How Much Does It Cost To Open A Truist Account

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The cost of opening a Truist account isn't a simple one-time fee; it's more about understanding the minimum initial deposit and the ongoing monthly maintenance fees associated with different account types, along with how to potentially waive those fees. Truist offers a variety of accounts, each with its own set of features and fee structures. This comprehensive guide will walk you through everything you need to know.

The Real Cost of a Truist Account: More Than Just Opening

When you ask "how much does it cost to open a Truist account," it's important to differentiate between an initial deposit to activate the account and recurring fees. While most Truist accounts have a minimum opening deposit, many also come with monthly maintenance fees that can be waived by meeting certain criteria.

Step 1: Discover Your Banking Needs – Let's Start There!

Before we dive into the nitty-gritty of fees, let's figure out what kind of account you actually need! Are you looking for a basic checking account for everyday transactions? Or perhaps a savings account to grow your money? Maybe you're a small business owner, or looking to manage your wealth. Knowing your primary banking goals is the first, crucial step.

Personal Banking: Do you need a simple checking account for direct deposits and bill pay? Or a savings account to build an emergency fund?
Business Banking: Are you looking for an account to manage your small business finances, handle transactions, and deposit cash?
Investing & Wealth Management: Are you interested in growing your investments or need comprehensive financial planning?

Once you have a clear idea of your needs, we can explore the specific Truist accounts that fit.

Step 2: Understanding Personal Account Costs and How to Save

Truist offers several personal banking options, each with its own minimum opening deposit and potential monthly fees.

2.1 Truist One Checking Account

This is one of Truist's primary checking account offerings.

Minimum Opening Deposit: Typically $50.
Monthly Maintenance Fee: $12 per statement cycle.
- How to Waive the Monthly Maintenance Fee: This is where the "cost" becomes flexible. You can avoid the $12 fee by meeting just one of the following criteria:
  - Making $500 or more in total qualifying direct deposits per statement cycle.
  - Maintaining a total combined ledger balance of $500 or more across all eligible Truist accounts (personal deposits, excluding Truist HSA, and all investments) on the business day before your statement cycle end date.
  - Having a personal Truist credit card, mortgage, or consumer loan (including LightStream®).
  - Having a linked Small Business Checking Account.
  - Being a student (primary client).
  - Being under the age of 25 or age 62 and older (primary client).

2.2 Truist Confidence Account

A simpler checking option, often geared towards those new to banking.

Minimum Opening Deposit: $25.
Monthly Maintenance Fee: $5 per statement cycle.
- How to Waive the Monthly Maintenance Fee: Similar to the Truist One Checking, there are ways to avoid this fee, though specific conditions might vary. It's often waived for those with a linked Truist personal checking account.

2.3 Truist One Savings Account

Designed for short-term goals and everyday savings.

Minimum Opening Deposit: $50.
Monthly Maintenance Fee: $5 per statement cycle.
- How to Waive the Monthly Maintenance Fee:
  - Maintain a minimum daily ledger balance of $300.
  - Schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into the Truist One Savings Account.
  - Waived for a minor under the age of 18.
  - Waived with ANY related Truist checking product.

2.4 Truist One Money Market Account

Offers interest earnings while providing access to funds.

Minimum Opening Deposit: $50.
Monthly Maintenance Fee: $12 per statement cycle.
- How to Waive the Monthly Maintenance Fee: Typically waived if you maintain a minimum daily balance of $15,000.

2.5 Truist Certificates of Deposit (CDs)

These offer fixed interest rates for a set period.

Minimum Opening Deposit:
- $2,500 for terms from 7 to 31 days.
- $1,000 for terms from 32 days to 60 months.
Monthly Maintenance Fee: $0 (no monthly maintenance fee).

Step 3: Business Account Costs – Fueling Your Enterprise

Truist provides various business checking and savings options, each catering to different business sizes and transaction volumes.

3.1 Truist Simple Business Checking

Ideal for businesses just starting out with minimal transactions.

Minimum Opening Deposit: $100.
Monthly Maintenance Fee: $0 (no monthly maintenance fee).
- Transaction Limits: Includes 50 total combined transactions per month at no charge. Beyond that, a fee of $0.50 per transaction applies.
- Cash Deposit Limit: Up to $2,000 in cash deposits per month at no charge. A fee of $0.0031 per dollar applies for deposits over $2,000.

3.2 Truist Dynamic Business Checking

Suited for growing businesses with more activity.

