Fifth Third Bank announced late last month the launch of redesigned business checking products, including three new accounts, developed based on customer feedback to address the changing needs of its business customers.
The new suite of accounts includes the Business Standard Checking account, Business Premium Checking account and Business Elite Checking account.
“Our business customers have told us what they most value and care about – accounts that are simple, transparent and easy to use,” John Bultema, the executive vice president and head of business banking for Fifth Third, said. “They want valuable services built into our product lineup to help them manage cash flow, payroll, credit and financing, with technology tools that can help improve financial security.”
The standard business checking account is best for businesses with basic transaction and credit needs. It offers up to 250 transactions and up to $5,000 in cash deposits per month, no charge for non-Fifth Third ATM transactions in the U.S., a free mobile card reader and discounted merchant services mobile app.
The premium account is best suited for businesses with moderate transaction activity or those that need merchant services to expand customers’ payment options. It offers up to 450 transactions and up to $10,000 in cash deposits per month, reduced pricing on new merchant services and interest bonus on a business savings account.
The Business Elite account is designed for businesses with high transaction volume and those that require remote transaction support, online stop payments and wire transfer capabilities. The account offers up to 650 transactions and up to $25,000 in cash deposits per month, as well as preferential pricing on payroll services, a discount on the first check order and interest bonus on a business savings account.
Service charges for all three checking products can be waived based on balance requirements across savings, checking and CDs.