Are you tired of seeing that monthly maintenance fee sneak onto your Truist bank statement? You're not alone! Many bank customers face these fees, but the good news is that Truist, like many financial institutions, offers several ways to avoid them. This comprehensive guide will walk you through each step, helping you keep more of your hard-earned money in your pocket.
Understanding Truist Monthly Maintenance Fees
Before we dive into how to avoid them, let's understand why these fees exist. Banks often charge monthly maintenance fees to cover the costs of providing services, such as maintaining accounts, offering customer support, and investing in technology. Different Truist accounts may have different fee structures. For instance, the Truist One Checking account typically has a monthly maintenance fee, while other accounts like the Truist Confidence Account or certain business checking accounts might have different fee amounts or waiver conditions.
Generally, personal checking accounts are the most common ones to incur these fees, which can range from a few dollars to over ten dollars a month. While it might seem small, these fees can add up significantly over a year!
Step 1: Identify Your Truist Account Type
Engage with this first step! Do you know exactly which Truist checking account you have? This is the crucial first piece of information you need. Different accounts have different rules for waiving monthly fees.
- How to find your account type:
- Check your online banking: Log in to your Truist online account. Your account type is usually clearly displayed on your account summary page.
- Review a recent statement: Your monthly statement will list your account type.
- Call Truist customer service: If you're unsure, don't hesitate to call Truist directly. They can tell you exactly what kind of account you have.
- Visit a Truist branch: A bank representative can help you identify your account and explain its specific fee structure.
Once you know your account type (e.g., Truist One Checking, Truist Confidence, etc.), you can proceed to the next steps to identify the specific waiver requirements that apply to you.
Step 2: Understand the Common Waiver Requirements
Truist offers several well-defined ways to avoid monthly maintenance fees for their checking accounts. While the exact criteria might vary slightly by account, these are the most common methods you'll encounter:
Sub-heading: Meeting Direct Deposit Thresholds
One of the most popular and straightforward ways to waive the fee is through direct deposits.
- The requirement: For many Truist checking accounts, including the Truist One Checking, you can avoid the monthly maintenance fee by making $500 or more in total qualifying direct deposits per statement cycle.
- What counts as a "qualifying direct deposit"? This typically refers to electronic credits via ACH (Automated Clearing House) deposited to your account. This includes:
- Payroll deposits from your employer
- Government benefits (e.g., Social Security)
- Pension payments
- What generally does not count:
- Transfers from another Truist account or another bank account
- Deposits made at a branch or ATM
- Mobile deposits
- Debit card/prepaid card deposits
- Mail deposits
Actionable Tip: If you receive your paycheck via direct deposit, confirm with your employer that the amount meets or exceeds $500 per month. If not, consider adjusting your direct deposit allocation if possible.
Sub-heading: Maintaining a Minimum Balance
Another common method involves keeping a certain amount of money in your account.
- The requirement: You can often waive the fee by maintaining a total combined ledger balance of $500 or more across all eligible Truist accounts (excluding Truist HSA) and investments, as reflected on the business day before your statement cycle end date. For some accounts like the Truist One Savings, a minimum daily ledger balance of $300 may suffice. For a Truist One Money Market account, you might need a minimum daily ledger balance of $15,000 or more to waive its fee.
- What "combined ledger balance" means: This usually refers to the actual balance in your account, including funds in checking accounts, savings accounts, Certificates of Deposit (CDs), IRAs, and investments held with Truist. It's the sum of these balances that Truist considers.
Actionable Tip: If you have multiple accounts with Truist, ensure your collective balance meets the required threshold. Consider consolidating funds if you have smaller amounts spread across various accounts.
Step 3: Explore Other Waiver Options
Truist offers several other ways to avoid fees, catering to different customer profiles and financial relationships. These are equally important to consider!
Sub-heading: Having Related Truist Products
Your relationship with Truist might extend beyond just a checking account. This can work to your advantage.
- The requirement: You can often waive the monthly maintenance fee if you have a personal Truist credit card, mortgage, or consumer loan (including LightStream®). Additionally, having a linked Small Business Checking account can also qualify you for a waiver on a personal checking account.
- How it works: Truist values customers who engage with multiple services. By having one of these qualifying products, you're demonstrating a deeper banking relationship, which can lead to fee waivers.
Actionable Tip: If you're considering a new credit card, mortgage, or loan, explore Truist's offerings to see if this could be a dual benefit – meeting your financial need while also waiving your checking account fee.
Sub-heading: Student Status
Students often receive preferential treatment from banks.
- The requirement: Truist typically waives the monthly maintenance fee for primary account holders who are students and provide their anticipated graduation date.
- Important Note: The waiver is applied automatically at account opening and usually expires on the student's 18th birthday for minor accounts, or upon the specified graduation date for student accounts. Make sure Truist has your correct student status and anticipated graduation date on file.
Actionable Tip: If you are a student, ensure your account is properly designated as a "Student Checking" account and that you've provided any necessary documentation.
Sub-heading: Age-Based Waivers
Age can also be a factor in fee avoidance.
- The requirement: Truist commonly waives the monthly maintenance fee for primary account holders who are under the age of 25 or age 62 and older.
- Automatic Application: For individuals under 18, the waiver is often applied automatically at account opening and expires on their 18th birthday. For those 62 and older, this waiver is usually also automatic.
Actionable Tip: If you fall into either of these age categories and are still being charged a fee, contact Truist to ensure your account is correctly set up to receive the waiver.
