Truist Business Checking Review 2022
Tricia has nearly two decades of experience in commercial and federal government lending. Her expertise is highlighted throughout small business loan content on Fit Small Business.
This article is part of a larger series on Business Banking.
If you’re looking for a traditional bank that provides a free debit card, waivable fees, and rewards as your business grows, Truist is an excellent choice. It offers two regular small business checking accounts: Simple Business Checking has no monthly fee with up to 50 free monthly transactions, whereas Dynamic Business Checking has a waivable $20 monthly fee and 500 free monthly transactions, including rewards based on your account balance.
Truist also has a specialty account for nonprofits, Community Business Checking. This doesn’t have a monthly fee and offers 225 free monthly transactions and fee-free unlimited cash deposits.
Prior to opening a business checking account, check out the features of Truist’s checking accounts to see if it matches your business needs.
Truist Business
What We Like
- No monthly fees for Simple Business Checking
- Waivable fees for Dynamic Business Checking (free for the first 65 days)
- Dynamic Business Checking account offers various rewards
What's Missing
- No annual percentage yield (APY)
- Low free transaction limit 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
- Make real-time transfers, deposit checks via mobile, and view account statements online
- Online and mobile banking
- Financial Wellness program for employees
How Truist Stacks Up With Its Competitors
APY | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit | |
|---|---|---|---|---|
 Simple Business Checking | N/A | Up to $2,000 per month free, then .003 of a cent per $1 per statement cycle | Free at Truist ATMs, $3 at domestic non-Truist ATMs & $5 for international | $100 |
 Business Complete Banking | N/A | Up to $5,000 per month free, then $2.50 per $1,000 per statement cycle | $2.50/transaction at any non-Chase ATM, plus ATM operator fees | None |
 Business Advantage Fundamentals Banking | N/A | Up to $7,500 per month free, then 30 cents per $100 per statement cycle | $2.50/transaction at non-Bank of America ATMs, plus ATM operator fees | None |
When Truist Is a Good Fit
- Small business owners with a low monthly transaction volume and cash deposits: With Truist Simple Business Checking, you get up to 50 free transactions and up to $2,000 in cash deposits each month.
- Businesses that want to receive more rewards as their balances increase: The Dynamic Business Checking account has three checking reward levels that you can maximize for more merchant services, credit card discounts, and favorable lending rates. You also get more free monthly transactions and a higher free cash deposit limit.
- Businesses seeking a traditional bank: Truist has more than 2,500 branches in 16 areas: Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C.
When Truist Is Not a Good Fit
- Businesses that need in-person banking but are based outside Truist’s service areas: With branches being limited to 15 states and Washington, D.C., you can instead consider Chase, Bank of America, and Wells Fargo for their nationwide presence.
- Business owners who want ATM fee refunds: Truist doesn’t reimburse ATM fees when you use out-of-network ATMs, so if you want refunds, you can opt for TIAA Bank and Axos Bank.
- Businesses looking to earn an APY: Truist’s small business checking accounts don’t generate interest, while Bluevine gives out 1.5% APY on qualifying deposits.
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 full name, social security number (SSN), date of birth, country of citizenship, company title, email, phone number, and current address.
Business information refers to business name, tax identification number (TIN), Incorporation type, NAICS sector, NAICS subsector, NAICS national industry, business classification, estimated annual revenue, state established, date established, and business address.
Click on your business type to see the additional checking requirements:
Sole Proprietorship
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.
Others
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.
Before opening an account, read our guide on how to open a business bank account, which includes a free downloadable checklist of required documents.
Truist Business Checking Features
Truist business checking accounts offer personalized debit cards, online and mobile banking, and merchant services.
Free Personalized Debit Card
You can get custom-designed business debit cards with your own logo or custom art—or select a design from Truist’s gallery. You can even request additional personalized debit cards for your employee for free.
Dynamic Business Checking Account Rewards
Opening a Dynamic Business Checking account lets you enjoy more benefits through its reward levels. Truist combines the balance for all business accounts such as checking, savings, money market, and certificates of deposit (CDs). As your balances shift, you’ll move to the appropriate level automatically.
