How Much Does It Cost To Open A Business Account At Truist Bank

People are currently reading this guide.

👤

Published by A contributor at Hows.Tech sharing helpful insights.

📝 Article edited 0 times 🕒 Last modified by Default Author

Thinking Process:

Understand the User's Need: The user wants a very lengthy post about the cost of opening a business account at Truist Bank, with a step-by-step guide, engaging language, specific heading/subheading formats, varied styling (bold/italic), and 10 "How to" FAQs with quick answers. The current date (June 15, 2025) and location (Dhule, Maharashtra, India) are noted but unlikely to significantly impact the general information about Truist Bank accounts, which are US-centric.
Information Gathering (from search results):
- Truist Business Checking Accounts:
  - Truist Simple Business Checking:
    - $0 monthly maintenance fee.
    - $100 minimum opening deposit.
    - 50 free combined transactions/month, then $0.50 per additional.
    - $2,000 free cash deposits/month, then $0.0031 per dollar over.
    - Best for starting businesses, low activity.
    - $25 discount on first check order.
  - Truist Dynamic Business Checking:
    - $20 monthly maintenance fee (waived with $5,000 average relationship ledger balance across Truist business accounts).
    - $100 minimum opening deposit.
    - 500 free combined transactions/month, then $0.50 per additional.
    - $25,000 free cash deposits/month, then $0.0031 per dollar over.
    - Best for moderate activity, cash deposits, rewards.
    - $50 discount on first check order.
    - Free for the first 65 days.
  - Truist Community Checking:
    - $0 monthly maintenance fee.
    - $100 minimum opening deposit.
    - 225 free combined transactions/month, then $0.35 per additional.
    - Unlimited cash deposits per month at no charge.
    - Designed for non-profit, small community, or civic organizations.
    - $25 discount on first check order.
- General Fees (across accounts):
  - Overdraft/Returned Item Fee: $36 per item (max 3 per day).
  - Domestic non-Truist ATM fee: $3.
  - International non-Truist ATM fee: $5 (plus 3% international transaction fee).
  - ACH transfers: $15 monthly for 15 payments, then $1 per additional transaction (for certain services).
  - Incoming domestic wires: $15 (first 4 free for Dynamic).
  - Incoming international wires: $20.
  - Outgoing domestic wire (branch): $65.
  - Outgoing international wire (branch): $75.
  - Digital Treasury wire maintenance fee: $35 monthly.
  - Digital Treasury international wire transfer: $36.
  - QuickBooks integration: $14.95 monthly.
  - Paper statement fee: $3/monthly (can be avoided with online statements).
- Requirements to Open:
  - Business information (Tax ID, NAICS, estimated annual revenue, state/date established).
  - Personal information (SSN, 2 years address history, employment/income).
  - Minimum opening deposit ($100 for all).
  - Business must be located in specific states (AL, AR, FL, GA, IN, KY, MD, MS, NJ, NC, OH, PA, SC, TN, TX, VA, WV, Washington D.C.).
  - Not available for non-resident aliens.
Outline the Post Structure:
- Engaging Intro: Start with a direct question to the user.
- Main Heading: "Unlocking Your Business Potential: A Comprehensive Guide to Truist Bank Business Account Costs"
- Heading: Step 1: Understanding Truist's Business Account Offerings (Subheadings for each account type, detailing features and costs)
  - Sub-heading: Truist Simple Business Checking: The Starter's Choice
  - Sub-heading: Truist Dynamic Business Checking: For Growth-Oriented Businesses
  - Sub-heading: Truist Community Checking: Tailored for Non-Profits
- Heading: Step 2: Beyond the Monthly Fee – Unpacking Transaction and Deposit Costs
  - Sub-heading: Decoding Transaction Limits
  - Sub-heading: Navigating Cash Deposit Allowances
- Heading: Step 3: The Hidden Costs – Ancillary Fees to Be Aware Of
  - Sub-heading: Overdrafts and Returned Items: The Unexpected Drain
  - Sub-heading: Wire Transfers: Connecting Globally, Mindfully
  - Sub-heading: ATM Usage and Out-of-Network Fees
  - Sub-heading: Digital Tools and Integrations
  - Sub-heading: Paper Statement Fees
- Heading: Step 4: Minimum Opening Deposits and Waiving Monthly Fees
  - Sub-heading: Initial Funding Requirements
  - Sub-heading: Strategies to Avoid Monthly Maintenance Fees
- Heading: Step 5: Essential Documentation and Application Process
  - Sub-heading: What You'll Need to Gather
  - Sub-heading: The Application Journey
- Conclusion: Summarize key takeaways.
- FAQ Section: 10 "How to" FAQs with quick answers.
Draft the Content - Section by Section:
- Introduction: Start with a direct question about their business banking needs.
- Step 1 (Account Offerings): Detail each account type (Simple, Dynamic, Community). Use italics for account names and bold for key features/benefits/costs. Emphasize the "$0 monthly fee" for Simple and Community. Highlight the waiver condition for Dynamic.
- Step 2 (Transaction/Deposit Costs): Explain how transaction limits work and the per-item fees. Detail cash deposit limits and the fee for exceeding them.
- Step 3 (Ancillary Fees): Go through each type of fee (overdraft, wires, ATM, QuickBooks, paper statements). Provide specific amounts where available.
- Step 4 (Minimums/Waivers): State the consistent $100 opening deposit. Elaborate on how to waive the Dynamic Business Checking fee.
- Step 5 (Requirements/Application): List necessary business and personal documents. Briefly describe the online application process. Mention geographical restrictions.
- Conclusion: Reiterate that costs vary and choosing the right account is key.
- FAQs: Formulate 10 "How to" questions based on common concerns and information gathered. Provide concise answers.
Review and Refine:
- Length: Is it "very lengthy"? (Aim for comprehensive detail).
- Step-by-step: Is the guide clear and logical?
- Engagement: Does the first step engage the user?
- Headings/Subheadings: Are they correctly formatted (Step 1:, Step 2:, etc.)?
- Styling: Is there a good variety of bold and italic text? Is it used effectively to highlight important information?
- FAQs: Are there 10 "How to" questions? Are the answers quick and accurate?
- Accuracy: Double-check all fee amounts, limits, and conditions against the search results.
- Clarity and Flow: Is the language easy to understand? Does the post flow logically from one point to the next?
- Relevance: Ensure all information directly relates to the cost of opening a business account at Truist.

