Quick comparison
| Factor | Bank of America | Truist |
|---|---|---|
| Entry account | Business Advantage Fundamentals Banking | Simple Business Checking |
| Published monthly fee | $16 after the initial 12-month no-fee period | $0 |
| Waiver / condition | $5,000 combined average monthly balance, $500 qualified debit-card purchases, or Preferred Rewards for Business | No waiver needed |
| Published operating allowance | 20 included qualifying transactions; first $5,000 cash deposits per statement cycle without cash-processing fee | 50 combined monthly transactions; $2,000 monthly cash deposits at no charge |
Account economics
Bank of America
| Account | Monthly fee | Waiver / condition | Allowance / notable feature |
|---|---|---|---|
| Business Advantage Fundamentals Banking | $16 after the initial 12-month no-fee period | $5,000 combined average monthly balance, $500 qualified debit-card purchases, or Preferred Rewards for Business | 20 included qualifying transactions; first $5,000 cash deposits per statement cycle without cash-processing fee |
| Business Advantage Relationship Banking | $29.95 or $0 | $15,000 combined average monthly balance or Preferred Rewards for Business | 500 included qualifying transactions; first $20,000 cash deposits per statement cycle without cash-processing fee |
Truist
| Account | Monthly fee | Waiver / condition | Allowance / notable feature |
|---|---|---|---|
| Simple Business Checking | $0 | No waiver needed | 50 combined monthly transactions; $2,000 monthly cash deposits at no charge |
| Dynamic Business Checking | $25 or $0 | $5,000 average relationship ledger balance | 500 combined monthly transactions; $25,000 monthly cash deposits at no charge |
| Community Checking | $0 | Designed for qualifying nonprofit/community organizations | 225 combined monthly transactions; $25,000 monthly cash deposits at no charge |
Key tradeoffs
Fee waiver versus operational capacity
Do not compare the monthly fee in isolation. A business that regularly exceeds included transactions or cash-processing allowances can spend more on overages than it saves on a cheaper headline fee. Model a normal month, a busy month and a growth scenario.
Relationship depth
Bank of America and Truist both extend beyond checking. Compare treasury, merchant, card and lending pricing separately because those services can become more important than the operating-account fee as the business grows.
Branch and digital use
Branch density matters most to businesses handling cash, official checks, in-person service or complex account maintenance. Digital-first firms should place more weight on transaction design, approvals, integrations and payment workflows.
Operating fit
Bank of America
Bank of America is most attractive when a business can make use of the broader relationship: operating deposits, cards, merchant services, lending and the Preferred Rewards for Business program. Its two main checking tiers are easier to map than many multi-tier bank menus, which helps owners match the account to transaction volume and cash activity.
Truist
Truist fits businesses in its Southeast and Mid-Atlantic footprint that want branch access, a genuinely no-monthly-fee entry account and a path into a relationship account as activity grows. The key decision is less about brand size and more about whether monthly transaction and cash-deposit volume fits one of the published allowance bands.
Verified reviews
- Bank of America Business Banking Review
- Truist Business Banking Review
- BusinessBanks.us methodology
- Source standards
Choose by operating pattern, not brand familiarity.
The better fit depends on the balances you already maintain, monthly transaction count, cash volume, branch dependence and the treasury services you expect to add. Test those variables against both account ladders before opening.