Starting a business in the United States involves various financial considerations. One crucial aspect is opening a business bank account to manage your company’s finances effectively. Truist, a renowned financial institution, offers business banking services that cater to the needs of entrepreneurs. In this article, we will provide a comprehensive breakdown of the costs associated with opening a Truist account for your business.
Account Types and Initial Deposits
Truist offers different types of business accounts tailored to meet your specific requirements. The cost of opening an account may vary depending on the account type you choose. Here are the available options:
1. Truist Business Checking Account
This account is designed for small to medium-sized businesses and offers a range of features to assist with day-to-day financial management. The initial deposit required to open a Truist Business Checking Account is $100.
2. Truist Business Advantage Checking Account
Ideal for larger businesses with more extensive banking needs, the Truist Business Advantage Checking Account provides additional benefits such as higher transaction limits. To open this account, you will need an initial deposit of $1,500.
3. Truist Business Savings Account
For businesses looking to save surplus funds and earn interest, the Truist Business Savings Account is a suitable choice. The initial deposit for this account is $100.
Monthly Service Fees
Apart from the initial deposit, Truist applies monthly service fees to maintain your business account. Here’s a breakdown of the fees for each account type:
| Account Type | Monthly Service Fee | Waivable Monthly Service Fee |
|---|---|---|
| Truist Business Checking Account | $14 | $0 with a minimum daily balance of $3,000 or average monthly balance of $5,000 |
| Truist Business Advantage Checking Account | $25 | $0 with a minimum daily balance of $15,000 or average monthly balance of $35,000 |
| Truist Business Savings Account | $5 | $0 with a minimum daily balance of $300 or average monthly balance of $500 |
Note: Waivable monthly service fees are subject to certain terms and conditions.
Additional Fees
While the monthly service fees cover most basic banking needs, there are certain additional fees that may apply. These fees can include:
- Overdraft/insufficient funds fee
- Wire transfer fees
- Stop payment fees
- Returned deposit fees
- Check printing fees
- And more
It is important to review Truist’s fee schedule or consult with a representative to understand the complete list of fees associated with your chosen account.
Summary
Let’s summarize the costs associated with opening a Truist account for your business:
| Account Type | Initial Deposit | Monthly Service Fee |
|---|---|---|
| Truist Business Checking Account | $100 | $14 |
| Truist Business Advantage Checking Account | $1,500 | $25 |
| Truist Business Savings Account | $100 | $5 |
In addition to these costs, it is important to consider any potential additional fees specific to your banking needs.
For a personalized budget and a more detailed breakdown of costs based on your business’s unique requirements, we encourage you to contact Truist directly. Their experienced representatives will assist you in selecting the most suitable account and provide you with all the necessary information to make an informed decision.
Opening a Truist account can be a valuable step in managing your business’s finances effectively. Take the time to assess your needs, consider the costs, and make an informed choice that aligns with your business goals.