(Self-correction during drafting):

Initially, I might just list fees. I need to elaborate on when those fees apply and how they can be avoided (like the Dynamic account waiver).
Ensure to differentiate between monthly maintenance fees and transactional fees.
Emphasize the minimum opening deposit as a fixed cost.
The "Cost to open" isn't just the initial deposit, but the potential ongoing fees if transaction/deposit limits are exceeded or other services are used.
Add a point about geographical restrictions for opening an account with Truist.
For FAQs, ensure they start with "How to" as requested.Are you a budding entrepreneur, a seasoned small business owner, or perhaps leading a thriving non-profit, looking to establish a solid financial foundation for your enterprise? If you're considering Truist Bank for your business banking needs, one of the most critical questions on your mind is undoubtedly: How much does it cost to open a business account at Truist Bank?

Well, you've come to the right place! Navigating the world of business banking fees can feel like deciphering a complex code, but we're here to provide a thorough, step-by-step guide to understanding the potential costs associated with opening and maintaining a business account at Truist. Let's dive in and break down everything you need to know.

Unlocking Your Business Potential: A Comprehensive Guide to Truist Bank Business Account Costs

It's important to understand that "cost to open" isn't just about an initial deposit. It encompasses monthly maintenance fees, transaction charges, cash deposit limits, and various ancillary service fees that can add up if you're not aware of them. Truist offers several business checking accounts, each designed for different business needs and activity levels. Understanding these options is your first crucial step in determining your potential costs.

Step 1: Understanding Truist's Business Account Offerings

Truist Bank provides a tiered approach to its business checking accounts, catering to a range of business sizes and transaction volumes. The "cost" primarily revolves around monthly maintenance fees and how easily you can waive them, alongside transaction and cash deposit allowances.

