SunTrust Bank, which merged with BB&T in 2019 to form Trust, is now the seventh-largest bank in the United States, with $396 billion in deposits and $297 billion in loans. Despite the merger, SunTrust and BB&T have kept their own brands and products.
SunTrust Banks provides a variety of banking products with unique benefits to consumers in ten southern states and the District of Columbia. Here’s all you need to know about SunTrust to determine if it’s the best bank for you.
What is Suntrust Online Cash Manager
SunTrust, like any other twenty-first-century banking service, offers an easy-to-use business checking account with online and mobile assistance. Without needing to manage various account data, their monthly maintenance costs are simple to avoid. SunTrust makes it simple to create and maintain a business checking account.
Advantages of Suntrust Online Cash Manager
Seamless integration with digital payment applications
Customers may connect their SunTrust Mastercard credit and debit cards, as well as their SunTrust Visa credit cards, to Apple Pay, Samsung Pay, Fitbit Pay, Garmin Pay, and Click to Pay. This makes contactless payments simple, regardless of which digital application you use.
ways of earning cash back and other perks
SunTrust Deals provides banking clients with customized incentives to earn cash back when they use their SunTrust debit or credit card at partner stores. Also, if a customer has a SunTrust rewards credit card, the cashback they get from that card can be increased by 10% if they put the cash back into any SunTrust deposit account.
Online, mobile, and SMS banking are all available.
Customers of SunTrust may manage their financial needs using a sophisticated online banking site. You may also download the mobile app, which is available for iOS and Android, to your device, which delivers a variety of features, including mobile notifications. Customers may also use text messaging to access a variety of financial services.
The disadvantage of Suntrust Online Cash Manager
Only available in the southeastern U.S
SunTrust is only present in 10 states and the District of Columbia, despite being the seventh-largest bank in the United States.
The website is not completely transparent
The website shows interest rates based on your zip code, so you might need to call the bank to find out what rates you can expect from accounts that earn interest.
When you contact to find out what the rates are, they seem to be quite low, especially at a period when most banks offer low rates.
What are SunTrust’s banking fees?
SunTrust features very low monthly maintenance fees, as well as unique signup incentives that lower total costs. Other costs are comparable to those charged by most other banks that provide business checking accounts.
Here are some of the costs you may face when doing business with SunTrust:
- Monthly Fee: There is no charge for the first 12 statements. After that, Simple Business Checking costs $5 per month.
- Transaction fee: $.50 for any transaction that exceeds the item limit.
- Fee for Incoming Domestic Wire Transfer: $15
- Fee for International Incoming Wire Transfer: $30
- Fee for Domestic Outgoing Wire Transfer: $25
- Fee for International Outgoing Wire Transfer: $50
- Cash Deposit Fee: $2.50 for every $1000 in excess of the monthly cash processing limit.
- Out-of-Network ATM Fee: $2
- Overdraft Fee: $25 for the first NSF item and $36 for subsequent NSF items and prolonged overdrafts.
Features of SunTrust’s Checking Accounts
SunTrust Bank provides credit lines, cash flow management, and other financial services to business checking account clients. Here are some of the features that your account might have:
- The precise amount required to complete the transaction is sent automatically from a connected account.
- To avoid overdrafts, credit lines will be transferred in $100 increments.
- Payment acceptance is widespread.
- Customer retention and analytics for improved CRM
- Secure transactions to keep you and your clients safe.
- Payroll services that are automated for easier employee payment.
- Online direct deposit and ACH services
- Options for 401(k) plans for company owners and staff
How can I get started with SunTrust?
Apply for a business checking account that meets your requirements online or in person at a SunTrust branch. Opening a SunTrust business checking account may be a time-consuming procedure, but if you have all of the necessary papers ready ahead of time, you can accomplish it in one working day.
To apply for an account, you will need to provide the following information:
- Business Name
- Tax ID number
- Business Date of Formation
- State of Formation
- Annual Revenue
- Business Activities
- Source of Funds
- Purpose of Account
Documentation for Business
- Filing Documents
- Organizing Documents
- Operation Agreements
Frequently Asked Quetions
What happened to SunTrust Online Banking?
Truist Online and Mobile Banking will take the role of SunTrust Business Online and Mobile from February 18 until February 20, 2022.
Is Truist legitimate?
Truist was founded in 2019 as a result of the merging of two banks, BB&T and SunTrust, into one. Truist Bank is now one of the top ten biggest banks in the United States. Truist has a good basic checking account, but its savings rates are often low and other costs, like overdraft fees, are high and hard to avoid.
Is SunTrust a good bank to bank with?
SunTrust is the best bank for clients who want to get more out of their standard checking and savings accounts.
Has Truist Bank Been Hacked?
According to the D.C. Police Department, more than $476,000 was taken from the company’s Truist bank accounts in $25,000 increments.
Which bank is better SunTrust or BB&T?
According to consumer ratings, BB&T Corporation’s brand is ranked in the list of Global Top 1000 Brands.
How do I check my SunTrust account online?
Sign in to your online banking account by visiting SunTrust.com or using the SunTrust mobile app.