November 19, 2023

Truist Bank Problems and Solutions

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Expires 4/30/2025

What Is The Problem With Truist Bank?

Here are some challenges and concerns many clients have about Truist Bank (and what you can do about it).

What type of problems have you most frequently encountered with Truist Bank?

Merger-related Problems

Many clients of the former BB&T and SunTrust banks have experienced account issues, especially at the height of the merger.^[2] For example, some clients experienced delayed access to their funds or problems with their account details.

What You Can Do:
Monitor your converted BB&T or SunTrust account to spot irregularities. If you find one, report it immediately.

Unfortunately, you'll need to be patient since you'll likely wait long when you contact Truist customer support. Make sure to update your contact information to avoid missing important notifications and updates.

Can I trust Truist?
Truist Bank can be a trustworthy financial institution, even if it's just less than 5 years old. Put together in 2019, it's the result of merging two major players in the banking industry (BB&T and SunTrust). Both banks have more than a century of experience under their belt.

No Free Checking Accounts

Truist doesn't offer a fee-free checking account, unlike other banks. A Truist One Checking Account costs $12/mo, while a Truist Confidence Account costs $5/mo. Both of these accounts even require a minimum opening deposit.^[3]

What You Can Do:
There are many other banks that offer free checking accounts, so you can check them out instead. Or you could waive Truist's monthly fee.

To waive the fee for a Truist One Checking Account, just do one of the following:

Make $500+ in total direct deposits per statement cycle
Maintain a total of $500+ combined ledger balance across your Truist-related accounts
Opt for a personal Truist credit card
Opt for an eligible Truist mortgage/customer loan
Link a small business checking account

If you open a Truist Confidence Account, you can waive the fee by making $500+ in total deposits per statement cycle. Or you can make 10+ qualifying transactions per statement cycle.

The monthly maintenance fee for both checking accounts can also be waived if you're a student under 25 years old.

Best Free Checking with High Interest Rates

Member FDIC

Rewards Checking - Up to 3.30% APY

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Minimum Deposit Required: $0
Balance Requirement: $0
Monthly Fee: No monthly maintenance fee
APY: Up to 3.30%
ATMs: Unlimited domestic ATM reimbursements
Perks: Get your first set of 50 checks free

Expensive Bank-related Fees

Truist is known to have no overdraft charges for its Truist One Checking and Truist Confidence Account, yet has a higher standard overdraft coverage of up to $100 for its Truist One Checking eligible clients. However, some of its other fees are pretty expensive.

Here's how much you can expect:^[4]

Outgoing international wires: $65
Domestic non-Truist ATM withdrawal fee: $3
Paper statements for Truist One Savings and Truist One Money Market Account: $3
Replacement card rush fee: $15 or $30 depending on the account

What You Can Do:
You can avoid some of the fees if the transaction involved is unnecessary or not urgent. For example, you can get a replacement card at no extra cost. But prepare to wait a bit longer with a standard delivery service.

If you need to transfer funds internationally, consider online payment services like Wise and PayPal. These providers normally don't charge fees when sending money overseas.

Maintaining a high balance in your Truist One Checking account can get you benefits, which include skipping some fees. For example, if your monthly average balance is $10,000, you'll have a level 2 account. So you get one non-Truist ATM transaction per monthly cycle for free.

Low APY for Savings Accounts

Truist offers a low APY for its savings accounts, which is typically common for brick-and-mortar banks. It doesn't matter if it's Truist One Savings, Truist Confidence Savings, or Truist One Money Market Account.^[5]

That said, know that your money in a regular savings account loses its value. This is especially true when inflation is at an all-time high.

What You Can Do:
You can apply for an online savings account instead if you're looking for a high APY. It might not be from Truist, but at least you can make your money work better for you.

