Written by Ali Cybulski | Published on 12/10/2024
Truist is a Charlotte, N.C.-based financial services company formed in 2019 by the merger of BB&T and SunTrust. As one of the 10 largest U.S. commercial banks, it has total assets of $523 billion as of Sept. 30, 2024, and serves 15 million clients across the country. The bank operates more than 1,900 branches in 17 states and Washington, D.C.
Truist's wholesale and consumer businesses provide a wide range of products and services, including consumer and small-business banking. Banking products include checking, savings and money market accounts, as well as certificates of deposit (CDs).
Truist offers two checking accounts: Truist One Checking and Truist Confidence Account. Truist One Checking is a traditional account with perks that automatically adjust based on your combined monthly average balance across all eligible Truist accounts. Perks can include free checks, waivers for out-of-network ATM fees and more.
This account requires a $50 minimum opening deposit and has a $12 monthly maintenance fee, which can be waived in five ways. One way is by making $500 or more in total qualifying direct deposits per statement cycle. A qualifying direct deposit is an Automated Clearing House deposit in your account.
The Truist Confidence Account has a $25 minimum opening deposit and a $5 monthly maintenance fee, which can be waived by meeting certain requirements. It doesn't offer paper checks.
Neither checking account charges overdraft fees, and Truist customers can use about 3,000 ATMs nationwide for free.
One difference between the two accounts is that Truist One Checking includes a $100 Negative Balance Buffer for qualifying clients, allowing them to overdraw their account by up to $100. Initial eligibility requires:
• An account open for at least 35 calendar days
• An account with funding and a positive balance
• A direct deposit of at least $100 monthly for two consecutive months
For continued eligibility, a recurring direct deposit of at least $100 monthly is needed. For accounts that qualify for the buffer and have overdraft protection, Truist will use the $100 buffer first. If the account doesn't qualify, the bank will typically decline or return transactions that exceed the account balance.
Overdraft protection is optional and allows you to link a Truist checking or money market account to another deposit account; available funds are automatically transferred from the linked account as necessary to cover any shortfalls.
The bank also offers Truist One Savings and Truist Confidence Savings accounts. Truist One Savings requires a $50 minimum opening deposit and has a $5 monthly maintenance fee with four ways to have it waived. You can earn an annual percentage yield (APY) of 0.01% on the account.
The Truist Confidence Savings account has a lower $25 minimum opening deposit and no monthly maintenance fee. However, the account includes a $5 withdrawal limit fee for each withdrawal after you exceed six per month. This account also earns an APY of 0.01%.
If you plan to maintain a large balance and want a more competitive APY, consider the Truist One Money Market Account. New customers could earn an APY of up to 4.00%. However, rates are variable and can change at any time.
The account requires a $50 minimum initial deposit and charges a $12 monthly maintenance fee, which can be waived by maintaining a daily ledger balance of at least $15,000.
With Truist CDs, you can earn special rates on select new accounts: 4.00% APY on a 5-month CD and 3.50% APY on a 36-month CD. A $1,000 minimum opening deposit is required.
CD terms range from 7 days to 60 months. Terms of 7 to 31 days require a $2,500 minimum opening deposit, while others require a $1,000 minimum opening deposit. The standard APY for terms from 7 days to 60 months is 0.05%.
Whether you want to manage a CD or a savings account, Truist offers in-person and digital options. You can pay bills, transfer money with Zelle, and review account insights using online or mobile banking.
Customer service is available in person at a branch, via social media or by phone. You can get 24/7 automated phone assistance or live support at 844-487-8478 from 8 a.m. to 8 p.m. Eastern time Monday through Friday and from 8 a.m. to 5 p.m. ET Saturday.
You can also consult with a Truist advisor, depending on your financial needs.
Truist Bank pros and cons
Pros:
• Does not charge overdraft fees
• Offers a large branch network
• Provides free access to more than 2,900 Truist ATMs nationwide
Cons:
• Pays low interest rates
• Charges monthly service fees, though waivers are available
• Allows opening of CDs only at a branch
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Truist Weasels Out Of Paying Bonuses
Be careful when enrolling in Truist promotions and read the Terms & Conditions document carefully. We opened a small business checking account in a branch and the banker enrolled us in a $400 promotion. To receive the bonus, all we needed to do was deposit $2000 within the first 30 days, which we did. We also wrote some checks against the account. There was no minimum balance requirement other than being at least $0.01.
After the deadline for receiving the bonus had passed, we called the bank to find out why we hadn't received it. At first we were told we were denied because we hadn't made the deposits "correctly, through ACH," though the promotion didn't require any special kind of deposit. Escalating to a supervisor, we were later told the bank decided to disqualify us because they thought we had opened the account only to receive the bonus. The terms and conditions say the bank has the right in its sole discretion to make this decision and not pay the bonus if they don't want to pay it.
We had several choices of where to open the new business account and of course we were attracted to Truist because of the advertised promotion. If we would have known ahead of time that Truist would later hold that attraction against us and use it as a reason for not paying the bonus, we would have opened the account elsewhere at a closer bank.
We've been operating the account as a normal business account, making deposits and writing checks. We suspect the real purpose of the Truist promotion is to attract new money to the bank, then later refuse to pay out the bonuses because of a manufactured reason such as "incorrect deposit type" or "opening the account to receive the promotion." The bank never reached out to us to tell us they wouldn't be paying the bonus, so they probably hope some businesses will forget and some of that new money will remain at the bank instead of being withdrawn by unhappy customers. In our case we feel cheated and will be withdrawing our funds and closing the account promptly.
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Data as of Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 9846 |
| Year Established | 1872 |
| Employees | 35440 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1% |
| Return on Equity - YTD | 8.61% |
| Annual Interest Income | $5.92B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $527.5B$526.7B |
| Loans | Q1 2025vs Q1 2024 | $304.7B$303.6B |
| Deposits | Q1 2025vs Q1 2024 | $413.8B$406.1B |
| Equity Capital | Q1 2025vs Q1 2024 | $61.6B$57.57B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $4.87B$4.8B |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $1.69B$1.53B |
| Real Estate Owned | Q1 2025vs Q1 2024 | $64MM$142MM |
