Are you ready to take control of your finances and ensure you're getting the most out of your Truist checking account? It's a common question: how much money should I keep in there? The answer isn't a simple number; it depends on your individual financial habits, goals, and the specific type of Truist checking account you have. But don't worry, we're going to break it down step-by-step so you can make an informed decision and optimize your banking experience!
The Essential Guide: How Much to Keep in Your Truist Checking Account
Having the "right" amount in your checking account is a balancing act. Too little, and you risk fees or missed payments. Too much, and you might be missing out on potential growth in a savings or investment account. Let's navigate this together.
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| How Much Do I Need To Keep In My Truist Checking Account |
Step 1: Understand Your Truist Checking Account Type
Before anything else, you need to know which Truist checking account you have. Truist offers various checking accounts, and their fee structures and benefits often differ based on the account type and your overall relationship with the bank. The most common personal checking account is the Truist One Checking account.
- Action Item: Grab your Truist account statement, log into your online banking, or check the Truist website for details on your specific checking account. Look for terms like "monthly maintenance fee" and "how to waive fees."
Sub-heading: Decoding Monthly Maintenance Fees
Many checking accounts come with a monthly maintenance fee. Truist's Truist One Checking account, for example, typically has a $12 monthly maintenance fee. However, these fees can often be waived if you meet certain criteria.
Step 2: Identify Ways to Waive Monthly Maintenance Fees
This is perhaps the most crucial step in determining your minimum balance needs. Truist offers several ways to avoid the monthly maintenance fee for its Truist One Checking account. Knowing these can significantly impact how much you "need" to keep in your account to avoid unnecessary charges.
Tip: Reread tricky sentences for clarity.
Here are the primary ways to waive the monthly maintenance fee for a Truist One Checking account:
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Making Qualifying Direct Deposits: If you receive $500 or more in total qualifying direct deposits per statement cycle, the fee can be waived. A qualifying direct deposit is usually an electronic credit via ACH, like your paycheck.
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Maintaining a Combined Ledger Balance: This is where the "how much to keep" question really comes into play. You can waive the fee by maintaining a total combined ledger balance of $500 or more across any Truist related accounts. This includes personal deposits (like checking, savings, money market, CDs) and all investments with Truist Investment Services, Inc. This balance is typically reflected on the business day before your statement cycle end date.
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Having a Linked Truist Relationship: The fee can be waived if you have a personal Truist credit card, mortgage, or consumer loan (including LightStream®).
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Having a Linked Small Business Checking Account:
If you also have a linked Truist Small Business Checking Account, your personal checking fee may be waived. -
Student Status or Age: Truist waives the monthly maintenance fee for primary account holders who are students or under the age of 25, or age 62 and older.
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Action Item: Review the waiver options for your specific account. Can you easily meet one of these? For many, the "combined ledger balance" or "direct deposit" options are the most direct ways to avoid fees.
Step 3: Calculate Your Buffer for Everyday Spending and Emergencies
Even if you meet a fee waiver criterion, you need enough money to cover your regular expenses and unexpected costs. This is your practical operating balance.
Sub-heading: The "Buffer" Beyond Fees
Think about your monthly spending habits. How much do you typically spend on bills, groceries, transportation, and discretionary items? You should aim to keep at least this amount, plus a bit extra, in your checking account.
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The "Rule of Thumb": Many financial experts suggest keeping one to two months' worth of essential expenses in your checking account, or at least easily accessible. This acts as a buffer against unexpected bills or delays in income.
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Truist's Balance Buffer: Truist One Checking also offers a "Balance Buffer" of up to $100 for eligible clients, meaning you can overdraw your account by up to $100 without incurring overdraft fees. To initially qualify and remain qualified for this, you generally need to have had your account open for at least 35 days, a positive balance, and a single direct deposit of at least $100 within the last 35 days. While helpful, this isn't a substitute for a healthy buffer.
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Action Item: Review your past few months' bank statements to get a clear picture of your average monthly spending. Add a little extra as a safety net.
Step 4: Consider Overdraft Protection and Linked Accounts
Truist offers overdraft protection services that can link your checking account to another Truist deposit account (like savings or money market), a credit card, or a line of credit. This can prevent declined transactions or additional fees if your checking account balance falls short.
Tip: Skim only after you’ve read fully once.
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Overdraft Protection Benefits: If you link a savings account, for example, funds will automatically transfer to cover any shortfalls in your checking. While this can prevent returned item fees, be mindful of transfer limits from savings accounts (often 6 per month for certain types of withdrawals/transfers).
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No Overdraft Fees for Truist One Checking: It's important to note that the Truist One Checking account does not charge overdraft fees. Instead, transactions that exceed your available balance (beyond the Balance Buffer if eligible) will typically be declined or returned. This is a significant benefit, as it removes the fear of costly overdraft charges.
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Action Item: Decide if you want to set up overdraft protection. If you link a savings account, ensure you maintain a sufficient balance there as well.
