Suntrust business account review: The only guide you need

Suntrust has branches across 11 states in the south-east of the US, as well as Washington, DC.¹ If you’re in the Suntrust service area and looking for a business bank account, you might be considering a Suntrust small business checking account or one of their specialist products. There’s a range of accounts available, from products for smaller businesses with relatively simple checking needs, through to accounts which suit established companies with high turnover and transaction volumes.

This helpful guide covers the main Suntrust small business account options, the fees and charges, and how to apply for your own account.

Suntrust business checking accounts

Suntrust accounts cover a range of options, including business checking accounts which come with lower monthly fees, but have a more limited variety of services included in the package. These might be perfect for start up companies and entrepreneurs who are just getting their business off the ground. If you want a business checking account which does more, there are also pricier account products which come with more perks and features. Here’s a run down of the options:¹

Simple Business Checking

This account type is designed for businesses which have a lower turnover, and need a fairly small number of transactions per month. The monthly fee of $5 is waived for the first 12 months the account is open, and you can avoid paying it after that by hitting a minimum number of transactions per month. There’s also a fee for receiving paper statements, waived if you sign up to use the online banking options available.

Suntrust Primary Business Checking

The Primary Business Checking account is a step up from the entry level Simple Business Checking account. There’s a monthly fee of $15, waived for the first 2 months the account is open. Following that opening offer, you won’t pay the maintenance fee if you have a minimum balance of $1,000 in your account. With this account you can carry out 150 transactions a month, fee free.

Suntrust Business Advantage Plus Checking

This product is a good fit for businesses which have a higher average balance, and need to make more frequent transactions. The monthly maintenance fee of $25 is waived for the first 2 months, and can then be avoided with a minimum balance of $20,000. This balance can be held over several eligible Suntrust accounts. You’ll get a healthy 500 transactions per month for free.

Analyzed Business Checking

The Analyzed Business Checking account is a more specialist product, which may suit medium to large sized companies with complex banking needs. The account doesn’t have minimum balances or a fixed number of transactions included in the maintenance fee, so you can treat it as an a la carte option and make it fit the needs of your business.

Analyzed Interest Checking

This account has a monthly maintenance fee of $50,² and allows you to earn interest to offset fees and earn money from your eligible balances. There is a relatively low price per transaction compared to other account products, but you’ll not receive any free transactions as part of the monthly maintenance fee.

Suntrust also offer a few highly specialist options, including accounts for lawyers and those handling public funds. Full details of these products can be found online, or by visiting your local branch.

If you’re looking for an alternative account for your business, we’ll also talk about a new type of multi-currency account, designed for business customers, in a moment - the Transferwise borderless business account. Read on for more.

How to choose the best bank account for your business

You’ve probably already realised, there are many different account types out there - so how do you know which account is right for you?

A smart place to start is by looking at the eligibility requirements for different banks and account providers. Some banks, for example, will only offer accounts to businesses registered locally, and may limit their products to certain states.

Once you’ve confirmed your business would be eligible for an account with the provider you’ve selected, you can move onto checking the fees and limits applied to their accounts.

Many business accounts have a monthly maintenance fee, and also list charges for transactions such as depositing cash, sending or receiving domestic wires and international payments. It’s common for banks to waive the monthly maintenance fee as an opening offer, or subject to hitting certain criteria such as holding a minimum average balance.

Check what is on offer for the cost of the monthly fee. Many accounts give a fixed

number of transactions and cash deposits fee free as part of this charge. However, if you exceed this number of transactions there will be a fee per transaction. For Suntrust, this ranges from $0.20 - $0.50 for simple transactions, and $3 per $1,000 deposited above the maximum covered by your normal fee.

This charging structure makes it important to think carefully about how you’re likely to use your business bank account. If you have one of the more basic account types with only a small number of free transactions covered in the package — but make a high number of transactions in a month, the costs can mount up quickly. Matching the account perks to your needs will make your day-to-day business banking easier and cheaper, too.

Another cost which is often underestimated by business owners, is international transfers and currency conversion. This matters if you buy inventory from suppliers based abroad, or your customers or employees are overseas.

It’s common for banks to use an exchange rate markup on top of the mid-market rate for currency conversion, as well as any upfront administration fee you’ll pay for international payments.

If you want to compare Suntrust with a modern alternative, it’s worth looking at Wise Business.

Open your Wise account online for free in the US, and manage your money on the go using an app. You can also keep over 40 different currencies in the account, with no monthly fee or minimum balance to worry about. International payments use the mid-market rate and there’s just a small fee to pay. You’ll also get your own local bank details for the US, Australia, New Zealand, the UK and the euro area, to get payments for free in these major currencies. Signing up to Wise Business allows access to BatchTransfer which you can use to pay multiple invoices in one go.

