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Overview
At Citizens Bank we consider business banking to be more of a relationship than a set of services. We care about our community and we want all of our business customers to succeed and prosper. To that end, we like to consider ourselves partners in every business that banks with us. Listening carefully, and getting to know our clients well, is the key to making sure that we provide the best possible service.
In addition, the network of friends and business owners that we have been building since our opening day enables us to put you in touch with a network of other business people in our community. They will provide valuable insight and assistance with issues that you may be facing for the first time.
Business Checking Accounts
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FREE Online Banking. No Annual Fee Credit Card Processing |
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FREE Personal Online Bill Pay. |
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ATM and VISA Check Cards now accepted Free of Charge at 614,000 Bank ATMs worldwide. |
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There is no charge at a Citizens Bank ATM, and we will reimburse you for all fees charged at other bank ATM locations when you periodically call or write to inform us of the total you paid. |
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For customers who wish to receive check images in their monthly statements, the following fees will apply: Business Accounts: $3.00 per month.
(May be waived with average balances of $25,000) |
Small Business Checking Account
| Description |
This account is perfect for small businesses with a low volume of banking activity. |
| Minimum Balance Requirement |
Maintain a minimum daily balance of $2,000.00 for every day of the statement cycle |
| Monthly Maintenance Charge |
If you drop below the minimum balance requirement stated above: $12.00 for the statement cycle. |
| Minimum Opening Balance |
$200.00 |
Non-Profit Business Checking Account
| Description |
This account is designed specifically for non-profit organizations and local groups or clubs with a 501(c) Federal tax status. |
| Minimum Balance Requirement |
No minimum balance required |
| Monthly Maintenance Charge |
None |
| Minimum Opening Balance |
$200.00 |
Business Interest Checking Account
| Description |
This account is tailored specifically for sole proprietors, nonprofits and public agencies with limited account activity; this account pays interest on your account balance. |
| Minimum Balance Requirement |
Maintain a minimum daily balance of $5,000.00 for every day of the statement cycle |
| Monthly Maintenance Charge |
If you drop below the minimum balance requirement stated above: $15.00 for the statement cycle |
Business Analysis Checking Account
| Description |
This account is perfect for businesses that have a high volume of banking activity. |
| Minimum Balance Requirement |
This account features an earnings credit which is applied to reduce or eliminate fees on the account. If the earnings credit exceeds the pos system fees for any period, you will be assessed no fees but you will not be paid, carry forward or otherwise receive credit for any excess earnings credit. |
| Monthly Maintenance Charge |
Earnings Credit Calculation – The earnings credit will be calculated by applying the daily periodic earnings credit rate to the investable balance in the account for each day of the period, rounded down to the nearest $100. The investable balance is the principal in the account reduced by 10%. No earnings credit will be earned for any day on which the balance is less than $100. At our discretion, the daily periodic earnings credit will be calculated and applied against fees incurred for the monthly statement cycle. For example, if the daily periodic earnings credit rate is .0085% and the balance on one day is $9,760, the investable balance is $8,784 and the amount of the earnings credit for that day is approximately $.74. |
Business Savings Accounts
Business Savings
| Minimum Balance Requirement |
Maintain a minimum daily balance of $300.00 for every day of the statement cycle |
| Monthly Maintenance Charge |
If you drop below the minimum balance requirement stated above: $3.00 for the statement cycle |
| Minimum Opening Balance |
$200.00 |
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An excessive withdrawal fee of $3.00 will be charged for each debit transaction (withdrawal, automatic transfer or payment out of this account) in excess of 6 during a statement cycle. |
Business Money Market Account
| Minimum Balance Requirement |
Maintain a minimum daily balance of $2,500.00 for every day of the statement cycle |
| Monthly Maintenance Charge |
If you drop below the minimum balance requirement stated above: $10.00 for the statement cycle |
| Minimum Opening Balance |
$1,000.00 |
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An excessive withdrawal fee of $5.00 will be charged for each debit transaction (withdrawal, automatic transfer or payment out of this account) in excess of 6 during a statement cycle. |
Regarding Interest
Interest accrues from the first day we receive credit for the items you deposit. Interest is paid monthly. We reserve the right to require at any time a written notice 7 days before each withdrawal from an interest-bearing account, which includes demand accounts and savings accounts, but does not include time deposit accounts. We will notify you if our decision to exercise this right pertains to your account(s).