Minimum Opening Deposit: $100.
Monthly Maintenance Fee: $20 per statement cycle.
- How to Waive the Monthly Maintenance Fee: Waived by maintaining a $5,000 average relationship ledger balance across all your Truist business accounts (checking, savings, money market, and CDs).
- Transaction Limits: Includes 500 total combined transactions per month at no charge. Beyond that, a fee of $0.50 per transaction applies.
- Cash Deposit Limit: Up to $25,000 in cash deposits per month at no charge. A fee of $0.003 per dollar applies for deposits over $25,000.

3.3 Truist Community Business Checking

Designed specifically for non-profit organizations.

Minimum Opening Deposit: Typically $100 (confirm with Truist, as this can vary for specific programs).
Monthly Maintenance Fee: $0 (no monthly maintenance fee, no minimum balance requirements).
- Transaction Limits: Includes 225 total combined transactions per month at no charge. Beyond that, a fee of $0.35 per transaction applies.
- Cash Deposit Limit: Unlimited cash deposits at no charge.

Step 4: Investment and Wealth Management Account Costs

If you're looking beyond basic banking, Truist also offers investment and wealth management services.

4.1 Truist Invest

An automated investing platform.

Minimum Amount to Start: $5,000.
Annual Program Fee: 0.85% of assets under management.

4.2 Wealth Asset Management Account

Combines investment opportunities with checking account features.

Minimum Opening Deposit: $100.
Monthly Maintenance Fee: $0 (no monthly maintenance fee).
- Also includes $0 monthly maintenance fee on a linked Truist One Checking account.

4.3 Truist Wealth (Financial Advisory Services)

For comprehensive financial planning and investment consulting.

Fees: Typically based on a percentage of Assets Under Management (AUM), ranging from 1.45% to 2.25% annually for investment consulting and AMC programs. Fees are generally charged quarterly.

Step 5: Credit Cards – Annual Fees and Other Charges

While not an "account opening" cost in the traditional sense, many people open a credit card alongside their banking accounts. Truist offers a variety of credit cards, some with annual fees and others without.

Many Truist Credit Cards: Come with a $0 annual fee.
Truist Enjoy Travel Credit Card: May have a $95 annual fee.
Truist Delta SkyMiles® Business Debit Card: Annual fees can range from $60 to $120, depending on your combined business deposit balances.

Other Potential Credit Card Fees: Be aware of other common credit card fees such as:

Balance Transfer Fees: Often 3% ($10 minimum).
Cash Advance Fees: Often 4% ($10 minimum).
Late Payment Fees: Up to $40.
Foreign Transaction Fees: Some cards may have these, though many Truist cards advertise none.

Step 6: General Fees to Be Aware Of (Beyond Monthly Maintenance)

Even if you successfully waive monthly maintenance fees, other charges can apply depending on your account activity.

Non-Truist ATM Fees:
- $3 per transaction at non-Truist ATMs in the U.S.
- $5 per transaction at non-Truist ATMs outside the U.S.
- A 3% International Point of Sale & ATM assessment fee per transaction may also apply. (Note: Higher-tier checking accounts might waive some non-Truist ATM fees).
Stop Payment Fee: $35 each.
Replacement Card Rush Fee: $30.
Overdraft Fees: Truist One Checking and Truist Confidence Account generally have no overdraft fees or overdraft-related fees. However, other account types or situations may incur fees for insufficient funds or overdrafts (e.g., business accounts may have a $36 fee for overdrafts or returned items).
Immediate Availability Service (IAS) Fee: If you want immediate access to deposited funds from checks, Truist charges a fee. This is 2% of each check amount equal to or over $100. For checks under $100, a $1 fee applies.

Step 7: Opening Your Truist Account – The Process

Now that you're well-versed in the potential costs, let's look at the actual process of opening an account.

7.1 Gather Your Information

Before you begin, have the following handy:

Personal Information: Full name, date of birth, Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), physical address, phone number, and email address.
Valid Government-Issued ID: Driver's license, state ID, or passport.
Employment Information: Employer's name and contact information.
Initial Deposit Funds: Be ready with the funds for your chosen account's minimum opening deposit. You can typically fund the account via:
- Transfer from an existing Truist or non-Truist account.
- Debit card.
- Mobile check deposit.
- Cash or check deposit at a branch or ATM.