Compare Savings Account Offers

Western Alliance Bank: High-Yield Savings Premier - 4.46% APY
Discover® Online Savings: $200 Cash Bonus
Mission Valley Bank: High Yield Savings Account - 4.43% APY
DR Bank: High-Yield Savings Account - 4.40% APY
Paprika Capital Bank: High-Yield Savings Account - 4.36% APY
Dayspring Bank: High-Yield Savings Account - 4.30% APY
The State Exchange Bank: High Yield Savings Account - 4.25% APY
First Community Bank: High-Yield Savings Account - 4.22% APY
CFBank National Association: High-Yield Savings Account - 4.20% APY
RBMAX: High-Yield Savings Account - 3.90% APY

You Can't Open a CD Account Online

Although CDs are a great alternative to a regular savings account, you must open one at a Truist branch. You can't do it online, which can be a hassle. Rates may also vary per branch location.^[6]

What You Can Do:
If you can't fit in your schedule a visit to Truist's physical branch, you can opt for online banks instead. They typically provide high CD rates, and you can often view these rates online (unlike with Truist).

One good thing about visiting the branch in person is that you get a glimpse of how the bank handles its customers. This can influence your decision to bank with them or not.

Undisclosed CD Rates

Unfortunately, Truist doesn't display their interest rates on their website, especially with their CDs. But you can view the term options (7 days up to 5 years).^[7]

What You Can Do:
CD rates are not available on the website since they vary by branch. You'll have to visit one in your area to get the complete and latest APYs.

When you finally know your CD rate, use a CD rates calculator to find out how much interest you'll earn!

Compare CDs

Western Alliance Bank: High-Yield CD Rates - Up to 4.50% APY
SkyOne Federal Credit Union: 12-Month No-Penalty CD - 4.25% APY
American First Credit Union: 12-Month High-Yield CD - 4.00% APY
Technology Credit Union: 5-Month No Penalty CD - 4.00% APY
Freedom Bank: 12-Month No-Penalty CD - 3.75% APY
Blue Federal Credit Union: 15-Month High-Yield CD - 3.75% APY
Quontic: CD Rates - Up to 4.25% APY
Discover Bank: 1 Year CD - 4.00% APY
Consumers Credit Union: 9-Month Super Jumbo CD - 4.50% APY
mph.bank: 60-Month Callable CD - 4.42% APY

No Live Customer Support on Sundays

Many major financial institutions offer 24/7 customer support. And since that's not the case with Truist, it can be inconvenient.^[8]

What You Can Do:
If you can only attend to your banking needs on the weekends, you can still talk to a live person on a Saturday from 8 am to 5 pm ET.

But if it's an urgent matter like a lost card or suspected fraud activity, you can call the Truist hotline to report it immediately.

Important tip: You can use the lock/unlock feature on Truist's mobile app as soon as you realize your card is missing or stolen.

Bottom Line

Truist Bank has its fair share of drawbacks and limitations. It's a matter of weighing the pros and cons to determine if the bank is right for you. But there may be better options.

References

^ Truist Bank. BB&T and SunTrust complete merger of equals to become Truist, Retrieved 10/11/23
^ Consumer Affairs Truist reviews, Retrieved 10/12/23
^ Truist Bank. Confidence Account, Retrieved 10/12/23
^ Truist. Personal Deposit Accounts Fee Schedule, Retrieved 10/3/2023
^ Trustpilot Truist review, Retrieved 10/12/23
^ Truist Bank. CD, Retrieved 10/12/23
^ Truist. Disclosures and Fees, Retrieved 09/06/23
^ Truist Bank. Contact us, Retrieved 10/12/23

Member FDIC

Business Checking Account - $400 Bonus

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Expires 3/31/2025

Earn $400 when you open a new small business checking account and complete qualifying activities.
Choose between:
- Truist Simple Business Checking—Perfect if you're just starting out or have low transaction volume.
- Truist Dynamic Business Checking—With more perks as your balances grow—and a true, local partnership.
New business checking clients only
From October 1st, 2024 – March 31st 2025

Terms and Conditions

Offer Information: Open a new Truist Simple Business Checking or Dynamic Business Checking account online, phone, or in a branch from 10/1/2024 through 3/31/2025 and earn $400 by making Qualifying Deposits* of $2,000 or more into your new account within 30 days of account opening.

