Find answers to some commonly asked questions

Checking

The documentation you need to open a business account will vary based on your business type and business needs. Our Business Account Requirements provides a good place to start understanding what documents you will need during the account opening process.

To apply for a business checking account, talk with a Financial Services Representative at your local branch or call 888-FC-DIRECT (888-323-4732).

The minimum opening deposit for our business checking accounts is $100.

Yes. If you're running low on checks, we've got you covered. Whether you need checks or accessories for your business account, we offer a quick and simple online ordering process through our supplier, Harland Clarke.

  • Access Harland Clarke—Check Ordering.
  • Log in with your routing or transit number and the account number from your checking account.
  • Don't know where to find these numbers? Don't worry—an example check is available for clarification.
  • Choose the checks and accessories you want to purchase.

If your name or address has changed, or you have not ordered checks in the past, please call us or visit your local branch to update your information or place your first order.

Yes. Our Business Checking accounts come with our Business Online Services for fast, secure and easy banking access online. You can bank from anywhere, anytime, 24 hours a day, 7 days a week.

In order to open a business checking account, we require the business’ Federal Employee Identification Number (EIN) for most business types. If your business is a Sole Proprietorship or you're the sole LLC member, a Social Security number is accepted. For complete requirements please refer to our Business Account Requirements.

Savings

You can access everything online—including your business checking, business credit card, loans and lines of credit (including Checkline Reserve® and EquityLine)—through our Online Services. These accounts and their corresponding balances are automatically available through online banking and will appear every time you login to your account.

We offer a variety of CDs, all with competitive interest rates. Premier Business Checking and Professional Business Checking customers earn preferred rates on CDs with a minimum deposit of $5,000. For current interest rates, contact your local First Citizens banker or visit your local branch.

The FDIC guarantees all traditional types of deposit accounts (checking, savings, money market savings and CDs) up to $250,000 per depositor and guarantees bank individual retirement accounts (IRAs) up to $250,000 per owner.

For our regular Business Savings account, you can avoid a monthly maintenance fee if you maintain a minimum daily balance of $300. For requirements on our other business savings options, consult our Disclosure of Products and Fees—Business Accounts and Services.

The minimum deposit to open a Business Savings or Commercial Money Market Savings account is $100. For other opening balance requirements, consult our Business Savings Comparison table.

A money market savings account delivers a higher interest rate on your liquid funds. And because our Premium Money Market Savings account offers tiered interest rates, the higher your balance, the more you earn.

To apply for a business savings account, talk with a Financial Services Representative at your local branch or call 888-FC-DIRECT (888-323-4732).

The documentation you need to open an account will vary based on your business type and business needs. The Business Account Requirements should provide a good place to start thinking about the documents that we'll ask for during the account opening process.

Equipment Finance and Leasing

To apply for equipment financing, contact a First Citizens representative at your local branch.

For most business owners, the top two benefits are the ability to maintain cash flow and secure 100% financing. If you move forward with our program, the third benefit is the financing may be structured in a variety of ways to meet your tax and accounting needs.

Yes. A Capital Lease allows you to depreciate the cost of the equipment. One of our Equipment Finance and Leasing Officers can review your lease agreement details with you and your accountant.

We offer a variety of equipment finance and leasing options, which you can learn more about by contacting a First Citizens representative at your local branch.

Financing

To apply for a business loan, contact a First Citizens representative at your local branch.

If you prefer knowing what your interest rate and payment will be throughout the life of your loan, you should consider a fixed rate loan. In contrast, a variable interest rate loan may give you a lower rate and payment amount initially, with the chance that the rate and payment may rise or fall in the future.

No. If your line of credit has a zero balance, you won't pay interest.

Yes. We have various lines of credit to meet your business's cash flow needs and will work closely with you to determine what line of credit is best for your business. To get started, contact a First Citizens representative at your local branch.

A term loan provides financing for capital expenditures (such as vehicle or equipment needs or fixed assets) that are regularly amortized over a period of time. A line of credit allows you to easily access funds whenever you need them for short-term financing needs. And a lease can help you with vehicle and equipment financing, with potential tax benefits.

Your personal guarantee may be needed depending on the size and type of your credit request.

The US Small Business Administration helps finance new businesses and helps existing businesses flourish through a federal loan program.

Start by talking with your First Citizens banker. We can help you determine what financing you need based on your business plan and model. If you're not a current customer, contact a First Citizens representative at your local branch. Another good place to start is the US Small Business Administration website, which has tools and resources to help you in the planning stages of starting your own business, including determining if an SBA loan is right for you.

