In today's complex financial landscape, choosing the right bank is a decision that impacts your daily finances, long-term goals, and overall financial well-being. So, you're asking a crucial question: "How good of a bank is Truist?" Let's dive deep into this, exploring its strengths, weaknesses, and what it means for you.
Is Truist the Right Fit for You? A Comprehensive Guide
Are you pondering whether to entrust your hard-earned money to Truist? Excellent question! Before you make that leap, it's wise to weigh the pros and cons, understand their offerings, and see if their services align with your unique financial needs. This comprehensive guide will walk you through everything you need to know about Truist Bank.
Step 1: Understanding Truist's Identity and Reach
Let's start by getting a clear picture of Truist. Do you know how it came to be? Truist Bank is the result of a significant merger between two established financial institutions: BB&T and SunTrust Bank. This merger, completed in 2019, created one of the largest banks in the United States, primarily serving the Southeast, East, and Midwest regions.
Sub-heading: The Legacy of Two Banking Giants
The integration of BB&T's community-focused banking and SunTrust's strong presence in wealth management and commercial banking aimed to create a robust, full-service financial institution. This legacy means Truist offers a wide array of products and services, catering to individuals, small businesses, and large corporations alike. Their widespread physical presence, with nearly 2,000 branches and around 3,000 ATMs across 17 states and the District of Columbia, is a significant draw for those who prefer in-person banking.
Step 2: Evaluating Truist's Personal Banking Offerings
Now, let's get down to what matters most to many individuals: their personal banking products.
Sub-heading: Checking Accounts: Simplicity and Fee Avoidance
Truist offers several checking account options, with the "Truist One Checking" account being a prominent one. A notable feature of this account is the absence of overdraft fees, a welcome change in the banking industry. However, some checking accounts may have a monthly fee, which can often be waived by:
- Maintaining a certain minimum daily balance.
- Having monthly direct deposits that meet a specified amount.
- Having a linked Truist credit card or loan.
- Being a student under 25.
It's crucial to review the specific requirements for fee waivers for any account you consider.
Sub-heading: Savings Accounts: Interest Rates and Accessibility
When it comes to savings, Truist offers accounts like the "Truist One Savings" and "Truist Confidence Savings." While they provide the convenience of in-person banking and linkage to checking accounts for overdraft protection, their interest rates on savings accounts are generally low compared to many online-only banks. If earning a high APY (Annual Percentage Yield) on your savings is a top priority, you might find more competitive rates elsewhere. However, some of their Certificates of Deposit (CDs) may offer more attractive rates, though these typically require you to lock your funds for a specific period.
Sub-heading: Money Market Accounts and CDs: Potential for Higher Yields
Truist also offers Money Market Accounts (MMAs) and Certificates of Deposit (CDs). MMAs can offer slightly better rates than traditional savings accounts and often come with check-writing privileges. CDs typically offer the highest interest rates among savings products but require you to commit your money for a fixed term. Always compare their CD rates to other institutions, as rates can vary significantly.
Step 3: Assessing Truist's Digital Banking Experience
In today's digital age, a bank's online and mobile presence is paramount.
Sub-heading: The Truist Mobile App: Highly Rated, Feature-Rich
Truist's mobile app generally receives high ratings from users on both iOS and Android platforms. This is a significant plus, indicating a smooth and user-friendly experience. Key features often include:
- Customizable home screen: Allowing you to arrange and reorder accounts and add shortcuts.
- Helpful insights: Providing cash flow summaries, spending breakdowns by category, and flagging upcoming payments.
- Mobile check deposit: Conveniently deposit checks using your phone's camera.
- Zelle® integration: Easily send and receive money.
- Debit card lock/unlock: Quickly manage your card's security.
Sub-heading: Online Banking Portal: Comprehensive Tools
Their online banking portal offers a wide range of functionalities, allowing you to:
- View account balances and transaction history.
- Transfer funds between accounts.
- Pay bills online.
- Set up alerts and notifications.
- Manage account services.
- Access statements electronically.
While the app is well-regarded, some customer reviews indicate occasional functional issues, but overall, it seems to be a strong point for Truist.
Step 4: Exploring Truist for Business and Specialized Needs
Truist extends its services beyond personal banking, catering to businesses and offering specialized financial solutions.
Sub-heading: Small Business Banking: Variety and Support
Truist offers a variety of business checking accounts (Simple Business Checking, Dynamic Business Checking, Community Business Checking) with different transaction limits and fee structures. They also provide:
- Business loans and lines of credit: Including term loans, equipment financing, and commercial real estate loans.
- SBA loans: Though their activity in SBA loans might be lower compared to some other lenders, they are an SBA preferred lender.
- Online payroll and ACH services: Streamlining business operations.
- Fraud protection tools: To help businesses monitor suspicious activity.
It's important to note that business loans may only be available in states where Truist has a physical branch, and some loan applications might require an in-person visit.
Sub-heading: Mortgages and Loans: A Range of Options
Truist offers a comprehensive suite of mortgage products, including:
- Fixed-rate mortgages: For predictable payments.
- Adjustable-rate mortgages (ARMs): With potentially lower initial rates.
- FHA loans: Ideal for first-time homebuyers or those with income limitations.
- VA loans: Benefits for veterans and their surviving spouses.
- Jumbo loans: For higher-value properties.
- Home Equity Lines of Credit (HELOCs): Utilizing home equity.
- Personal loans and auto loans: For various personal financing needs.
