So, you're wondering how much it costs to open a Truist bank account? That's a fantastic question to start with! Understanding the fees and requirements upfront is key to choosing the right financial partner. While there isn't a single "opening fee" that applies to all Truist accounts, there are typically minimum opening deposit requirements and potential monthly maintenance fees that you'll want to be aware of. Let's break it down step-by-step so you can make an informed decision.
Step 1: Discover Your Banking Needs – What Kind of Account Are You Looking For?
Before we dive into the nitty-gritty of costs, let's figure out what kind of account best suits your financial life. Are you looking for a simple checking account for everyday transactions, a savings account to grow your nest egg, or something more specialized? Truist offers a variety of options, and the fees associated with each can differ significantly.
- Personal Checking Accounts: These are for day-to-day spending, bill payments, and receiving deposits.
- Personal Savings Accounts: Designed for accumulating funds and earning interest.
- Money Market Accounts: A hybrid of checking and savings, offering higher interest rates than traditional savings accounts, often with limited check-writing privileges.
- Certificates of Deposit (CDs): Time-deposit accounts that offer fixed interest rates for a set period.
- Business Accounts: For entrepreneurs and small business owners, with specific features and fee structures.
Think about how you plan to use your account and what features are most important to you. This will help us narrow down the relevant costs!
Step 2: Understanding Minimum Opening Deposits
This is often the first "cost" you encounter when opening a bank account. It's not a fee you pay to the bank, but rather the initial amount of money you need to deposit into the account to activate it.
Sub-heading: Personal Accounts
- Truist One Checking: You'll generally need a $50 minimum opening deposit.
- Truist One Savings: This account also typically requires a $50 minimum opening deposit.
- Truist Confidence Account (Checking): A more accessible option, often with a $25 minimum opening deposit.
- Truist Confidence Savings: Similarly, this savings account usually requires a $25 minimum opening deposit.
- Truist One Money Market Account: Expect a $50 minimum opening deposit.
- Truist Certificates of Deposit (CDs): The minimum opening deposit for CDs can vary significantly based on the term. For terms of 32 days or more, it's typically $1,000, while for shorter terms (7 to 31 days), it can be $2,500.
- Truist Wealth Checking: For those with higher financial needs, this account usually has a $100 minimum opening deposit.
Sub-heading: Small Business Accounts
- Truist Simple Business Checking: Generally requires a $100 minimum opening deposit.
- Truist Dynamic Business Checking: Also typically requires a $100 minimum opening deposit.
- Truist Community Checking (for non-profits): This account also usually requires a $100 minimum opening deposit.
It's important to note that these are minimums. You can always deposit more if you wish!
Step 3: Decoding Monthly Maintenance Fees (and How to Avoid Them!)
While the opening deposit is a one-time requirement, monthly maintenance fees are recurring charges that can add up if you're not careful. The good news is that Truist often provides several ways to waive these fees.
Sub-heading: Truist One Checking Account
This popular checking account has a monthly maintenance fee, often around $12, but it can be waived in several ways:
- Direct Deposits: Make $500 or more in total qualifying direct deposits per statement cycle.
- Combined Balance: Maintain a total combined ledger balance of $500 or more across personal Truist deposit and investment accounts.
- Linked Truist Accounts: Have a linked personal Truist credit card, mortgage, or consumer loan (including LightStream®).
- Linked Small Business Checking: Have a linked Small Business Checking Account.
- Student Status: If the primary client is a student.
- Age-Based Waivers: If the primary client is under the age of 25 or age 62 and older.
Sub-heading: Truist One Savings Account
The Truist One Savings account typically has a $5 monthly maintenance fee, which can be waived by:
- Having a related Truist personal checking account.
- Maintaining a minimum daily ledger balance of $300 or more in the Truist One Savings account.
- Scheduling a recurring, preauthorized internal transfer of $25 or more into the Truist One Savings account per statement cycle.
- Being under 18 years of age (must open in branch).
