What we now know as Truist Bank is the result of the merger between SunTrust Banks and BB&T (Branch Banking and Trust Company). The bank was created in December 2019 and has since grown to become one of the most profitable banks in the United States.
Its headquarter is located in Charlotte, North Carolina and it has 2,781 locations across 15 states and Washington, D.C., and provides services and products in consumer and business banking, securities brokerage, asset management, mortgage lending, and insurance.
Truist bank ranks among the top largest banks in the US in terms of assets, with $509 billion in assets, as of June 2021. With $2.27 billion in annual sales as of January 2021, Truist Insurance Holdings is the seventh-largest insurance broker globally.
If you’re considering opening an account with Truist Bank, or if you’re already a customer, this guide will help you learn everything you need to know about Truist Bank. We’ve included what they offer as well as the features that set them apart from other big banks in the United States.
Who Owns Truist Bank?
Two of America’s largest banks, SunTrust (STI) and BB&T (BBT), revealed Truist as the new name for their soon-to-merge corporation. According to the banks, Truist Financial Corporation will be the name of the merged holding company, while Truist Bank will be the name of the combined bank. The debut of the new logo is still pending.
As a merger, Truist Bank is run by a board of directors, with Williams H. Roger Jr. as the board chairman and CEO. The CEO of SunTrust claims that the name symbolizes the merger of two businesses “to serve our clients as a true financial partner.”
The banks claimed that Truist was the result of a “rigorous, data-driven” approach carried out by consultancy firm Interbrand that gave priority to staff and client feedback. The 275-year-old (combined) BB&T and SunTrust brands gradually “transfer effortlessly” to Truist, according to the firms.
Is Truist a Good Bank?
Truist Bank is the 6th largest commercial bank in the United States by total assets. The company is ranked #1 in deposit market share in 11 states, including North Carolina (its largest market), Virginia, Georgia, Alabama, and Florida. It has significant retail banking operations in metropolitan areas such as Atlanta, Birmingham, Memphis, Raleigh-Durham, and Tampa Bay.
Truist has also been rated top overall by Bauer Financial for six years running; it has outperformed at least 98% of all banks each year since its inception.
For example, around the 30th of June 2020, it earned an A+ rating with a five-year trend line showing improvement every year since inception. It has also consistently been above industry norms for its capital ratio benchmarks and asset quality ratios.
What are Truist Bank Key Peculiarities?
Truist bank keeps getting highly rated by several financial institutions raking bodies. Truist bank’s APY (Annual Percentage Yield) is one of its key peculiarities. However, Truist bank can improve its savings rates. Truist money market and savings account balances yield 0.01% APY. To earn more on your funds, you could be better off looking for a high-yield savings account. What benefits do customers enjoy in Truist bank?
Truist Bank Benefits
You can take advantage of the full range of financial products Truist bank offers, including bank accounts, retirement planning, mortgages, loans, and more. Additionally, if you need to go locally, its extensive presence, which includes over 2,100 branches in 17 states and Washington, D.C., may be useful. Let’s take a closer look at the products Truist bank offers.
Products from Truist Bank
There are numerous account options in Truist and each of them comes with a different package. Let’s look at each category in detail.
Truist Bank Checking Account
There are three alternatives for regular checking accounts, one for students, and one for prepaid debit cards. Then there’s the Dimension checking account.
Dimension Checking Account
The minimum initial deposit for the bank’s Dimension Checking account is $50, and there is a $20 monthly maintenance charge. However, there are ways to avoid paying the fee, including making at least $3,000 in qualifying direct deposits, keeping a combined monthly balance of at least $10,000, having a related personal Truist credit card, mortgage, consumer loan, or linked Small Business Checking account, or any combination of these.
Also, clients can open up to four additional free checking accounts in Truist Bank. The account provides free checks and money orders in addition to a $25 discount on a safe deposit box. Additionally, because this is a rewarding checking account, the larger your balance, the better the perks you’ll enjoy, such as decreased yearly fees for the Delta SkyMiles Debit Card and free out-of-network ATM withdrawals.
Bright Checking Account
Bright Checking has a $12 monthly maintenance cost but, like Dimension Checking, it demands a $50 minimum initial deposit. By making at least $500 in eligible direct deposits or by keeping an average ledger balance of $1,500 per statement cycle, you can avoid the $12 fee. This account, which doesn’t offer prizes or pay interest, is one to take into account for daily financial necessities.
Fundamental Checking Account
The name of the account, Fundamental Checking, is accurate with what it offers. If you’re looking for a basic and cost-effective checking account and often have a modest monthly checking balance, this account is Truist’s top recommendation. The minimum opening deposit for this account is $50, and it has a low $5 monthly maintenance charge that cannot be waived, just like the Bright and Dimension checking accounts. There are no interest or bonuses with this account.
