What you’ll need to open a business deposit account

It will take about 15 minutes to apply once you start the process with the initial paperwork mentioned above.

The North American Industry Classification System (NAICS) is the standard used by Federal statistical agencies in classifying business establishments for the purpose of collecting, analyzing, and publishing statistical data related to the U.S. business economy. This code is determined by the industry type of your business. You’ll need this code to apply, but you can search for it by entering your industry description while you’re applying. 

Not always. If you're a sole proprietor, you can open a Truist business checking account using your Social Security number instead of an Employer Identification Number (EIN). However, if your business is a corporation, partnership, or LLC, an EIN is generally required. 

If you plan to designate additional parties as beneficial owner, authorized signer or controlling party, you’ll need to add those persons to your application.

Yes. Nonprofit accounts like Truist’s Community Checking must be used strictly for the organizations purpose and never for personal use. Only authorized signers may access the account. Following the 225 free monthly transactions, additional transactions may incur fees. It’s also important to maintain documentation that supports your account activity such as bylaws and meeting minutes. Schedule an appointment to meet with a Truist business specialist. to learn more about the account guidelines for a Truist Community Checking account.

Possibly. A business license verifies the legal status of your business. Depending on the business type and location, we may require a business license or equivalent documentation be included in your application.