Choosing the right bank for your business is a crucial decision. With a growing number of online banks, mobile banking options, and traditional brick-and-mortar banks, it can take time to figure out where to start.
One bank that is worth considering is Fifth Third Bank. This bank offers many quality services, including an extensive business account portfolio.
In this post, we’ll take an in-depth look at the Fifth Third Bank Business Account to help you decide whether it’s the right option for your business.
Let’s stay tuned to the reading for further details!
Overview of Fifth Fifth Third Bank Business Account
Fifth Third Bank offers a comprehensive business banking account that provides a wide range of services to meet the needs of any business.
From small businesses to large corporate enterprises, Fifth Third Bank Business Account offers a suite of features to help companies manage their finances.
With features such as competitive interest rates, free online banking, and an extensive ATM network, Fifth Third Bank has the perfect business banking account for any business.
Below are three kinds of Fifth Third Bank Business Accounts:
|Features||Fifth Third Business Elite Checking Account||Fifth Third Business Premium Checking Account||Fifth Third Business Standard Checking Account|
|Included Cash Deposits||$25,000||$10,000||$5,000|
|Monthly Service Charge||$50||$25||$10|
|Balance to waive Monthly Service Charge||$50,000||$25,000||$1,000|
|Minimum opening deposit requirement||$0||$0||$0|
Furthermore, all three kinds are available in the following features:
- Online and Mobile Banking
- Mobile Deposit with Immediate Funds
- Fifth Third Bank debit card
- Instant Text Alerts
- Overdraft Protection
- Paperless Statements
- Preferential Pricing on Payroll Solutions
- Fifth Third Direct Intraday Reporting
- Electronic Deposit Manager
- ACH Initiation
Fifth Fifth Third Bank Business Account: Pros and Cons
Fifth Third Bank provides business accounts that offer a variety of features and benefits to business owners.
However, it is essential to weigh the pros and cons of this type of banking solution when deciding which one is right for your business.
- Free services are available at more than 50,000 ATMs across the country.
- Fifth Third Bank operates 1,200 offices in 11 different states in Fifth Third Bank hours everyday.
- Only a small number of accounts offer no-fee withdrawals and deposits.
- Each account has a monthly maintenance fee that you must pay to keep active.
- For some company owners, the cost of additional services might be a significant hindrance.
Comparison Between Fifth Third Bank Business Accounts and Other Banks
According to Nerwallet’s statistics, you can see the comparison among banks’ business accounts in the table below:
|Services||Fifth Third Bank||CHASE Bank||NBKC Bank||US Bank|
|Monthly fee||Standard: $11
Business Elite Checking: $35
|APY||0%||0%||0%||0.01% on balances of $20,000 or more for Gold Business Checking|
|Bonus||$0||$300 sign-up bonus||$0||$300 sign-up bonus|
|Open account online||None||Available||Available||Available|
|Branch access||Around the country||Only in Kansas and Missouri||Around the country||Around the country|
|Minimum opening deposit requirement||$0||$0||$0||$100|
How Does Fifth Third Bank Business Checking Work?
Fifth Third Bank Business Checking allows businesses to manage their finances quickly and efficiently.
This checking account gives companies competitive rates, convenient banking options, and helpful customer service.
Below is how three types of Fifth Third Bank Business Checking work.
Business Standard Checking
Fees for the Business Standard Checking Account usually are $11 per month, but they are refundable if you meet one of the following conditions:
- Have a minimum of $3,500 in all your company accounts (checking, savings, and certificates of deposit).
- Put $500 toward your monthly credit card bill at Fifth Third Bank for business.
- Establish a connection between your business checking account and your Preferred Checking or wealth management account with Fifth Third.
Business Premium Checking
The monthly fee for a Business Premium Checking Account is $25 only when you meet one of the following criteria:
- Your company checking, savings, and CD accounts should each have a minimum balance of $10,000.
- Get your company’s loan or line of credit from Fifth Third Bank.
- You can get merchant services from Fifth Third Bank if you use the card for monthly purchases of $500 or more.
Business Elite Checking
Business Elite checking accounts cost around $35 per month when you can refund it under certain circumstances:
- If you run a business, it’s good to spread your money around and always have at least $25,000.
- A business loan or line of credit from Fifth Third Bank.
- Use your Fifth Third business credit card for at least $500 monthly purchases and the Electronic Deposit Manager or Cash Management Essentials to earn rewards.
Why Is Fifth Third Bank Business Checking Different?
Fifth Third Bank Business Checking offers a variety of features and benefits that make it stand out from other business checking options.
From free services at ATMs and easily accessible branches to a nonprofit, Fifth Third Bank Business Checking is to meet the needs of businesses of any size.
Here is detailed information about these differences:
No-money ATM networks
Fifth Third Bank is a partner of AllPoint, Presto!, and 7-Eleven, with over 50,000 accessible ATMs, to provide its customers with a free ATM network.
There is no price from Fifth Third Bank to use an ATM outside of their network in the United States.
Access to Branch
Fifth Third’s over 1,200 full-service branches are convenient for company owners who want to do their banking in person.
The number of physical bank branches varies by state. Aside from the main office, there is just one other location in South Carolina and five in West Virginia.
Nonprofits Get the Free Fee
To further serve the nonprofit community, Fifth Third Bank does not charge a monthly fee for its Business Standard Checking account for 501(c)(3) organizations.
Where Does Fifth Third Bank Business Checking Fall Down?
Fifth Third bank business checking is a popular choice for many businesses, but it does have some areas where it may need to be revised.
Limits on transactions
- All business checking accounts with Fifth Third have monthly transaction limitations of either 250, 450, or 650 free of charge.
- There is a 50-cent fee for any further purchases. Your transaction limit is the sum of all deposits (cash, paper checks, and electronic), bills paid, and ACH debits and credits.
- The number of fees associated with the account can be overwhelming. Some of the prices are avoidable, while others are unavoidable, such as fees for using an out-of-network ATM.
- Fifth Third Bank charges various other expenses for its business checking account customers, including $33 for a stop payment, $37 for an overdraft, $15.50 to $42.50 for a wire transfer, $28 for duplicate statements, and $10.75 for a balance inquiry.
Spotty customer service
- The Fifth Third Bank customer service could be better, with some customers reporting long wait times and difficulty getting through to a customer service representative.
- The online banking platform also needs advanced features, making monitoring and managing accounts difficult.
- Business customers may also run into limitations on the amount of money they can deposit or withdraw from their accounts, which can be inconvenient.
In conclusion, the Fifth Third Bank business account is an excellent option for those looking for a simple, cost-effective way to manage their business finances.
With a range of features and services to choose from, you can easily customize the account to suit your needs.
This post will be informative and helpful to you. Thank you for reading!