Enrollment in the promotion is required at the time of account opening using promo code SB24Q4BIZAFL to be eligible for a promotion reward. Refer to the Account Opening & Promotion Enrollment sections below for instructions.

*Qualifying Deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.

Offer Eligibility: You must be a new Truist business checking client. To be considered a new business checking client, the business cannot have an existing Truist business checking account or have closed a Truist business checking account within 180 days of the promotion start date (i.e., on or after 4/4/2024), with the same Taxpayer Identification Number (TIN), including but not limited to an Employer Identification Number (EIN). The business account holder must be 18 years or older at time of account opening. The account holder cannot be a non-resident alien. The business account holder must have a valid U.S. TIN. The business's physical address must be located in one of the following states: AL, AR, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV or DC.

Reward Processing: The reward will be deposited to the new business checking account within 4 weeks after the qualification requirements have been met and verified. The new business checking account must be open and in good standing with a balance of at least $0.01 at the time of Truist verification and until the reward is deposited to receive the reward. Only one newly opened business checking account per client is eligible to participate in this offer. Truist may report the value of any reward received to the IRS, as required by law. Any applicable taxes are the responsibility of the recipient.

Reward Forfeiture: Reward forfeiture will occur if: (1) the business checking account is changed to an account type not included in this offer, (2) the business checking account is closed prior to the reward being deposited, or (3) the new business checking account has a $0.00 or negative available balance at the time of qualification validation.

Other Terms: Minimum opening deposit is $100. A monthly maintenance fee is applicable for Truist Dynamic Business accounts whose combined average relationship ledger balance is less than $5,000; the monthly maintenance fee is waived for accounts with a combined average relationship ledger balance of $5,000 or more. See Truist's Business Deposit Accounts Fee Schedule for additional information.

The offer is non-transferable and may not be combined with any other offers. This offer is subject to change and may be discontinued at any time. Truist reserves the right, in its sole discretion, to disqualify any account if Truist suspects accounts are being opened for the purpose of exploiting this promotional offer. All promotional payouts will be processed no later than 9/30/2025, at which point this promotion and any related disbursements will be considered final, and no further disbursements will be made.

Online Account Opening & Promotion Enrollment Instructions: During the online application process, ensure the promo code SB24Q4BIZAFL is entered into the Promo Code field and accept the offer when presented. Accounts opened online without the Promo Code will not be eligible to participate in the offer.

Branch Account Opening & Promotion Enrollment Instructions: Visit your local Truist branch or call a Small Business representative and ask to open an eligible account and enroll you in the Truist Small Business Checking Affiliate Q4 2024 & Q1 2025 Offer using promo code SB24Q4BIZAFL. Once enrolled in the promotion, clients may receive promotional updates via the email address provided or by calling 800-709-8700.

Version 2 10172024 SB24Q4BIZAFL

Member FDIC

Bank of America Advantage Banking - $300 Bonus Offer

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Expires 1/31/2025

The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
The offer is for new checking customers only.
Offer expires 01/31/2025.
To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
Additional terms and conditions apply. See offer page for more details.
*A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
Bank of America, N.A. Member FDIC.

Member FDIC

Chase Total Checking® - $300 Bonus

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With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
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U.S. Bank Smartly® Checking - Up to $450 Bonus

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Expires 12/30/2024

Earn up to $450 when you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 30, 2024. Member FDIC.

Earn up to $450 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:

Enroll in online banking or the U.S. Bank Mobile App
Make two or more direct deposits(s) totaling $2,000 to $4,999.99 to earn $250, $5,000 to $7,999.99 to earn $350 or $8,000 or more to earn $450.

Fund your new account within 30 days to start qualifying activities. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.

Member FDIC

Discover® Online Savings - $200 Cash Bonus

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Expires 3/13/2025

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.

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