Review: SunTrust Small Business Checking, 2019

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  • SunTrust is best for those interested in a free small business account or affordable larger business checking accounts with cash bonus rewards.
  • For the Simple Business Checking account, the monthly fee is waived for the first twelve statement cycles and 10% Cash Deposit Bonus when you redeem cash back from your SunTrust Business Credit Card directly into a SunTrust Business deposit account.
  • Out-of-Network ATM fees are $2 each.
  • 1,400 bank branches and 2,160 ATMs across Alabama, Arkansas, Florida, Georgia, South Carolina, West Virginia, Maryland, Mississippi, Tennessee, North Carolina, Virginia, and Washington, D.C.
  • Online Payroll features for up to 100 employees using the Online Cash Manager portal.
  • SunTrust Bank locations are only in a specific region of the country.  
  • Apply for a business checking account to fit your needs online or at a SunTrust branch location.

Is SunTrust easy to use?

SunTrust is an easy-to-use business checking account with online and mobile support like any other twenty-first-century banking service. Their monthly maintenance fees are easy to avoid without having to track multiple account statistics. It is easy to open and manage a business checking account with SunTrust.

What are SunTrust’s checking account options?

Here are the three business checking options to choose from to meet your business growth needs:

Simple Business Checking

For businesses with simple checking needs, few monthly transactions and low balances.

  • Waived $5 monthly fee for the first year
  • 50 transaction items per month
  • $2,000 cash processing per month

SunTrust Primary Business Checking

Designed for moderate checking needs that require more transactions and/or greater cash processing.

  • Waived $15 monthly maintenance fee for the first two statement cycles or with $1,000 minimum daily collected balance.
  • 150 transaction items per month
  • $5,000 cash processing per month

SunTrust Business Advantage Plus Checking

For business owners with high transaction volumes and complex cash-management needs.

  • Waived $25 monthly maintenance fee for the first two statement cycles or have a $20,000 in minimum daily collected balance.
  • 500 transaction items per month
  • $10,000 cash processing per month

Does SunTrust offer checking account bonuses?

For the Simple Business Checking account, the monthly fee is waived for the first twelve statement cycles. Get 10% Cash Deposit Bonus when you redeem cash back from your SunTrust Business Credit Card directly into a SunTrust Business deposit account for either the Simple or Primary Business checking accounts. On the Primary Business and Business Advantage checking accounts, you can enjoy a waived monthly maintenance fee for the first two statement cycles. Additionally, you can receive a 25% Cash Deposit on your Business Advantage checking account when you redeem cash back from your SunTrust Business Credit Card directly into a SunTrust Business deposit account.

What are SunTrust’s banking fees?

SunTrust has incredibly competitive monthly maintenance fees with special signup offers that reduce overall cost. Their other fees are on par with most other banks offering business checking accounts.

Here are some of the fees you might encounter while business banking at SunTrust:

  • Monthly Fee: No fee for the first 12 statements $5 every month after that for Simple Business Checking
  • Transaction fee: $.50 for every transaction over the item limit
  • Domestic Incoming Wire Transfer Fee: $15
  • International Incoming Wire Transfer Fee: $30
  • Domestic Outgoing Wire Transfer Fee: $25
  • International Outgoing Wire Transfer Fee: $50
  • Cash Deposit Fee: $2.50 per $1000 over the cash processing monthly limit
  • Overdraft Fee: $25 each on the 1st and $36 for 2nd NSF item and extended overdrafts
  • Out-of-Network ATM Fee: $2

How big is SunTrust?

The SunTrust banking network has 1,400 physical branch locations and 2,160 ATMs across the southeast region of the U.S. They have an A+ rating from the Better Business Bureau. The bank holding company originated in 1891 in Atlanta. It is a very old and established bank network with $199 billion in assets as of 2018. There is 24-7 customer service at SunTrust if you call their automated assistance for having a Small Business Credit Card you can receive phone customer care around the clock.  

What are SunTrust’s checking account features?

SunTrust Bank offers a variety of features to their business checking account customers like credit lines, cash flow management, and other financial services. Here are some of the features your account could be equipped with:

Overdraft Protection

  • Auto-transfers the exact amount needed to complete the transaction from a linked account
  • Credit lines will transfer in $100 increments to protect against overdraft

Merchant Services

  • Widespread payment acceptance
  • Customer loyalty and analytics for better CRM
  • Safe transactions to protect you and your customers

Payroll

  • Automated payroll services for streamlined employee payment
  • ACH services and online direct deposit
  • 401K options for business owners and employees

Online Cash Manager

  • Consolidate all accounts in one display to get real-time information
  • Stop payments on checks and immediate transfers
  • Online bill pay
  • Fraud inspection for risk-free checking
  • ACH Services to reduce handling and processing costs

How do I open a SunTrust account?

Apply for a business checking account to fit your needs online or at a SunTrust branch location. Opening a SunTrust business checking account can be a labor-intensive process, but if you have all the proper documentation prepared ahead of time it can be completed in one business day. You will need the following information to apply for an account:

Business Information

  • Business Name
  • Address
  • Tax ID number
  • Business Date of Formation
  • State of Formation
  • Annual Revenue
  • Business Activities
  • Source of Funds
  • Purpose of Account

Business Documentation

  • Filing Documents
  • Organizing Documents
  • Operation Agreements

Identifying information for all Beneficial Owner(s)

  • Certification Regarding Beneficial Owner(s) and Controlling Person of Legal Entity Customers Form
  • Legal Entity Customers form

Summary 

If your business is located in the southwest region of the United States, SunTrust is an excellent and affordable option for small businesses using the free Simple Checking account. SunTrust is one of the oldest banks in the country and offers great customer service, affordable business checking accounts with special promotions, and useful special features. Their suite of business checking accounts were designed with business growing pains in mind. They have payroll, online bill pay, and 401K options to help not only manage your business but your employees.

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