What do I need to open a business account with Suntrust?

Depending on the account your choose, and the type of business you run, you might be able to open your Suntrust small business checking account online. You’ll first need to gather some documents, including:¹

• Your business name, address and tax ID details
• Documents showing your business date and state of formation
• Evidence of your annual revenue and source of funds, as well as a summary of your business activities and the purpose of the account
• Business documentation including filing documents and organizing documents ( if the documentation is not located on Secretary of State website )
• Identifying information for all business owners with a stake of at least 10%

To get your account open, you’ll need to head to the Suntrust website and start the process online, following the prompts on screen. Some customers might be able to finish the process online, but if you need to provide any additional details or documents, you may need to visit a branch to complete your application.

Suntrust business account fees

Suntrust business accounts vary in terms of the features and fees they offer. Pick the one which suits your business best, to save yourself money in the long term. The key costs and limits include:¹ ²

Fee or limit type	Suntrust business account costs
Included monthly transactions	0 – 500 depending on the account
Included monthly currency deposits	0 – $10,000
Minimum average balance to waive monthly maintenance fee	$0 – $20,000 depending on the account
Monthly maintenance fee	$0 – $50 depending on the account

Breakdown of Suntrust business accounts

Not sure which account might suit your needs? Here’s a run through the most common business accounts offered, including the fees and limits you need to know about.¹ ²

Simple Business Checking

Suntrust recommends this account for smaller businesses and those just starting out. The fees are relatively low, and the monthly maintenance fee is waived for the first 12 months the account is open.

Fee or limit type	Simple Business Checking Account
Included monthly transactions	50 $0.50 per transaction above that amount
Included monthly cash deposits	$2,000 $3 per $1,000 deposited above that amount
How to waive monthly maintenance fee	Monthly fee is not applied for the first 12 months the account is operational. Waive the monthly maintenance fee after that by carrying out at least 5 transactions per month.
Monthly maintenance fee	$5 + $3 for paper statements Paper statement fee is waived if you sign up for online banking

Suntrust Primary Business Checking

If your business is slightly larger, or you need a higher volume of cash deposits per month, this could be the account for you.

Fee or limit type	Suntrust Primary Business Checking Account
Included monthly transactions	150 $0.50 per transaction above that amount
Included monthly cash deposits	$5,000 $3 per $1,000 deposited above that amount
Minimum daily opening balance to waive monthly maintenance fee	$1,000
Monthly maintenance fee	$15 waived for 2 months after opening

Suntrust Business Advantage Plus Checking

This account is aimed at companies with a higher average balance and more transactions every month. Although the fee is higher than the other products, there are more free transactions per statement cycle, too.

Fee or limit type	Suntrust Business Advantage Plus Checking Account
Included monthly transactions	500 $0.50 per transaction above that amount
Included monthly currency deposits	$10,000 $3 per $1,000 deposited above that amount
Minimum daily opening balance to waive monthly maintenance fee	$20,000 across 3 eligible Suntrust accounts
Monthly maintenance fee	$25 — waived for 2 months after opening

Analyzed Business Checking

The Analyzed Business Checking account is unlike the small business checking accounts highlighted above. Instead of offering a number of transactions as part of the maintenance fee, it is an a la carte account, which has a per-transaction cost with no volume limitations.

Fee or limit type	Analyzed Business Checking Account
Included monthly transactions	N/A $1 per deposit fee$0.20 per item paid
Included monthly currency deposits	N/A $3 per $1,000 cash deposit fee
Minimum balance to waive monthly maintenance fee	N/A
Monthly maintenance fee	$25

Analyzed Interest Checking

This account is aimed at larger businesses with higher average balances, and offers interest and credit allowances on balance held within the account.

Fee or limit type	Analyzed Interest Checking Account
Included monthly transactions	N/A $1 per deposit fee$0.20 per item paid
Included monthly currency deposits	N/A $3 per $1,000 cash deposit fee
Minimum balance to waive monthly maintenance fee	N/A
Monthly maintenance fee	$50

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Use Wise Business >>

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold balances in multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

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Sources:

1. https://www.suntrust.com/small-business-banking/business-banking/compare-business-checking

2. https://www.suntrust.com/content/dam/suntrust/us/en/small-business/2017/documents/business-accounts-fee-schedule-fe.pdf

3. https://newaccount.suntrust.com/NAC/Common/Start?%20Product=Simple%20BusinessChecking&Product=Simple%20Business%20Checking

All sources checked 14 May 2019