Step 5: Optimize Your Money: Don't Let Too Much Sit Idle
While a healthy checking account balance is good, keeping excessive amounts of money in a non-interest-bearing checking account (like Truist One Checking) means you're missing out on potential earnings.
Sub-heading: Where to Put Your Excess Funds
Once you've determined your ideal checking account buffer and ensured you're meeting fee waiver requirements, consider moving any surplus funds to:
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High-Yield Savings Accounts: Truist offers savings accounts like the Truist One Savings. While it has a $5 monthly maintenance fee, it can also be waived by having a related Truist personal checking account, maintaining a minimum daily ledger balance of $300, or setting up recurring transfers. These accounts typically earn more interest than checking accounts.
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Money Market Accounts: These often offer higher interest rates than traditional savings accounts while still providing liquidity.
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Investments: For long-term goals, consider investing funds in stocks, bonds, or mutual funds (through Truist Investment Services or another platform).
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Action Item: Review your checking account balance regularly. If you consistently have significantly more than your buffer plus fee waiver amount, consider transferring the excess to a higher-earning account.
Step 6: Monitor and Adjust Regularly
Your financial life is dynamic. Your income, expenses, and financial goals will change over time. What works today might not work in six months.
- Action Item: Set a reminder to review your checking account balance and overall financial picture at least quarterly. Adjust your "needed" amount as your circumstances evolve.
In Summary: The Truist Checking Account Sweet Spot
For the Truist One Checking account, here's a general guideline to aim for:
Tip: Break down complex paragraphs step by step.
- To avoid the $12 monthly maintenance fee:
- Maintain a combined total ledger balance of $500 or more across all your eligible Truist personal deposit and investment accounts, OR
- Have total qualifying direct deposits of $500 or more per statement cycle, OR
- Meet one of the other waiver criteria (linked credit card/loan, small business checking, student, or age 62+).
- For your practical spending buffer: Keep an additional amount that comfortably covers your typical monthly expenses, plus a cushion for unexpected costs. This could be anywhere from a few hundred to a few thousand dollars, depending on your lifestyle.
- Leverage the $100 Balance Buffer: While not a substitute for a good buffer, remember that if eligible, your Truist One Checking account provides a $100 cushion against accidental overdrafts without fees.
By strategically managing your Truist checking account, you can avoid unnecessary fees, maintain financial flexibility, and ensure your money is working effectively for you.
10 Related FAQ Questions:
How to avoid the monthly maintenance fee on a Truist One Checking account?
You can avoid the $12 monthly maintenance fee by making $500 or more in total qualifying direct deposits per statement cycle, maintaining a total combined ledger balance of $500 or more across eligible Truist accounts, having a linked personal Truist credit card, mortgage, or consumer loan, having a linked Small Business Checking Account, or by being a student or under age 25 or age 62 and older.
How to set up direct deposit with Truist?
To set up direct deposit, you'll typically need to provide your employer's HR or payroll department with your Truist bank's routing number and your specific checking account number. You can usually find these in your online banking portal or on a voided check.
How to check my Truist checking account balance?
You can check your balance through the Truist mobile app, online banking, at a Truist ATM, by calling customer service, or by visiting a Truist branch.
Tip: Look for small cues in wording.
How to transfer money between Truist accounts?
You can easily transfer money between your Truist accounts using the Truist mobile app or online banking platform. Simply log in, select the transfer option, choose the accounts, and enter the amount.
How to set up overdraft protection for my Truist checking account?
For accounts other than Truist One Checking (which has a Balance Buffer and no overdraft fees), you can set up overdraft protection by linking your checking account to another Truist deposit account (like savings), a Truist credit card, or a line of credit. You can typically do this through online banking, by calling customer service, or visiting a branch.
How to find a Truist ATM or branch near me?
You can find the nearest Truist ATM or branch location using the "Locations" or "Find a Branch/ATM" feature on the Truist website or through the Truist mobile app.
How to deposit a check using the Truist mobile app?
To deposit a check using the Truist mobile app, simply open the app, navigate to the "Deposit Checks" or "Mobile Deposit" feature, endorse the back of your check with "For Mobile Deposit Only Truist" (or as instructed by the app), and take clear photos of the front and back of the check.
How to set up alerts for my Truist checking account?
You can set up customizable account alerts (such as low balance alerts, transaction alerts, or direct deposit notifications) through your Truist online banking platform or the mobile app.
How to contact Truist customer service for checking account inquiries?
You can contact Truist customer service for personal checking account inquiries by calling 844-4TRUIST (844-487-8478). They also offer online and mobile banking support, and you can visit a local branch.
How to switch to a different Truist checking account type?
If you're considering a different Truist checking account, it's best to speak with a Truist representative at a branch or by calling their customer service. They can help you understand the eligibility requirements, benefits, and potential downsides of switching accounts and guide you through the process.
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