We all know that feeling, right? You open your bank statement, and there it is: a monthly maintenance fee. It's like a tiny, annoying vampire sucking a little bit of your hard-earned money each month. While seemingly small, these fees can add up to a significant amount over time, impacting your financial goals. But here's the good news: you absolutely can avoid Truist monthly fees! It just takes a little knowledge and a few strategic steps.
This lengthy guide will walk you through everything you need to know, from understanding why these fees exist to actionable strategies to keep your money where it belongs – in your pocket. Let's get started!
Understanding the Truist Monthly Fee Landscape
Before we dive into how to avoid them, it's crucial to understand why banks like Truist charge these fees. Essentially, banks incur operational costs for maintaining your account, providing services like online banking, customer support, physical branches, and more. Monthly maintenance fees help offset these costs.
However, banks also want to incentivize certain behaviors that are profitable for them, such as keeping higher balances, using direct deposit, or having multiple relationships with the bank. This is why they offer various waiver options. The fees and waiver requirements can differ slightly depending on the specific Truist checking or savings account you have. The most common Truist checking account is the Truist One Checking account, which often carries a $12 monthly fee. Other accounts like the Truist Confidence Account might have a $5 fee.
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| How Do I Avoid Truist Monthly Fee |
Step 1: Identify Your Current Truist Account Type
This is the crucial first step! Do you know what kind of Truist checking or savings account you currently have? If not, no worries! It's easy to find out.
QuickTip: Don’t ignore the small print.
- Check your online banking: Log in to your Truist online banking portal. Your account type is usually clearly listed next to your account name.
- Look at a recent statement: Your monthly bank statement will also specify your account type.
- Call Truist customer service: If you're having trouble locating this information, simply call Truist customer service. They can quickly tell you your account type.
Why is this important? Because the waiver requirements vary by account. What works for a Truist One Checking account might not work for a Truist Confidence Account, and vice-versa. Once you know your account type, you're ready for the next step.
Step 2: Master the Waiver Requirements for Your Account
Now that you know your account type, let's explore the common ways Truist allows you to waive those pesky monthly fees. These are the golden tickets to fee-free banking!
Sub-heading: Common Waiver Options for Truist One Checking Account
The Truist One Checking account is a popular choice, and fortunately, it offers several ways to avoid the $12 monthly maintenance fee. You typically only need to meet one of the following criteria each statement cycle:
- Direct Deposits: Make $500 or more in total qualifying direct deposits per statement cycle. A "qualifying direct deposit" usually means an electronic credit via ACH, such as your payroll, government benefits, or pension. Be aware: transfers from one Truist account to another, or deposits made via a branch, ATM, online transfer, or mobile device are generally not considered qualifying direct deposits for this waiver.
- Maintain a Minimum Balance: Maintain a total combined ledger balance of $500 or more across all eligible Truist accounts on the business day before your statement cycle end date. This can include personal deposits (excluding Truist HSA) and all investments.
- Have a Truist Relationship: Have a personal Truist credit card, mortgage, or consumer loan (including LightStream®). This demonstrates a broader relationship with the bank.
- Linked Small Business Checking Account: Have a linked small business checking account with Truist. This is a great option for entrepreneurs.
- Age-Based Waivers:
- Under 25: If you are the primary account holder and under the age of 25, the monthly maintenance fee is waived. This waiver typically expires on your 25th birthday.
- Age 62 and Older: If you are the primary account holder and age 62 or older, the monthly maintenance fee is waived.
Sub-heading: Waiver Options for Truist Confidence Account
The Truist Confidence Account, designed with no overdraft fees, has different waiver criteria for its typical $5 monthly maintenance fee:
QuickTip: Reading carefully once is better than rushing twice.
- Total Deposits: Make $500 or more in total deposits per statement cycle. This is generally more flexible than the "direct deposit" requirement for other accounts.
