Fifth Third Bancorp (FITB) in Cincinnati has overhauled its business-checking products.
The $123 billion-asset company said Thursday that it has introduced three checking accounts for business clients. The new offerings were designed in response to customer feedback and are intended to simplify the company's business-checking products.
The three accounts Fifth third now offers are business standard checking, which is designed for small businesses and offers up to 250 transactions and $5,000 in cash deposits per month; business premium checking, which offers up to 450 transactions and $10,000 in cash deposits a month; and business checking elite, with a maximum of 650 transactions and $25,000 in cash deposits a month. The monthly fees are $11 for standard, $25 for preferred and $35 for elite; all three may be waived based on balance requirements.
"Our business customers have told us what they most value and care about - accounts that are simple, transparent and easy to use," John Bultema, Fifth third's head of business banking, said in a press release. "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."