How to Make the Switch to SunTrust Business Online Banking
SunTrust has been helping businesses of all sizes grow for more than 150 years. Among its many services, SunTrust also offers online business banking that can help your company save time and money. If you’re ready to take your relationship with SunTrust to the next level and begin using their Business Online Banking platform, you might be asking yourself, “How do I switch to SunTrust Business Online Banking?” There are a few steps you need to take before switching your account over to use this service.
In this article, we’ll tell you everything you need to know about making the switch and how the process works. Read on for some helpful advice!
Establish a Business Checking Account With SunTrust
In order to start the process of switching to SunTrust Business Online Banking, you must first open a business checking account with the bank. This will be the account from which all of your outgoing payments will be drawn. If you already have a personal checking account with SunTrust, you’re in luck! You can simply open a second account to use for your business transactions.
If you do not have a SunTrust business checking account yet, you’ll need to open one first. As part of the account opening process, you’ll need to provide your company’s financial information, including your business’s Tax Identification Number (TIN) and your Primary Business Contact (PBC) information.
Your PBC is the person responsible for all company financial transactions. The PBC is usually the person who owns the company, but it could also be someone with a fiduciary duty to the company. If the account will be owned by someone else, such as an outside contractor, the PBC information must be changed to reflect this.
Confirm Your Company’s Identification
Once you have an account open with SunTrust, you’ll need to confirm your company’s identification. This is required for SunTrust to onboard your company to their Business Online Banking platform, and it’s an important step to ensure the security of your account.
There are a few different ways you can confirm your company’s identification, including:
– Paperwork Verification
You will receive a verification packet in the mail to verify your company’s address, financial institution, and other account information. Once you confirm the information, this step is complete.
– SWIFT EDIC/TIN Verification
SunTrust will send you an online form where you will enter your company’s ID information, such as your Tax Identification Number (TIN) and your SWIFT EDIC/TIN number. Once you enter this information, it will be verified immediately, and this step will be complete.
– Electronic W-9 Verification
SunTrust will send you a W9 form to fill out online. Once this form is complete, this step will be complete.
Change the Way You Pay Employees
One of the biggest reasons people start using Business Online Banking is to change the way you pay employees. With Business Online Banking, you can set up automatic payroll deposits. You can also set up direct deposit for individual employees who prefer to have their paychecks deposited directly into their bank accounts, or have a combination of both.
As an added benefit, Business Online Banking also allows you to view all employee paystubs and pay history. All of this is done through the same interface you use for your other banking, which means you save time and effort. If you currently use a payroll service, you can still keep using it. But if you don’t, Business Online Banking can help with this too.
Change the Way You Pay Vendors
Like how you pay employees, you can set up automatic payments for vendors through Business Online Banking. This can be done with one-time payments or recurring payments, and you can set up automatic payments for almost any vendor you choose.
This helps you save time and effort, and it can also help you save money by setting up automatic bulk payments. If you currently use a vendor payment service, you can keep using it. But if you don’t, Business Online Banking can help with this too.
Change Your Bank Account Over to an Electronic Transfer
Once you’re ready to start making all of your outgoing payments through Business Online Banking, you’ll need to change your account over to an Electronic Transfer. To do this, you will first need to set up your account according to the guidelines on the Business Online Banking website.
Once you have set up your account, you can make a request to have your account changed over to an Electronic Transfer. You’ll need to ensure that your account is at a healthy balance, so it’s recommended that you do some light online banking at least once before making this change.
Your account will be changed over to an Electronic Transfer within two business days. Once your account is set up for Electronic Transfers, you’ll be able to send money to almost anyone. You can send funds to other banks, your employees, vendors, or even a friend. It’s important to remember that not every bank accepts Electronic Transfers, so make sure to check with the receiving party to ensure they will accept your transfers before sending them money.
What to Expect After You Switch To SunTrust Business Online Banking
Once you’ve opened your account with SunTrust and you’ve completed the steps listed above, you will be able to start using Business Online Banking. In some cases, it may take up to 10 days for SunTrust to transition your account to Business Online Banking. Once your account has been transferred, you can start using it right away!
Business Online Banking is a great way to manage your business finances, and it can even help reduce the stress that comes with being a small business owner. If you’re ready to make the switch, now you know what steps need to be taken and what to expect once the switch is complete. With Business Online Banking, you’ll be able to streamline your payments and make financial management easier than ever.