Truist Money Account
The Truist Money Account, a reloadable prepaid debit card, also has no other bank accounts or minimum initial deposits. You can link this account to an existing account and transfer money digitally whenever you wish to the reloadable card. There is a $5 account maintenance fee, but it can be avoided if you load at least $500 with the card each month. Additionally, by using specific retailer discounts that are included in the account, you can receive cash back.
Truist Savings Account
Truist savings account stands out from other banks’ savings accounts since it is fees- and requirement-free. It has no monthly maintenance cost and pays 0.01% APY. Additionally, there is no required minimum deposit when opening an account, so you can deposit any amount that works for you.
You can schedule an automatic transfer of funds from your Truist checking account and receive balance alerts to help you keep track of your progress, making it simple for you to reach your savings goals.
Cash Management Account
Truist has just one money market account and it was listed as one of the Best Money Market Accounts in GOBankingRates’ Best Banks of 2022. The account’s opening deposit is only $100, and there is a $12 monthly maintenance charge. But if you keep a minimum daily balance of $1,000, the bank waives the fee.
This account offers the same 0.01% APY as the Truist Online Savings account, so if you don’t intend to keep a $1,000 minimum daily amount, the bank’s savings account would be a better choice to escape the $12 monthly maintenance cost.
Additionally, you can directly deposit checks into this account, giving you easy access to your money. Additionally, you can register for balance alerts to follow the development of your savings.
Certificate of Deposit Rates
Truist CD comes with terms ranging from seven days to 60 months with an APY of 0.05% for all balance tiers. There must be a $2,500 minimum initial deposit for terms ranging from seven months to 31 days. A $1,000 starting deposit is required for durations ranging from 32 days to 60 months.
What is Truist Customer Service Like?
You can call 1-844-487-8478 to speak with a banking professional Monday through Friday from 8 a.m. to 8 p.m. EST and on Saturday from 8 a.m. to 5 p.m. EST. The bank does not have customer service hours on Sundays, but you may always view account information and perform some banking functions via the automated system, which is available around the clock.
The bank is accessible on Twitter as well. If you need assistance with personal banking, loans, or small business requirements, you can also schedule an appointment with a bank representative or stop by a branch.
What Makes Truist Bank Unique?
You can accomplish your savings objectives more quickly with the Truist Online Savings account because there are no monthly maintenance costs. Additionally, as there is no minimum deposit requirement, it is straightforward to open the account any time you want.
Also, there is a good chance that a branch of Truist Bank is nearby if you live in the bank’s service area because it has over 2,100 branches spread across 17 states and Washington, D.C. For those who favor performing specific banking tasks in person, this is a benefit.
Nonetheless, let’s compare Truist Bank to some of its top competitors to see how much it stands out.
How Does Truist Bank Compare with Other Top Banks?
Here is how Truist Bank compares to other large banks in its league to help you decide if it’s the financial institution you’re looking for.
JPMorgan Chase v. Truist Bank
Compared to Truist Bank, Chase has a branch network that is almost 4,700 times larger (over 4,700 vs. about 2,100). Truist Bank, however, provides a money market account while Chase does not. While you must request a withdrawal or transfer in order to access the funds in a savings account, money market accounts often allow account users to issue checks straight from the account.
Bank of America vs. Truist Bank
Truist doesn’t have a structure that competes with Bank of America’s, which allows consumers to earn higher APYs on savings accounts by joining Preferred Rewards. Truist, however, provides a savings account that doesn’t need a minimum startup deposit, monthly maintenance fees, or a minimum daily level.
The savings account Bank of America offers, on the other hand, needs a $100 minimum initial deposit and levies an $8 monthly maintenance fee if you don’t keep a minimum daily level of $500.
Wells Fargo v. Truist Bank
If a deposit is received by 9 a.m. local time, Wells Fargo’s Overdraft Rewind option, which Truist does not offer, will reverse the previous day’s overdraft fees. However, whereas Truist offers a savings account with no minimum starting deposit requirements, monthly maintenance charge, or minimum daily level requirements, Wells Fargo’s savings account alternatives do have these requirements in addition to monthly costs and balance restrictions.
How Does Banking With Truist Work?
Banking with Truist is simple and easy. All you need is a checking account and a phone or computer. You can bank online or through the mobile app. When you open an account, you’ll be able to choose from a variety of checking and savings options. You can also get a debit card, which gives you access to your money anywhere Visa is accepted. Plus, you’ll earn interest on your deposits and have 24/7 access to customer service.
How to Open an Account with Truist
Truist Bank offers a variety of personal and business banking products and services to meet its growing customer needs. Opening an account with Truist is easy and you can do it online, by phone, or in person at a branch location.
To open an account, you will need to provide some personal information such as your name, address, and Social Security number. You will also need to have a valid form of identification such as a driver’s license, passport, or any other government-issued ID.
Truist Bank is a large bank that offers a variety of services for its customers. It has branches all over the United States, as well as online and mobile banking options. Its customer service is top-notch, and it has a wide range of products and services to choose from. Overall, Truist Bank is a great option if you’re looking for a reliable and full-service bank.
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