ACH Payments/Receivables

The ACH Return Resolution report information is available and accessible through the Business Online Banking Advantage® (BOB Advantage®) by choosing the "Reporting" section. The Return Resolution report is a critical part of being able to process our Direct Deposits. On a daily basis, these reports will detail any transaction that was returned to you and you have not received your credit. It will also show any account information that has changed or is no longer valid. To access the report, select either the Standard or Custom ACH Report option located under Bank Reporting on the Account Management Reports page. Your Return Resolution and Notification of Change Reports are accessible for 14 calendar days.

As part of your ACH Agreement with First Citizens, you're required to stay abreast of industry changes. We recommend you become a member of your local ACH Regional Association (E Pay Resources on the east coast) or reference Nacha.org for ACH rules changes. Often, when changes occur that significantly affect your ability to originate your ACH file (payroll, taxes etc.), a notice will be posted on BOB Advantage.

Yes. ACH Training is provided to customers upon request. If you need ACH training, please contact First Citizens Business Central at 866-FCB-4BIZ (866-322-4249, option 7) to schedule a training date.

First Citizens adheres to our ACH Operator processing guidelines which are recommended to ensure timely delivery. Business clients can enroll for same day ACH processing.

You must receive authorization from your employees or customers to obtain the information needed to deposit funds into their checking and savings accounts for payroll, employee expense reimbursement, government benefits, taxes, other refunds, annuities and interest payments. Please reference the National ACH website (Section VII Appendices) for Sample Authorization for Direct Deposit through ACH (Credits) for more information.

The ACH Return Resolution Report details significant information about your transactions. The most important information includes, but is not limited to, why the transaction was returned (Return Reason), account number, name, individual ID and dollar amount associated with the transaction.

Your company may submit a reversing ACH transaction. The reversing transaction may only occur if the error is due to an invalid or incorrect dollar amount. An ACH reversal must be submitted within 5 days of the settlement date of the original erroneous transaction. Reversals aren't guaranteed.

You can submit an ACH transaction reversal using BOB Advantage. An ACH reversal must be submitted within 5 days of the settlement date of the original erroneous transaction. To access the ACH reversal function, locate the erroneous transaction in the completed section on the ACH Summary page. Select View for the transaction. Detailed information for the selected transaction is displayed. A Reverse option will also display. To submit a reversal, choose Reverse. If you need additional assistance, select Inquire for the transaction. Enter your question and then Send. A customer service representative will respond to your inquiry within 1 business day. If you're sending files through DES FTP transmission, simply send the reverse entry in a NACHA format.

Yes. To ensure items post in a timely manner to reach the receivers account for posting, we should receive:

  • ACH Credit files (for Direct Deposit) at least 2 business days in advance of the effective (deposit or payroll) date
  • ACH Debit files (for Automatic Drafting) at least 1 business day in advance of the effective (due) date

All ACH transactions submitted prior to 10 pm ET will be processed at First Citizens the same day for the delivery to your customer’s bank. Transactions submitted after 10 pm ET will be processed at First Citizens for delivery to your customer’s bank the next business day.

  • If you send your Direct Deposit transaction the same day the payment is due (effective), your employees will not have access to their funds on time.
  • If you send your Automatic Draft transaction the same day the payment is due (effective), you'll not receive your deposit until the next day (settlement day).
  • Same day ACH transaction processing is available for same-day settlement.

Yes. A Pre-note transaction may be submitted as a test. A Pre-note is a zero dollar transaction with unique transaction codes. Its intention is to verify both the transit routing and account number of a transaction. If either is incorrect, you'll be notified by a Return Resolution Report. It's recommended that you initiate a Pre-note transaction 3 days in advance of a live dollar transaction for first-time accounts.

No. Don't use deposit tickets as they have internal information on them that will not process through the ACH system.

The bank will move the effective date to the next business day following the weekend or holiday. It's important that you consider weekends and holidays when determining your effective date so as not to cause your transactions to post later than you desire. For example, if your effective date is typically the 1st of the month for payroll transactions, and the 1st of the month falls on a Saturday, you'll likely want to change the effective date to the 30th or 31st of the previous month. Then, submit the transactions a day or two sooner, accordingly. In this example, failing to consider that the 1st falls on a Saturday would result in the effective date being moved forward to the next business day, the 3rd.

Financial institutions vary on how they handle transactions submitted on a non-business day. We'll process the transactions on the next business day following the weekend or holiday.

