Truist is a great choice if you’re looking for a traditional bank with flexible checking options. It offers two regular small business checking accounts and a nonprofit specialty account:
- Simple Business Checking has no monthly maintenance fee with up to 50 free monthly transactions.
- Dynamic Business Checking has a waivable $20 monthly maintenance fee and 500 free monthly transactions, including rewards based on your account balance.
- Community Business Checking has no monthly maintenance fee and offers 225 free monthly transactions and fee-free unlimited cash deposits.
Pros
- No monthly fees for Simple Business Checking
- Waivable fees for Dynamic Business Checking (free for the first 65 days)
- Online account opening available
Cons
- No interest-earning accounts
- Only 50 free transactions per month for Simple Business Checking
- Branches in only 15 states and Washington, D.C.
Features
- Free personalized debit card
- Different reward levels (Core, Plus, and Preferred) offering discounted bank services under Dynamic Business Checking account
- Online and mobile banking
- Financial Wellness program for employees
- First four incoming domestic wires under Dynamic Business Checking are free
- $25 or $50 discount on first check order
- Specialty business checking accounts
How Truist Stacks Up With Its Competitors
When Truist Is a Good Fit
- You generate a low monthly transaction and cash deposit volume: With Simple Business Checking, you get up to 50 free transactions and up to $2,000 in cash deposits each month for no monthly fee.
- You run a nonprofit organization: We named Truist Community Checking the best overall in our roundup of the best banks for nonprofits for providing unlimited free cash and offering a generous 225 free transactions each month.
- You want to earn cash back and earnings credit on debit card purchases: The Truist business debit card lets you enroll in a free program called Truist Deals, which pays cash back or earnings credit whenever you make purchases at select merchants.
When To Choose a Truist Alternative
- You need nationwide access to in-person banking: With branches being limited to 15 states and Washington, D.C., you can instead consider Chase for its nationwide branch presence. Read our Chase business checking review to learn which account suits you best.
- You want to earn competitive interest: Truist’s small business checking accounts don’t generate interest, while Bluevine’s standard checking account gives out 2.0% annual percentage yield (APY) on qualifying balances up to $250,000. Our review of Bluevine business checking provides information about its superb features that can help small business owners save more.
- You have a high monthly cash deposit volume: Truist provides up to $2,000 free monthly cash deposits for Simple Business Checking. Meanwhile, Bank of America offers up to $7,500 in free cash deposits under its basic checking product. Check out our Bank of America business checking review to learn more about the benefits its accounts provide.
Our guide to the best small business checking accounts has more options if your small business meets one or more of those scenarios.
Truist Business Checking Overview
Truist Business Checking Requirements
You can visit the Truist website to open a business checking account. You’re required to provide your personal and business information, including your business partners’ information, if applicable. You’ll also need to e-sign documents related to opening a business account.
Personal information refers to the following:
- Full name
- Social Security number
- Date of birth
- Country of citizenship
- Company title
- Phone number
- Current address.
Business information refers to:
- Business name
- Tax identification number (TIN)
- Incorporation type
- North American Industry Classification System
(NAICS) sector - NAICS subsector
- NAICS national industry
- Business classification
- Estimated annual revenue
- State where the business was established
- Date established
- Business address
Click on your business type to see the additional checking requirements:
You need to provide your personal, business, and authorized signers’ information, if applicable. You’ll also sign a signature card and a business deposit resolution.
For authorized signers, you need to provide your full name, company title, email, Social Security number, date of birth, and address.
Includes C corporation (C-corp), S corporation (S-corp), general partnership, limited liability partnership (LLP), limited liability corporation (LLC), single-member LLC, nonprofit organization, and unincorporated association.
You need to provide your personal, business, beneficial owners’ information, controlling person’s information, and authorized signers’ information, if applicable. You’ll also sign a signature card, a business deposit resolution, and a beneficial ownership document:
- For beneficial owners, full name, email, percentage of ownership, Social Security number, date of birth, and home address are needed.
- For a controlling person, full name, company title, email, Social Security number, date of birth, and home address are needed.
- For authorized signers, full name, company title, email, Social Security number, date of birth, and address will be needed.
Truist Business Checking Features
Truist business checking accounts offer personalized debit cards, online and mobile banking, and merchant services.
Truist Business Debit Card
Your business checking account will come with its own business debit card, which you can customize with your logo, custom art, or preset designs from Truist’s gallery. If you enroll in Truist Deals, you can earn cash back or earnings credit whenever you make transactions with participating retailers.
You can even request additional personalized debit cards for your employees for free. Spending limits for employee cards are customizable.
Dynamic Business Checking Account Rewards
With a Dynamic Business Checking account, you get rewards for maintaining high combined deposit balances across your business accounts, which include checking accounts, savings accounts, money market accounts, and CDs. As your balances shift, you’ll move to the appropriate level automatically.
