Are you tired of seeing those pesky maintenance fees chip away at your hard-earned money in your Truist account? You're not alone! Many bank customers find monthly maintenance fees a frustrating, unnecessary expense. But here's the good news: Truist offers several straightforward ways to avoid these charges, allowing you to keep more of your money where it belongs – in your pocket.
This comprehensive guide will walk you through each method, step-by-step, to help you navigate Truist's policies and keep your account fee-free. Let's dive in!
Understanding Truist's Maintenance Fees
Before we tackle avoidance strategies, it's essential to know which accounts typically incur maintenance fees and what those fees generally are. While specific fees can vary by account type and state, many Truist checking accounts, like the Truist One Checking account, come with a monthly maintenance fee (e.g., $12 for Truist One Checking). Other accounts like the Truist Confidence Account may have a lower fee (e.g., $5). Savings accounts also might have fees (e.g., Truist One Savings at $5), but some, like the Truist Confidence Savings, have no monthly maintenance fee.
The key is to understand your specific account's fee structure and then identify the waiver requirements.
Step 1: Identify Your Truist Account Type
The very first thing you need to do is identify what type of Truist checking or savings account you currently have. This is crucial because the waiver requirements can differ significantly between accounts.
- How to find your account type:
- Check your monthly statement: Your account type is usually listed prominently.
- Log in to Truist Online Banking or Mobile App: The account name will be displayed in your account summary.
- Contact Truist Customer Service: If you're unsure, a quick call to Truist can clarify your account type. Have your account number ready.
- Visit a Truist Branch: A representative can look up your account details for you.
Once you know your account type, you can proceed to the next steps, as the strategies for avoiding fees are tailored to specific account offerings.
Step 2: Master the Most Common Waiver Methods
Truist offers several common ways to waive maintenance fees for many of its personal checking accounts, particularly the Truist One Checking account. You generally only need to meet one of these criteria each statement cycle.
Sub-heading A: Maintain a Minimum Balance
One of the most common ways to avoid a monthly fee is by keeping a certain amount of money in your account.
- Truist One Checking: You can waive the fee by maintaining a total combined ledger balance of $500 or more across all eligible Truist accounts (personal deposits, excluding Truist HSA, and investments). This is often calculated on the business day before your statement cycle end date.
- Truist One Savings: The $5 monthly maintenance fee can be waived if you maintain a minimum daily ledger balance of $300.
- Truist One Money Market Account: The $12 monthly maintenance fee can be waived if you maintain a minimum daily ledger balance of $15,000 or more.
Tip: If you have funds spread across multiple Truist accounts, such as checking, savings, or even investments, ensure the combined total meets the minimum for your checking account.
Sub-heading B: Set Up Qualifying Direct Deposits
Direct deposits are a fantastic way to keep your account active and often qualify for fee waivers.
- Truist One Checking: Make $500 or more in total qualifying direct deposits per statement cycle. A qualifying direct deposit is typically an electronic credit via ACH deposited to your account. This generally includes payroll, government benefits, and other regular electronic transfers.
Actionable Advice: If your employer offers direct deposit, consider setting up at least a portion of your paycheck to go directly into your Truist account to meet this requirement.
Sub-heading C: Have Other Truist Relationships
Truist often rewards customers who have a broader relationship with the bank.
- Truist One Checking: The monthly maintenance fee can be waived if you have a personal Truist credit card, mortgage, or consumer loan (including LightStream®). Having a linked small business checking account
can also qualify you.
Consider This: If you're looking for a credit card or a loan, exploring Truist's options could be a dual benefit – meeting your financial needs and waiving your checking account fees!
Sub-heading D: Meet Age-Based Criteria
Certain age groups are often exempt from maintenance fees.
- Truist One Checking & Truist Confidence Account: The monthly maintenance fee is waived for primary account holders under the age of 25 or age 62 and older.
- Truist One Savings: The fee is waived for a minor under the age of 18.
Heads Up: If you fall into these age brackets, ensure Truist has your correct date of birth on file, as this waiver should be automatic.
Sub-heading E: Student Status
Students often receive special consideration when it comes to bank fees.
- Truist One Checking & Truist Confidence Account: The monthly maintenance fee is waived for primary account holders who are students. You might need to provide your anticipated graduation date to qualify.
Student Perk: This is a significant benefit for students. Make sure to inform Truist of your student status if you haven't already.
Step 3: Explore Account-Specific Waivers and Alternatives
Beyond the common methods, some Truist accounts have unique waiver opportunities or are designed to be fee-free from the start.
Sub-heading A: Truist Confidence Account
This account is specifically designed with no overdraft fees and has relatively attainable qualifiers to bypass the monthly maintenance fee ($5).
- Ways to waive the $5 monthly maintenance fee:
- Making $500 or more in total deposits per statement cycle OR
- Making 10 or more qualifying transactions per statement cycle
OR - Primary client is a student OR
- Primary client is under the age of 25 or age 62 and older.
Note the Variety: The "10 or more qualifying transactions" is a unique waiver for the Truist Confidence Account, making it accessible for those who might not meet direct deposit or balance requirements.
Sub-heading B: Truist Simple Business Checking
If you're a small business owner, Truist offers a business checking account with no monthly maintenance fee.
