PNC Bank Vs Novo Vs CitiBank — Who Wins The Business Checking Wars?

As a fellow small business owner, let me tell you — going out on your own brings the highest highs and lowest lows, am I right? Being your own boss is priceless, but managing the money side can be a real thorn in your side. I’m certainly not a numbers guy myself.

When I first went solo, I had zero idea how much cash would get burned through in just that first year alone. We’re talking a staggering $10–20k! So having a solid business bank in your corner becomes crucial. You already pull long hours, and you need a financial partner that actually makes your life easier, not harder.

After too many bogus fees and crappy service from the big traditional banks, I realized those dinosaurs just aren’t made for scrappy entrepreneurs like us. Their rigid one-size-fits-all model sure didn’t fit me. Luckily I found out there are new online banks catering specifically to small biz owners now.

In this post, I’ll give you my real-world reviews of Novo, CitiBank, and PNC Bank based on my experiences. I’ll cut through the slick marketing babble and tell you flat-out which one came out on top for my business. Because having the right checking account can truly make or break you as you build your company.

We need a bank that genuinely “gets” small frys like us. One that offers services tailored to you rather than jamming you into their narrow little box. The good news is there are more options now than ever for small businesses hunting for the perfect financial partner.

I learned a ton the hard way on my journey to finding the ideal account. Let me shortcut your own research by sharing what to look for, the pros and cons, and how one checking account checked every box for me!

Exploring Novo’s Business Bank Account

Novo provides free business checking accounts without monthly fees, minimum balances, or overdraft charges. This saves you money from the start. Your account includes a Visa debit card, online banking, and integrations with popular accounting software. Managing finances is smooth and simple.

A major perk is Novo’s business loans ranging from $5,000 — $500,000 for term loans and $10,000 — $100,000 for lines of credit. They promote ultra-fast loan decisions in just minutes or hours based on factors like your revenue and account balances. Rapid access to capital is invaluable.

You’ll appreciate Novo’s transparency — there are zero hidden origination fees, prepayment penalties, or surprise costs beyond the competitive interest rates shown upfront. I love that the pricing is crystal clear with no “gotchas” down the road.

The robust digital banking capabilities make financial management a total breeze. You can deposit checks via mobile, pay bills online, and integrate accounting systems for streamlined tracking in one place. It’s easy to stay on top of your finances 24/7.

Security and compliance are high priorities at Novo. Your accounts are FDIC insured up to $250,000 for protection. They use bank partnerships to adhere to all regulations in providing accounts and lending. You can be confident your money is safe.

As a busy business owner, you’ll appreciate Novo’s stellar 24/7 customer support via phone, email or chat. But they also provide guides and resources specifically designed to help master small business financial topics. Their service stands out.

Novo allows seamless linkage to your other bank accounts for easy transfers when needed. Move funds easily between your Novo account and others to centralize your banking.

Pros:

• No monthly fees or minimum balance requirements — saves you money.
• Free debit card, online banking, mobile deposit — convenient digital tools.
• Fast access to business loans if additional financing needed.
• ATM fee reimbursements let you use any ATM worry-free.
• Seamless accounting software integrations save time.
• Top-notch 24/7 customer service guidance when needed.
• Link other bank accounts for easy centralized transfers.

Cons:

• Limited to just one physical branch location for in-person support.
• Lacks cash deposit capability through mobile check deposit.

The lack of monthly fees, minimums, and useful digital features like mobile banking make Novo an attractive choice. Add in robust support resources, quick access to lending, and ATM fee reimbursements, and it’s a complete business banking solution.

Small Business Banking Account From CitiBank

Citibank offers a range of business checking account packages, from basic to advanced, to accommodate different needs and stages of business. Their Basic Banking package provides core services with no monthly fee when balance requirements are met.

A major benefit of Citibank is their extensive branch and ATM network, with locations across the U.S. as well as international presence. This convenient access makes in-person transactions and support easy for account holders when needed.

Citibank aims to provide specialized support to business banking clients through dedicated account managers. These knowledgeable representatives assist with tailored solutions and lending options as businesses grow and evolve.