7.2 Choose Your Opening Method

Truist offers multiple ways to open an account:

Online: This is often the quickest and most convenient method. Visit the Truist website and navigate to the "Open an Account" section for personal or business banking.
In-Person at a Branch: If you prefer a face-to-face interaction or need assistance, you can visit a Truist branch. Use their online branch locator to find the nearest one.
By Phone: Some accounts may be opened over the phone with a Truist representative.

7.3 Complete the Application

Follow the on-screen prompts or the guidance of the bank representative. You'll need to:

Select the type of account you wish to open.
Provide all required personal and financial information.
Review and agree to the terms and conditions.
Make your initial deposit.

7.4 Activate and Set Up Your Account

Once your account is open, there are a few important steps to take:

Activate Your Debit Card: You can usually activate your card through the Truist mobile app, by calling an automated system, or by using it at an ATM or checkout with your PIN.
Enroll in Online and Mobile Banking: This is essential for managing your account, checking balances, paying bills, and sending money with Zelle®.
Set Up Account Alerts: Customize alerts for low balances, large transactions, or potential suspicious activity.
Consider Direct Deposit: Set up direct deposit for your paycheck or other income to help meet direct deposit waiver requirements for monthly fees.
Explore Bill Pay and Zelle®: Utilize these features for convenient money management.

Step 8: Monitoring and Managing Your Account for Ongoing Savings

The key to keeping your Truist account costs low after opening is active management.

8.1 Regularly Review Statements

Check for fees: Ensure you're not being charged monthly maintenance fees if you believe you qualify for a waiver.
Track transactions: Keep an eye on your spending and deposits to stay within transaction limits for business accounts if applicable.

8.2 Maintain Waiver Requirements

If you're using direct deposit or maintaining a minimum balance to waive fees, be diligent about meeting these requirements each month.
Set up reminders if necessary to ensure you don't accidentally fall below a required balance.

8.3 Utilize Digital Tools

The Truist mobile app and online banking portal offer tools to help you track your balance, set up alerts, and manage your money efficiently, which can help prevent fees like overdrafts or insufficient funds.

By understanding the fee structures and actively managing your account, you can largely control the "cost" of having a Truist account. Remember, the initial deposit is just the first step; the ongoing management is what truly impacts your overall cost.

Frequently Asked Questions (FAQs)

How to avoid monthly fees on a Truist checking account?

To avoid monthly fees on a Truist One Checking account, you can make $500+ in direct deposits, maintain a combined balance of $500+, have a Truist credit card/loan, link a small business checking account, be a student, or be under 25 or over 62.

How to find the minimum deposit for a Truist account?

The minimum deposit varies by account type. For Truist One Checking and Truist One Savings, it's typically $50. For Truist Confidence Account, it's $25. This information is clearly stated on Truist's website for each account product.

How to check if my Truist account has an annual fee?

Most personal Truist checking and savings accounts do not have an annual fee, but some credit cards (like certain travel cards) and business debit cards may. Refer to the specific product's terms and conditions or fee schedule on the Truist website for details.

How to understand Truist's overdraft policy?

Truist One Checking and Truist Confidence accounts generally do not charge overdraft fees or related fees. They may offer a "Balance Buffer" for eligible clients. For other account types, especially business accounts, overdrafts or returned items can incur fees (e.g., $36 for business accounts).

How to open a Truist account online?

Visit the Truist website, navigate to the "Open an Account" section, choose your desired account type, provide your personal and financial information, review terms, and make your initial deposit following the online prompts.

How to find a Truist branch near me?

You can use the "Locations" or "Find a Branch" tool on the Truist website or mobile app to search for the nearest Truist branch or ATM by entering your address or zip code.

How to set up direct deposit with Truist?

You can download a direct deposit form from the Truist website, or provide your employer with your Truist account number and routing number. Many employers also have an online portal where you can set up direct deposit directly.

How to transfer money into my new Truist account?

You can transfer funds from an existing Truist or non-Truist account online, use a debit card for immediate funding (fees may apply for immediate availability of check deposits), make a mobile check deposit, or deposit cash/checks at a branch or ATM.

How to get a Truist debit card?

Once your checking account is opened, a debit card will typically be mailed to you. You'll then need to activate it online, through the mobile app, or by phone before you can use it.

How to qualify for Truist wealth management services?

Truist Wealth services, including advisory and investment programs, often have higher minimum asset requirements. For Truist Invest, the minimum to start is $5,000. For comprehensive wealth management, it typically involves a significant level of assets under management. It's best to consult directly with a Truist financial advisor for specific qualification criteria.

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