Truist Small Business Banking Review – Is It The Right Bank For You?

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Updated on November 17, 2022 by
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Truist was formed when two well-established regional banks, BB&T and SunTrust, announced that they were merging in the fall of 2019. Truist Bank is the number one bank in the U.S. by assets, with 2,100 branches in 17 states and also the District of Columbia.

Its branches are one of the few things that make its business accounts attractive to customers. Nevertheless, the bank charges a high fee and limits transactions to just a few dollars per day, which makes it difficult for us to suggest it. There is a trend of decreasing customer service in the store chains after the mergers, as described in this article.

Truist Business Checking services are ideal for small business entrepreneurs and managers for:

  • Soles proprietors and start-ups that do not have much of a bank account.
  • Non-profit organizations and other organizations that are concerned with empowering people to run their businesses.
  • Mid sized businesses that are able to get Truist’s Dynamic Business Checking.

Truist business checking accounts

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Truist currently operates two business of checking accounts: Simple Business Checking and also Dynamic Business Checking. In addition, the banking institution has a variety of accounts available to help small businesses with their finances — including a Business Checking Account that is free for non-profit organizations; and a handful of accounts that are geared specifically towards a certain type of business.

Simple Business Checking

This business-level checking is just good for checking out with a free service. Accounts are redeemed each month for a maximum of 50 total transactions. Everything counts towards that limit, and cash deposits are redeemed only once per month, and you don’t pay any extra fees if you exceed that amount. If you go over that limit, you’re paying extra if you do more transactions than allowed.

Many free money-generating business checking accounts allow you to do more than you need to, such as opening several business bank accounts to start a business and transfer money easily.

Dynamic Business Checking

Among all the checking and savings accounts offered by Truist, Dynamic Business Checking is the best for business owners, if you are eligible to waive the cost of your account’s service fee each month.

This bank account is better than similar options at traditional banks, such as Wells Fargo as well as Chase, and it has the largest transaction and cash deposit limits of any bank that offers this service. You could have more than $5,000 in your savings, checking, money market or CD account.

Truist Small Business Banking Review

How to Get A Truist Business Checking Account?

You’ll be able to open your business accounts in a number of different ways, including opening a new account remotely, or by visiting a branch in one of more than 2,100 states.

If you live in or have an office in a state that prohibits opening bank accounts in certain states, you can open a Truist account easily from anywhere in the country, but you need a business checking account in a state where you live if you want to have a largely Internet-based business account.

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Why Is Truist Business Checking Different?

Two business banking options are offered for free by Truist. The Simple Business Checking account is the entry-point account in the Truist banking system. It charges no monthly fee for the simple features it offers. It does not charge a fee to open a new account, but there are only 50 transactions allowed for free per month, which is great for small businesses. You’ll have more control and more flexibility when using Truist for your small business. It’s not free for individuals or for organizations that aren’t for profit. It isn’t free to use these checking accounts if you need to send money by ACH (automated clearing house) service. Truist charges $15 per month for that service. Truist also offers 15 ACH payments per calendar month.

Ability for business owners to easily open a bank account by going to their website and entering their account information. Being able to open accounts online also makes sense for busy business owners who simply don’t have time to go to a branch. But if you want to apply to a major bank quickly, there may be a more convenient option, from banks such as Bank of America and the U.S. Bank.

Branching out all over the world: The branching out of Truist is one of the company’s top-selling points. Business customers who live in the area are eligible for free banking services if they visit a branch. Be aware that the amount of money you can transfer is limited, and there are fees to transfer funds between accounts. If your Truist account at a branch is transferred to another account that is open with Truist, you’re charged $2.50 each time the funds are transferred. This is a great service to provide, but it is not very cheap to do it over the phone.

Where Does Truist Business Checking Fall Down?

There are strict limits on how many transactions you can make on a single account — but basically everything can count toward that limit. There are other checking accounts that offer twice the transactions, but you only have to make in-person payments to receive your benefits. U.S. Bank Business Checking Platinum accounts allow 125 transactions per statement period, so you get to enjoy a variety of great benefits. Truist’s Dynamic Increasing Business Checking is more flexible, allowing you to make up to 500 transactions per month for no fee. This option is more convenient if you want to avoid paying the fee every month.

There are lots of hidden charges in Truist’s business bank accounts. Some banks charge additional fees on top of the basic account fees that you would pay at a bank that you use regularly, but that’s more than what many of our competitors charge. Want absolutely no fees for checking accounts at a brick-and-mortar bank? NBKC charges nothing for business customers to make overdrafts, and it does not charge you for transferring money through its ATMs. Axos Basic Business Checking is free. There are no sign-up fees, and the company will cover fees that third parties charge. Axos charges $26 for overdrafts.

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