Sub-accounts – For regulatory and accounting purposes your checking account is divided into two subaccounts: a transaction subaccount and a non interest bearing money market subaccount. These subaccounts are treated as a single account – the Checking Account – for purposes of minimum balance requirements, fees and charges, and account access. Your account statement and other records of your account activity (e.g., ATM receipts) will reflect this account as a single account and will not reflect the subaccounts or transfer between the subaccounts in any way. You will have no direct access to the money market subaccount; you may access this subaccount only indirectly through transactions on your checking subaccount as described below.
Whenever your transaction subaccount balance exceeds a threshold amount, we may transfer all funds in excess of that amount into the money market subaccount. As transactions post to the transaction subaccount reducing the transaction subaccount balance below zero, we will transfer funds back into the transaction subaccount from the money market subaccount. We may make up to six such transfers from the money market subaccount into the transaction subaccount per monthly statement period. Upon the sixth such transfer in a monthly statement period, we will transfer the entire balance in the money market subaccount back to the transaction subaccount. We may repeat this process each monthly statement period. We set the transaction account balance threshold at our discretion and may change it at any time.
We reserve the right to require seven days’ written notice prior to withdrawal or transfer of any funds from the money market subaccount. We do not currently exercise this right or require this notice.
Effective 2/5/07
Business and Commercial Loans
We offer a variety of business loans to meet your company’s needs – providing financing for almost any business need.
Working Capital Line of Credit
Use your working capital line of credit to manage your cash flow or whenever funds are needed. Borrow from your business line of credit for a variety of short-term or ongoing uses.
Accounts Receivable Financing
You can give your business increased access to cash based on your accounts receivable billings.
Equipment Financing and Leasing
We can make it easy and affordable to purchase or lease the equipment you need for your business to prosper.
Commercial Real Estate
Citizens Bank offers financing for owner-occupants and investors on a variety of commercial properties, including commercial office, industrial, retail and multi-family buildings.
Business Acquisition or Expansion Loans
Look to Citizens Bank for financing to help you in business acquisitons or other business expansion needs – helping you implement long-time planning.
Business Credit Cards
You can manage your day-to-day business expenses more effectively, by using business credit cards for purchasing office supplies, entertaining clients or emergency expenses. Citizens Bank can tailor your credit limits to fit your business needs.
Construction Financing
A construction loan provides short-term financing for the duration of your building project. In addition to providing that funding, Citizens Bank will be your partner throughout this process. We will assist you by making pre-established payments to your contractor, and maintaining contact with appraisers and inspectors – all in an effort to ensure that construction keeps pace with the plans and the money. When construction is complete, your loan officer will search the market to find the long-term mortgage to best suit your circumstances, at the lowest interest rates available.
Other Products and Services
Health Savings Accounts
A Citizens Bank Health Savings Account is a great way to save for medical expenses, while taking advantage of the tax benefits. A Health Savings Account is coupled with a High Deductible Health Plan which can be secured through an insurance carrier. More information
Safe Deposit Boxes
Citizens Bank branch vaults offer you the safety and protection you simply can’t match in your home. Your valuables are easily accessible at your convenience in facilities that ensure your complete privacy.
Cashier’s Checks
When you need to pay large sums of money, this type of check offers the maximum safety and is readily accepted.
Wire Transfers
If you need to transfer funds immediately, Citizens Bank offers wire transfer services to domestic and international banks.
Courier Services
We offer complimentary executive courier services for the transfer of non-cash banking documents to and from our business customers’ locations.
Remote Deposit Capture
Deposit your checks electronically from the convenience of your business site into multiple checking accounts. More information
Night Drop Deposit Services
When you’re unable to stop by a branch during our open hours, Citizens Bank provides a secure night drop service. No key is needed and no fees are assessed.
Linked Overdraft Protection
You’ll appreciate the variety of ways we protect your checking account from becoming overdrawn. You can set up automatic overdraft transfers from a savings account, another checking account, or from a personal line of credit.
Certificates of Deposit (CD)
We offer automatically renewable and fixed term certificates with fixed rates and a choice of terms.
IRAs
We offer traditional IRAs, ROTH IRAs, and Coverdell Education Savings Accounts.
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