offer free business checking to customers who maintain certain balances or meet transaction thresholds.

The trade-off is usually in service availability. A bank with no monthly fee might not have physical branches, or it might not offer the same range of business services First Citizens provides. If you need in-person support, a local branch network, or integrated payroll and accounting tools, you may pay more at First Citizens than at an online competitor.

The decision depends on what you actually use. If you write many checks, make frequent wire transfers, or need a business banker you can meet with in person, First Citizens' fees might be worth it. If you mostly need a place to deposit checks and move money between accounts, a no-fee online bank could save you $120 to $180 per year.

How to reduce or eliminate your monthly fee at First Citizens

The most straightforward way to avoid the monthly fee is to maintain the minimum balance required by your account type. This works if you have cash reserves and do not need to deploy that money for operations. Calculate whether keeping $1,500 or $2,500 in the account costs you more in lost opportunity than the $10 to $15 monthly fee would.

Some business accounts waive fees if you set up direct deposit of payroll or customer payments. If your business receives regular deposits from clients or if you run payroll through the bank, this condition may be easier to meet than a large balance requirement. Ask your business banker which accounts offer this option.

Another option is to use First Citizens for specific purposes—such as payroll or customer payments—while keeping your main operating account at a bank with lower fees. This splits your banking across institutions but can reduce your overall costs if First Citizens charges more than alternatives for your primary checking needs.

What to ask First Citizens before you open an account

Contact First Citizens directly or visit a local branch and ask for the business checking fee schedule. Request the monthly maintenance fee, the minimum balance required to waive it, and the per-transaction fees for wire transfers, ACH transfers, check deposits, and overdrafts. Ask whether the bank offers any accounts with no monthly fee under any circumstances.

Ask also about the bank's online banking platform and whether it integrates with accounting software your business uses. Some business owners find that a slightly higher fee is worth it if the bank's tools save them time on bookkeeping or reconciliation.

Finally, ask whether the bank offers a trial period or a way to switch accounts if you find the fees do not work for your business. Some banks allow you to move to a different account type without closing and reopening, which can be useful if your business needs change.

Frequently Asked Questions

Can I avoid the monthly fee by keeping a certain amount in the account?

Yes, most First Citizens business checking accounts waive the monthly fee if you maintain a minimum balance, typically between $1,000 and $2,500. The exact amount depends on which account you choose. If your balance falls below that threshold, you pay the monthly fee that month.

Does First Citizens charge for wire transfers and ACH payments?

Yes. Outgoing wire transfers typically cost $15 to $25 each. ACH transfers may have per-transaction fees if you exceed a monthly limit. Check the fee schedule for your specific account, as these charges vary by account type and transaction volume.

What happens if my business account goes negative?

First Citizens charges overdraft fees if your account balance goes below zero. The fee amount varies but is typically $30 to $35 per overdraft. This is separate from the monthly maintenance fee and applies each time your account overdraws.

Are there any First Citizens business accounts with zero monthly fees?

First Citizens does not advertise a completely free business checking account with no conditions. All business accounts carry a monthly maintenance fee unless you meet specific requirements like a minimum balance or direct deposit. Compare with online banks or credit unions if you want no-fee business checking.

Can I switch to a different First Citizens business account if the fees do not work for me?

Most banks allow you to change account types without closing your account, though you should confirm this with First Citizens before opening. Ask whether switching accounts triggers any fees or whether you can move your existing balance and transaction history to a new account type.