How Much Does it Cost to Open a SunTrust Account in USA?

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.