Sub-heading: Truist Confidence Account (Checking & Savings)
The Truist Confidence Account (checking) often has a $5 monthly maintenance fee. This can be waived by:
- 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.
The Truist Confidence Savings account typically has a $0 monthly maintenance fee, making it a good choice if you're looking to avoid recurring charges for savings.
Sub-heading: Truist One Money Market Account
This account usually has a $12 monthly maintenance fee, which can be waived if you maintain a minimum daily ledger balance of $15,000 or more.
Sub-heading: Truist Small Business Checking Accounts
- Truist Simple Business Checking: This account boasts a $0 monthly maintenance fee, making it a cost-effective option for new businesses.
- Truist Dynamic Business Checking: This account has a $20 monthly maintenance fee, which can be waived if you maintain a $5,000 average relationship ledger balance.
- Truist Community Checking: This account, designed for non-profits, also typically has a $0 monthly maintenance fee.
Always review the specific fee schedule for the account you are interested in, as these details can sometimes vary or be updated by the bank.
Step 4: Beyond Monthly Fees – Other Potential Costs
While minimum deposits and monthly maintenance fees are the most common considerations, there are other potential fees you might encounter with any bank account. These are often incidental fees based on how you use your account.
- ATM Fees: While Truist ATMs are generally free, using non-Truist ATMs in the U.S. might incur a fee (e.g., $2.50 per transaction), and international ATM fees can be higher (e.g., $5 per transaction, plus an international assessment fee).
- Overdraft Fees: Truist offers "Truist One Checking" and "Truist Confidence Account" with no overdraft fees. For other accounts, traditional overdraft fees could apply if you overdraw your account, though Truist often has features like "Balance Buffer" or overdraft protection services to mitigate these.
- Returned Item Fees: If a check you deposit bounces, or if a payment you make is returned due to insufficient funds, there might be a fee.
- Wire Transfer Fees: Sending or receiving wire transfers, especially international ones, usually incurs a fee.
- Stop Payment Fees: If you need to stop a check payment, there's often a fee associated with it.
- Expedited Debit Card Fees: If you need your new or replacement debit card quickly, there might be a rush delivery fee.
- Check Order Fees: While some accounts might offer a free starter pack of checks, reordering checks typically comes with a cost.
Step 5: How to Open a Truist Bank Account (Step-by-Step Guide)
Opening a Truist bank account is a straightforward process, and you can often do it online or in person.
Sub-heading: What You'll Need (Documentation)
Before you begin, gather the following essential documents and information:
- Valid Government-Issued Photo ID: This could be a driver's license, state-issued ID, or passport.
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
- Current Residential Address: This cannot be a P.O. Box.
- Date of Birth.
- Initial Deposit Funds: As discussed, this is the minimum amount required to open the account. You can typically fund it via an external bank transfer, debit card, or check.
Sub-heading: Option A: Opening an Account Online
- Visit the Truist Website: Go to the official Truist Bank website (truist.com).
- Navigate to "Open an Account": Look for a clear link or button, often labeled "Open an Account," "Personal Banking," or similar.
- Choose Your Account Type: Select the type of account you wish to open (e.g., Checking, Savings).
- Review Account Details: Carefully read the features, benefits, and most importantly, the fees and minimum requirements for the chosen account.
- Start the Application: Click on "Open Account" or "Apply Now."
- Provide Personal Information: Fill in the online application form with your personal details, including your name, address, SSN/ITIN, date of birth, and contact information.
- Fund Your Account: Choose your preferred method to make your initial deposit.
- Review and Submit: Double-check all the information for accuracy before submitting your application.
- Confirmation: You'll typically receive an instant confirmation, and further instructions on how to activate your online banking, debit card, and other services will be provided.
Sub-heading: Option B: Opening an Account In-Person
- Locate a Truist Branch: Use the branch locator tool on the Truist website to find the nearest branch to you.
- Gather Your Documents: Bring all the necessary documentation listed above.
- Visit the Branch: Speak with a Truist representative.
