Truist Business Checking: 2024 Review (2024)

Full Review

Truist is one of the 10 largest banks in the U.S. by assets, and has more than 1,900 branches across 17 states and the District of Columbia. Unfortunately, that expansive branch access is one of the few selling points of Truist’s business checking accounts. Beyond that, the bank’s high fees and low transaction limits (on its free account in particular) make it pale in comparison against our picks for the best business checking accounts.

That said, Truist may be a good choice for nonprofit organizations. Its Community Business Checking account, which is free for nonprofits, offers a much more generous transaction limit and no fees or limits at all on cash deposits.

» MORE: Best bank accounts for nonprofits

While this review includes information on multiple Truist business accounts, the star rating noted above is specific to Truist’s Simple Business Checking account.

Truist business checking is best for small-business owners who:

  • Operate nonprofits, especially those that frequently handle cash.

  • Make just a handful of transactions every month.

  • Keep more than $5,000 in the bank on average, in which case you can upgrade to Truist’s Dynamic Business Checking account and qualify to have the monthly fee waived. That account offers much more than Simple Business Checking.

Looking for more flexibility? Bank of America® Business Advantage Fundamentals™ Banking includes unlimited electronic transactions and up to 200 non-electronic transactions, plus up to $7,500 per month in fee-free cash deposits. That account does charge a monthly fee, however — it’ll cost you $

16

per month (after the first 12 statement cycles), waivable with an average balance of $5,000.

Truist business checking accounts at a glance

Simple Business Checking

Dynamic Business Checking

Community Business Checking

Monthly fee:

$0.

$20; waived with $5,000 average combined balance (over three months) between Truist business deposit accounts.

$0.

Minimum opening deposit:

$100.

$100.

$100.

APY:

None.

None.

None.

Transactions*:

Up to 50 fee-free transactions, then 50 cents per transaction.

Up to 500 fee-free transactions, then 50 cents per transaction.

Up to 225 fee-free transactions, then 35 cents per transaction.

Cash deposits:

Up to $2,000 in fee-free cash deposits, then $0.003 per $1 deposited.

Up to $25,000 in fee-free transactions, then $0.003 per $1 deposited.

No limit for cash deposits.

Bonus:

None.

None.

None.

*Transactions include any deposits, checks (deposited or paid), online bill payments, electronic debits and credit (including via debit card) and bank credit or debit memos.

Truist Simple Business Checking

This entry-level business checking account checks the free checking box, but that’s about it. Account holders are limited to 50 transactions — and virtually everything counts toward that limit — and cash deposits are capped at $2,000 per month. Exceed those limits and you’ll pay extra.

Plenty of other free business checking accounts offer more flexibility and fewer limits on transactions or deposits.

Truist Dynamic Business Checking

Of Truist’s main business checking accounts, Truist Dynamic Business Checking offers the best value for business owners, provided you can qualify to waive the monthly service fee. That $20 charge is waived if you have a $5,000 average combined balance across all your Truist business accounts: checking, savings, money market and CD. You only need to meet the $5,000 average balance in one of the previous three months.

What sets this account apart from its competitors is a very high cash deposit limit — up to $25,000 per month before fees kick in. For a $20,000 monthly cash deposit limit at Bank of America, for instance, you’ll have to upgrade to an account that costs $29.95 per month (which you’ll need an average monthly balance of $15,000 to waive).

» MORE: Best banks for small business

How to open a Truist business checking account

You can open a Truist business account online or at a local branch. Truist has more than 1,900 branches and 2,900 ATMs across 17 states, primarily in the mid-Atlantic and southeastern U.S., as well as the District of Columbia.

While you don’t need to live or operate in one of those states to open a Truist business checking account, there are better options than Truist if you’ll be doing most of your banking online.

» MORE: Best online business checking accounts

What you need to open an account

Business owners generally need to supply the following information to open a business bank account:

  • Personal information: Name, address, date of birth and Social Security number.

  • Business address, phone number, entity type and date of formation.

  • Industry, annual revenue, tax identification number (employer identification number or Social Security number, if you don’t have an EIN).

  • Business formation documents: May include DBA certificate, articles of incorporation, partnership agreements.

All Truist business accounts require a $100 opening deposit.

Where Truist business checking stands out

Free business checking options: Truist offers two free business checking accounts, which is two more than most banks its size.

The first is Simple Business Checking, Truist’s entry-level account. It has no monthly fee but only includes 50 fee-free transactions per month, making it best suited to very small operations. That said, the account isn’t actually free if you need ACH service — Truist charges $15 per month for this service, which includes 15 ACH payments per month, and you’ll pay $1 per ACH payment after that.

Good choice for nonprofits: Truist’s Community Business Checking, designed for nonprofits, is the second free business checking option. This account offers more freedom and flexibility than Simple Business Checking; its 225 fee-free transactions per month is high for a brick-and-mortar bank. Plus, there’s no limit on free cash deposits — a very rare feature.

Large branch network: Truist’s reach is one of its main selling points. Its network — the result of a 2019 merger between SunTrust and BB&T — includes more than 1,900 branches in the south and mid-Atlantic.

Business owners in that area can take advantage of in-person banking; just be mindful of your transaction limits and any additional charges to have a teller assist you. For instance, initiating a domestic wire transfer at a branch will cost you $65; it’s only $20 if you do it yourself digitally.