- Qualifying Transactions: Make 10 or more qualifying transactions per statement cycle. These typically include debit card purchases, ATM withdrawals, and online bill payments.
- Student Status: If the primary client is a student, the fee is waived. You may need to provide an anticipated graduation date.
- Age-Based Waivers: Similar to the Truist One Checking, the fee is waived if the primary client is under the age of 25 or age 62 and older.
Sub-heading: Waiver Options for Truist One Savings Account
Even savings accounts can have fees. For the Truist One Savings account, which typically has a $5 monthly fee, here are some common waivers:
- Minimum Daily Ledger Balance: Maintain a minimum daily ledger balance of $300 or more.
- Recurring Internal Transfer: Schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings Account
from another Truist account. - Under 18: Waived for a minor under the age of 18.
- Related Truist Checking Product: Have any related Truist personal checking product. This means simply having a checking account with Truist can waive your savings account fee.
Sub-heading: Truist Simple Business Checking
If you have a business account, the Truist Simple Business Checking generally has no monthly maintenance fee at all, making it an excellent option for small businesses with fewer transactions and lower cash deposits.
Step 3: Choose Your Strategy and Implement It
Now that you understand the different waiver options, it's time to pick the strategy that best suits your financial habits and implement it.
Sub-heading: Strategy A: The "Direct Deposit Dynamo"
If you have a steady income from a job or government benefits, this is often the easiest and most reliable way to avoid fees.
QuickTip: Stop to think as you go.
- Identify the $500 Threshold: For the Truist One Checking account, confirm that your direct deposits will total at least $500 per statement cycle.
- Update Your Payroll/Benefits: Contact your employer's HR or payroll department, or the relevant government agency, and update your direct deposit information to ensure your funds are sent to your Truist account.
- Monitor Your Deposits: Keep an eye on your account in the first few months to ensure the direct deposits are consistently hitting the $500 mark. You can do this through online banking or the Truist mobile app.
Sub-heading: Strategy B: The "Balance Keeper"
If you prefer to maintain a certain balance across your accounts, this strategy is for you.
- Calculate Your Combined Balance: Add up the balances in all your eligible Truist personal deposit accounts (checking, savings, money market, CDs) and any investments through Truist Investment Services, Inc.
- Ensure Consistency: Make sure your combined balance consistently stays above the required threshold ($500 for Truist One Checking, $300 for Truist One Savings) on the business day before your statement cycle end date. This might require setting up alerts or regularly checking your balance.
- Consider Consolidating Funds: If you have funds spread across multiple banks, consider consolidating some into your Truist accounts to meet the balance requirement.
Sub-heading: Strategy C: The "Relationship Builder"
If you already have other financial products with Truist, this strategy is a no-brainer.
- Verify Existing Products: Check if you already have a personal Truist credit card, mortgage, or consumer loan.
- Confirm Linkage: Ensure these products are properly linked to your checking account in Truist's system. If you're unsure, a quick call to customer service can confirm this.
- Consider New Products (Carefully): If you don't have these products, but are considering getting a new credit card or loan, Truist could be an option to help you waive your checking account fees. However, never take out a loan or credit card solely to avoid a bank fee if you don't genuinely need it. The interest and potential debt will far outweigh the fee savings.
Sub-heading: Strategy D: The "Age Advantage"
This is the easiest strategy if you fall into one of the qualifying age brackets.
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- Confirm Your Age: If you are under 25 or 62 and older, this waiver should automatically apply.
- Verify with Truist: It's always a good idea to confirm with Truist that your age is correctly noted on your account and that the waiver is active. For students under 25, you might need to provide an anticipated graduation date.
Sub-heading: Strategy E: The "Transaction Tally" (for Confidence Account)
If you have a Truist Confidence Account, actively using your debit card or making online payments can waive the fee.
QuickTip: Don’t just scroll — process what you see.
- Track Your Transactions: Aim for 10 or more qualifying transactions per statement cycle. This includes debit card purchases, ATM withdrawals, and bill payments through Truist's online banking.
