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Business Checking

Checking as Unique as Your Business...

Just as your business or organization is unique, The Citizens Bank offers unique products to meet your company's needs and invest back into the community. Whether you're a sole proprietor operating from your home, a large corporation with many locations, or a small business somewhere in between, our products are designed to make your business banking easier.

Thinking about moving your account to TCB? Our easy Switch Kit will help you gather all the information needed to open an account. Click here for the Switch Kit.

  Non-Profit Free Small Business Commercial
Interest		 Premier Business Business Analysis IOLTA
Ownership Non-profit businesses, churches, clubs, estates and trust accounts Sole proprietorships and businesses with low transaction volume Sole proprietorships, and businesses with low transaction volume Businesses with medium transaction volume Businesses with high transaction volume Interest on Lawyer Trust Accounts
Minimum Opening Deposit $100.00 $100.00 $1,000.00 $2,500.00 $100.00 $100.00
Balance Requirement To Avoid
Maintenance Fees		 None None $1,000 minimum daily balance $2,500 minimum daily balance None None
Maintenance Fees None $0.00 monthly up to 200 items/transactions per month; after 200, $0.35 per item/transaction $7.50 monthly plus
$0.35 per debit if balance falls below minimum
daily requirement;
$0.10 per deposited item in excess of 100; $5.00 daily overdraft fee after 3rd consecutive day overdrawn		 $10.00 monthly if balance falls below minimum daily requirement; 500 free items (debits, credits, deposited items) then $0.35 per item beyond 500 $8.00 monthly
$0.15 per item paid
$0.25 per deposit
$0.06 per item in deposit (local)
$0.07 per item in deposit (foreign)
$5.00 Daily Overdraft Fee after 3rd consecutive day overdrawn		 None
Interest Earning Yes No Simple interest is paid monthly
on daily collected balance		 No An earnings credit is calculated based on the average daily balance and may offset specific fees Simple interest is paid monthly on daily collected balance
Interest Tiers $500.00
and greater		 N/A $2,000
and greater		 N/A N/A $2,000 and greater; interest
is transferred to the SC Bar Association
Free Visa
Debit Card		 ü ü ü ü ü ü
Overdraft Protection Available (Subject to Credit Approval) ü ü ü ü ü ü
eStatements Available ü ü ü ü ü ü
Free Online Banking with Bill Payment ü ü ü ü ü ü
Free Telephone Banking ü ü ü ü ü ü

What do I need to open a business account at The Citizens Bank?

Opening a business account with us is straight forward-especially if you’re prepared. Having the correct documents will help make sure everything goes smoothly.

All signers and/or account owners will need to bring:
  • Social Security Card
  • Current government issued photo ID (for example: Driver’s License, Passport or State Identification Card).

We also need proof to identify any beneficial owners of the business regardless of whether or not they will be an account signer. A beneficial owner is anyone who is entitled to or who controls -either directly or indirectly – 25% or more of the business.

Additional documents needed depend on what type of business ownership you have as listed below:
(special circumstances may require additional documentation)

SOLE PROPRIETOR
  • SS4 Form, if you are using a Tax ID Number
  • Business License, if applicable

PARTNERSHIPS
  • SS4 Form 
  • Partnership Agreement, if applicable
    LLP registration form filed with the state, if applicable
  • Limited partnerships must:
    • File a certification of the partnership information with the state in which the business has its principle location.
    • Include the term limited partnership or LP in their legal name.
    • Limited Liability Partnerships or Professional Limited Liability Partnerships must include either LLP or PLLP in the account titles.

LIMITED LIABILITY COMPANY
  • SS4 Form (single member LLC may use owners social security number)
  • Articles of Organization
  • Operating Agreement
  • Business License, if applicable
  • Limited Liability Companies must include LLC in the account title.

CORPORATION
  • SS4 Form
  • Articles of Incorporation

INCORPORATED OR UNINCORPORATED ASSOCIATIONS OR ORGANIZATIONS OR NON-PROFIT ORGANIZATIONS
  • SS4 form
  • Letter authorizing opening the account and authorizing approved signers including titles/positions.


All requests are per The Citizens Bank Policy