Zelle for Business: Truist lets business owners take payments via Zelle for Business. You’ll have to pay Truist 1% of the transfer amount, up to $15 — but payment processing fees are typically around 3% of a transaction amount, making Zelle a competitive option for certain businesses.

Where Truist business checking falls short

Restrictive transaction limits: Truist’s Simple Business Checking account only includes 50 total combined transactions — and virtually everything counts toward that limit.

“The term ‘Total Combined Transactions’ refers to any combination of checks deposited and paid, debit and credit memos, deposit tickets, online bill payments and electronic debits and credits (including debit card transactions),” according to Truist’s schedule of fees.

Similar accounts from competitors include twice as many transactions or only count in-person transactions toward your monthly total. U.S. Bank Silver Business Checking, another business checking account with no monthly fee, includes 125 fee-free transactions per statement period — more than twice as many as Truist’s offering.

High incidental fees: The fine print for Truist’s business checking accounts is riddled with fees, including:

  • $36 for overdrafts or returned items.

  • $15 for ACH service, plus $1 per transaction for ACH payments (beyond the first 15).

  • $14.95 per month for direct integration with QuickBooks.

  • $3 for using non-Truist ATMs (domestic).

Brick-and-mortar banks generally charge fees for using out-of-network ATMs and overdrafts; Truist’s fees aren’t exceptional there. But fees for ACH service and QuickBooks integration are unusual.

Want to avoid fees altogether? Consider an nbkc Business Account, which charges very few of them — including for overdrafts, stop payments and incoming wire transfers. NBKC has branches in the Kansas City area, though customers elsewhere will have to do their banking online.

Truist Business Checking: 2024 Review (2024)

FAQs

Is Truist Bank good for small businesses? ›

I like that Truist brings deep knowledge to my business with all the services I need. But even better, it's clear they genuinely care about me and want to see my business succeed. Business Owner 3 (00:51): Plus, Truist knows how important my business is to the community because they're a part of the community too.

What are the disadvantages of Truist? ›

The cons of banking with Truist Bank include low savings account interest rates and common bank fees associated with most bank accounts.

What is the Truist promo code for 2024? ›

Earn a $400 bonus when you open a new Truist One Checking account using promo code TRUIST400DC24 by October 30, 2024, receive at least one qualifying direct deposit of $500 or more and complete at least 15 qualifying debit card purchases within 90 days of account opening..

Does Truist Bank have a good reputation? ›

Truist, formerly BB&T, is a good choice for individuals looking for a bank that offers in-person and online banking in areas where Truist does business. None of its deposit accounts offer competitive interest rates, but the bank provides a full assortment of accounts that serve a wide range of customer needs.

Which bank is best for a business account? ›

  • Our Top Picks.
  • Chase Business Complete Checking®
  • Axos Bank Basic Business Checking.
  • U.S. Bank Silver Business Checking.
  • LendingClub Tailored Checking.
  • Wells Fargo Navigate Business Checking.
  • See More (2)
  • The Bottom Line.

How much do I need to open a Truist business checking account? ›

Other Terms: Minimum opening deposit is $100. A monthly maintenance fee is applicable for Truist Dynamic Business accounts whose combined average relationship ledger balance is less than $5,000; the monthly maintenance fee is waived for accounts with a combined average relationship ledger balance of $5,000 or more.

How do I get $400 from Truist Bank? ›

Truist Bank One Checking - $300

Make 15 debit card purchases within the first 90 days: Those transactions must to be posted to your account within 90 days. Receive your $400 bonus: Keep your account open, in good standing, and with a positive balance until you earn the bonus.

How do I avoid Truist fees? ›

The Monthly Maintenance Fee can be waived for the Truist Confidence account for each statement cycle by: Making $500 or more in total deposits per statement cycle OR. Making 10 or more qualifying transactions per statement cycle 1 OR. Primary client is a student under the age of 25.

How do I waive my monthly fee at Truist Bank? ›

Options to avoid a monthly maintenance fee, too

We give you five ways to waive the $12 monthly maintenance fee. Make $500 or more in total qualifying Direct Deposits per statement cycle. Maintain a combined monthly avg. balance of $500 or more across all eligible Truist accounts.

Is Truist a Chinese bank? ›

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina.

Is my money safe with Truist Bank? ›

We use a multi-layered strategy of technology and dedicated teams to help protect you and your finances from fraud and other security threats.

What credit score do you need for Truist Bank? ›

Truist's minimum credit score requirements are: 620 for conventional loans. 620 for FHA, USDA and VA loans. 680 for jumbo loans.

Should I use a local bank for a small business? ›

Local banks excel when it comes to personalized customer service, quick decision making, understanding the local business environment, and contributing to the local economy. Oh, and they often provide all the same services that the big-name banks do, just faster and friendlier.

Why should I choose Truist? ›

Truist Bank is best for consumers who live near one of its nearly 2,000 locations in the South, East and Midwest. The bank also has around 3,000 ATMs. It offers savings and checking accounts, CDs and a money market account, most of which require low minimum deposits.

Where does Truist Bank rank nationally? ›

#8 Truist Bank

Truist formed in 2019 when SunTrust and BB&T merged, creating the eighth-largest bank in the U.S.

Is Truist a SBA approved bank? ›

SBA funding is provided by approved lenders, like Truist. The SBA guarantees financing and sets guidelines, reducing risk for lenders and making it easier for businesses to get their applications approved.

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