So, you're wondering how much money you really need to keep in a Truist checking account to avoid those pesky fees and maximize your banking experience? Excellent question! It's a common concern, and understanding the ins and outs can save you a lot of money and hassle. Let's dive in and break it down step-by-step.
Step 1: Identify Your Banking Habits and Needs
Before we even talk about specific numbers, let's get personal! What kind of banking user are you? Do you typically maintain a high balance, or does your account fluctuate? Do you use direct deposit? Are you a student, or perhaps over 62? Your answers to these questions will significantly influence which Truist checking account is right for you and what balance you might need to maintain.
- Consider your typical monthly income and expenses.
- Think about how often you make deposits and withdrawals.
- Are you looking for basic checking, or do you need more advanced features like overdraft protection or interest earnings?
Step 2: Understand Truist's Main Personal Checking Accounts
Truist, like many banks, offers different checking accounts designed for various financial needs. The minimum balance requirements and fee waivers often depend on the specific account you choose. For personal accounts, the primary options you'll likely encounter are:
Truist One Checking
This is Truist's flagship personal checking account, offering tiered benefits based on your relationship balance. It's designed to be flexible.
- Minimum Opening Deposit: Typically $50.
- Monthly Maintenance Fee: Often $12, but highly waivable. This is where your strategy comes in!
- How to Waive the Monthly Maintenance Fee for Truist One Checking:
- Direct Deposit: Make $500 or more in total qualifying direct deposits per statement cycle. This is a very common and effective way to avoid the fee.
- Combined Balance: Maintain a total combined ledger balance of $500 or more across all eligible Truist personal deposit accounts (checking, savings, CDs, IRAs, and investments) on the business day before your statement cycle ends.
- Linked Accounts/Loans: Have a personal Truist credit card, mortgage, or consumer loan (including LightStream).
- Linked Small Business Checking: If you also have a Truist Small Business Checking account, this can waive the fee.
- Age/Student Status: The fee is often waived if the primary client is a student, under the age of 25, or age 62 and older.
Truist Confidence Account
This account is designed for those who want to avoid overdraft fees and typically operate on a "spend what you have" basis.
- Minimum Opening Deposit: Typically $25.
- Monthly Maintenance Fee: Often $5, but also waivable.
- How to Waive the Monthly Maintenance Fee for Truist Confidence Account:
- Total Deposits: Make $500 or more in total deposits per statement cycle.
- Qualifying Transactions: Make 10 qualifying transactions per statement cycle.
- Age/Student Status: The fee is often waived if the primary client is a student, under the age of 25, or age 62 and older.
- Key Feature: This account has no overdraft fees and no traditional paper checks, aiming to prevent you from spending more than you have.
Step 3: Understanding the "Minimum Balance" in Detail
It's not always about a strict daily minimum that you must have in your checking account. For Truist One Checking, for example, the $500 combined ledger balance waiver refers to the total across your eligible Truist accounts. This means:
Sub-heading: The Power of a Combined Balance
Imagine you have $200 in your Truist One Checking, $200 in a Truist One Savings account, and a $100 CD with Truist. Even though your checking account alone is below $500, your combined balance of $500 would meet the waiver requirement for the Truist One Checking monthly maintenance fee. This is a crucial detail for managing your money efficiently and avoiding fees.
Sub-heading: Direct Deposit as a Fee Waiver Superhero
For many, setting up a direct deposit of $500 or more per month into their Truist One Checking account is the easiest and most hands-off way to ensure the monthly maintenance fee is waived. This means your paycheck, government benefits, or other regular income can cover this requirement.
Step 4: What Happens if You Don't Meet the Requirements?
If you don't meet any of the specified criteria for waiving the monthly maintenance fee, you will typically be charged the fee for that statement cycle.
Sub-heading: Overdrafts and the Balance Buffer
Truist One Checking accounts generally do not charge overdraft fees. Instead, they offer a "Balance Buffer" for eligible clients. This allows you to overdraw your account up to $100 without penalty, provided you meet certain qualifications (e.g., account open for 35 days, positive balance, and a single direct deposit of at least $100 within the last 35 days). If you exceed the Balance Buffer, additional transactions will typically be declined or returned.
The Truist Confidence Account also boasts no overdraft fees, typically declining transactions that would overdraw your account.
Step 5: Choosing the Right Account for You
- For most everyday users: The Truist One Checking account is likely the best fit due to its flexible fee waiver options, especially the direct deposit and combined balance options. If you consistently have direct deposits of $500 or more, or if you can comfortably maintain a combined balance of $500 across your Truist accounts, you can enjoy this account with no monthly fee.
- For those who prioritize strict "no overdraft" banking: The Truist Confidence Account is an excellent choice. Its lower monthly fee (if not waived) and focus on preventing overdrafts make it a straightforward option for managing your spending.
Step 6: Monitor Your Account Regularly
Even with the best intentions, it's easy to lose track.
- Utilize Truist's online and mobile banking. Set up alerts for low balances or when direct deposits post.
- Review your statements monthly. Ensure you understand any fees charged and why.
- Adjust your habits if necessary. If you find you're consistently falling below a waiver threshold, explore linking accounts or adjusting your direct deposit.
10 Related FAQ Questions
Here are some quick answers to common questions about Truist checking accounts:
How to avoid the Truist One Checking monthly maintenance fee? You can avoid the $12 monthly fee by making $500+ in direct deposits per cycle, maintaining a combined balance of $500+ across eligible Truist accounts, having a linked Truist credit card/loan, having a linked Truist small business checking account, or being a student, under 25, or over 62.
How to find out my Truist checking account balance? You can check your balance through the Truist mobile app, online banking portal, at a Truist ATM, by calling customer service, or by visiting a Truist branch.
How to set up direct deposit for my Truist checking account? Provide your employer with your Truist routing number and account number. Many employers have a direct deposit form you'll need to fill out.
How to link a savings account to my Truist checking account for overdraft protection? You can typically link accounts for overdraft protection through your online banking portal, the mobile app, or by contacting Truist customer service.
How to switch my checking account to Truist? Truist often provides a switch kit or guide to help you transition from another bank, which usually involves setting up direct deposits, automatic payments, and closing your old account.
How to close a Truist checking account? You can typically close an account by contacting Truist customer service or visiting a branch, ensuring all outstanding transactions have cleared.
How to get a new debit card for my Truist checking account? You can order a new debit card through online banking, the mobile app, or by calling Truist customer service.
How to deposit a check into my Truist checking account? You can deposit checks using the Truist mobile app (mobile deposit), at a Truist ATM, or by visiting a Truist branch.
How to set up alerts for my Truist checking account? You can set up various alerts (e.g., low balance, large transactions) within the Truist mobile app or online banking portal.
How to understand the different Truist checking account levels (for Truist One Checking)? Truist One Checking has benefit levels (Level 1, 2, 3, 4, Premier) that automatically adjust based on your total monthly average combined balance with Truist, offering increasing perks like ATM fee reimbursements and higher check order discounts at higher levels.
