Truist Business Checking Review 2024: Pros, Cons, & Pricing

Based in North Carolina, Truist delivers various banking products and services tailored to personal, business, and corporate needs. Their business checking options are especially suited for small businesses seeking low-fee banking or relationship checking accounts. These come with high cash processing limits and even offer travel rewards.

Moreover, Truist has a specific checking account designed for nonprofits. However, there may be better choices for business owners who require extensive account integrations or want to avoid fees on high transaction volumes.

In this review, I’ll explore the various business accounts and services provided by Truist to see how they stack up against other banks.

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Truist Business Bank Overview

Truist ranks among the top ten largest banks in the U.S. by assets, boasting over 1,900 branches spread across 17 states and the District of Columbia. This extensive branch network is a significant advantage for Truist’s business checking accounts.

However, the bank’s high fees and low transaction limits, especially on its free account, make it less appealing than other leading business checking options. For nonprofits, though, Truist can be an excellent choice.

Their Community Business Checking account is designed for nonprofits, featuring generous transaction limits and no fees or limits on cash deposits. While this review covers multiple Truist business accounts, the star rating mentioned earlier specifically evaluates Truist’s Simple Business Checking account.

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Pros & Cons of Truist Business Bank

Pros

• Various checking options to choose from
• Free checking options are offered.
• Opportunity to earn rewards for debit card spending
• Free business checking is available, including for nonprofits
• Access to a large branch network

Cons

• Lack of interest-bearing checking account options
• Rewards debit cards may carry an annual fee of up to $120
• $20 monthly maintenance fee for Dynamic Checking if requirements aren’t met
• Need a balance of $50,000 to qualify for the best Dynamic Checking rewards tier

Account Basics – Truist Business Checking Review

Truist Bank offers three business checking accounts, each catering to different business needs with unique benefits. However, it’s important to note that none of these accounts earn interest.

Truist Simple Business Checking

As the name suggests, Simple Business Checking is a straightforward account designed for small businesses looking to dodge hefty bank fees. It has no monthly fees or minimum balance requirements, making it quite accessible.

This account includes 50 transactions and up to $2,000 in cash processing per month at no extra cost. Additionally, account holders get a free personalized debit card and a $25 discount on their first order of checks.

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Truist Dynamic Business Checking

Truist Dynamic Business Checking is designed for business customers who prefer to handle all their banking with one institution. 

This account carries a $20 monthly maintenance fee, which can be waived if you maintain an average relationship balance of $5,000 across your accounts. The account requires a minimum opening deposit of $100, allowing up to $25,000 in free cash deposits and 500 monthly transactions.

This relationship business checking account offers various benefits depending on your total balance across all Truist accounts, including checking, savings, money market accounts, and Truist certificates of deposit (CDs). The rewards are structured into three tiers:

• Core Rewards: For combined deposits of $0 to $25,000
• Plus Rewards: For combined deposits of $25,000 to $50,000
• Preferred Rewards: For combined deposits of $50,000 or more

Each tier provides different perks, such as credit card rewards bonuses, merchant services discounts, loan discounts, and fee waivers.

One standout feature of Dynamic Business Checking is the Delta SkyMiles Business Debit Card. This card earns travel rewards, a rare benefit for a debit card. If you’re a Delta enthusiast or want to earn rewards for business spending, this account is a great choice. 

The card comes with an annual fee of $60, $90, or $120, with lower fees for those who maintain higher combined deposits.

Truist Community Checking

Truist Community Checking is tailored specifically for nonprofit organizations. This basic business checking account has no monthly fees and offers unlimited cash processing, making it highly convenient for nonprofits.

Account holders get a free debit card and access to online account management, including bill pay services. Additionally, the account provides up to 225 free monthly transactions, ensuring flexibility and ease for nonprofit financial activities.

Other Truist Business Banking Products and Services

For businesses seeking a variety of financial solutions, Truist offers an array of accounts and services to meet your company’s needs. Here’s a list of what you can expect:

• 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

Truist Business Checking Is Best for Small-Business Owners Who:

• Run a nonprofit, particularly one that often deals with cash.
• Process only a few transactions each month.
• Maintain an average bank balance exceeding $5,000. This qualifies you for Truist’s Dynamic Business Checking account, which waives the monthly fee and offers significantly more benefits than the Simple Business Checking account.

When Truist Is a Good Fit

• Your monthly transactions and cash deposits are low: Simple Business Checking provides up to 50 free transactions and $2,000 in cash deposits each month without a monthly fee.
• You manage a nonprofit: Truist Community Checking named the best overall in our review of top banks for nonprofits, offers unlimited free cash processing and 225 free transactions per month.
• You aim to earn cash back and earnings credit on debit card purchases: The Truist business debit card allows you to join Truist Deals, a free program that rewards you with cash back or earnings credit when you shop at select merchants.

Ease of Use

Even though Truist is a traditional brick-and-mortar bank, you can conveniently open an account online. This is great for business owners who are short on time or far from a branch.

Truist’s simple account offering is ideal for those seeking basic checking services. It avoids complicated features, making it easier to manage everyday business transactions.

Trustpilot doesn’t have specific reviews for Truist’s business banking service. Positive reviews generally highlight good customer service experiences. However, some negative reviews mention poor customer service, extended fund holds before crediting accounts, and incorrect overdraft fees.

Customer Service

Truist’s customer support team is available Monday through Friday, 8 am to 8 pm ET, and Saturday, 8 am to 5 pm ET. They offer a dedicated phone line for small business specialists and 24-hour automated assistance. Customers can also schedule in-person or virtual appointments for more personalized support.

How to Access Your Money

Truist business checking account holders have multiple options for depositing and withdrawing money, as detailed below.

Deposit Options

Here are the ways to deposit money into your Truist business checking account:

• Electronic transfer
• ATM deposit
• Wire transfer
• Check deposit
• Visit a branch location
• Withdrawal options

For withdrawing funds, Truist offers these options:

• Electronic transfer
• ATM withdrawal
• Visit a branch location
• Wire transfer
• Writing a check

Truist Business Alternatives – Truist Business Checking Review

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Bottom Line – Truist Business Checking Review

Truist’s Simple Business Checking is a free account for sole proprietors and startups with low transaction volumes. The Dynamic Business Checking account offers additional rewards for businesses with growing transaction needs, such as free wires, discounts, and waived ATM fees. 

However, you should explore other options if you need interest-bearing accounts or higher cash deposit and transaction limits.