Sub-heading: Truist Simple Business Checking: The Starter's Choice

This account is ideal for new businesses, sole proprietorships, or those with relatively low monthly transaction activity and minimal cash deposits. Its main draw is its straightforward fee structure.

Monthly Maintenance Fee: $0! That's right, there is no monthly maintenance fee for the Truist Simple Business Checking account. This makes it a very attractive option for businesses just getting off the ground and trying to keep overhead low.
Minimum Opening Deposit: You'll need to make an initial deposit of $100 to open this account.
Transaction Allowance: You receive 50 total combined transactions per month at no charge. Transactions include deposits, deposited items, checks, ATM transactions, point-of-sale purchases, and ACH debits.
Transaction Overages: If you exceed the 50 free transactions, each additional transaction will cost $0.50.
Cash Deposit Allowance: You can deposit up to $2,000 in cash per month at no charge.
Cash Deposit Overages: For cash deposits exceeding $2,000 in a month, a fee of $0.0031 per dollar (or $3.10 per $1,000) applies for the amount over the limit.
Key Benefit: Excellent for minimal banking activity and for avoiding a monthly fee entirely. You also get a $25 discount on your first order of business checks or intro packs.

Sub-heading: Truist Dynamic Business Checking: For Growth-Oriented Businesses

As your business grows and your banking activity increases, the Truist Dynamic Business Checking account offers higher transaction and cash deposit limits, along with potential rewards.

Monthly Maintenance Fee: This account comes with a $20 monthly maintenance fee.
Waiving the Monthly Fee: This is where the "cost" can become zero. The $20 monthly fee can be waived if you maintain a $5,000 average relationship ledger balance across all your eligible Truist business deposit accounts (checking, savings, money market accounts, and CDs). This means if the combined average of your Truist business accounts stays at or above $5,000 over the statement cycle, you won't pay the $20 fee.
Minimum Opening Deposit: Like the Simple account, you'll need an initial deposit of $100 to open.
Transaction Allowance: You get a generous 500 total combined transactions per month at no charge.
Transaction Overages: Exceeding 500 free transactions incurs a fee of $0.50 for each additional transaction.
Cash Deposit Allowance: You can deposit up to $25,000 in cash per month at no charge.
Cash Deposit Overages: For cash deposits exceeding $25,000 in a month, a fee of $0.0031 per dollar applies for the amount over the limit.
Key Benefits: Offers more flexibility for businesses with higher activity and a larger cash flow. It also includes perks like four free incoming domestic wires per month and potential access to rewards tiers based on your combined balances. You also receive a $50 discount on your first order of business checks or intro packs. The first 65 days of this account are also typically free of the monthly maintenance fee.

Sub-heading: Truist Community Checking: Tailored for Non-Profits

This account is specifically designed with non-profit, small community, or civic organizations in mind, offering features that cater to their unique banking needs.

Monthly Maintenance Fee: Similar to the Simple Business Checking, the Truist Community Checking account has a $0 monthly maintenance fee.
Minimum Opening Deposit: A minimum opening deposit of $100 is required.
Transaction Allowance: You receive 225 total combined transactions per month at no charge.
Transaction Overages: Each additional transaction over 225 costs $0.35.
Cash Deposit Allowance: One of the standout features for non-profits: unlimited cash deposits per month at no charge! This is a significant benefit for organizations that frequently handle cash donations or collections.
Key Benefits: Exceptional for non-profits that manage substantial cash inflows and need a considerable number of transactions without incurring monthly fees. You also get a $25 discount on your first order of business checks or intro packs.

Step 2: Beyond the Monthly Fee – Unpacking Transaction and Deposit Costs

While the monthly maintenance fee is often the first thing people look at, the actual cost of doing business with your Truist account can be heavily influenced by how you use it.

