Starting a business in the United States involves careful financial planning, which includes opening a business bank account. SunTrust, a prominent financial institution, offers a range of business banking solutions. However, it’s essential to understand the costs associated with opening a SunTrust account to make an informed decision. In this article, we will provide a detailed breakdown of all possible costs involved.
Account Opening Fees
When opening a SunTrust business account, there are typically no upfront account opening fees. SunTrust aims to make it easy for new businesses to get started without adding unnecessary expenses. This policy allows entrepreneurs to allocate their funds towards other critical aspects of their business.
Monthly Service Charges
SunTrust offers various types of business accounts, each with different monthly service charges. It’s important to select an account that aligns with your business needs to avoid unnecessary fees. Here are the primary business account options provided by SunTrust:
1. Simple Business Checking
This account is ideal for small businesses with limited transactions. The monthly service charge for a Simple Business Checking account is $5. However, this fee can be waived if you maintain a $1,500 minimum daily balance or make at least five qualifying transactions each month.
2. Primary Business Checking
Designed for growing businesses with moderate transaction volumes, the Primary Business Checking account has a monthly service charge of $15. This fee can be avoided by maintaining an average monthly collected balance of $3,000 or a combined balance of $5,000 across all linked SunTrust business accounts.
3. Select Business Checking
The Select Business Checking account is suitable for businesses with higher transaction volumes and more complex banking needs. It offers additional features and benefits but comes with a higher monthly service charge of $25. However, this fee can be waived by maintaining an average monthly collected balance of $10,000 or a combined balance of $20,000 across all linked SunTrust business accounts.
Transaction Fees
In addition to the monthly service charges, SunTrust applies transaction fees to various account activities. Here is a breakdown of the most common transaction fees:
Transaction Type | Fee |
---|---|
Checks and Debits | $0.50 per item |
Deposited Items | $0.50 per item |
Electronic Debits | $0.75 per item |
ATM Withdrawals (Non-SunTrust ATM) | $2.50 per withdrawal |
ATM Deposits (Non-SunTrust ATM) | $1.00 per deposit |
Online Bill Pay | $0.50 per item |
Please note that these fees are subject to change, and it’s always a good idea to consult the latest fee schedule provided by SunTrust.
Summary of Costs
In summary, opening a SunTrust business account generally does not incur any upfront account opening fees. However, monthly service charges vary based on the type of business account selected. Transaction fees are also applicable for specific activities such as checks, debits, ATM withdrawals, and online bill payments.
It’s crucial to choose the right account type and understand your business’s needs to minimize costs. SunTrust provides flexibility by offering options to waive monthly service charges through maintaining minimum balances or meeting transaction requirements. For a personalized budget and detailed information about the current fee structure, it is recommended to contact a SunTrust representative.
Remember, keeping track of banking costs is an essential part of managing your business’s finances effectively. By choosing the right banking partner and understanding the costs involved, you can make informed decisions to support your business’s growth and financial success.