Is Truist business checking right for your small business? It’s an important question to research—after all, the right business checking account can make a significant difference in your company’s financial operations and bottom line. 

Truist offers three business checking accounts designed to accommodate different business needs, from startups to nonprofits and growing companies. While it provides flexible options like no monthly fees for entry-level accounts and tiered rewards for higher balances, restrictive transaction limits and excess fees may impact businesses with higher activity. For those needing fewer restrictions and lower fees, digital-first alternatives like North One may offer greater flexibility and cost savings.

About Truist Business Checking

Formed from the merger of SunTrust Bank and BB&T, Truist has established itself as a major player in business banking. With its extensive network of 1,900 branches and 2,900 ATMs spread across 17 states and D.C., it’s particularly well-positioned to serve businesses in the Southeast and Mid-Atlantic regions. Whether you prefer traditional face-to-face banking or digital solutions, Truist aims to deliver both.

For small businesses just starting out, Truist’s Simple Business Checking offers a no-monthly-fee option ideal for those with minimal monthly transactions. It’s a great entry-level choice for newer companies. As your business grows, you might consider stepping up to Dynamic Business Checking, which comes with a $20 monthly fee that’s waivable with a $5,000 average combined balance. This account offers higher transaction and cash deposit limits, along with rewards and additional features to support your business’s growth.

Truist also has a specialty Community Business Checking account for nonprofits. This specialized account comes with no monthly fees, generous transaction limits and unlimited cash deposits.

When considering Truist for your business banking needs, there are a few important factors to weigh. The bank’s extensive branch network and dedicated nonprofit options are significant advantages, particularly if you value face-to-face banking relationships. However, be aware of transaction limits and additional fees for services like ACH transfers and QuickBooks integration. Out-of-network ATM fees can also add up over time.

For businesses within Truist’s service area, who fit within the transaction limits, these accounts are solid options. However, if you’re running a primarily digital operation or need high transaction flexibility, you might want to explore other options. 

Truist Business Checking Features and Pricing

Truist offers three business checking accounts. Each account comes with specific features, transaction limits and pricing structures:

Truist Simple Business Checking

This account type is geared toward small businesses or startups with low transaction volumes and minimal cash deposit needs.

  • Monthly fee: There is no monthly maintenance fee for this account, making it a good choice for brand-new companies.
  • Transaction limit: Users get 50 free transactions per month—however, any transactions above that cost $0.50 per transaction.
  • Cash deposit limit: Account holders can make up to $2,000 free cash deposits per month. After that, deposits cost $0.003 per $1 deposited.
  • Key features: There are no minimum balance requirements, which is ideal for companies with lower cash flow or funding. Users also get access to Truist’s online and mobile banking platforms, along with basic business banking tools.

Truist Dynamic Business Checking

If you have a growing business with higher transaction and cash-handling requirements, Dynamic Business Checking might be a good fit for you:

  • Monthly fee: There is a $20 monthly fee, which can be waived with a $5,000 average combined balance across all your Truist accounts.
  • Transaction limit: Users get 500 free transactions per month. Additional transactions cost $0.50 apiece.
  • Cash deposit limit: You can deposit up to $25,000 in cash per month for free. Cash deposits beyond $25,000 are $0.003 per $1 deposited.
  • Additional fees: Customers get four incoming domestic wires free, but will pay $15 per wire beyond that.
  • Reward tiers: Truist’s Dynamic Business Checking offers tiered rewards based on account balances, automatically adjusting as balances increase. Benefits range from business credit card rewards and payroll fee discounts to waived ATM fees and reduced debit card costs.
  • Key features: This account type is good for growing businesses—if you can maintain at least $5,0000 across your accounts, require higher cash deposit volume and want to earn rewards. Businesses also get advanced financial tools and insights, as well as the optional Delta SkyMiles Business Debit Card.

Truist Community Business Checking

Community Business Checking is designed for organizations and community-focused entities.