Robust digital banking capabilities are offered by Citibank, including mobile check deposit, account alerts, peer-to-peer transfers and more. Key tasks can be handled remotely through online and mobile tools.

Added services such as business credit cards, lines of credit, and cash management services are available through Citibank to meet expanding business needs over time. Various financial solutions integrate through a single provider.

Pros:

• Multiple account packages available based on needs and balance size.
• Extensive branch and ATM networks provide convenience.
• Dedicated account managers offer personalized service.
• Robust digital banking capabilities for account access.
• Additional services like business credit cards and lending.

Cons:

• Monthly fees and balance requirements on entry-level accounts.
• Transaction limits on basic business checking packages.
• Mixed reputation based on some poor customer service reviews.
• Requirement to visit branch in-person to open an account.

CitiBank Left A Bad Taste In My Mouth

I thought opening a business checking account with a large national bank like Citibank would provide the best services, so that’s what I chose when starting my consulting company. Unfortunately, it ended up being a major headache.

Right from the start, I was forced to schedule an appointment and visit a branch in person simply to open the account. The representative pushed me into a more premium monthly fee package than I needed for my small business needs.

Just a few months after opening the account, I realized I was being nickeled and dimed with fees. Monthly maintenance, overdraft charges, paper statement fees — it added up quickly. The fees were not clearly explained during sign up.

When I had an issue logging into my account online, I contacted Citibank’s customer service. I spent over an hour on hold and had to explain the problem multiple times. All for an issue that was never fully resolved.

Between the inability to open an account digitally, pressure tactics on premium packages, excessive fees, and poor customer support, I regretted choosing Citibank from the start. As a small business, I should have chosen a banking provider that understands my needs rather than a large corporation focused on pushing unnecessary services. I ended up moving my money to a much better fit within 6 months.

A Little About PNC’s Small Business Checking Account

PNC offers several tiers of business checking accounts to meet different operational needs and budgets. Their Virtual Wallet account provides core services with no monthly fee or minimum balance. Upgraded plans add more features.

Widespread access for in-person banking is a key perk with PNC, with over 2,600 branch locations throughout the Northeast, Midwest, and Southeast US. Their extensive regional presence enables convenient deposits, withdrawals, and in-branch service.

Robust digital banking capabilities are offered by PNC, including remote check deposit, account alerts, peer-to-peer transfers, and sophisticated treasury management tools. Key tasks can be handled online or via mobile app.

PNC provides specialized support for business banking clients through PNC Business Banking advisors. These representatives assist with tailoring solutions as needs evolve, from lending to treasury services and beyond.

Pros:

• Multiple account tiers based on needs and balance size.
• Over 2,600 branches provide regional banking access.
• Advanced digital banking and treasury management tools.
• Dedicated business banking advisors provide personalized service.

Cons:

• Monthly fees and balance requirements on entry-level accounts.
• Mostly located in Northeast, Midwest, and Southeast regions.
• Limited nationwide presence compared to mega banks.
• Mixed reviews on customer service and support.
• Requires an in-person branch visit to open an account.

My Experience At PNC Bank Wasn’t Much Better

Eager to set up a business checking account locally, I opted to open one with PNC Bank since they have branches all over my city. But the entire process ended up being a major pain point.

First, I was forced to schedule an appointment and visit a branch in person, taking time away from my business. The representative pressured me into an account level I didn’t need with higher monthly fees.

Just a couple months into banking with them, I started seeing numerous fees hit my account — monthly maintenance, overdraft charges, paper statement fees. The various fees were excessive and quickly added up.

When I had an issue with mobile deposits going through properly, getting support was terrible. I would wait on hold for 30–45 minutes only to get an overseas call center with unhelpful scripted responses.

Between the inability to open an account digitally, pushy branch tactics, excessive and confusing fees, and poor customer support, I really regretted choosing PNC Bank. As a small business owner, my time and money are precious. PNC did not respect either. I closed my account within 7 months of opening it.

