Have you ever considered opening a bank account but felt overwhelmed by the sheer number of options and the question of "how much will this actually cost me?" You're not alone! Many people hesitate to take this essential financial step because they're unsure about the fees involved. Today, we're going to demystify the process of opening a bank account at Truist, one of the largest financial institutions in the United States, and walk you through everything you need to know about potential costs, minimum deposits, and how to make the most of your banking relationship.
How Much Does It Cost to Open a Bank Account at Truist? Your Comprehensive Guide
Opening a bank account at Truist generally doesn't involve an opening fee in the traditional sense. Instead, the "cost" is more about the minimum initial deposit required to activate your account and any monthly maintenance fees that might apply, which can often be waived. Let's break down the different account types and their associated financial considerations.
Step 1: Discover Your Banking Needs – What Kind of Account is Right for You?
Before we dive into the numbers, let's figure out what you need from a bank account. This is the most crucial first step! Are you looking for a simple place to manage your daily spending, save for a big purchase, or something more comprehensive? Truist offers a variety of personal checking and savings accounts, each designed with different financial habits in mind.
Personal Checking Accounts
- Truist One Checking Account: This is a popular option, designed with no overdraft fees.
- Minimum Opening Deposit: $50
- Monthly Maintenance Fee: $12, but it can be waived in several ways (we'll cover this next!).
- Truist Confidence Account: This account is geared towards helping you build financial confidence by preventing overspending. It doesn't offer paper checks, focusing on digital transactions.
- Minimum Opening Deposit: $25
- Monthly Maintenance Fee: $5, also waivable.
Personal Savings Accounts
- Truist One Savings Account: Ideal for short-term goals and building an emergency fund.
- Minimum Opening Deposit: $50
- Monthly Maintenance Fee: $5, with waiver options.
- Truist Confidence Savings Account: This account is specifically designed to work in conjunction with the Truist Confidence Account (checking) and has no monthly maintenance fee.
- Minimum Opening Deposit: $25
- Monthly Maintenance Fee: $0
- Truist One Money Market Account: Offers interest on your savings with more flexibility than a CD.
- Minimum Opening Deposit: $50
- Monthly Maintenance Fee: $12, waivable.
- Truist Certificates of Deposit (CDs): These accounts offer guaranteed interest rates for a fixed 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 (typically no monthly fees for CDs as they are term-based).
Step 2: Understand the "True Cost" - Minimum Deposits and Monthly Fees
Now that you know the initial deposit amounts, let's talk about the recurring costs, primarily the monthly maintenance fees, and more importantly, how to avoid them.
Sub-heading: Initial Deposit - Your First Step to Financial Freedom
As you saw above, the initial deposit to open a Truist account can range from $25 to $2,500+ depending on the specific account type. This isn't a fee you pay to the bank; it's the amount you deposit to fund your new account. Think of it as the starting balance you need to get your banking journey underway.
Sub-heading: Monthly Maintenance Fees - The Fees You Want to Avoid!
Many Truist accounts come with a monthly maintenance fee. However, Truist offers several ways to waive these fees, effectively making your account free to maintain. This is where understanding the fine print pays off!
For Truist One Checking (Monthly Fee: $12):
The monthly maintenance fee can often be waived by meeting certain criteria, which may include:
- Maintaining a specific minimum daily ledger balance.
- Having a certain amount in total direct deposits per statement cycle.
- Linking other qualifying Truist accounts.
- Being a student or under a certain age (e.g., under 18 or under 25).
- Having a Truist credit card or loan.
For Truist Confidence Account (Monthly Fee: $5):
Ways to waive the monthly maintenance fee include:
- Making $500 or more in total deposits per statement cycle.
- Making 10 or more qualifying transactions per statement cycle.
- If the primary client is a student.
- If the primary client is under the age of 25 or age 62 and older.
For Truist One Savings (Monthly Fee: $5):
The $5 monthly fee can be waived if you:
- Have any related Truist personal checking account.
- Maintain a minimum daily ledger balance of $300 or more.
- Schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into
the Truist One Savings Account. - Are under 18 years of age.
For Truist One Money Market Account (Monthly Fee: $12):
The $12 monthly maintenance fee can be waived if you maintain a minimum daily ledger balance of $15,000 or more.
Key Takeaway: It's highly recommended to choose an account where you can easily meet the waiver requirements to avoid monthly fees. Truist wants you to bank with them, and they provide clear pathways to free banking if you meet their criteria.
Step 3: Gather Your Documents - Preparing for Account Opening
Once you've decided on the best account for you, it's time to get your documents in order. This ensures a smooth and efficient account opening process.
Sub-heading: Essential Information You'll Need
- Valid Government-Issued Photo ID: This could be a driver's license, state ID, or passport.
- Social Security Number (SSN): For identification and tax reporting purposes.
- Proof of Address: A utility bill, lease agreement, or other official document showing your current address.
- Initial Deposit Funds: As discussed in Step 2, be prepared with the minimum amount required for your chosen account. This can be cash, a check, or a transfer from another account.
- Employment and Income Information: While not always strictly required for basic checking/savings, having this on hand can be helpful.
