BB&T is following many other large banks in ending its free checking account. Readers had first noticed this mentioned in their BB&T statements last November. It's now posted at BB&T's checking account page. Starting on June 3, 2011, BB&T Free Checking accounts will be changed to BB&T Bright Banking which has a $10 monthly maintenance fee ($12 for IN/KY) unless you meet at least one of the following requirements:
- Direct Deposit (One monthly ACH Direct Deposit of $100 or greater per statement cycle)
- $1,500 ($2,000 in KY/IN) average checking balance per statement cycle
- $6,000 ($7,500 in KY/IN) combined in deposit and retail outstanding loan balances
- Any BB&T personal mortgage
For BB&T Free Checking accounts opened between February 22 and April 10, maintenance fees will be waived for June, July and August 2011.
Closing a BB&T account
In my post from last year, several readers reported that BB&T makes it difficult to close accounts. If you can't make it into a branch, you may be required to mail in a notarized letter requesting that the account to be closed. One reader commented that he wasn't required to mail a notarized letter, but instead he was required to mail a copy of his ID with the letter.
Potential Future Fees
You'll have to keep an eye on your statements for future new fees. The Charlotte Observer recently interviewed BB&T's CEO, Kelly King. In the interview King was asked about the Durbin Amendment which will cap debit card interchange fees. King said that if it goes through, "we'll undoubtedly have to have a charge for a debit card."
Other BB&T Fees
BB&T's other checking account fees are inline with other banks. The fee for using non-BB&T ATMs is $2.50 (per CSR) and the overdraft fee is $35 (per FAQs).
BB&T Bank Overview
According to the Charlotte Observer, BB&T is the nation's 13th largest bank. It has $151 billion in assets and almost 1,800 branches throughout the Mid-Atlantic, Southeast and Texas. BB&T added 346 branches and expanded into Texas in 2009 when BB&T acquired the failed Colonial Bank.