While their mortgage rates can be competitive, always compare them with multiple lenders to ensure you're getting the best terms.
Sub-heading: Wealth Management and Investment Services
Truist also provides wealth management and investment services, offering financial planning, retirement planning, and investment advice. This makes them a full-service institution for clients looking for comprehensive financial solutions beyond basic banking.
Step 5: Analyzing Customer Satisfaction and Support
Customer service is often the make-or-break factor for many when choosing a bank.
Sub-heading: Mixed Customer Satisfaction Scores
According to some studies, Truist has consistently ranked lower than average in customer satisfaction compared to other banks. This is a critical point to consider. While individual experiences vary greatly, these overall trends suggest that some customers might encounter challenges.
Sub-heading: Customer Support Channels and Accessibility
Truist offers various ways to get support:
- Phone: They have dedicated phone lines for different services, though customer service hours may be limited, particularly on weekends.
- Physical branches: Their extensive branch network is a significant advantage for those who prefer face-to-face assistance.
- Automated assistance: A 24-hour automated line is available for basic inquiries.
Some users have reported long wait times for phone support or a lack of resolution for complex issues. However, for small business clients, some reviews highlight good responsiveness and helpful advice from specialists.
Step 6: Weighing the Pros and Cons: A Summary
To help you make an informed decision, let's summarize the key advantages and disadvantages of banking with Truist.
Sub-heading: The Good: Advantages of Truist
- Extensive Branch and ATM Network: Ideal for those who value in-person banking and easy access to cash.
- No Overdraft Fees on Truist One Checking: A significant benefit for managing your checking account.
- Highly Rated Mobile App: Offers a strong digital banking experience with numerous features.
- Wide Range of Products and Services: From personal and business banking to mortgages and investments, it's a one-stop shop for many financial needs.
- Fee Waiver Opportunities: Monthly fees on some accounts can be avoided by meeting certain criteria.
- Strong for Small Businesses (with caveats): Offers a variety of business accounts and lending options.
Sub-heading: The Not-So-Good: Disadvantages of Truist
- Low Savings Interest Rates: Generally offers paltry yields on standard savings accounts compared to online banks.
- Mixed Customer Satisfaction: Some reports indicate lower-than-average customer satisfaction.
- Limited Customer Service Hours: Phone support is not 24/7, and Sunday support is automated only.
- Potential for Fees on Other Services: Beyond monthly maintenance fees, watch out for ATM fees outside their network and other service charges.
- Business Loan Limitations: Some loan amounts may be restrictive, and in-person applications might be required for certain business loans or higher amounts.
Step 7: Making Your Decision
So, how good of a bank is Truist? The answer, as with many things, is: it depends on your individual needs and priorities.
- If you prioritize a strong physical presence, a highly-rated mobile app, and a wide array of banking and lending products under one roof, and you don't mind potentially lower savings rates, Truist could be a good fit. This is especially true if you live within their service area and value the option of in-person support.
- However, if your primary goal is to earn the highest possible interest on your savings, or if you're looking for consistently top-tier customer service, you might want to explore online-only banks or other regional institutions.
Always remember to read the fine print, understand all fees, and compare Truist's offerings to other banks that align with your specific financial goals.
10 Related FAQ Questions
How to open a Truist bank account?
To open a Truist bank account, you can typically apply online through their website, visit a local Truist branch, or call their customer service. You'll generally need to provide personal identification (like a driver's license or passport), your Social Security number, and an initial deposit.
How to avoid monthly fees at Truist?
Monthly fees on Truist accounts can often be waived by meeting specific requirements, such as maintaining a minimum daily balance, setting up direct deposits totaling a certain amount, or having other linked Truist products like a credit card or loan. Check the specific account's terms for details.
How to deposit a check with Truist's mobile app?
To deposit a check using the Truist mobile app, simply log in, navigate to the "Deposit Checks" or similar section, take clear photos of the front and back of your endorsed check (making sure to write "For Mobile Deposit Only Truist" on the back), and follow the on-screen instructions.
How to contact Truist customer service?
You can contact Truist customer service by phone (their general customer service number is usually found on their website, often starting with +1 844), by visiting a local branch, or through secure messaging within their online banking portal or mobile app.
How to find a Truist ATM near me?
You can find a Truist ATM or branch near you by using the "Locations" or "ATM Locator" feature on the Truist website or within their mobile app. Simply enter your current location or a zip code to find the nearest options.
How to transfer money from Truist to another bank?
You can transfer money from your Truist account to another bank via ACH transfer through online banking or the mobile app, by initiating a wire transfer (which may incur fees), or by using services like Zelle® for quick transfers to other Zelle® users.
How to get a mortgage from Truist?
To get a mortgage from Truist, you can start by exploring their mortgage options online, using their mortgage calculators, and then either apply online or contact a Truist mortgage loan officer to discuss your needs and begin the application process.
How to apply for a small business loan with Truist?
For small business loans, you can visit the small business section of the Truist website to see available loan types and general requirements. Many applications may start online, but some, especially for larger amounts or SBA loans, might require an in-person visit to a branch.
How to check my Truist account balance?
You can check your Truist account balance by logging into your online banking account on their website, using the Truist mobile app, calling their automated phone banking service, or visiting a Truist ATM or branch.
How to close a Truist bank account?
To close a Truist bank account, it's generally recommended to visit a branch in person or call their customer service. You may need to ensure all outstanding transactions have cleared and transfer any remaining funds before the account can be officially closed.
