Truist Simple Business Checking Account 2023 Review
Business owners need accurate information to make decisions about their businesses. One of the easiest ways to have good financial data about your business is by keeping business and personal finances separate.
In addition to giving accurate information, separating finances could help protect your personal assets if your business is structured properly. Finding the right business checking account can feel overwhelming, though.
Here’s what you need to know about the Truist Simple Business Checking Account to help your business decide if it fits your needs.
Truist Simple Business Checking Account Pros & Cons
No Monthly Maintenance Fee
The Truist Simple Business Checking Account does not have a monthly maintenance fee. This is an outstanding feature that should not be underestimated.
The vast majority of business checking accounts charge a monthly maintenance fee. You can normally get the fee waived, but have to jump through hoops to do so.
This feature makes this account a great option for smaller businesses that can’t afford to meet minimum balance requirements at other banks to waive the maintenance fees.
50 Free Monthly Transactions
This account allows 50 free transactions each month. This limit is extremely low, as most banks offer at least 150 to 250 free transactions. That said, the fact this account doesn’t have a monthly maintenance fee makes the 50 free transaction limit seem more reasonable.
Transactions include checks deposited and paid, debit and credit memos, deposit tickets, online bill payments, electronic credits (including debit card transactions), and electronic debits.
Each transaction above 50 results in a $0.50 per transaction fee. This fee is also higher than most other business checking accounts.
$2,000 in Free Cash Deposits per Month
Similar to the free monthly transactions, this account offers a below-average amount of free monthly cash deposits at $2,000 per month.
For each additional dollar of cash you deposit, you pay a $0.003 fee. This results in $0.30 per $100, which isn’t outside the norms for business checking accounts.
Other Account Fees - Truist Simple Business Checking
|Domestic non-Truist ATM fee||$3.00 each|
|International non-Truist ATM fee||$5.00 each|
|Branch coin and currency change order||$5.00 per order|
|Currency order per $1.00||$0.0013|
|Coin roll per order||$0.20|
|Night depository service||$2.00 per bag|
|Domestic wire transfer||$20.00 per transaction|
|International wire transfer||$35.00 per transaction|
|Book wire transfer||$12.00 per transaction|
|Negative account balance fee||$36.00|
|Overdraft or returned item fee||$36.00|
|Returned item fee||$12.00|
|Check images with statement||$4.00 monthly|
|Direct connect with QuickBooks||$14.95 per month|
|Direct connect with Quicken||$9.95 per month|
|Zelle small business transaction fee||1% of the received dollar amount, up to $15.00|
|Stop payment order||$35.00|
Other Features of the Truist Simple Business Checking Account
The Truist Simple Business Checking Account isn’t full of features. Instead, it’s a minimalistic business checking account for those that don’t need a more involved account.
That said, this account does offer debit cards for you and any employees you wish to have a card. You get a $25 discount on your first order of checks.
Truist allows you to link other bank accounts to see the big picture of your business’s finances, as well.
How to Open a Truist Simple Business Checking Account
You can start the process of opening a Truist Simple Business Checking Account online. You start by picking the type of business you are. Options include:
- Sole proprietor
- C corporation
- S corporation
- General partnership
- Limited liability partnership
- Limited liability company
- Single-member limited liability company
- Non-profit organization
- Unincorporated association
Based on the option you pick, Truist lists all of the information you’ll need to complete the application. You can gather this information before moving forward with the application.
In general, expect to provide the following types of information:
- Personal information about the applicant
- Social Security Number
- Contact information
- Country of citizenship
- Information about the business
- Tax ID number
- NAICS information
- Date started
- Estimated revenue
- Information about additional people on the account for the beneficial owners, controlling person, and authorized signers
- Percentage of ownership
- Social Security Number and contact information (sometimes optional)
Picking the Best Business Checking Account
Whether you’re picking your first business checking account or looking to upgrade, the process of choosing the right account is key.
To start, you should focus on what your business needs from a checking account and what features you’d like to have to make managing a bank account easier.
Business checking accounts often have many fees. Understanding the following can help you get an idea of what fees you’ll face.
- Monthly average cash deposits
- Monthly average transactions
- Average balance held in the account to see if you can meet minimum balance requirements
While fees are important, businesses must also be able to interact with their bank account easily. Convenience factors may be worth the cost of higher fees.
Here are a few concepts to consider when evaluating checking accounts to see if they’re a good fit.
Monthly maintenance charges
Most business checking accounts charge a monthly maintenance fee. This can sometimes be waived. Understand if the fee is worth the value you receive from the account.
Balance requirements to waive fees
If a checking account will waive a maintenance fee by maintaining a balance with the bank, understand what that balance is.
Fees for monthly transactions
Look at the number of transactions you can make for free before a transaction fee kicks in.
Fees for cash deposits
Find out how much cash you can deposit before you have to start paying excess deposit fees.
Fees for wire transfers
If your business makes wire transfers, understand what type of transfers you make and how many you expect to make a month. Each type of transfer may have different fees associated with them.
Physical locations and hours
If your business requires visits to bank branches, the locations and hours of the branches can be a key factor in choosing your bank.
ATM network and fees
If you plan to use ATMs often, understanding the bank’s ATM network and associated fees is important.
Having the ability to deposit a check on your phone through mobile check deposit or transfer money online without visiting a branch are huge benefits. Other convenience features can also save you time and potentially money.
Payment processing fees
Many banks have payment processing programs that allow you to accept card payments and get the money deposited directly into your account. The fees can add up quickly, so understanding what you pay for this service is a big deal.
Ideally, your bank account can integrate with your accounting software and other software to save your team time.
Other products and services offered by a bank
Banks offer loans, other account types, and other services. If you already have many of these products through a bank, it may make more sense to add a less-than-perfect checking account to make your life easier.
Other Truist Business Checking Accounts to Consider
Truist offers a couple of other business checking accounts you may want to consider if the Truist Simple Business Checking Account doesn’t provide what you need.
Truist Community Checking Account
The Truist Community Checking Account is designed for non-profits, and smaller civic or community organizations that don’t have much activity. The account doesn’t have a monthly maintenance fee.
You get 225 free monthly transactions. Excess transactions cost $0.35. There is no charge for cash or coins deposited.
Truist Dynamic Business Checking Account
The Truist Dynamic Business Checking Account is designed for businesses with moderate checking activity or cash deposits. The account has a $20 monthly maintenance fee which can be waived by holding $5,000 in combined average relationship ledger balances.
This account includes 10 times the monthly free transactions with 500 items. Your business can also deposit up to $25,000 in cash each month with no fees. You get four free incoming domestic wire transfers, with additional incoming domestic wire transfers costing $15.00 each.
The account also offers relationship bonuses if you opt into the Delta SkyMiles Business Debit Card program. The higher your combined average relationship ledger balance, the lower your annual fee and the more the benefits grow.
The Truist Simple Business Checking Account is ideal for small businesses that don’t have much activity and want to keep their business and personal finances separate. The account doesn’t have a monthly maintenance fee, but does have a low number of free transactions and cash deposit amounts.
Once you grow, your business may be better suited with another account. However, this is a great account to kick off your business without having to worry about meeting minimums to waive fees.