Truist Business Checking: Be Wary of Extra Fees
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The bottom line:
Truist business checking accounts come with a lot of restrictions and fees, even for a brick-and-mortar bank.
Pros & Cons
Free business checking available, including an option for nonprofits.
Business accounts can be opened entirely online.
Large branch network.
Restrictive transaction limit on Simple Business Checking.
Fee for using out-of-network ATMs.
$36 fee for overdrafts, insufficient funds.
Multiple extra fees, including for ACH service and QuickBooks integration.
How does Truist Bank compare?
U.S. Bank Silver Business Checking
Axos Bank® Basic Business Checking
Waived with $5,000 minimum balance
Requirements to qualify
See offer page for more details
Requirements to qualify
Truist formed in December 2019 when two well-known regional banks, SunTrust and BB&T, officially merged. Now, Truist is one of the 10 largest banks in the U.S. by assets, and has more than 2,100 branches across 17 states and the District of Columbia.
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 hard to recommend. Customer reviews also suggest a decline in service since the merger.
Truist business checking is best for:
Sole proprietorships and startups with minimal banking activity.
Nonprofits and community organizations.
Midsize companies that can upgrade to Truist’s Dynamic Business Checking (and meet the balance requirements necessary to waive the monthly fee).
Truist business checking accounts
Truist offers two main business checking accounts: Simple Business Checking and Dynamic Business Checking. The bank also offers Community Business Checking, a free option for nonprofit organizations, as well as a handful of specialized accounts for specific businesses.
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 at a glance
Simple Business Checking
Dynamic Business Checking
Community Business Checking
$20; waived with $5,000 average combined balance (over three months) between Truist business deposit accounts.
Minimum opening deposit:
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.
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.
*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 accounts offer more flexibility, including many online business checking accounts that place no 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.
This account outshines comparable options from brick-and-mortar banks like Wells Fargo, U.S. Bank and Chase, with generous transaction and cash deposit limits.
» MORE: Best banks for small business
The $20 monthly service fee is waived if you have a $5,000 average combined balance (over three months), which can be across multiple Truist business accounts: checking, savings, money market and CD.
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 2,100 branches 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 want a primarily online business account.
What you need to open an account
Business owners need to supply the following information, along with a $100 initial deposit, to open a Truist business checking 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).
Business formation documents: May include DBA certificate, articles of incorporation, partnership agreements.
Where Truist business checking stands out
Free business checking options: Truist offers two free business checking options, which is two more than most banks its size.
Simple Business Checking is Truist’s entry-level account. It has no monthly fee but only includes 50 fee-free transactions per month, making it best suited for side hustles and small operations.
Truist’s Community Business Checking offers more freedom and flexibility, but is only available to nonprofit organizations.
One thing to note: These accounts aren’t actually free if you need ACH service. Truist charges $15 per month for this service, which includes 15 ACH payments per month.
Ability to open an account online: Truist is one of the few brick-and-mortar banks that lets business owners open an account entirely online. That added convenience factor is a plus for busy business owners who can’t find time to get to a branch.
But there are better options out there if an online application is your priority, including from other traditional banks like U.S. Bank and Bank of America.
Large branch network: Truist’s branch network is one of its main selling points. The newly merged bank has more than 2,100 branch locations 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. If you transfer funds between Truist accounts at a branch, for example, you’ll pay $2.50 per transfer. This service is free if you do it by phone.
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 website.
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, for example, includes 125 fee-free transactions per statement period.
Truist’s Dynamic Business Checking account is far more generous, with up to 500 fee-free transactions. This is the better option, if you can qualify to waive the monthly fee.
High incidental fees: The fine print for Truist’s business checking accounts is riddled with fees:
$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).
While some incidental fees are to be expected, especially with a brick-and-mortar bank, this goes beyond what many competitors charge.
Want to avoid fees altogether? Consider an online bank like NBKC or Axos. NBKC business checking has virtually no fees, including for overdrafts, stop payments and incoming wire transfers. Axos Basic Business Checking has no monthly fees, transaction fees or ATM fees (and will refund ATM fees charged by third-parties). Axos does charge $26 for overdrafts, though.