- Automate Payments: Set up recurring bill payments through your Truist account to contribute to your transaction count.
Step 4: Monitor and Adjust
Avoiding monthly fees isn't a "set it and forget it" task. It requires a bit of ongoing vigilance.
- Review Your Statements: Each month, take a few minutes to review your Truist account statement. Look for the "Monthly Maintenance Fee" line item. If it's there, investigate why.
- Use Online Banking Alerts: Set up alerts through your Truist online banking or mobile app to notify you if your balance drops below a certain threshold or if a direct deposit doesn't come through as expected.
- Don't Be Afraid to Call: If you're charged a fee you believe you should have avoided, don't hesitate to call Truist customer service. Explain your situation, and they may be able to refund the fee as a one-time courtesy, especially if it's your first time.
- Re-evaluate Your Habits: If a particular waiver strategy isn't working for you, re-evaluate your financial habits and consider switching to a different waiver option.
Step 5: Consider Alternatives (If All Else Fails)
While Truist offers many ways to avoid fees, if you find that none of the waiver options consistently fit your financial lifestyle, it might be time to explore other banking options.
- Online-Only Banks: Many online-only banks offer checking and savings accounts with no monthly fees and no minimum balance requirements. They often have competitive interest rates as well.
- Local Credit Unions: Credit unions are member-owned and often have lower fees and more flexible requirements than traditional banks.
- Different Truist Account Types: As mentioned earlier, some Truist accounts like the Simple Business Checking or Truist Confidence Savings (when linked to a Confidence Checking account) have inherent fee waivers or lower requirements. Talk to a Truist representative about other account options that might be a better fit for you.
By following these steps, you can confidently navigate the world of Truist banking and keep your money working for you, not for bank fees!
10 Related FAQ Questions
Here are 10 frequently asked questions about avoiding Truist monthly fees, with quick and concise answers:
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How to find out my Truist account type?
- Log in to your Truist online banking, check a recent bank statement, or call Truist customer service directly.
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How to qualify for the Truist direct deposit waiver?
- Set up direct deposits (e.g., payroll, government benefits) totaling $500 or more per statement cycle into your Truist One Checking account. Transfers from other accounts or ATM deposits typically don't count.
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How to maintain the minimum balance for Truist fee waiver?
- Keep a combined ledger balance of $500 or more across all eligible Truist personal deposit and investment accounts on the business day before your statement cycle ends for the Truist One Checking account.
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How to get a Truist fee waiver if I'm a student?
- If you are the primary account holder and under the age of 25, or if you provide an anticipated graduation date, your monthly maintenance fee for Truist One Checking or Confidence Account is generally waived.
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How to avoid Truist fees if I'm a senior citizen?
- If you are the primary account holder and age 62 or older, the monthly maintenance fee for Truist One Checking and Confidence Account is typically waived.
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How to waive the Truist Confidence Account monthly fee with transactions?
- Make 10 or more qualifying transactions (e.g., debit card purchases, ATM withdrawals, online bill payments) per statement cycle on your Truist Confidence Account.
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How to link accounts to avoid Truist fees?
- Having a personal Truist credit card, mortgage, or consumer loan can waive the monthly fee for your Truist One Checking account. For Truist One Savings, having any related Truist checking product can waive its fee.
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How to know when my Truist statement cycle ends?
- Your statement cycle end date is typically listed on your monthly bank statement. You can also find it in your online banking portal or by calling customer service.
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How to get a fee refunded if I was charged incorrectly by Truist?
- Immediately contact Truist customer service. Explain the situation and provide details about how you met the waiver requirements. They may offer a one-time courtesy refund.
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How to find no-fee alternatives to Truist if I can't avoid fees?
- Research online-only banks or local credit unions, as they often offer checking and savings accounts with no monthly fees and minimal or no balance requirements. Alternatively, inquire with Truist about other account types they offer that might have easier fee waiver criteria.
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