Truist Bank: Successful Merger Creates Southeast Banking Leader
Truist Bank emerged from the 2019 merger of BB&T and SunTrust, creating the sixth-largest bank in the United States. With 2,000+ branches across 17 states and strong Southeast presence, Truist combines the best of both legacy institutions, offering competitive rates, relationship banking benefits, and a commitment to helping customers achieve financial confidence.
Post-Merger Strengths:
- Enhanced geographic coverage across the Southeast and Mid-Atlantic
- Competitive interest rates on both checking and savings accounts
- Relationship banking focus with personalized service approach
- Strong community presence with local decision-making authority
- Comprehensive services from basic banking to wealth management
Bank Overview
Truist Bank represents a successful example of bank mergers, maintaining the community-focused culture of both BB&T and SunTrust while leveraging increased scale to offer better rates and services to customers.
| Feature | Details |
|---|---|
| Formed | 2019 (BB&T + SunTrust merger) |
| Headquarters | Charlotte, NC |
| Assets | $550+ billion |
| Branches | 2,000+ (17 states + D.C.) |
| ATMs | 3,000+ |
| Customers | 12+ million |
| FDIC Member | Yes |
| Primary Markets | Southeast and Mid-Atlantic states |
Account Options & Services
Personal Checking Accounts
| Account Type | Monthly Fee | Fee Waiver Options | Key Features |
|---|---|---|---|
| Truist Confidence Account | $5 | Cannot be waived | No overdraft fees, budgeting tools |
| Truist One Checking | $12 | $1,500 balance OR $500 direct deposit | Standard checking with interest option |
| Truist Wealth Checking | $50 | $100,000 combined balance | Premium benefits, wealth management |
Competitive Advantage: Truist One Checking offers interest-bearing options with competitive rates, a feature not commonly found at major banks without high balance requirements.
Savings Account Options
- Truist One Savings Up to 1.00% APY with relationship benefits
- Truist One Money Market Tiered rates up to 1.25% APY
- CDs 7 days to 10 years, competitive promotional rates
- IRA Options Traditional and Roth IRAs with competitive rates
Truist Confidence Account
Unique account designed for customers wanting to avoid overdraft fees:
- No overdraft fees: Transactions declined if insufficient funds
- Budgeting tools: Built-in spending tracking and alerts
- Financial wellness: Educational resources and coaching
- Debit card control: Real-time spending notifications
- $5 monthly fee: Cannot be waived but includes valuable tools
Relationship Banking Excellence
Truist One Banking Philosophy
Truist's relationship banking approach rewards customers for deeper engagement:
- Combined Balance Benefits Pool balances across all accounts for better rates
- Relationship Rewards Enhanced interest rates and fee waivers
- Personal Banker Assignment Dedicated banker for ongoing relationship
- Priority Service Shorter wait times and specialized support
Relationship Tier Benefits
| Tier | Balance Required | Key Benefits |
|---|---|---|
| Standard | $0 - $20,000 | Basic rates and standard service |
| Relationship | $20,000 - $100,000 | Rate bonuses, fee discounts |
| Wealth | $100,000+ | Premium rates, wealth management access |
Relationship Benefits Program
- Interest rate bonuses: Up to 0.50% additional APY
- Loan discounts: Reduced rates on mortgages and personal loans
- Fee waivers: No ATM fees, reduced wire transfer costs
- Investment benefits: Reduced advisory fees
- Insurance discounts: Auto and home insurance savings
Fee Structure & Interest Rates
Banking Fees
| Fee Type | Amount | Notes |
|---|---|---|
| Overdraft Fee | $36 | Max 6 per day, $36 grace for same-day correction |
| Non-Truist ATM | $3 | Waived with relationship benefits |
| Wire Transfer | $25 domestic / $45 international | Reduced rates for Wealth customers |
| Stop Payment | $36 | Per item |
| Paper Statement | $5 | Free online statements |
| Foreign Transaction | 3% | Standard international fee |
Current Interest Rates
- Truist One Savings 0.05% - 1.00% APY (with relationship benefits)
- Money Market 0.10% - 1.25% APY (tiered rates)
- CDs 0.25% - 4.50% APY depending on term
- Interest Checking 0.01% - 0.25% APY (with relationship)
Rate Advantage: Truist's relationship-based rates can be significantly higher than advertised base rates, making it competitive with online banks for qualifying customers.
Digital Banking Platform
Truist Mobile Banking
Truist has invested heavily in digital banking since the merger:
- Mobile Check Deposit Deposit checks with funds available next business day
- Digital Wallet Integration Apple Pay, Google Pay, Samsung Pay support
- Zelle Integration Send money instantly within the app
- Account Management Transfer funds, pay bills, manage cards
- Spending Insights Track and categorize expenses
- Goal Setting Save for specific financial objectives
Online Banking Features
- Personal dashboard: Customizable account overview
- Bill pay: Schedule and manage payments
- Account alerts: Customizable notifications
- Document center: Secure storage for financial documents
- Financial planning tools: Budgeting and goal-setting resources
Investment & Wealth Services
Truist offers comprehensive investment solutions through Truist Investment Services:
- Self-Directed Investing Online trading with research and analysis tools
- Managed Portfolios Professional investment management
- Financial Advisors Available at branch locations
- Retirement Planning 401(k) and IRA services
- Wealth Management Comprehensive planning for high-net-worth clients
Business Banking Solutions
| Account Type | Monthly Fee | Transaction Limit | Best For |
|---|---|---|---|
| Business Checking | $15 | 200 transactions | Small businesses |
| Business Advantage | $30 | 500 transactions | Growing businesses |
| Commercial Checking | $50 | Unlimited | Established businesses |
- Business credit cards: Cash back and rewards programs
- Merchant services: Payment processing solutions
- Commercial lending: Lines of credit and term loans
- SBA lending: Small Business Administration loans
- Treasury services: Cash management for larger businesses
Customer Service & Support
- 24/7 Customer Support Phone assistance available around the clock
- Branch Network 2,000+ locations with personal service
- Personal Bankers Dedicated banker for relationship customers
- Live Chat Support Online chat during business hours
- Community Focus Local decision-making authority
Advantages and Disadvantages
✅ Pros
- Competitive interest rates especially with relationship benefits
- Strong Southeast presence with extensive branch network
- Relationship banking focus provides personalized service
- Successful merger combining best practices of both banks
- Community commitment with local decision-making
- Confidence Account eliminates overdraft fees
- Comprehensive services from basic banking to wealth management
- Good mobile app with useful features
❌ Cons
- Limited geographic reach primarily Southeast coverage
- Systems integration still ongoing from merger
- Monthly fees on most accounts
- High balance requirements for best rates and benefits
- Limited international banking compared to global banks
- Base savings rates low without relationship benefits
- Complex fee structure across different accounts
Final Verdict
Truist Bank represents a successful bank merger that has created a strong regional institution with national capabilities. The bank excels in relationship banking, offering competitive rates and personalized service to customers who maintain significant balances or use multiple services.
While Truist's geographic reach is primarily concentrated in the Southeast and its base rates can be modest, the relationship benefits and community focus make it an attractive option for customers in their service area who value personal banking relationships.
Truist Bank Is Best For:
- Southeast residents wanting strong local presence
- Customers who value relationship banking
- Those who can maintain higher account balances
- Small business owners in Truist's footprint
- People wanting to avoid overdraft fees (Confidence Account)
Consider Alternatives If:
- You live outside Truist's primary service area
- You want the highest base savings rates
- You prefer fee-free accounts
- You need extensive international banking
- You prefer cutting-edge digital banking features
