Fifth Third Bank Standard Business Checking Account 2023 Review
A business checking account helps keep your business and personal finances separate.
This can protect a business owner’s personal assets as long as the business is properly structured. This separation can help you clearly see your business’s financial standing, too.
Finding the right business checking account takes time, though. You have hundreds of options to choose from, which can paralyze a busy business owner.
To help save you time, we’ve reviewed the Fifth Third Bank Standard Business Checking Account. Here’s what you should know.
No Monthly Service Charge
The Fifth Third Bank Business Checking Account doesn’t charge a monthly maintenance fee. This is abnormal for business checking accounts from a physical bank with branches. Most banks charge at least $10 per month for a maintenance fee.
100 Free Monthly Transactions
You get 100 free monthly transactions with this account. Transactions include:
- Checks paid
- Deposited items
- Cash deposits
- Deposit tickets
- ACH addenda
- ACH credits and debits received
- Overdraft protection
Each transaction above the limit results in a $0.50 per item fee.
Up to $5,000 of Monthly Free Cash Deposits
Each month, you can deposit up to $5,000 of cash without paying any fees. Each additional dollar of cash deposited results in a $0.003 fee.
Other Account Fees to Consider
While the Fifth Third Bank Business Checking Account doesn’t have a monthly maintenance fee, there are several other fees you’ll likely come across. Here are a few of the major fees you should watch out for.
Other Account Fees - Fifth Third Bank Business Checking
|Out-of-network ATM Fee||$3 per U.S. transaction or $5 per international transaction|
|Incoming wire transfer fee (structured)||$15.50 per wire|
|Incoming wire transfer fee (non-structured with repairs)||$30 per wire|
|Branch outgoing domestic wire transfer fee||$45 per transfer|
|Online outgoing domestic wire||$25 per transfer|
|Branch outbound international wire transfer||$85 per transfer|
|Branch outbound international wire transfer in foreign currency (non-repetitive)||$50 per transfer|
|Online outgoing international wire transfer||$45 per transfer|
|Overdraft fee||$37 per item|
|Returned item fee||$37 per item|
|Stop payment fee||$33 per item|
|Return deposit item||$15 per item|
|Money order||$2 per item|
|Cashier’s check||$10 per item|
|Cash processing fees||Several fees depending on the type of cash and transaction|
Features of the Fifth Third Bank Business Checking Account
The Fifth Third Bank Business Checking Account offers several standard features you’d expect from an account. The account comes with a business debit card and access to online banking with bill payment. It does not pay interest.
Fifth Third Bank has a mobile app that offers mobile check deposit with immediate funds. You can also sign up for text alerts.
As a customer, you have access to 1,100 banking centers and 40,000 fee-free ATMs. You can also sign up for other services, but they may come with a fee. Examples include:
- Overdraft protection
- Discounted pricing on payroll solutions
- Check fraud protection with client-maintained positive pay
- ACH initiation
- Fifth Third direct prior day reporting
You can also sign up for Fifth Third merchant services, which is powered by Worldpay. This allows you to accept card payments for a fee.
How Fifth Third Bank Business Checking Compares to Other Fifth Third Bank Accounts
Fifth Third Bank has two other business checking accounts your business may want to consider. Each account has different benefits to help your business as it grows.
Fifth Third Business Premium Checking Account
The Fifth Third Business Premium Checking Account charges a $25 monthly service charge. This fee can be waived if you maintain a $25,000 minimum balance.
The account is a better fit for a growing business that needs more free transactions and cash deposits. You get 500 free monthly transactions and up to $10,000 of free monthly cash deposits.
This account does pay interest and offers discounted client-maintained positive pay.
Fifth Third Bank Business Elite Checking Account
This account charges a $50 monthly service charge unless you maintain a minimum balance of $50,000.
Your business gets up to 1,000 free monthly transactions and $25,000 in free monthly cash deposits. This account pays interest. It also includes client-maintained positive pay, ACH initiation, and Fifth Third direct prior-day reporting.
How to Open a Fifth Third Bank Business Checking Account
Fifth Third Bank doesn’t allow you to open a Business Checking Account online. Instead, you have to schedule a conversation with a Fifth Third Bank banker. You can schedule an in-person meeting at a branch or a phone conversation.
The banker can answer any questions you may have about opening an account. You should expect to provide the typical information required to open a bank account, but the banker can give you an exact list of requirements.
Examples of information usually needed to open a business checking account include:
- Personal information of all owners
- Personal information for anyone with signing authority
- Business employer identification number
- Business formation documents
Picking the Best Business Checking Account for Your Business
Choosing the right business checking account can feel overwhelming. Most banks have business checking accounts and some have several options, giving you seemingly endless choices. These accounts aren’t one size fits all, either. Each is tailored toward a specific type of business with different needs. Finding the account that best meets your business’s needs requires a lot of time and analysis, but you can speed up the process.
Start by identifying your company’s checking account needs. Once you have this list, you can eliminate many business checking accounts.
Next, understand your business’s requirements in the three following areas:
- Monthly cash deposits anticipated
- Monthly transactions anticipated
- Minimum balance you can maintain
Understanding these three factors help you identify the costs of the major fees most banks charge based on activity.
Of course, banks often charge other fees that can play a role in your decision. There are also several factors that have nothing to do with fees that can be very important.
To help expedite your decision-making process, here is a list of common factors many businesses consider when choosing a business checking account.
Monthly maintenance charges
Most business checking accounts charge a monthly maintenance charge, often starting around $10 per month. A minority of physical business checking accounts and many online banks do not charge this fee.
Minimum balance requirements
A minimum balance may be required to waive a monthly maintenance fee for accounts with this charge. The calculation of the minimum balance may vary by bank.
Transaction limits and excess transaction fees
Business checking accounts usually limit the number of free transactions you get. After you exceed the limit, you pay a per-transaction fee.
Cash deposit limits and excess cash deposit fees
Free cash deposits are normally limited, as well. Fees for excess cash deposits vary by bank.
Wire transfer costs
If your business makes wire transfers, it’s important to understand the types of transfers you make. Each type of transfer may come with a different fee.
Bank locations and hours
Look for a bank that has locations convenient to your business or home. This way, you can drop by the bank when it fits into your schedule. Make sure the bank is open during the hours you’d usually be available to visit.
ATM network and costs
Know which banks you can use without ATM fees and what fees you must pay if you use an out-of-network ATM.
Find a bank with convenience features that can make your life easier. This could include mobile deposit and the ability to schedule recurring bank transfers.
Payment processing solutions
Businesses that accept card payments may want to use a bank’s payment processing solution. It may allow for quicker deposits to your account. However, fees can add up quickly.
Today, software integration with your accounting system and other technology solutions could be essential. These integrations can reduce the number of errors and save time.
Other banking solutions
A business checking account is important, but other banking solutions could be a higher priority. A business looking for a loan may choose to prioritize the loan interest rate.
Then, they must decide if opening a business checking account at the same institution is worth any hassle or costs of having a suboptimal account at the same bank.
The Fifth Third Bank Standard Business Checking Account may be a good fit for small businesses that want a physical bank with branch locations.
This basic business checking account doesn’t have a monthly service charge but comes with a relatively small 100 free monthly transactions. The account also has a long list of fees which could quickly increase your monthly banking costs.
As long as you don’t use many of the fee-based services, this could be an inexpensive banking option.