Comparing PNC Bank versus Novo versus CitiBank: The Reasons Behind My Long-Term Commitment to Novo

After striking out with PNC Bank and Citibank for my small business checking needs, I decided to give the online bank Novo a try based on excellent reviews from fellow entrepreneurs. It ended up being a night and day difference!

Opening my account with Novo took less than 10 minutes straight from their user-friendly website. None of the drawn-out in-person meetings or hassles I encountered previously.

Right off the bat I appreciated Novo’s transparency surrounding their no hidden fees approach. And linking my accounts to accounting software took mere seconds. Everything was streamlined.

When I had a question about transfers, Novo’s live chat support resolved it in under 5 minutes. Their customer service has been consistently fast, knowledgeable, and pleasant.

Months into banking with them, I’ve yet to pay a single fee. Plus their business lending features have been invaluable as quick financing when I’ve needed it to capitalize on opportunities.

The Simplicity of Transitioning Everything to Novo

Switching my small business checking account to Novo and away from the hassles I had with PNC Bank and Citibank was a breeze:

Since Novo is fully online, opening a new account took less than 10 minutes start to finish right on their website. Way better than having to go into a branch and deal with pushy sales tactics.

Within a day of completing Novo’s application, my new account was ready for deposits. I initiated a transfer to shift funds over from my old bank accounts.

The ACH transfer processed in 2 business days, allowing me to smoothly transfer my operating capital into my new Novo account. No issues whatsoever.

Once my money was settled with Novo, closing my painful accounts at PNC and Citibank was a delight. I updated any lingering payees on my new routing and account details.

Thanks to Novo’s speedy account opening and money transfer capabilities, switching banks took less than a week with minimal disruption to my business.

The seamless all-online transition to Novo was worlds better than my experience opening accounts at old-school banks. Novo’s digital convenience helped me switch painlessly and be operational again in no time.

Novo vs. Citibank

Target Audience:

• Novo: Specifically crafted for the needs of modern entrepreneurs and small businesses, ensuring a tailored banking experience.
• Citibank: A global bank catering to a vast audience, from individual consumers to multinational corporations, which might dilute their focus on niche small business needs.

Digital Experience:

• Novo: Offers a cutting-edge, mobile-centric platform that’s intuitive and optimized for today’s digital business landscape.
• Citibank: While they have a digital presence, their platform might not be as streamlined or business-centric as Novo’s.

Fee Structure:

• Novo: Emphasizes a transparent fee structure with minimal costs, ensuring businesses get maximum value.
• Citibank: As a traditional bank, they might have a more complex fee structure, potentially including various charges that Novo avoids.

Business Integrations:

• Novo: Provides robust integration capabilities with popular business tools, streamlining various financial tasks.
• Citibank: Being a larger, traditional bank, they might not offer the same depth of modern integrations tailored for today’s businesses.

Customer Support:

• Novo: Known for its agile and dedicated support, understanding the unique challenges of small businesses.
• Citibank: While they offer extensive customer service, it might not be as specialized or as nimble in addressing specific business concerns as Novo’s.

Novo vs. PNC Bank

Focus and Specialization:

• Novo: Designed specifically for the modern entrepreneur and small businesses, ensuring a banking experience that directly aligns with their needs.
• PNC Bank: A more traditional bank that caters to a broad spectrum of customers, from individuals to large corporations, potentially not as specialized for small business nuances.

Digital Experience:

• Novo: Boasts a sleek, mobile-first platform, making it super convenient for today’s digital-native business owners.
• PNC Bank: While they offer online banking, it might not be as intuitive or tailored for business as Novo’s platform.

Fee Structure:

• Novo: Champions transparency with minimal fees, ensuring businesses aren’t nickel-and-dimed.
• PNC Bank: Their fee structure might be more traditional, with potential charges that Novo avoids.

Business Integrations:

• Novo: Offers seamless integration with popular business tools, simplifying financial management for businesses.
• PNC Bank: As a larger bank, they might not provide the same depth of modern integrations that Novo does.

Customer Support:

• Novo: Renowned for responsive and specialized support tailored for businesses, understanding their unique challenges.
• PNC Bank: While they have a broad customer service system, it might not be as personalized or quick to respond as Novo’s.