Checking Reward Levels | Core | Plus | Preferred |
|---|---|---|---|
Combined Deposits Amounts | Less than $25,000 | $25,000 to less than $50,000 | $50,000 and above |
Discount on Online Payroll Monthly Fee (Standard Fee: $55) | N/A | $5 | $10 |
Merchant Services Monthly Discount | N/A | $5 monthly statement credit | $10 monthly statement credit |
10% | 25% | 50% | |
Business Lending Rate Discount | N/A | 0.25% | 0.50% |
Number of Fees Waived on non-Truist domestic ATMs | N/A | 2 | Unlimited |
Delta SkyMiles® Business Debit Card Annual Fee | $120 | $90 | $60 |
The other incentives for opening a Dynamic Business Checking account are:
- More miles with a Delta SkyMiles Business Debit Card
- Loyalty bonus on Truist business credit card rewards redemptions
- No monthly maintenance fee for personal Truist One Checking account
- Access to financial wellness training for your employees
- Additional fraud protection with Fraud InspectorTM
- First four incoming domestic wires are free
Online & Mobile Banking
Truist lets you pay your bills, control account access with user permissions, and manage your money online. You can also pay your employees through direct deposits, use ACH services for auto bill payments, perform wire transfers, and access Zelle for sending and receiving payments.
The app received great reviews, earning a rating of 4.8 on App Store[1] (based on nearly 700,000 reviews) and 4.7 on Google Play[2] (based on more than 200,000 reviews). Many users commented that the app is easy to navigate, is intuitive, and works 99% of the time. However, a few said it failed to update balance information fast enough.
Other Truist Business Banking Products
Truist provides a full range of financial products and services, which includes specialty business checking accounts, business savings, money market, CDs, credit cards, small business lending, insurance, and merchant services.
- Community Checking for nonprofits
- Commercial Suite Checking
- Analyzed Checking/ Corporate Edge® Checking
- Analyzed Interest Checking
- Commercial Interest Checking
- Interest on Lawyers Trust Account (IOLTA), Interest on Trust Account (IOTA), Minor Judiciary Interest on Trust Account (MJ-IOTA), or Maryland Housing Trust Account (MAHT)
- Basic Public Fund Checking
- Public Fund Interest Checking
- Public Fund Analyzed Checking
- Analyzed Interest Checking – Public Funds
- Public Special Money Rate Checking
With a minimum deposit of $100, you can build your reserve funds with Truist Simple Business Savings. You can waive the $5 monthly maintenance fee by maintaining at least a $250 daily balance, maintaining a $500 average monthly balance, or having one recurring preauthorized deposit or transfer of $100 per month. This account has a set limit of six free withdrawals or transfers.
For a minimum deposit of $100, you can place your money into higher-yield savings with a Truist Business Money Market account. If you meet the $5,000 minimum daily balance, you can waive the $10 monthly maintenance fee. The variable interest rate is compounded daily and credited on the last day of the statement cycle.
You can grow your savings by opening Truist business CDs. The terms range from seven days to 10 years, and the returns are guaranteed with fixed interest rates.
Truist’s small business credit cards offer cash or travel rewards, no annual fee, and low interest rates. You can choose among these cards depending on your needs:
- Truist Business Credit Card is best if you have low monthly expenses with its 0% introductory rate and no annual fee.
- Truist Business Travel Rewards Credit Card is ideal for frequent business travelers since you earn extra miles when you spend on airfare, hotel, car rentals, and other eligible purchases.
- Truist Business Cash Rewards Credit Card suits business owners who often entertain clients by providing cash back for daily business purchases.
- Small business loans: You can apply for a $50,000 loan amount up to a 60-month term if you plan a one-time purchase, fund a project, consolidate debt, or expand your business.
- Small business auto loans: For car purchases or refinances, you can get up to $250,000 loan amount and 75-month terms with 100% financing available.
- Small business commercial vehicle and equipment loans: Truist provides up to $250,000 loan amount and up to 84 months in loan terms for vehicle purchases, upgrades, or replacement. Your purchased equipment serves as collateral for the loan.
- Small business real estate loans: For business expansion, you can buy or refinance real estate with a loan amount of $250,000 at 15-year terms. The purchased or refinanced property is regarded as collateral.
- Small business lines of credit: You can manage seasonal cash flow or expand inventory through a line of credit amounting to $100,000 at 12- to 36-month terms. You can secure a more extensive line of credit with collateral.
McGriff and Truist Life Insurance Services provide:
- General liability insurance
- Property insurance
- Workers’ compensation
- Auto insurance
- Cyber liability
- Professional liability
- Bonding and surety
Small business owners can access Truist merchant services specifically designed for different industries. Whether you need a mobile point of sale (mPOS), traditional or virtual terminals, or online payment gateways, various product options at competitive prices are available.
You can get Truist as your employee benefits partner to attract and retain top workers. The bank allows you to offer your staff a cost-effective compensation program, from financial and retirement planning to insurance services.
Moreover, Truist Momentum, a financial wellness program, gives employees access to an online learning center. They can also use MoneyDesktop for personal financial management.
Truist Business Checking Reviews From Users
There are no Truist business checking reviews on user review platforms. However, the bank has an overall rating of 2.2 on ConsumerAffairs[3] (based on around 1,200 reviews) and 1.2 on Trustpilot[4] (based on 1,300-plus reviews). Some customers shared a positive customer service experience with Truist and mentioned that the staff was prompt, friendly, and professional.
Many negative reviews came from former SunTrust Banks and BB&T customers who were dissatisfied with how the institutions handled their merger. Other recurring negative comments focused on the bank’s long check-holding periods, multiple overdraft charges, and the lack of customer support options other than calling the hotline. Many also complained about the long wait when calling the bank.
Bottom Line
Truist’s Simple Business Checking is a free checking account suitable for sole proprietors and startups with low transaction volumes. As transaction needs increase, the Dynamic Business Checking account provides more rewards through free wires, discounts, and waived ATM fees. However, consider alternatives if you want access to interest-bearing accounts and higher cash deposit and transaction limits.