Sub-heading: Truist Confidence Account Specifics
The Truist Confidence Account has its own set of waiver conditions which are slightly different.
- The requirement: For the Truist Confidence account, you can waive the $5 monthly maintenance fee by:
- Making $500 or more in total deposits per statement cycle (this can include various types of deposits, not just direct deposits).
- Making 10 or more qualifying transactions per statement cycle.
- Being a student.
- Being under the age of 25 or age 62 and older.
Actionable Tip: If you have a Truist Confidence account and don't receive direct deposits, focusing on making 10 qualifying transactions (e.g., debit card purchases, online bill pays) might be your easiest path to a waiver.
Step 4: Monitor Your Account Regularly
Avoiding fees isn't a "set it and forget it" process. Regular monitoring is key!
- Check your statements: At the end of each statement cycle, review your statement carefully to ensure that the monthly maintenance fee has been waived. If it hasn't, investigate why.
- Use online banking and mobile app: Truist's online and mobile banking platforms allow you to track your balances and transaction activity. You can see if you're on track to meet your direct deposit or balance requirements throughout the month.
- Set up alerts: Many banks offer customizable alerts. You can set up notifications for low balances or for when a direct deposit posts, helping you stay on top of your waiver requirements.
Actionable Tip: Make it a habit to log into your Truist account at least once a week, especially as your statement cycle end date approaches, to verify your progress towards meeting waiver conditions.
Step 5: Communicate with Truist
If you've been charged a fee and believe you met the waiver criteria, or if you're struggling to meet them, don't hesitate to contact Truist.
- Call customer service: Explain your situation clearly. They can review your account activity and determine if a fee reversal is appropriate or offer guidance on how to avoid it in the future.
- Visit a branch: Sometimes, a face-to-face conversation can be more effective. A branch representative can provide personalized advice and help you adjust your banking habits if needed.
- Inquire about other account types: If you consistently struggle to meet the waiver requirements for your current account, ask Truist if they offer other checking accounts with no monthly maintenance fee or easier waiver conditions that might better suit your financial situation. For example, the Truist Simple Business Checking account is advertised as having no monthly maintenance fee and no minimum balance requirement, though it's for businesses.
Actionable Tip: Before calling or visiting, gather any relevant information, such as specific transaction dates, direct deposit amounts, or account balances that demonstrate you met the waiver criteria.
Step 6: Consider Alternatives (If Necessary)
While Truist offers many ways to avoid fees, it's worth noting that if you consistently find it challenging to meet their requirements, you have other options.
- Online-only banks: Many online banks offer checking accounts with no monthly fees and often no minimum balance requirements, as they have lower overhead costs.
- Credit Unions: Credit unions are member-owned and often have more favorable fee structures, including free checking accounts.
- Other traditional banks: Some other traditional banks might have different or more lenient fee waiver policies.
Actionable Tip: Before switching, thoroughly research the new bank's fee schedule, ATM network, and other services to ensure it meets your needs. Transferring accounts can be a hassle, so make sure it's a worthwhile move.
By following these steps, you can take control of your Truist banking experience and confidently avoid those pesky monthly maintenance fees!
10 Related FAQ Questions
Here are 10 frequently asked questions about avoiding Truist monthly maintenance fees, with quick answers:
How to check if my Truist account has a monthly maintenance fee?
You can check your latest bank statement, log in to your Truist online banking account, or call Truist customer service to confirm if your specific account type carries a monthly maintenance fee.
How to make $500 in qualifying direct deposits to avoid the fee?
Set up direct deposit of your paycheck, government benefits, or pension to your Truist checking account, ensuring the total amount deposited per statement cycle is $500 or more. Remember, transfers from other accounts or ATM/mobile deposits typically don't qualify.
How to maintain a combined ledger balance of $500 or more?
Ensure the total amount of money across all your eligible Truist personal deposit accounts (checking, savings, CDs, IRAs) and investments with Truist consistently remains at $500 or more.
How to know if my Truist credit card, mortgage, or loan qualifies me for a fee waiver?
Having an active personal Truist credit card, mortgage, or consumer loan (including LightStream®) linked to your profile generally qualifies for a checking account fee waiver. Confirm with Truist if you're unsure.
How to get a student fee waiver for my Truist account?
Ensure your Truist account is designated as a student account and that you've provided your anticipated graduation date. If you're under 18, the waiver is often automatic until your 18th birthday.
How to ensure the age-based fee waiver applies to my account?
If you are under 25 or age 62 and older, the fee waiver should typically apply automatically. If you're being charged, contact Truist to verify your age is correctly reflected on your account and to apply the waiver.
How to meet the 10 qualifying transactions requirement for Truist Confidence accounts?
Make at least 10 transactions per statement cycle, which can include debit card purchases, online bill payments, or other qualifying debits from your account.
How to check my progress towards meeting fee waiver requirements?
Log in to your Truist online banking or mobile app to view your current balance and recent transactions. You can track your direct deposit amounts and transaction count.
How to get a fee reimbursed if I believe I met the waiver conditions?
Contact Truist customer service or visit a branch, explain your situation, and provide details of your account activity. They can review your account and potentially reverse the fee.
How to switch to a no-fee Truist account if I can't meet waiver requirements?
Speak with a Truist representative about other account options they offer, such as the Truist Confidence Account (with its alternative waiver methods) or potentially specific business checking accounts if applicable, that might have no monthly maintenance fee or easier waiver conditions.