Our Take
The bottom line:
Truist business checking accounts come with a lot of restrictions and fees, even for a brick-and-mortar bank.
Truist Simple Business Checking
Checking
Member FDIC
Monthly fee
$0
Bonus
N/A
Pros & Cons
Pros
- Free business checking available, including an option for nonprofits.
- Large branch network.
Cons
- Restrictive transaction limit on Simple Business Checking.
- Fee for using out-of-network ATMs.
- Multiple extra fees, including for ACH service and QuickBooks integration.
How does Truist Bank compare?
Silver Business Package Member FDIC | Basic Business Checking Member FDIC | |
|---|---|---|
at U.S. Bank | at Bank of America, N.A. | at Axos Bank® |
Monthly fee $0 | Monthly fee $16.00 | Monthly fee $0 |
APY N/A | APY N/A | APY N/A |
Bonus $800 Requirements to qualify | Bonus $200 Requirements to qualify | Bonus $400 Requirements to qualify |
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.
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, 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.
Truist operates in the following states: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. The bank also has branch locations in Washington, D.C.
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.Methodology
NerdWallet evaluates business bank accounts on more than 20 data points, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.
Best Accounts
+
Sign up for free