- Truist Simple Business Checking: This account explicitly states "No Monthly maintenance fee." It's ideal for startups or businesses with fewer than 50 monthly transactions and under $2,000 in monthly cash deposits.
For Entrepreneurs: This is a great option if you run a small business and want to keep your business banking costs down.
Sub-heading C: Consider Certificate of Deposit (CDs)
While not a checking account, Truist Certificates of Deposit (CDs) have a zero monthly maintenance fee. If you have funds you can set aside for a period, a CD can be a safe, fee-free place to grow your money.
- Truist Certificates of Deposit: $0 monthly maintenance fee. Minimum opening deposits apply ($1,000 for terms 32 days to 60 months, $2,500 for terms 7 to 31 days).
Step 4: Monitor Your Account Regularly
Even after implementing a strategy to avoid fees, it's crucial to regularly monitor your account.
- Check your statements: Review your monthly statements carefully to ensure no unexpected fees have been charged.
- Set up alerts: Many banks allow you to set up alerts for low balances or when certain transactions occur. This can help you stay on top of your account activity.
- Understand statement cycles: Be aware of your statement cycle dates. If a waiver depends on a balance or deposit amount "per statement cycle," missing the cutoff by a day can result in a fee.
Step 5: Don't Be Afraid to Communicate with Truist
If you find yourself facing a fee, or if your financial situation changes and you anticipate a fee, don't hesitate to contact Truist.
- Explain your situation: Sometimes, a polite call to customer service can result in a fee waiver, especially if it's a one-time issue or you're close to meeting a waiver requirement.
- Discuss account options: If your current account isn't working for you, ask about other Truist accounts that might better suit your needs and fee-avoidance goals. They may be able to suggest an account with no maintenance fees or easier waiver conditions.
- Negotiate (if applicable): While not always successful for maintenance fees, if you have a long-standing relationship with the bank, it's worth inquiring about potential exceptions or solutions.
Conclusion
Avoiding Truist maintenance fees is entirely achievable with a bit of planning and awareness. By understanding your account type, leveraging direct deposits, maintaining minimum balances, utilizing other Truist relationships, or qualifying through age or student status, you can ensure your hard-earned money stays in your account, not in fees. Be proactive, monitor your account, and don't hesitate to reach out to Truist if you need clarification or assistance. Your wallet will thank you!
10 Related FAQ Questions
How to avoid Truist One Checking maintenance fees?
You can avoid the $12 Truist One Checking maintenance fee by making $500 or more in total qualifying direct deposits, maintaining a total combined ledger balance of $500 or more across all eligible Truist accounts, having a personal Truist credit card, mortgage, or consumer loan, having a linked small business checking account, or being a student or primary account holder under 25 or over 62.
How to check if my Truist account has maintenance fees?
You can check your Truist account's maintenance fees by reviewing your monthly bank statement, logging into your Truist online banking or mobile app, or contacting Truist customer service directly. The "Personal Deposit Accounts Fee Schedule" document on Truist's website also provides detailed fee information.
How to switch my Truist account to a no-fee option?
To switch to a no-fee Truist account, you can typically visit a Truist branch, or call customer service to discuss options like the Truist Confidence Account or potentially a Truist One Checking account if you can consistently meet its waiver requirements. For small businesses, the Truist Simple Business Checking account is a no-fee option.
How to set up direct deposit with Truist to avoid fees?
To set up direct deposit, you'll need your Truist account number and routing number, which can be found on your checks, through online banking, or by contacting Truist. Provide this information to your employer's payroll department, requesting them to deposit at least $500 per statement cycle into your Truist One Checking account to meet the waiver requirement.
How to link other Truist accounts to waive checking fees?
To link other Truist accounts (like savings or investment accounts) to meet the combined balance requirement, you don't typically need to "link" them in a specific action. Truist automatically calculates the "total combined ledger balance" across all eligible personal deposit and investment accounts where you are the primary or secondary account owner. Just ensure the sum meets the required threshold.
How to confirm my student status with Truist for fee waivers?
To confirm your student status, you might need to inform Truist by visiting a branch or contacting customer service. They may require documentation or simply ask for your anticipated graduation date to apply the student fee waiver to your account.
How to avoid ATM fees with Truist?
While not a "maintenance fee," Truist ATM fees can add up. You can avoid fees by using Truist ATMs. For non-Truist ATMs, Truist may charge a fee ($2.50 in the U.S., $5 outside the U.S.), and the ATM owner may also charge a surcharge. Consider accounts like Truist One Checking which may offer some non-Truist ATM fee rebates at higher account levels.
How to prevent overdraft fees with Truist?
Truist has launched "Truist One Banking" accounts (like Truist One Checking and Truist Confidence Account) that have no overdraft fees. For other accounts, you can prevent overdrafts by linking a savings account for overdraft protection, monitoring your balance regularly, and setting up low balance alerts. Truist One Checking also offers a $100 Negative Balance Buffer for eligible clients.
How to get a senior citizen fee waiver on a Truist account?
If you are 62 years of age or older, the monthly maintenance fee for certain Truist checking accounts like Truist One Checking and Truist Confidence Account is automatically waived. Ensure Truist has your correct date of birth on file.
How to contact Truist customer service for fee inquiries?
You can contact Truist customer service by calling their main customer service line (usually available on their website), using the secure messaging feature within your online banking or mobile app, or by visiting your local Truist branch. Having your account details ready will expedite the process.