Step 4: Choose Your Opening Method - Online, Phone, or In-Person
Truist offers multiple convenient ways to open an account. Pick the method that best suits your comfort level and schedule.
Sub-heading: Opening Online - Quick and Convenient
- Visit the Truist website (Truist.com) and navigate to the "Open Account" section.
- Follow the prompts to select your desired account type.
- You'll be asked to provide your personal and contact information, SSN, and employment/income details.
- You can fund your account immediately from another Truist account or an external account.
- Note: Your debit card and checks (if applicable) will be mailed to you within a few business days.
Sub-heading: Opening by Phone - Guided Assistance
- You can call Truist at 844-4TRUIST (844-487-8478).
- Customer service representatives are available Monday through Friday, 8 AM to 8 PM, and Saturday, 8 AM to 5 PM (Eastern Time).
- They can guide you through the application process and answer any questions you may have.
Sub-heading: Opening at a Branch - Personalized Service
- Use the Truist website's "Find a Branch" tool to locate a branch near you.
- Visiting a branch allows for a more personalized experience, where a banker can explain all the features and fees in detail and help you choose the best account.
- You can often receive a temporary debit card on the spot.
Step 5: Activate and Utilize Your New Account - Making the Most of Truist
Congratulations, your Truist account is open! But the journey doesn't end there. Now it's time to activate your card and start enjoying the benefits.
Sub-heading: Activating Your Debit Card
- If you opened your account online or by phone, you'll receive your debit card in the mail. Activate it online or by phone using the instructions provided.
- If you opened it in a branch and received a temporary card, you'll still need to activate your permanent card when it arrives.
Sub-heading: Setting Up Digital Banking
- Enroll in Online Banking: This is crucial for managing your account, checking balances, viewing transactions, and setting up alerts.
- Download the Truist Mobile App: The mobile app provides even greater convenience for banking on the go, including mobile check deposits, Zelle® payments, and card controls.
- Explore Features: Take advantage of features like online bill pay, external account linking, and customizable alerts to stay on top of your finances.
Sub-heading: Monitoring Fees and Balances
- Regularly review your monthly statements for any fees. If you see a monthly maintenance fee, revisit the waiver requirements for your account type and adjust your banking habits if necessary.
- Set up balance alerts through online or mobile banking to avoid falling below minimum balance requirements.
Other Potential Fees (Beyond Opening/Maintenance)
While the focus is on the cost to open an account, it's important to be aware of other potential fees that can arise during your banking relationship:
- Non-Truist ATM Fees: If you use an ATM outside the Truist network, you might be charged a fee by both Truist and the ATM owner. Truist One Checking accounts offer some non-Truist ATM fee waivers depending on your account level.
- International Transaction Fees: When using your debit card for purchases or ATM withdrawals outside the U.S., you may incur international transaction fees.
- Stop Payment Fees: If you need to stop payment on a check.
- Wire Transfer Fees: For sending or receiving domestic or international wire transfers.
- Returned Deposited Item Fees: If a check you deposit bounces.
Always refer to Truist's official Personal Deposit Accounts Fee Schedule for the most up-to-date and comprehensive list of fees.
10 Related FAQ Questions
Here are 10 frequently asked questions about opening a bank account at Truist, with quick answers:
How to open a Truist bank account online?
You can open a Truist bank account online by visiting Truist.com, selecting "Open Account," and following the step-by-step application process, which includes providing personal information and funding your account electronically.
How to waive monthly fees on a Truist One Checking account?
You can typically waive the $12 monthly fee on a Truist One Checking account by maintaining a specific minimum daily ledger balance, having a certain amount in total direct deposits, or linking other qualifying Truist accounts.
How to find the minimum opening deposit for Truist accounts?
The minimum opening deposit for Truist accounts varies by account type; for example, the Truist One Checking account requires $50, while the Truist Confidence Account requires $25. You can find this information on the Truist website or by contacting them directly.
How to activate a new Truist debit card?
You can activate a new Truist debit card online through your Truist digital banking account, by calling the activation number provided with your card, or at any Truist ATM.
How to set up direct deposit with Truist?
To set up direct deposit with Truist, you'll need to provide your employer or payer with your Truist account number and routing number, which can be found on your checks or in your digital banking portal.
How to check my Truist account balance?
You can check your Truist account balance through online banking, the Truist mobile app, by calling automated phone banking, or by visiting a Truist ATM or branch.
How to avoid ATM fees with Truist?
To avoid ATM fees with Truist, use Truist-branded ATMs. Some Truist checking accounts (like certain levels of Truist One Checking) also offer waivers for non-Truist ATM fees.
How to contact Truist customer service?
You can contact Truist customer service by calling their main number at 844-4TRUIST (844-487-8478), or by visiting a local Truist branch.
How to add money to a new Truist account?
You can add money to a new Truist account through an initial electronic transfer during online opening, by depositing cash or checks at a Truist ATM or branch, or by setting up direct deposit.
How to find a Truist bank branch near me?
You can find a Truist bank branch near you by using the "Locations" or "Find a Branch/ATM" tool on the Truist website or mobile app.
