Truist is a financial services company that was formed by the merger between BB&T and SunTrust, making it one of the largest banks in the US. The company provides a range of business and personal banking products, including for small businesses.
If you’re researching Truist Business Checking reviews, this article runs you through the account’s key features to help you decide whether it’s the right fit for your business.
If your business needs to handle regular international payments, Wise Business may be a solution. You can send and receive transfers in a range of currencies at the mid-market rate, with no hidden fees.
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Truist Business Checking Review: Quick Overview
| 🗝️ Key features |
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| 💰 Main fees¹ |
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Truist Business Checking Review: Key Features
Truist has two main business checking account services: Simple Business Checking and Dynamic Business Checking. It also provides a free Community Business Checking for non-profit organizations. All three require a minimum deposit of $100 to open an account.
The Simple account has no monthly service fee, however, it is restricted to a limit of 50 total combined transactions and $2,000 in cash deposits, after which additional fees of $0.50 per transaction and $0.003 per $1 apply.
“Total combined transactions refers to any combination of checks deposited and paid, debit and credit memos, deposit tickets, online bill payments and electronic debits and credits (including debit card transactions),” according to the fine print in Truist’s fee schedule.
This makes the account most suitable for side hustles, trading at events, and startups.
The Dynamic account offers a much larger allowance of 500 combined fee-free transactions and $25,000 in cash deposits. Truist charges a $20 service fee for this account, although this is waived if you hold an average balance of $5,000 across Truist business accounts.
The Simple account includes Truist’s Fraud Inspector service, which aims to help business account holders identify and curb potential fraud, as well as a $25 discount on the first order of checks, and a personalized debit card with your business logo or other branding.
The Dynamic account provides those features as well as a waiver on the first four incoming domestic wires each month, the opportunity to earn air miles with a Delta SkyMiles Business Debit Card, a loyalty bonus on Truist business credit card rewards redemptions, and access to financial wellness training for employees.³
You can open a Truist business account online or at a local branch. You’ll need to provide personal identification and business documentation.
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Ease of Use
Although Truist is a traditional brick-and-mortar bank, you can open an account completely online, which is convenient for business owners who may be short on time or far from a branch location.
For business owners looking for a basic checking service, Truist’s straightforward account offering does not come with various complicated features. That makes it easier to conduct simple business transactions.
Trustpilot does not feature specific reviews for Truist’s business banking service, but positive reviews focus on good customer service experiences.⁴
However, some negative reviews from Trustpilot mention poor customer service experiences and state that Truist holds funds for extended periods before crediting them to accounts, as well as mistakenly charging excess overdraft fees.⁵
Customer Service
Truist’s customer support team is available Monday through Friday, 8am to 8pm ET and on Saturday at 8am to 5pm ET. Truist has a dedicated phone number to talk to its small business specialists, and provides 24-hour automated assistance. Customers can also schedule an in-person or virtual appointment.⁶
Truist Business Checking Fees⁷
Below are some of the main fees you'll find with Truist Business Checking:
- Additional transactions above monthly limit: $0.50
- Cash deposits above $2,000 monthly limit: $0.003
- ACH transfers: $15 monthly for 15 payments, $1 per additional transaction
- In-person currency exchange orders: $5
- Currency orders: $0.0016 per $1
- Outgoing domestic wire transfer in branch: $65
- Outgoing international wire transfer in branch: $75
- Outgoing International wire transfer: $35
- Incoming domestic wire transfer: $15
- Incoming international wire transfer: $20
- Digital Treasury wire maintenance fee: $35 monthly
- Digital Treasury international wire transfer: $36
- Digital Treasury domestic wire transfer: $12
- Standing order domestic outgoing wire: $15
- Standing order international outgoing wire: $50
- Out-of-network ATM withdrawal: $3
- Non-Truist international ATM withdrawal: $5
- US dollar checks drawn on Canadian banks: $7.50
- US dollars checks drawn on European banks: $35
- Direct Connect with QuickBooks: $14.95 monthly
- Direct Connect with Quicken: $9.95 monthly
- Overdrafts or returned items: $36
Truist’s checking accounts are unlikely to be the most suitable option if your business handles frequent incoming and outgoing wire transfers. The bank charges an extensive range of fees that increase the cost of doing business internationally.
