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Truist
is a traditional bank that offers three business checking accounts with no monthly maintenance fee options. It has two regular business banking accounts and one specialized nonprofit account that features unlimited cash deposits. Signing up for a higher-tier checking account gives you additional rewards. The higher your balances, the greater your benefits. In addition, you can earn cashback when using a debit card for purchases, making it worthwhile for business owners.
Truist’s fast facts
Our rating: 4.0 out of 5
Starting price: Free for basic business checking services. No monthly maintenance fees or minimum balance requirements.
Key features for Truist’s business checking accounts
- No monthly fees.
- Offers total combined
transactions and free cash deposits
. - Checking reward levels
- Debit card cash back.
- Integrates with QuickBooks and Zelle.
Truist is known for its superb Community Business Checking account, which lets you save on standard banking fees. Its low-tier account, Simple Business Checking, provides an equally cost-saving feature by not charging monthly maintenance fees. Meanwhile, its Dynamic Business Checking allows businesses to make large cash deposits and benefit from more rewards based on balances.
Let’s continue to explore Truist’s standout features, pricing structure, and how it compares to other business banking services.
Truist reviews: What users think of Truist
1.8/5
Few Truist checking account reviews are available. Many users gave Truist low ratings, although some shared their positive customer service experiences with knowledgeable, customer-focused, and friendly bank representatives. Feedback was mostly about other Truist business banking products and services.
Several complained that the bank was short-staffed, and calling the bank resulted in long wait times. Some also reported that Truist charges multiple overdraft fees and places long hold times on check deposits. Another claimed that only a small portion of the money in an account was reimbursed despite the charges made from a system integration and accessibility error.
Truist’s pricing structure
3.96/5
Truist business accounts offer savings for businesses with low monthly transactions and great account benefits for companies with large transaction volumes. Under Community Business Checking, nonprofits can save on banking fees through its 225 free transactions, no monthly fee, and unlimited fee-free cash deposits.
Truist’s Accounts:
- Simple Business Checking (basic tier): no monthly maintenance fees.
- Community Business Checking (nonprofit): no monthly maintenance fees.
- Dynamic Business Checking (higher-tier): $20; waivable
and free for the first 65 days
. - $100 opening deposit.
- Four free incoming domestic wires (Dynamic Business Checking).
- Unlimited fee-free cash deposits (Community Business Checking).
- Free integration with accounting software, QuickBooks, and Zelle.
The higher-tier product, Dynamic Business Checking, offers more free transactions (500) and a higher cash deposit allowance ($25,000) than the basic tier, Simple Business Checking, which gives 50 free combined transactions and a monthly cash deposit allowance of $2,000.
Truist’s key features
4.00/5
Each of Truist’s checking accounts offers standout features, such as no monthly fees for its basic and nonprofit checking accounts. This makes it a practical option for small businesses and civic organizations. Larger firms can also perform more transactions and cash deposits for free through Dynamic Business Checking. Additionally, Truist provides different reward levels for more discounts and reduced fees.
Check the following key features that give Truist an edge over its competitors:
| Simple Business Checking | Dynamic Business Checking | Community Business Checking | |
|---|---|---|---|
| Monthly Fees | None | Waivable monthly fee. | None |
| Number of Free Transactions | 50 total combined transactions | 500 total combined transactions | 225 total combined transactions |
| Free Cash Deposits | $2,000 | $25,000 | Unlimited |
| ATM Fees | $3 at domestic nonnetwork ATMs; $5 internationally | ||
| First Check Order Discount | $25 | $50 | $25 |
No monthly fees
Unlike most business checking accounts from traditional providers with waiver conditions, Truist offers its basic tier and nonprofit account with no monthly maintenance fee. It leads to plenty of savings for small business owners just starting out and nonprofit organizations that want to reduce their account costs.
Unlimited fee-free cash deposits
Truist is our best overall bank for nonprofit organizations because you can deposit cash for free without limits. Charitable groups can focus on their mission and won’t need to worry about exceeding cash deposit limits.
Checking reward levels
Dynamic Business Checking has three tier reward levels: Core, Plus, and Preferred. Large companies with high balances across checking, savings, money market accounts, and CDs can benefit through discounts on merchant services and business loans, including reduced annual fees for a Delta SkyMiles Business Debit Card.
Additional service benefits
Dynamic Business Checking users can provide perks to employees through financial wellness training to support their staff’s financial learning. You can also get additional fraud protection to limit fraudulent incidents.
Debit card cashback
As a Truist business account holder, you can enroll in Truist deals, a free program providing cashback rewards when you use your business debit card for purchases at designated merchants. Some deals are available at Dunkin’, Subway, CVS, Chevron, Disney+, and more.
