Fifth Third Bank Business Checking: 2022 Review

Fifth Third Bank has three business checking accounts, each equipped with the standard features: online banking, bill pay and mobile deposit. The bank has an extensive branch network, particularly in its home state of Ohio, which may appeal to business owners who prefer to build a relationship with their banker in person.

Fifth Third Bank business checking is best for small-business owners who:

• Prefer in-person banking and live near a branch.

• Can meet the balance or transaction requirements necessary to avoid the monthly maintenance fee.

Pros and cons

Pros

• 50,000+ free ATMs across the United States, including AllPoint, Presto! and 7-Eleven ATMs.

• Nearly 1,200 branches across Fifth Third’s 11-state service area.

Cons

• Limited fee-free transactions on all accounts.

• Monthly maintenance fees on all accounts.

• Incidental fees could prove costly for some business owners.

Fifth Third Bank business checking at a glance

How Fifth Third Bank business checking works

Fifth Third Bank has three business checking accounts — Standard, Premium and Elite — that include a business debit card and online banking, including bill pay and mobile deposits. All Fifth Third business checking accounts have a monthly maintenance fee, which is waived if you meet certain requirements, listed below.

Business Standard Checking: $11 per month, waived if you meet one of the following requirements:

• Keep a combined balance of at least $3,500 across your business checking, savings and CDs.

• Spend $500 per month on your Fifth Third business credit card.

• Link your business checking account to a personal Fifth Third wealth management or Preferred Checking account.

Business Premium Checking: $25 per month, waived if you meet one of the following requirements:

• Keep a combined balance of at least $10,000 across your business checking, savings and CDs.

• Have a Fifth Third business loan or line of credit.

• Spend at least $500 per month on your Fifth Third business credit card and sign up for merchant services.

Business Elite Checking: $35 per month, waived if you meet one of the following requirements:

• Keep a combined balance of at least $25,000 across your business checking, savings and CDs.

• Have a Fifth Third business loan or line of credit.

• Spend at least $500 per month on your Fifth Third business credit card and enroll in Electronic Deposit Manager or Cash Management Essentials.

Accounts can be opened in person or over the phone. Fifth Third operates nearly 1,200 full-service branches across 11 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.

Where Fifth Third Bank business checking stands out

Free ATM network: Fifth Third partners with three ATM networks — AllPoint, Presto! and 7-Eleven — giving customers access to more than 50,000 free ATMs. Fifth Third Bank doesn’t charge a fee if you use out-of-network ATMs in the United States but the ATM operator may impose a fee.

Branch access: Fifth Third operates nearly 1,200 full-service branches, which is ideal for business owners who prefer an in-person banking experience. The bank’s brick-and-mortar presence is more robust in some states than others. There is only one branch in South Carolina, for example, and just five in West Virginia.

No fee for nonprofits: Fifth Third Bank waives the monthly maintenance fee on its Business Standard Checking account for nonprofit organizations.

Where Fifth Third Bank business checking falls short

Transaction limits: All Fifth Third business checking accounts cap free transactions to 250, 450 or 650 per month, depending on the account. Each additional transaction is 50 cents. All deposits (cash, paper checks and electronic), checks paid and ACH debits and credits count toward your transaction limit.

Transaction limits are common on business checking accounts, but there are exceptions. Most online banks offer unlimited fee-free transactions. And some brick-and-mortar banks only limit in-person transactions. Chase Business Complete Checking, for example, includes unlimited electronic deposits.

Incidental fees: Dive into the fine print of Fifth Third's business checking account and you’ll notice fees for stop payment ($33), overdraft ($37), wire transfers ($15.50 to $42.50), duplicate statements ($28) and balance inquiries ($10.75). Business owners aiming to avoid additional fees should consider a free account like NBKC business checking, which has no monthly fees, overdraft fees, stop payment fees or transaction fees.

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