Consider Wise Business as a smart online solution. Wise has a transparent fee for low-cost international transfers with no hidden charges.
Truist Business Checking Pros and Cons
| Benefits | Possible drawbacks |
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| No monthly service fee | Low transaction limit |
| Online account opening | Out-of-network ATM fees |
| Large network of international branches | Multiple additional fees, including domestic and international wires, ACH transfers and accounting software integration |
What are the benefits of Truist Business Checking?
Truist provides a straightforward checking account offering for small businesses without a complicated set of features. There’s no monthly account fee, and if you send and receive only a few payments each month you’ll avoid exceeding the transaction limits.
You can open the account completely online but if you prefer to visit a branch, Truist has more than 2,100 branches in 17 states and Washington, DC.
What are the possible drawbacks of Truist Business Checking?
For many business owners, the disadvantages of Truist’s business checking offering may outweigh the benefits. Once you exceed the relatively low transaction limits, you’ll pay additional charges of $0.50 per transaction and $0.003 per $1 of cash deposited.
You’ll also pay fees for services that most other business account providers offer for free, such as ACH transfers and integrations with QuickBooks and Quicken accounting software.
In addition, Truist has a long list of extra charges for domestic and international wire transfers, ranging from $12 to $75, which can increase the cost of doing business with customers and suppliers abroad.
Truist Business Checking Alternatives
Several banks offer business checking accounts with higher transaction and cash deposit limits than Truist, plus they offer a wider range of features, such as accounting software integrations and rebates on out-of-network ATM fees.
Axos Business Checking
Axios is an online bank that provides a Basic Business Checking account with no monthly account fee, unlimited transactions and unlimited fee reimbursem*nts for domestic ATM withdrawals.
There are no initial deposit requirements, and no charges for incoming wire transfers. Axios charges $15 for outgoing domestic wires and $50 for outgoing international wires.⁸
US Bank Silver Business Checking
Like the Truist account, US Bank’s Silver account is aimed a small businesses that handle a small number of transactions each month. It offers $2,500 of free cash deposits or 25 free cash transactions, whichever comes first, per statement cycle. But it offers a more generous transaction limit of 125 free transactions per statement cycle. Additional transactions cost $0.50, and extra cash deposits cost $0.33 per $150.⁹
US Bank also provides mobile banking and mobile check deposits, as well as its bill pay service to view, track and pay all your bills in one secure place.
Conclusion: Is Truist Business Checking the best choice for your business?
Whether Truist’s business checking services are a good fit for your business will depend on how many transactions you expect each month and whether you need to handle wire transfers regularly.
If you need to make high-value cash deposits, process more than 50 transactions, or conduct business overseas, an alternative account provider can save you money on fees.
Discover Wise Business: Send and Receive International Payments With Ease
Like Truist’s business checking service, a Wise Business account has no monthly fees, however, it is designed for businesses that manage frequent ongoing and incoming international wire transfers.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can also Send money to 160+ countries.
You can also get major currency account details for a one-off fee to receive overseas payments like a local, with no cross-border fees.
| Read the guide on how to open a Wise Business account |
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The Wise Business account also comes with extra features, like debit cards for team members to use overseas without foreign currency transaction fees, easy batch payments, and connection to QuickBooks to track bill payments.
You can find out more about Wise Business, and sign up for an account online, here.
Find out more aboutWise Business
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Sources:
¹Business Deposit Accounts Fee Schedule - Truist Bank
²Truist Reviews | Read Customer Service Reviews of www.truist.com
³Small Business Checking Accounts: Apply Online Today | Truist
⁴Trustpilot
⁵Read Customer Service Reviews of www.truist.com | 2 of 65
⁶Contact Us & Customer Service Numbers | Truist
⁷Business Deposit Accounts Fee Schedule - Truist Bank
⁸Small Business Deposit Account Agreement and Schedule of Fees Effective October 25, 2023
⁹Silver Business Checking Account Package | U.S. Bank
Sources checked February 2024.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information. This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