  • Monthly fee: There is no minimum balance or monthly fee for Community Business Checking.
  • Transaction limit: Account holders get 225 free transactions per month. Additional transactions are $0.35 each.
  • Cash deposit limit: Community business checking offers unlimited cash deposits.
  • Key features: This account is tailor-made for nonprofits, and offers flexible banking solutions with no monthly fees. Plus, users get access to Truist’s financial management tools. It is an excellent choice for nonprofit organizations that handle large amounts of cash but want to avoid high fees.

Truist Business Checking Pros and Cons

Pros

  • Multiple account options: Truist offers three types of accounts for small businesses, growing businesses and nonprofits.
  • No monthly maintenance fee for entry-level accounts: Both Simple Business Checking and Community Business Checking have no monthly maintenance fees.
  • Generous cash deposit limits: Dynamic Business Checking allows up to $25,000 in free cash deposits monthly, while Community Business Checking has no cash deposit limits.
  • Reward tiers for higher balances: Dynamic Business Checking offers tiered rewards, including discounts, waived fees, and loyalty bonuses.
  • Extensive branch network: Over 1,900 branches across 17 states and Washington D.C.

Cons

  • Restrictive transaction limits: Simple Business Checking is limited to 50 transactions per month, and Community Business Checking is capped at 225 transactions. Depending on your typical transaction volume, that may not be sufficient for many businesses.
  • Excess transaction fees: Fees apply for exceeding transaction limits ($0.50 per transaction for Simple and Dynamic accounts, $0.35 for Community accounts).
  • Monthly maintenance fee on dynamic account: The $20 fee is waived only with a $5,000 average combined balance. 
  • Additional service fees: ACH service ($15, and an additional $1 per transaction for ACH payments beyond the first 15), QuickBooks integration ($14.95/month), and certain wire transfers come with extra costs. Overdrafts and returned items have a significant $36 fee.
  • ATM fees: Fees apply for using non-Truist ATMs beyond each account’s specified limits.

North One: A Better, Digital-First Alternative

Truist’s high fees and limited transaction options can be challenging, even if you live in its service areas. North One offers a better business checking alternative, especially for small business owners. Here’s why:

North One provides a basic, fee-free business interest checking account with up to 3% APY on your balance–that’s 38x the national average. Unlike Truist, which often charges monthly maintenance fees, North One lets you keep more money to reinvest in your business.

A standout feature is North One’s envelope budgeting system. This tool allows you to set aside funds for payroll, taxes, and bills, helping you stay organized and ready for upcoming expenses without extra costs.

North One offers two flexible banking plans: Standard and Plus. The Standard plan is ideal for smaller businesses, featuring same-day ACH payments, free incoming domestic wire transfers, and digital bill payments. The Plus plan, at just $20 per month, includes additional benefits like six free ATM withdrawals, priority support, and a dedicated customer success manager.

With free software integrations, North One connects seamlessly with tools like QuickBooks to simplify accounting and bookkeeping. Unlike Truist, which charges $14.95 for such services, North One keeps these integrations free, saving you time and money.

North One’s digital-first approach is perfect if you don’t need physical branches or live outside Truist’s service region. Its user-friendly app and web platform provide the flexibility to manage your business finances from anywhere.

With its fee-free structure, intuitive budgeting tools, and cost-effective plans, North One is a superior option for small business owners.

Choosing the Right Business Checking

While Truist business checking offers solid options for businesses in their service area, particularly those valuing in-person banking relationships, their transaction limits and additional fees may not suit every business model. 

Before making a choice, consider your typical transaction volume, cash handling needs, geographic location and whether you prefer traditional branch banking or digital solutions. By carefully weighing these factors against your business requirements, you can choose an account—whether Truist or a digital alternative like North One—that supports your future growth. 

Truist Business Checking FAQs

What is the minimum deposit to open a Truist business checking account? 

Each Truist business checking account requires a minimum opening deposit of $100.

How can I avoid the monthly maintenance fee on Dynamic Business Checking? 

The $20 monthly maintenance fee on Dynamic Business Checking can be waived by maintaining an average combined balance of $5,000 across Truist business accounts over three months. However, you only have to hit the $5,000 amount in one out of the previous three months.

Who can open a Truist business checking account? 

To open a business checking account with Truist, your business must be located in Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia or Washington, D.C.