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Based in North Carolina, Truist provides a full suite of personal, business and corporate banking products and services to meet various needs. Truist business checking products are best for small businesses looking for low-fee banking or relationship checking with high cash processing limits and travel rewards. The bank also offers a checking account for nonprofits. Truist is not ideal for business owners who need a broad range of account integrations or want to avoid fees on high transaction volumes.
In this review, we’ll dive into the various business accounts and services Truist offers to find out how it compares to other banks.
Account details are accurate as of May 16, 2024.
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Account Basics
Truist Bank is home to three business checking accounts. Each features unique benefits to appeal to various business needs, but none earn interest.
Truist Simple Business Checking
If the name didn’t give it away, Simple Business Checking is a basic business checking account geared toward small businesses that want to avoid costly bank fees.
The account carries no monthly fees and no minimum balance requirements. It also offers 50 transactions and up to $2,000 cash processing per month at no charge. Account holders receive a free personalized debit card and a $25 discount on their first order of checks.
Truist Dynamic Business Checking
Truist Dynamic Business Checking is for business customers who want to do all their banking through one institution. The account has a $20 monthly maintenance fee, waived with an average relationship balance of $5,000, and requires a minimum opening deposit of $100. It permits up to $25,000 in free cash deposits and 500 transactions per month.
This is a relationship business checking account, and account benefits and perks depend on your total balance across all Truist bank accounts, including checking, savings, money market and Truist certificates of deposit (CDs).
Truist Dynamic Checking has three rewards tiers:
- Core Rewards (when you hold $0 to $25,000 in combined deposits)
- Plus Rewards (for $25,000 to $50,000 in combined deposits)
- Preferred Rewards (for $50,000 or more in combined deposits)
Each rewards tier has its own set of benefits, including credit card rewards bonuses, merchant services and loan discounts, fee waivers and more.
Dynamic Business Checking also comes with a Delta SkyMiles Business Debit Card. Finding a debit card that earns travel rewards is rare. If you’re a Delta fan or want to get rewarded for business spending, Truist Dynamic Checking is a smart choice. The card has an annual fee of $60, $90 or $120, with lower fees charged to account holders with higher combined deposits.
Truist Community Checking
Truist Community Checking is a business checking account specifically for nonprofit organizations. It’s a basic business checking account with no monthly fees and unlimited cash processing. Account holders receive a free debit card and have access to online account management, including bill pay. Community Checking also comes with up to 225 free transactions per month.
Other Truist Business Banking Products and Services
Customers looking for other business accounts should find what they need at Truist. The bank offers these bank accounts and business services to meet your company’s needs:
- Business savings account
- Business money market account
- Business certificates of deposit
- Business credit cards
- Merchant services
- Small business loans
- Auto loans
- Commercial vehicle and equipment loans
- Mortgage loans
- Mortgage refinancing
- Business lines of credit
- Business insurance
- Employee benefits solutions
Access on the Go
You can apply online for most business bank accounts at Truist, but you must apply in person at a branch to open a Truist Community Checking account.
All accounts are easily managed online or through the bank’s mobile app. Customers can manage accounts, control employee access to bank accounts, send money via Zelle, deposit checks, pay bills, transfer funds, connect to accounting software and more.
Truist’s app gets 4.8 out of 5 stars on the App Store and 4.7 out of 5 stars on Google Play.
There are over 1,900 Truist branches across the country for in-person banking support. Phone support is available by calling 844-487-8478 on weekdays from 8 a.m. to 8 p.m. Eastern time and on Saturdays from 8 a.m. to 5 p.m. Automated phone assistance is available 24 hours a day, seven days a week.
Pros
- Multiple checking options available
- Free checking options
- Can earn rewards for debit card spending
Cons
- No interest-bearing checking account
- Rewards debit card carries an annual fee of up to $120
- $20 monthly maintenance fee for Dynamic Checking if you don’t meet the requirements
- Qualifying for the best Dynamic Checking rewards tier requires a balance of $50,000
How Truist Bank Stacks Up
Truist offers multiple free checking account options. It’s also one of the few banks with a business checking account that earns rewards, although an annual fee is attached to the Delta SkyMiles Business debit card.
The bank also offers enough other accounts and services that you could keep all your banking in one location, depending on your needs. None of the Truist checking accounts earn interest, so if you want to maximize your business savings, you’ll need to open a Truist savings account, money market account or CD.
You don’t need to work near a Truist branch to open most accounts, but in-person support is limited to states with branches. Make sure there’s a location near you if you prefer in-person banking. Consider your unique banking needs to determine if a Truist business checking account makes sense for you.
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Frequently Asked Questions (FAQs)
Is Truist Bank FDIC insured?
Yes, Truist Bank is FDIC insured (FDIC certificate No. 9846). The FDIC insures balances up to $250,000 per depositor, for each ownership category, in the event of a bank failure.
Which two banks made Truist?
In 2019, BB&T and SunTrust Banks merged to form Truist, currently the seventh-largest commercial bank in the U.S.
What is the Delta SkyMiles Business Debit Card?
The Delta SkyMiles Business debit card is a debit card available only to Truist customers with a Truist Dynamic Business Checking account. Account holders earn one mile per every $2 spent on qualifying purchases, up to 2,000 miles each month.
