Fifth Third Bank Business Checking: 2021 Review

Fifth Third Bank has nearly 1,200 branch locations to serve business checking customers.
Kelsey SheehyMar 5, 2021

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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.

Pros

Cons

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:

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

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

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.

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.

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. , 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 , which has no monthly fees, overdraft fees, stop payment fees or transaction fees.

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