Review of Truist Business Checking – Forbes Advisor

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In 2019, BB&T and SunTrust Bank merged to form Truist Financial, now the sixth largest commercial bank in the United States. Based in Charlotte, North Carolina, Truist offers a full range of personal, business and corporate banking products and services to meet a variety of needs.

In this review, we’ll dive into the various professional accounts and services offered by Truist to find out how it stacks up against other banks.

Account details are accurate as of August 24, 2022.

Account Basics

Truist Bank houses three business checking accounts. Each has unique benefits to meet diverse business needs.

True Simple Business Checking

If the name didn’t reveal it, Simple Business Checking is a basic checking account for small businesses that want to avoid costly bank fees.

The account has no monthly fees and no minimum balance requirements. It also offers 50 transactions and up to $2,000 cash processing per month at no cost. Account holders receive a free personalized debit card and a $25 discount on their first check order.

Dynamic Business Verification by Truist

Truist Dynamic Business Checking is for business customers who want to conduct all their banking transactions through one bank. Account benefits and benefits are based 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 levels of rewards:

  • Base rewards (when you hold between $0 and $25,000 in combined deposits)
  • Rewards Plus (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 and fee amounts.

Dynamic Business Checking also comes with a Delta SkyMiles Business debit card. It’s rare to find a debit card that earns travel rewards. If you’re a Delta fan or want to be rewarded for your business expenses, Truist Dynamic Checking is a solid choice. The card has annual fees of $60, $90, or $120, with lower fees charged to account holders with higher combined deposits.

Verification of the Truist Community

Truist Community Checking is a business checking account specifically for nonprofit organizations. This is a basic business checking account with no monthly fees and unlimited cash handling. Account holders receive a free debit card and have access to online account management, including paying bills. Community Checking also includes 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 business bank accounts and services to meet your business needs:

  • Company savings account
  • Corporate Money Market Account
  • Company deposit certificates
  • Business credit cards
  • Merchant services
  • Small business loans
  • Car loans
  • Commercial vehicle and equipment loans
  • Mortgages
  • Mortgage refinancing
  • Lines of business credit
  • Business insurance
  • Employee benefits solutions

Access on the go

You can apply online for most business bank accounts with 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 through Zelle, deposit checks, pay bills, transfer funds, connect to accounting software and more.

Truist’s app scores 4.6 out of 5 stars on the App Store and 4.3 out of 5 stars on Google Play.

There are over 2,500 Truist branches across the country for in-person banking support. Phone support is available by calling 844-487-8478 weekdays from 8 a.m. to 8 p.m. EST and Saturdays from 8 a.m. to 5 p.m. Automated phone support is available 24 hours a day, seven days a week.

Advantages

  • Several verification options available
  • Free verification options
  • Can earn rewards for debit card spending

The inconvenients

  • No remunerated current account
  • The Rewards debit card has an annual fee of up to $120
  • $20 monthly maintenance fee for dynamic verification if you do not meet requirements
  • Qualifying for the best Dynamic Checking rewards tier requires a balance of $50,000

How Truist Bank Compares

Truist offers several free checking account options. It’s also one of the few banks with a business checking account that earns rewards, though an annual fee is attached to the Delta SkyMiles Business debit card.

The bank also offers enough other accounts and services that you can keep all your banking in one place, 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 be near a Truist branch to open most accounts, but in-person support is limited to states with branches. Make sure there is a location near you if you prefer in-person banking. Consider your unique banking needs to determine if a Truist Business Chequing Account is right for you.

Find the best business checking accounts of 2022

Frequently Asked Questions (FAQ)

Is Truist Bank FDIC Insured?

Yes, Truist Bank is FDIC insured (FDIC Certificate #9846). The FDIC insures balances up to $250,000 per depositor, for each property class, in the event of bank failure.

Which two banks created Truist?

In 2019, BB&T and SunTrust Banks merged to form Truist, currently the sixth largest commercial bank in the United States.

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 for every $2 spent on qualifying purchases, up to 2,000 miles per month.


Lance B. Holton