Sub-heading: Decoding Transaction Limits

Every interaction that involves moving money in or out of your account, or accessing information about it, can be considered a "transaction." This includes:

Deposits (checks, cash, electronic)
Checks paid
Debit card purchases
ACH debits/credits
Online bill payments
ATM transactions

It's critical to monitor your monthly transaction volume to avoid unexpected fees. If your business consistently exceeds the free transaction limits of the Simple or Community accounts, upgrading to the Dynamic account (and meeting its waiver requirements) might actually be more cost-effective in the long run.

Sub-heading: Navigating Cash Deposit Allowances

Cash-heavy businesses, like retail stores or restaurants, need to pay close attention to cash deposit limits. While Simple and Dynamic accounts have generous allowances ($2,000 and $25,000 respectively), exceeding these will result in a per-dollar fee. The Community Checking account's unlimited cash deposits are a huge differentiator for eligible organizations.

Step 3: The Hidden Costs – Ancillary Fees to Be Aware Of

Beyond the basic monthly fees and transaction/deposit limits, Truist, like most banks, has a schedule of fees for various additional services. These are the "hidden" costs that can surprise you if you're not aware.

Sub-heading: Overdrafts and Returned Items: The Unexpected Drain

Overdraft Fee: If you spend more money than you have in your account and Truist covers the transaction, you'll generally be charged a $36 overdraft fee per item.
Returned Item Fee: If Truist does not cover a check or ACH transaction due to insufficient funds, a $36 returned item fee will be assessed.
Important Note: There's typically a limit of three overdraft or returned item fees per day. Being diligent with your balance management is the best way to avoid these significant charges. Truist offers overdraft protection services you can link to another account or line of credit, which might incur different fees.

Sub-heading: Wire Transfers: Connecting Globally, Mindfully

If your business sends or receives money via wire transfers, these fees can add up.

Incoming Domestic Wire: Generally $15 per incoming domestic wire. (Note: Dynamic Business Checking offers the first four incoming domestic wires free).
Incoming International Wire: Around $20 per incoming international wire.
Outgoing Domestic Wire (Branch): Approximately $65 when initiated at a branch.
Outgoing International Wire (Branch): Approximately $75 when initiated at a branch.
Digital Treasury Wire Maintenance Fee: If you use advanced digital treasury services for wires, there might be a $35 monthly maintenance fee for that service, plus per-transaction fees.
Digital Treasury International Wire Transfer: Around $36 via digital treasury.

Sub-heading: ATM Usage and Out-of-Network Fees

While using Truist ATMs is free, withdrawals from non-Truist ATMs will incur a fee from Truist, in addition to any fee the ATM owner might charge.

Domestic Non-Truist ATM: Approximately $3 per transaction.
International Non-Truist ATM: Approximately $5 per transaction, plus a potential 3% international transaction fee on the withdrawal amount.

Sub-heading: Digital Tools and Integrations

Some integrations with accounting software or specific payment services might have separate fees.

QuickBooks Integration (Direct Connect): Approximately $14.95 monthly. This is an additional cost for direct syncing of your banking data.

Sub-heading: Paper Statement Fees

While many banks are moving towards digital, if you prefer paper statements, there might be a charge.

Paper Statement Fee: Approximately $3 per monthly paper statement. This fee can generally be avoided by enrolling in online statements.

Step 4: Minimum Opening Deposits and Waiving Monthly Fees

Let's clarify the initial cash outlay and the ongoing strategies to keep costs down.

Sub-heading: Initial Funding Requirements

Uniform Minimum: Regardless of whether you choose the Simple, Dynamic, or Community Business Checking account, Truist requires a consistent minimum opening deposit of $100. This is the immediate "cost" to get your account active.

Sub-heading: Strategies to Avoid Monthly Maintenance Fees

For the Truist Simple Business Checking and Community Checking accounts, the good news is that there are no monthly maintenance fees to avoid from the start.

For the Truist Dynamic Business Checking account, the key is to consistently maintain an average relationship ledger balance of $5,000 or more across all your Truist business deposit accounts (checking, savings, money market, and CDs). This means the average of your daily balances across these linked accounts for the statement cycle must meet or exceed this threshold. If you can confidently maintain this balance, the Dynamic account effectively becomes a no-monthly-fee option with significantly higher transaction and cash deposit allowances.