Automated Payables

Automated Payables automates and streamlines the invoice and payment process from beginning to end. From an affordable, cloud-based platform, it gives you command of cash flow by integrating securely with your current accounting software and provides visibility for timely payments. For all electronic payments, remittance details are automatically sent to vendors. It has the ability to use virtual or corporate credit cards to help you earn rebates and cash back.

Yes. Automated Payables has the ability to import and export .csv files. We're happy to show you how this process works.

If you choose to issue ACH payments, we set up the ACH origination for you. You then issue ACH transactions using Automated Payables, or any other delivery channel.

While business bill pay through BOB Advantage® is convenient, it doesn't provide invoice processing and full control over payments. Automated Payables provides a secure invoicing workflow with customized controls and segregation of duties to protect against fraud—all in one application.

Your vendor receives a secure email containing the card data needed to complete the payment. Once the transaction is completed, you’ll see the transaction within Automated Payables service, on your card statements, and all rebates or rewards will apply. It’s a great way to take advantage of card rewards within your account payable process.

If you have a First Citizens Visa Purchasing card, you can easily add card payments to the payments used with Automated Payables. A single-use card number is sent securely to your vendor to take the payment, and the transaction appears on your card statement. Visa can assist you in identifying and communicating with your vendors to get broader card acceptance.

When you send a check payment from Automated Payables, we send your check data, including signature, as part of the setup to Harland Clarke®. The check is then printed and mailed first class to the vendor address in Automated Payables. An email is sent to the vendor to let them know the check was issued. You have the option of sending checks express mail if you need, however additional postage is required.

Automated Payables tracks any payment delivery method you choose. If you pay a vendor through their online portal, a manual check or with cash, you can manually enter the payment into the payment workflow for approval and tracking.

No. Other payment options available are check, virtual card, vendor online portal and manual payment. You can use all or just some payment types and set default payments specific to your vendors. This creates efficiencies and control over all of your accounts payable processes, and provides reporting visibility of your cash flow.

Automated Payables provides you with a dedicated email address that you give to your vendors for sending invoices. If you receive paper invoices, you can scan and send them to that address. Automated Payables extracts the header information and line item details. It's an overnight process, but you can enter the invoice information directly, if you choose.

Automated Payables can help you go paperless with your invoice capture and approval processing. You can have vendors email you invoices. Automated Payables then collects the data directly from the invoices—you'll no longer have to scan them. Approval workflows can be customized at the company or vendor level to process payments much more efficiently.

Yes. You can make a manual check payment while still taking advantage of invoice capture and approval. The payment approval and workflow would still be part of the Automated Payables process, you would just issue a paper check. The approval and audit trail would be within Automated Payables and your accounts payable software.

Yes. You can use Automated Payables as a standalone service to help streamline your accounts payable processes. You'll benefit from invoice capture, approval workflows, payment approvals and initiation workflows.

Yes. Other payment options available are check, ACH, vendor online portal and manual payment. You can use all or just some payment types and set default payments specific to your vendors. This creates efficiencies and control over all of your accounts payable processes, and provides reporting visibility of your cash flow.

No. Positive Pay is an optional service that can enhance your current risk management processes by examining checks for fraud. However, using Positive Pay as part of Automated Payables enables you to automatically have your check issue file become a part of the check register that we validate. If there are any checks that don't match the payee, dollar amount and date that you issued, we'll let you know through BOB Advantage.

Property Management

Visit our Property Management Resources page and select the link for the online account you wish to access.

The association’s insurance typically includes property and casualty policies for all common area property and equipment. In townhome associations, this usually includes the entire exterior of the structures. In condominium associations, this usually includes the entire structure of the building. It may also include liability and directors and officers policies that cover directors, committee members and volunteers working on behalf of the association. For complete information about your associations insurance coverage, please contact your association directly.

Foreign Exchange Services

A wire transfer is more efficient than a foreign draft and funds are usually available immediately upon receipt by the beneficiary.

Sending an international payment online with FXEnvoy is a simple process that can take less than a minute. Just book your FX transaction online and apply your beneficiary’s payment instructions. Once you book your exchange rate, it’s locked in and will not fluctuate prior to delivery.

FXEnvoy is our online international payments client portal that empowers businesses with a fast, efficient and secure method for facilitating international business from the convenience of their computers. It offers real-time FX rates, FX payment and risk management solutions as well as our new Multi-Currency Accounts in a secure online environment.

