Truist Bank offers two free business checking accounts (including one for nonprofits) and one premium account for larger small businesses. Although its premium business checking account stands out among competitors for its high transactions and cash deposit limits, beware the hidden fees. Almost any activity performed in these accounts can result in a fee, including integrating QuickBooks. For a deeper dive, read on to learn if any of these Truist Business Checking accounts are right for your business.
Ratings Methodology
Truist Business Checking
Bottom Line: With a long fee schedule, you could easily run up a tab on hidden fees alone. If you can avoid the fees, one of Truist's business checking accounts might have what you need.
- Free checking accounts
- High transaction limits on Dynamic Business Checking
- Non-interest bearing accounts
- Low transaction limits on Simple Business Checking
- Slew of hidden fees
Full Truist Business Checking review
Truist offers business clients three different checking accounts -- one for nonprofits, the other two for profit-making businesses.
Truist Simple Business Checking
The Truist Simple Checking is a free business checking account. The account has a $100 minimum opening deposit, but no monthly balance requirements after that.
Aside from being free, the account is pretty unremarkable. In fact, even calling it "free" could be a misnomer. The account gives you only 50 free monthly transactions, including deposits, point-of-sale purchases, checks, ATM transactions, ACH debits, and up to $2,000 in free cash deposits. After 50 transactions, you'll pay $0.50 per transaction, plus $0.003 per $1.00 that exceeds $2,000 in cash deposits. Many of the best free checking accounts give you unlimited transactions and deposits.
But the fees don't stop there. If you need an ACH service, you'll pay $15 monthly, plus $1 for each ACH payment once you exceed 15. You might also pay a $3 non-Truist ATM fee, a $36 overdraft/returned item fee, a $14.95 monthly fee to integrate QuickBooks, among a slew of others. These fees may also apply to the checking accounts discussed below.
Truist Dynamic Business Checking
The Truist Dynamic Business Checking packs a hefty punch for a business checking account, especially if you can meet the criteria to waive the $20 monthly maintenance fee.
For one, account holders can enjoy up to 500 fee-free transactions and $25,000 in cash deposits at no charge (fees apply for exceeding these limits). That's pretty generous for a business checking account at a brick-and-mortar institution. For perspective, the Chase Performance Business Checking costs $30 monthly (fee waivable), but only 250 fee-free transactions and $20,000 in monthly cash deposits. Likewise, the Wells Fargo Business Checking also has 250 fee-free transactions and free cash deposits capped at $20,000 per month.
To waive the $20 monthly fee, you only need to keep a $5,000 combined balance in eligible Truist business accounts, which include savings and CDs, over a three month period.
Truist Community Checking
Designed for nonprofits, the Truist Community Checking is a free account with unlimited cash deposits and 225 fee-free monthly transactions. The account requires a $100 deposit to get started and doesn't earn interest. To open this account, schedule an appointment online and visit a Truist branch in person.
Fees
| Fees | Monthly Maintenance | Transactions | Cash deposit |
|---|---|---|---|
| Truist Simple Business Checking | $0 | Up to 50 free transactions per month, then $0.50 per transaction after. | Up to $2,000 cash processing per month, then $0.003 per $1 after |
| Truist Dynamic Business Checking | $20 (waivable) | Up to 500 free transactions per month, then $0.50 per transaction after. | Up to $25,000 cash processing per month, then $0.003 per $1 after |
| Truist Community Checking | $0 | Up to 225 free transactions per month, then $0.35 per transaction after. | Unlimited cash deposits |
Data source: Truist Bank
How to access your money
Truist business checking account holders have several ways to deposit and withdraw money, as we'll break down below.
Deposit options
You can deposit money in your Truist business checking account in the following ways:
- Electronic transfer
- ATM deposit
- Wire transfer
- Check deposit
- Visit a branch location
Withdrawal options
As a brick-and-mortar bank, Truist gives you plenty of ways to withdraw funds from your business checking, including the following:
- Electronic transfer
- ATM withdrawal
- Visit a branch location
- Wire transfer
- Writing a check
Truist Business Checking is right for you if:
- You've read the fee schedule and understand when they are charged
- You can waive the monthly fee on the Truist Dynamic Business Checking
- You have a nonprofit and would like a free business checking account with a relatively high number of free transactions
Keep reading about Truist Bank:
- Truist Bank
- Truist CDs
- Truist Mortgage
Review sources
- https://www.truist.com/small-business/banking/checking/simple-business-checking
- https://www.truist.com/small-business/banking/checking
- https://www.truist.com/small-business/banking/checking/dynamic-business-checking
- https://www.chase.com/business/banking/checking/performance-business-checking
- https://www.wellsfargo.com/biz/checking/
- https://www.truist.com/content/dam/truist-bank/us/en/documents/cra/truist-branches.pdf
- https://media.truist.com/fast-facts
Our checking account methodology
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 40%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
You can find Truist branches in Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington D.C.
You'll provide business information, such as business address, incorporation type, estimated annual revenue, and tax identification number. You'll also provide personal information, including your address, Social Security number, and date of birth.
Truist has over 3,000 fee-free ATMs, which you can locate through your Truist app or online. If you use a non-Truist ATM, you'll pay a $3 fee ($5 for non-Truist international ATMs).
Our Small Business Experts
By:Steven Porrello
Writer
Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.
Fact CheckedAshley Maready
Writer and Editor
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