Account Flexibility:

• Novo: Built to be adaptable, allowing businesses to easily adjust settings and features to their evolving needs.
• PNC Bank: Being a larger institution, they might have more rigid structures and less flexibility in account customization.

Citibank vs. PNC Bank

Global Presence:

• Citibank: Known for its vast international presence, Citibank operates in numerous countries, making it convenient for global businesses or travelers.
• PNC Bank: Primarily focused in the U.S., especially in the Eastern and Central parts, limiting its international reach compared to Citibank.

Product Range:

• Citibank: Offers a wide array of financial products, from basic checking accounts to sophisticated investment and wealth management services.
• PNC Bank: While PNC also provides a comprehensive suite of services, Citibank’s global presence might give it an edge in terms of diverse financial products.

Digital Banking:

• Citibank: Invests heavily in its digital platform, providing a robust online and mobile banking experience with features tailored for a global audience.
• PNC Bank: Offers online and mobile banking, but its features might be more tailored to its primary U.S. customer base.

Customer Service:

• Citibank: With its global footprint, Citibank offers 24/7 customer service, catering to different time zones and languages.
• PNC Bank: Provides solid customer service, but its primary focus on the U.S. might limit its round-the-clock availability for international queries.

Comparing All Three Banks A Little Deeper, My Thoughts

Opening an Account

Novo enables opening an account completely online in minutes. PNC and Citi require scheduling an in-person branch appointment which takes more time.

Service Charges

Novo provides fee-free business checking accounts with no monthly maintenance fees. PNC and Citi charge monthly fees on their basic checking packages that can add up over time.

Required Minimum Balances

Neither Novo, PNC, nor Citi require a minimum balance to be maintained to avoid account fees and penalties, which is ideal for small businesses.

Linking to Accounting Systems

Novo integrates with leading accounting software platforms like QuickBooks and Xero to sync data. PNC and Citi have less accounting software integrations.

Interest Earnings on Balances

PNC and Citi pay slightly higher interest rates on business checking balances compared to Novo.

Security of Deposits

All three banks provide the maximum $250,000 in FDIC insurance on business checking balances for deposit protection and security.

Account Options

Novo, PNC, and Citi all offer varied business checking account packages set up to meet different operational needs and stages.

Customer Service Experience

Novo pulls ahead by providing faster customer support response times and better resolution of issues raised.

Transaction Limits

Novo allows unlimited monthly transactions on business checking accounts. PNC and Citi impose caps on transactions that can incur fees.

Wire Transfer Costs

Domestic and international wire transfers are free for Novo customers. Fees apply for wires at PNC and Citi.

Access to Credit and Loans

Novo touts faster business loan decisions and funding than what PNC and Citi can provide.

Account Reporting

Novo, PNC, and Citi all offer tools to track account transactions, balances, and generate account reporting.

In summary, Novo still excels in critical areas like no fees, unlimited transactions, fast lending, and responsive customer service — making them the strongest option overall.

Wrapping It All Up

Let me tell you, after digging into the nitty gritty details and making head-to-head comparisons, Novo clearly comes out the winner in my book. Now you can probably see why I’m such a fan.

Since they partner with Middlesex Federal Savings, your money is in reliable hands with Novo. On top of that, their “no sneaky fees” approach combined with a ton of handy perks for businesses makes them really appealing. They also welcome all kinds of companies, not just certain hand-picked “eligible” businesses.

Compared to big shots like PNC Bank or CitiBank, Novo’s platform is simpler to use yet jam-packed with more features and benefits in my experience. And for customer service, Novo is top notch — anytime I’ve needed support, they respond fast and actually solve my problem. Hard to beat that.

Plain and simple, I’ve had nothing but excellent experiences with Novo start to finish. Beyond just comparing them to other guys, Novo is truly a top-notch choice, period. Their huge online library often means finding answers without even contacting support.

If you want a bank that will have your back as your business grows, I’d absolutely say give Novo a look. I can’t see you being disappointed. I’m glad I made the switch myself.