IBAN stands for International Bank Account Number. It’s a domestic account number standard for all retail and commercial payments in the European Union. A growing number of other countries have also adopted this same format for routing domestic payments. IBANs are assigned by foreign banks to their customers and can consist of up to 34 alphanumeric characters.

Our payment platform has a built in IBAN validation that will let you know if the IBAN is not valid.

We utilize multiple layers of security in order to help safeguard your confidential information including two-factor authorization and maker-checker functionality for templates and payments.

Unless the beneficiary has specifically requested US Dollars, generally, it may be beneficial to send your payment in the local currency of the beneficiary. US dollars sent to an account that is denominated in a foreign currency may take longer to be received and may incur higher bank charges than if you send the local currency.

Digital Banking/Overview

Business accounts are accessible through Digital Banking, including the mobile and tablet apps, if they are tied to your Digital Banking profile. At this time we do not offer mobile and tablet banking for customers who use BOB Advantage®.

Nothing prevents you from logging in to Digital Banking from an airport kiosk, a public library computer, a hotel lobby computer or any other public device, but those devices are at high risk of being modified by criminals to steal your user ID, password and security question answers. Features like Bill Pay can even be abused by criminal software to steal money while your are logged in without you knowing. If you can wait until you have access to a private device, please wait until then.

Alternatively, we offer mobile banking, which would be safer than using a public device.

You can change your login ID and your password by selecting Forgot ID/Password? link in our login box. When changing your login ID or password, please follow these guidelines.

  • Login IDs must be 6 to 14 characters.
  • Your login ID can't be the same as your password.
  • Passwords are case sensitive and must be between 8 to 14 characters long, and must include at least one uppercase letter, one number and one special character.

If you've forgotten your user ID and your password, call our Customer Care Center to have your credentials reset.

If you enter the wrong password too many times, your Digital Banking access will be denied. Please call the Customer Care Center at 888-FC DIRECT (888-323-4732) daily from 7 am to 11 pm ET.

Yes. The first time you log in from a new device, you'll need to answer a security question. If it's a computer you use often and always physically control, you may choose to register it. Then your secure login will recognize you on both computers. Never choose to register a public device.

Your account will be locked after repeated failed attempts. You must call the Customer Care Center to have your secure login reset. This will allow you to re-enroll next time you log in and select and answer new security questions. You can change your security questions anytime by logging into Digital Banking, going to the Customer Service tab, and clicking the Update My Profile link.

After you have logged in, click the Customer Service tab and then the Update My Profile link. From this page you can reset your user ID, password and security questions. If you can't log in, you can call the Customer Care Center to have your secure login reset.

You will be asked a security question if you mistype your user ID, or if you connect from a public computer. You may also be asked a security question if you're using a new or upgraded web browser, or if neither a cookie nor a Flash shared object could be found on your computer showing that it has been registered.

Digital Banking/Account Management

Yes. You can create additional users for your business through User Management. You can grant access to accounts and customize account and transaction level access, including designating the authority to initiate, approve, and cancel transactions and make mobile deposits. You can also manage users on the go with mobile and tablet banking. A fee applies for additional users. See our fee schedule for more information.

Digital Banking/Payments and Transfers

Yes. Initiation of ACH payments and payroll batches, or ACH single payments including same-day ACH, are supported to make payments to vendors, suppliers and individuals. ACH transactions are processed on a prefunded basis based on available funds. You must enroll in advance for access to ACH services within Digital Banking. The initiation of ACH collection transactions are not supported. See our fee schedule for more information.

Yes. To make a payment, simply log in to Digital Banking, select “Payments and Transfers” from the left navigation menu, and then select “Pay Loan or Credit Card.” A transfer to your First Citizens credit card is credited the same day. Your transfer could take 3 to 4 business days to post to your credit card account.

You can make both federal and state tax payments. Once the federal or state taxing entity is selected, the eligible taxes for that entity are populated. Selecting a specific tax type for the taxing entity then populates the specific entry fields required for that tax type. A per-transaction fee applies to each tax payment transaction. See our fee schedule for more information.

Wires can be sent to US recipients using the Routing Transit Number (RTN) for the US financial institution. You must enroll in advance for access to wire transfer services via Digital Banking. A monthly fee applies for wire module access and a per-transaction fee applies to each wire transaction. See our fee schedule for more information.

Digital Banking/Mobile Banking

The mobile authorizations feature allows your business to set users up to approve transactions on their mobile devices. You'll need to create a mobile authorization code for the user, enter their contact information and specify the types of transactions they can approve. They'll then be able to approve the specified types of transactions on their tablet or mobile phones.

Normal bank approval applies.  

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