Checking Reward Levels | Core | Plus | Preferred |
|---|---|---|---|
Combined Deposits Amounts | $0 to $25,000 | $25 to $50,000 | Above $50,000 |
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 |
Business Credit Card Loyalty Bonus | 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 Dimension Checking account
- Access to financial wellness training for your employees
- Additional fraud protection with IDnotifyTM
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 automated clearing house (ACH) services for auto bill payments, perform wire transfers, and access Zelle for sending and receiving payments. Download the Truist mobile banking app on App Store and Google Play.
Merchant Services
Small business owners can access Truist merchant services that are 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.
Employee Benefits Partner
If you want to attract and retain top workers, you can get Truist as your employee benefits partner. This enables you to offer a cost-effective compensation program, from financial and retirement planning to insurance services. Moreover, Truist Momentum, a financial wellness program, allows employees to access an online learning center and use MoneyDesktop for personal financial management.
Other Business Checking Products
Truist offers several specialty checking accounts, such as
- Community Checking for nonprofits
- Commercial Suite Checking
- Analyzed Checking/ Corporate Edge® Checking
- Analyzed Interest Checking
- Commercial Interest Checking
- Interest on Lawyers Trust Account (IOLTA) or Interest on Trust Account (IOTA) or 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
Other Banking Products
- Business savings: With a minimum deposit of $100, you can build your reserve funds with Truist Simple Business Savings.
- Business money market: For a minimum deposit of $100, you can place your money into higher yield savings with Truist Business Money Market.
- Business CDs: For guaranteed returns, you can grow your savings by opening business CDs with terms ranging from 7 days to 10 years
- Credit cards: Truist’s credit cards offer cash or travel rewards, no annual fee, and lower interest rates. You can choose between a Truist Business Credit Card, Truist Business Travel Rewards Credit Card, or a Truist Business Cash Rewards Credit Card.
- Lending: You can apply for financing through Truist’s small business loans, small business auto loans, small business commercial vehicle and equipment loans, small business real estate loans, and small business lines of credit.
- Insurance: McGriff and Truist Life Insurance Services provide general liability insurance, property insurance, workers’ compensation, auto insurance, cyber liability, professional liability, and bonding and surety.
Truist Business Checking Pros & Cons
| PROS | CONS |
|---|---|
| First four incoming domestic wires under Dynamic Business Checking are free | No free wires for nonprofit checking |
| $25 or $50 discount on first check order | Low free transaction and cash deposit limit under Simple Business Checking |
| Financial wellness for employees | Brick-and-mortar branches only in 15 states and Washington, D.C. |
Truist has excellent business checking accounts that cater to business owners who are starting out and growing their small businesses. It provides the first four incoming domestic wire transfers for free to Dynamic Business Checking account holders. You’re also given a $25 or $50 discount on your first check order, no matter the type of business checking account you open. Lastly, Truist offers a financial wellness program for your employees.
The bank’s drawbacks include limited in-person banking, as it has physical locations in only 15 states plus D.C. Additionally, its Simple Business Checking account restricts you to 50 free monthly transactions, one of the lowest among financial institutions, and its checking account for nonprofits lacks free wires.
Alternatives to Truist Business Checking
Truist has excellent business checking account options, but if you prefer to earn interest with a basic checking account, want a traditional bank with a national presence, and don’t mind a digital account as long as there’s no minimum opening deposit, you can check out these three alternatives:
- Axos Bank is optimal for businesses that prefer a bank with no required opening deposits and whose banking needs can be served by a digital-only bank.
- Chase is ideal for businesses seeking a traditional bank with a national presence. It has several branches in 48 states.
- Bluevine is a good option for businesses that want an online bank that offers a high APY when required balances are met.
Bottom Line
The Simple Business Checking account of Truist offers sole proprietors and startups with low transaction volumes no monthly fees. As your business grows and your transaction needs increase, you can open a Dynamic Business Checking account, where you get more rewards. Truist also has business savings, small business loans, and a financial wellness program that benefits your employees, making it an outstanding choice for your small business.