- Discuss Your Needs: The representative can help you choose the best account for your financial situation and explain all the associated fees and benefits.
- Complete Application: Fill out the necessary paperwork with the assistance of the representative.
- Make Initial Deposit: Fund your new account.
- Receive Account Details: You'll receive your account number and other immediate details. Your debit card will typically be mailed to you, or in some cases, you might receive a temporary one on the spot.
Step 6: Setting Up Your New Account for Success
Once your account is open, take these steps to get the most out of your Truist banking experience:
- Activate Your Debit Card: This is usually done online, through the Truist mobile app, or by calling an automated number.
- Enroll in Online & Mobile Banking: This allows you to manage your account, pay bills, transfer funds, and deposit checks digitally.
- Set Up Direct Deposit: If you receive a paycheck, set up direct deposit to ensure your funds are available quickly and to potentially waive monthly maintenance fees.
- Link Accounts (if applicable): If you opened a checking and savings account, consider linking them for overdraft protection and easier transfers.
- Set Up Alerts: Customize alerts for low balances, large transactions, or password changes to stay on top of your account activity.
- Explore Zelle®: Truist integrates with Zelle®, making it easy to send and receive money with friends and family.
Frequently Asked Questions (FAQs)
How to find the exact fees for a specific Truist account?
The most accurate way to find the exact fees for a specific Truist account is to visit the official Truist website (truist.com) and navigate to the "Disclosures" or "Fee Schedule" section for the particular account type you are interested in. You can also ask a Truist representative directly at a branch or by calling customer service.
How to avoid monthly maintenance fees on a Truist checking account?
Monthly maintenance fees on Truist checking accounts like Truist One Checking can often be waived by meeting criteria such as making a certain amount in direct deposits, maintaining a minimum combined balance across your Truist accounts, having a linked Truist credit card or loan, being a student, or being age 25 or under, or 62 and older.
How to waive fees on a Truist savings account?
Fees on Truist savings accounts, such as the Truist One Savings account, can typically be waived by having a linked Truist personal checking account, maintaining a minimum daily ledger balance, scheduling recurring internal transfers, or if the account holder is under 18 years of age. The Truist Confidence Savings account generally has no monthly maintenance fee.
How to check the minimum opening deposit for a Truist account?
The minimum opening deposit for Truist accounts is usually clearly stated on their website when you are comparing account types or beginning the online application process. For example, Truist One Checking and Savings generally require $50, while the Confidence Account requires $25.
How to open a Truist bank account online?
To open a Truist bank account online, visit truist.com, select "Open an Account," choose your desired account type, provide your personal information (ID, SSN, address), fund the account with the minimum deposit, and submit your application.
How to know if I qualify for a student account fee waiver at Truist?
Truist often waives monthly maintenance fees for students. Generally, if the primary account holder is a student or under a certain age (e.g., 25 years old), they may qualify for fee waivers on accounts like Truist One Checking and Truist Confidence Account. Verify the specific student eligibility requirements on the Truist website or by asking a representative.
How to get a business checking account with no monthly fees at Truist?
The Truist Simple Business Checking account is designed with a $0 monthly maintenance fee, making it a good option for small businesses looking to avoid recurring charges. The Truist Community Checking account, for non-profits, also typically has no monthly fee.
How to avoid ATM fees with a Truist account?
To avoid ATM fees with a Truist account, primarily use Truist-branded ATMs. While there might be fees for using non-Truist ATMs, some Truist accounts, especially those with higher balance tiers like certain levels of Truist One Checking, may offer a certain number of non-Truist ATM fee waivers per statement cycle.
How to set up direct deposit for a new Truist account?
To set up direct deposit for a new Truist account, you typically need to provide your employer or payer with your Truist account number and the Truist routing number. You can usually find a direct deposit form on the Truist website or through your online banking portal.
How to find my Truist routing number?
Your Truist routing number can be found on the bottom of your Truist checks (the first nine digits), within your online banking account, or by contacting Truist customer service. It is a unique nine-digit code that identifies your bank for transactions.