Would our expert use Truist?
4.75/5
If you’re a small business owner with a transaction activity of less than 50 monthly, I recommend opening a starter checking account with Truist to save on monthly maintenance fees. Larger businesses with combined balances of up to $50,000 can sign up for a higher-tier account to maximize reward benefits. You can also make free cash deposits up to $25,000 monthly and will pay a small fee for every excess dollar.
Nonprofits will consider the Truist Community Checking account cost-effective since no monthly maintenance fees are charged like the basic tier account. I also find the unlimited fee-free cash deposit feature convenient. Additionally, you get a high limit of free transactions (225) and will only pay 35 cents for each excess item.
However, Truist business checking accounts do not offer interest. Transacting at ATMs outside its network can also result in a $3 fee, which can be costly on top of operator surcharges. Those requiring in-person services would also need to be near Truist branches, which are found in Washington, D.C., and 17 states
. Bluevine, Novo, and U.S. Bank are good alternatives for these banking needs.
If your business is near a Truist branch and you don’t rely on checking accounts for interest earnings, consider opening an account with Truist. Currently, it extends a $400 bonus to new account holders who meet qualifying activities. The promo runs until March 31, 2025.
Before opening an account, see our article on how to open a business bank account to learn the step-by-step process.
Truist pros
- No monthly fees: Fee-free banking with Simple Business Checking and Community Business Checking accounts.
- Debit card cashback: Enrolling your business debit card in Truist Deals via online banking gives you cash back earnings from participating merchants.
- Unlimited cash deposits: Community Business Checking users can deposit cash for free without limits.
- Checking reward levels: Access different discounts and bonuses based on your checking account balance tier.
Truist cons
- No interest-earning account: Truist does not offer yields on its checking accounts, which can be a drawback compared to a popular financial technology company, such as Bluevine.
- No ATM fee refunds: Truist charges $3 at domestic out-of-network ATMs and $5 at international ATMs, on top of potential operator surcharges. In contrast, Novo reimburses domestic and international ATM fees up to $7 monthly.
Fewer branches: Unlike U.S. Bank which offers branches in 26 states, Truist locations are in Washington, D.C., and 17 states
only.
Alternatives to Truist Business Checking
If Truist Business checking doesn’t fit all your needs, here are some alternatives to consider:
| Bluevine Standard | Novo Business Checking | U.S. Bank Silver Business Checking | |
|---|---|---|---|
| Starting Price | Free | Free | $100 |
| Key Features |
|
|
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| Key Distinctions | With interest-earning business checking accounts | Up to $7 ATM fee refunds monthly | Physical branches in 26 states |
| Learn More |
Methodology
When writing the Truist checking account review, I visited the Truist website to learn more about its key features and pricing. I also evaluated its offerings against competitors and assessed the different bank fees. In addition, I checked third-party websites to read about user reviews to gauge the feedback from its customers.
Conclusion
Truist offers superb business checking accounts for small businesses, large companies, and nonprofit organizations. You can access several benefits, such as no monthly fees, debit card cashback, and ongoing rewards for opening a Dynamic Business Checking account. Although its accounts do not offer interest or ATM fee refunds, Truist serves its business customers by eliminating or waiving monthly maintenance fees and offering unlimited cash deposits for nonprofits.
Frequently asked questions
What fees are associated with Truist checking accounts?
When you open a Truist checking account, the initial deposit requirement is $100. No monthly maintenance fees apply for its Simple Business Checking and Community Business Checking accounts. Meanwhile, its Dynamic Business Checking charges a monthly maintenance fee of $20, which is waivable.
What is the minimum balance for Truist checking?
Truist Simple Business Checking and Community Business Checking accounts have no minimum balance requirements. However, you need to maintain a $5,000 average relationship balance if you want to waive the monthly fee of a Dynamic Business Checking account.
What is the interest rate on Truist checking accounts?
Truist checking accounts do not earn interest.
How do I avoid the monthly fee on a Truist checking account?
You can avoid the $20 monthly fee of a Truist Dynamic Business Checking account by meeting an average relationship balance of $5,000 over three months in a Truist business checking, savings, money market account, or CD.
Can I link a savings account to my Truist checking account?
Yes. Linking a savings account to your Truist Dynamic Business Checking account helps you access rewards, such as discounts on loan rates and merchant services and lower annual fees for a Delta SkyMiles Business® Debit Card.
Is Truist Bank good for small businesses?
Yes. Small businesses can save on monthly maintenance fees and make free cash deposits of up to $2,000 monthly when they open a Truist Simple Business Checking account.
This article was reviewed by our banking expert Tricia Jones.