Truist Dynamic Business Checking Review: Earn Rewards As You Grow (2024)

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Truist Dynamic Business Checking Overview

Truist Bank is owned by Truist Financial Corp., a Charlotte, N.C.-based banking company with operations in 17 states and more than $574 billion in assets as of April 2023. Truist Financial was formed following the 2019 merger of BB&T and SunTrust.

Truist Dynamic Business Checking is one of three small-business checking accounts offered by Truist Bank, and its the ideal choice for customers looking to do all their business banking at the same institution. The account is aimed at business customers who expect to handle more than 50 transactions a month and make more than $2,000 per month in cash deposits. It offers a wide range of banking services and rewards customers with larger account balances. Those who don’t anticipate they will reach these transaction and deposit volumes would likely be better served by Truist’s Simple Business Checking account.

Rewards are offered based on the combined balances across all Truist business accounts (checking, savings, money market, and CDs). As balances change, so do the rewards. There are three tiers of rewards:

• Core Rewards: Combined deposits up to $25,000
• Plus Rewards: Combined deposits of $25,000 to $50,000
• Preferred Rewards: Combined deposits of $50,000 or more

Features

The Truist Dynamic Business Checking account works like most commercial checking accounts. What mainly sets it apart is that it offers different rewards tiers based on your combined balances across all Truist business accounts. As your balance changes, you’ll automatically move between reward levels.

All rewards levels come with several standout features. Customers get a loyalty bonus on their Truist Business Credit Card, with the size of the bonus increasing with higher tiers. Dynamic Business Checking also comes with a Delta SkyMiles Business Debit Card that allows customers to rack up miles on business purchases. Those in higher rewards tiers pay a lower annual fee on this card. Dynamic Business Checking customers who also have a Truist One Checking personal account get maintenance fees waived for that account.

Here’s a detailed breakdown of the rewards offered for various tiers:

Core Rewards

If your business has up to $25,000 in combined deposits at Truist, you get the following rewards:

• 10% business credit card rewards loyalty bonus
• Delta SkyMiles Business Debit Card for a $120 annual fee

Plus Rewards

This level is available to businesses with $25,000 to $50,000 in combined deposits.

Here are the rewards:

• 25% business credit card rewards loyalty bonus
• $5 Merchant Services monthly discount credit
• Business lending rate discount of 0.25%
• $5 discount off the standard $55 Online Payroll monthly maintenance fee
• 2 fees waived on non-Truist domestic ATMs
• Delta SkyMiles Business Debit Card for $90 annual fee

Preferred Rewards

If your business has $50,000 or more in combined deposits, you get the following rewards:

• 50% business credit card rewards loyalty bonus
• $10 Merchant Services monthly discount credit
• Business lending rate discount of 0.50%
• $10 discount off the standard $55 Online Payroll monthly maintenance fee
• Unlimited fees waived on non-Truist domestic ATMs
• Delta SkyMiles Business Debit Card for $60 annual fee

Other Benefits

The Truist Dynamic Business Checking account also comes with these additional benefits:

• Access to financial wellness training for employees
• Access to the Fraud Inspector tool that lets you identify and curb potential fraud on your business deposit accounts
• Personalized business debit card with your logo or custom art
• No fee for the first four incoming domestic wires

Mobile App

There is no mobile app specific to the Truist Dynamic Business Checking account, but customers can get the bank’s general app. This app lets you check balances, make payments, get personalized insights, and move money at your convenience. The app has a rating of 4.7 out of 5.0 on both Google Play and the Apple Store.

Fees and Minimums

The Truist Dynamic Business Checking account charges a $20 monthly maintenance fee that can only be waived if you have a $5,000 average relationship balance across various accounts. There is no fee for the first 500 total combined transactions each month. After that, the fee is $0.50 per transaction. In addition, customers get up to $25,000 in cash processing per month at no charge.

The minimum opening balance is $100.

Customer Service

You can schedule an online appointment to connect with a Truist customer service rep or call a small business specialist at 833-866-5129.

How to Open an Account

Truist Dynamic Business Checking accounts can be opened by hitting the “Open Now” link on the account’s webpage.

Who It’s Best For

The Truist Dynamic Business Checking account is best for businesses with moderate monthly checking activity and/or cash deposits. Those seeking a wide range of services at one bank will also find this account to be a solid choice, as rewards extend to personal accounts and business credit cards. While you don’t need to operate near a Truist branch to open an account, those who prefer in-person banking will want to check whether they live within Truist’s footprint, which covers 17 states and Washington, D.C., mostly in the Southeast and along the Atlantic coast.

How Truist Dynamic Business Checking Earned its Scores

Rewards

You get three different rewards levels with the Truist Dynamic Business Checking account, including one that doesn’t require you to have a lot of money with the bank. To get the most rewards, however, you need to have at least $50,000 across your Truist accounts.

Fees

Those who don’t maintain a $5,000 average relationship balance will have to pay a $20 monthly maintenance fee. Other fees are minimal, however.

Account Minimum

The Truist Dynamic Business Checking account requires a $100 opening minimum balance.

Other Perks

The Delta SkyMiles Business Debit Card that comes with this account will appeal to those who fly Delta and looking to build travel rewards. Other perks include access to financial wellness training for employees as well as the Fraud Inspector tool.

Good to Know

Truist business credit card clients can earn elevated rewards in the form of either a Loyalty Cash Bonus or Loyalty Travel Bonus based on their credit card product type, the method by which they redeem, and their deposit relationship(s) at Truist.

Truist Dynamic Business Checking vs. Competitors

Truist Dynamic Business Checking’s main competition comes from other commercial checking accounts designed for small businesses. Here’s how it stacks up against a couple of other regional banks.

Truist Dynamic Business Checking vs. First Citizens Business Banking I

Fellow North Carolina bank First Citizens offers more business checking options than Truist, and its Business Banking I account lets you build a customized plan by adding one Treasury Management product at a discounted rate. But Dynamic Business Checking gets the edge for much lower requirements to waive monthly fees at an average balance of $5,000 vs. $25,000 for First Citizens Business Banking I.

Truist Dynamic Business Checking vs. M&T Bank Tailored Checking

M&T Bank’s Tailored Checking account charges no monthly maintenance fee for three months, after which the fee is $20 unless you meet the requirements to waive it. The account has also promoted limited-time offers to earn $500 with qualifying activities. However, this account doesn’t offer the same types of rewards as Truist Dynamic Business Checking.

Final Take

The Truist Dynamic Business Checking account is a solid choice for businesses that want to earn rewards on their deposits. Fees are not prohibitive, and you get various perks with the account. But if you want an interest-bearing commercial checking account, this isn’t the one for you.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.