Step 5: Essential Documentation and Application Process

Before you even think about the fees, you need to ensure you meet Truist's eligibility requirements and have all the necessary paperwork ready.

Sub-heading: What You'll Need to Gather

Having these documents and information prepared will make the application process much smoother.

Business Information:
- Legal Business Name
- Business Address
- Business Phone Number
- Employer Identification Number (EIN) (for most business structures; sole proprietors might use their SSN)
- North American Industry Classification System (NAICS) code (identifies your industry)
- Type of Business Entity (Sole Proprietorship, LLC, Corporation, Partnership, Non-Profit, etc.)
- State and Date Established
- Estimated Annual Revenue
Personal Information (for all owners/signers with 25% or more ownership):
- Full Legal Name
- Social Security Number (SSN)
- Date of Birth
- Current Residential Address (and often 2 years of address history)
- Phone Number
- Email Address
- Government-Issued Photo ID (Driver's License, Passport, etc.)
- Employment and Income Information
Business Legal Documents (depending on entity type):
- Articles of Organization/Incorporation (for LLCs, Corporations)
- Partnership Agreement (for Partnerships)
- Doing Business As (DBA) registration (if applicable)
- Business Licenses (if required by your industry/location)

Sub-heading: The Application Journey

You can typically apply for a Truist business checking account online or by visiting a branch.

Online Application: This is often the fastest method. You'll fill out an online form with your business and personal details, upload necessary documents, and review the terms and conditions. If there are multiple owners, they may need to provide their information and consent separately.
In-Branch Application: If you prefer a more personalized experience or have complex business structures, visiting a Truist branch can be beneficial. A banking specialist can guide you through the process, answer questions, and help ensure all paperwork is correctly submitted.

Important Note on Geographic Availability: Truist business accounts are generally available to businesses located in specific states where Truist operates. These include Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Washington, D.C. They are typically not available for non-resident aliens.

In conclusion, the "cost to open a business account at Truist Bank" isn't a fixed number, but rather a dynamic equation based on your business's activity and how you utilize the account. By understanding the different account types, their monthly fees and waiver conditions, transaction limits, and ancillary service charges, you can make an informed decision that aligns perfectly with your financial goals.

Frequently Asked Questions

How to choose the right Truist business checking account?

Quick Answer: Assess your monthly transaction volume, cash deposit needs, and ability to maintain a minimum balance. Simple is for low activity, Dynamic for moderate to high with balance, and Community for non-profits with high cash deposits.

How to open a Truist business account online?

Quick Answer: Visit the Truist small business checking website, select your desired account, and follow the prompts to provide business and personal information, upload documents, and make your initial deposit.

How to avoid the monthly fee on Truist Simple Business Checking?

Quick Answer: There is no monthly maintenance fee for Truist Simple Business Checking, so there's nothing to avoid!

How to waive the monthly fee on Truist Dynamic Business Checking?

Quick Answer: Maintain an average relationship ledger balance of $5,000 or more across all your eligible Truist business deposit accounts during the statement cycle.

How to make cash deposits to a Truist business account?

Quick Answer: You can deposit cash at a Truist branch via a teller, through a Truist ATM, or potentially through a night depository.

How to check my transaction limit usage at Truist?

Quick Answer: You can typically monitor your transaction activity and usage through your Truist online banking portal or mobile app, and it will also be detailed on your monthly statements.

How to prevent overdraft fees on my Truist business account?

Quick Answer: Regularly monitor your account balance, enroll in overdraft protection services (linking to another Truist account or line of credit), and set up account alerts for low balances.

How to get online statements to avoid fees?

Quick Answer: Enroll in online banking through the Truist website or mobile app and select the option for paperless statements within your account settings.

How to get a personalized business debit card from Truist?

Quick Answer: When opening your account or afterwards, inquire with a Truist representative about personalizing your business debit card with your logo or custom art.

How to find out if Truist offers business accounts in my state?

Quick Answer: Check the Truist website's small business banking section or contact their customer service directly. Truist business accounts are generally offered in the states where they have physical branch presence.

5425240612220226563