Considering opening a new bank account? It's a big step, and choosing the right bank and account type is crucial for managing your finances effectively. Truist, a prominent financial institution formed from the merger of BB&T and SunTrust, offers a variety of checking accounts designed to meet different needs. This lengthy guide will walk you through everything you need to know about how much it costs to open a Truist checking account, the different options available, and a step-by-step process for getting started.
Unlocking Your Financial Potential: How Much Does It Cost to Open a Truist Checking Account?
So, you're wondering, "How much is it to open a Truist checking account?" That's a fantastic question, and the answer isn't a single number! It depends on the specific type of Truist checking account you choose, as each comes with its own set of features, benefits, and, yes, associated costs. But don't worry, we'll break it all down for you.
Let's dive into the details, helping you understand not just the initial opening deposit, but also potential monthly maintenance fees and how to potentially waive them. Knowledge is power when it comes to your money!
Step 1: Discovering Your Truist Checking Account Options
The first step in understanding the cost is to identify which Truist checking account best suits your financial habits and goals. Truist offers a few primary personal checking accounts, each with distinct features and fee structures.
Sub-heading: Truist One Checking Account
This is often promoted as their flagship account, designed to offer flexibility and potentially no overdraft fees.
- Minimum Opening Deposit: Typically, the Truist One Checking account requires a $50 minimum opening deposit. This is the initial amount you need to put into the account to get it started.
- Monthly Maintenance Fee: The Truist One Checking account generally has a $12 monthly maintenance fee.
- Ways to Waive the Monthly Fee: This is where the "cost" can become $0! Truist offers several ways to waive the $12 monthly maintenance fee for the Truist One Checking account:
- 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.
- Having a personal Truist credit card, mortgage, or consumer loan (including LightStream®).
- Having a linked small business checking account.
- Being a student.
- Being a primary account holder under the age of 25 or age 62 and older.
Sub-heading: Truist Confidence Account
This account is geared towards those looking to build a strong financial foundation, particularly if they are new to banking or want to avoid overdrafts.
- Minimum Opening Deposit: The Truist Confidence Account generally requires a $25 minimum opening deposit. This is a lower entry point than the Truist One Checking.
- Monthly Maintenance Fee: This account typically has a $5 monthly maintenance fee.
- Ways to Waive the Monthly Fee: You can also avoid the monthly fee for the Truist Confidence Account:
- Making $500 or more in total deposits per statement cycle.
- Making 10 or more qualifying transactions per statement cycle.
- Being a student.
- Being a primary client under the age of 25 or age 62 and older.
- Key Feature: Notably, the Truist Confidence Account has no overdraft fees and no traditional paper checks, which can help you stay within your budget.
Sub-heading: Truist Wealth Checking Account
For clients with higher balances and more comprehensive financial needs, the Wealth Checking Account offers premium benefits.
- Minimum Opening Deposit: This account has a higher minimum opening deposit, typically $100.
- Annual Maintenance Fee: Instead of a monthly fee, the Truist Wealth Checking account may have a $50 annual maintenance fee. This fee is typically charged 3 months after account opening and each year thereafter.
- Ways to Waive the Annual Fee: To avoid the annual maintenance fee:
- Maintaining a minimum daily ledger balance of $25,000 in your Truist Wealth Checking or Truist Wealth Money Market account.
- Maintaining $100,000 or more in the sum of all current balances from Truist related accounts across personal deposits (excluding Truist HSA), all investments, Trust, personal mortgage, consumer loan/lines (excluding LightStream® loans), personal credit card, or Truist Ready Now Credit Line accounts.
- Premium Perks: This account often comes with benefits like no overdraft fees, no wire transfer fees, and increased daily ATM withdrawal limits.
As you can see, the initial cost to open a Truist checking account is primarily the minimum opening deposit, which ranges from $25 to $100 depending on the account type. The ongoing cost then becomes the monthly or annual maintenance fee, which can often be waived by meeting certain criteria.
Step 2: Gathering Your Essentials – What You'll Need to Open Your Account
Before you begin the application process, whether online or in person, it's essential to have the necessary documentation and information readily available. This will make the process much smoother and faster.
Sub-heading: Personal Identification
You'll need to prove who you are.
- Social Security Number (SSN): This is a fundamental requirement for opening any bank account in the U.S.
- Government-Issued Photo ID: This could be your driver's license, state-issued ID, or passport. Make sure it's current and not expired.
- Contact Information: Your current residential address, phone number, and email address.
Sub-heading: Financial Information
Some basic details about your financial standing might be requested.
- Employment and Income Information: While not always strictly required for all accounts, having this handy can be beneficial.
- Initial Deposit Funds: As discussed in Step 1, you'll need the minimum opening deposit for your chosen account type. This can be transferred from an existing Truist account, an external bank account, or deposited in cash/check at a branch.
Step 3: Choosing Your Opening Method – Online, Branch, or Phone
Truist offers multiple convenient ways to open a checking account, allowing you to choose the method that best suits your comfort level and schedule.
Sub-heading: Opening Online (The Fastest Way for Many!)
This is often the quickest and most popular method for individuals.
- Visit the Truist Website: Go to the official Truist Bank website (truist.com) and navigate to the "Checking Accounts" section.
- Select Your Account: Choose the Truist One Checking, Truist Confidence Account, or other personal checking account that you've determined is the best fit.
- Start Application: Click on the "Open Account" or "Get Started" button for your chosen account.
- Provide Information: You'll be prompted to enter your personal and contact information, including your SSN.
- Fund Your Account: During the online application, you'll typically have the option to make your initial deposit by transferring funds from an existing Truist account or linking an external bank account.
- Review and Submit: Carefully review all the information you've provided before submitting your application.
- Confirmation: You should receive immediate confirmation of your application submission. Your new debit card and checks (if applicable) will typically be mailed to you within a few business days.
Sub-heading: Visiting a Truist Branch
For those who prefer face-to-face interaction or need assistance, a branch visit is a great option.
- Locate a Branch: Use the Truist website's "Locations" or "ATM & Branch Locator" tool to find the nearest Truist branch.
- Gather Your Documents: Bring all the essential documents mentioned in Step 2 with you.
- Speak with a Representative: A Truist representative will guide you through the application process, answer any questions you have, and help you choose the best account.
- Make Your Initial Deposit: You can make your initial deposit with cash, a check, or by transferring funds from another account.
- Receive Temporary Card (Optional): In some cases, a branch might be able to issue you a temporary debit card immediately.
Sub-heading: Opening by Phone
If you prefer to speak with someone but can't make it to a branch, phone support is available.
- Call Truist Customer Service: Dial 844-4TRUIST (844-487-8478).
- Inform the Representative: Let them know you wish to open a new checking account.
- Provide Information: The representative will guide you through the necessary questions and collect your personal and financial details over the phone.
- Instructions for Funding: They will provide instructions on how to make your initial deposit, which might involve mailing a check or transferring funds online after your account is established.
Step 4: Activating Your Account and Setting Up Digital Banking
Once your account is open, there are a few crucial steps to take to ensure you can fully utilize all the features Truist offers.
Sub-heading: Activating Your Debit Card
This is often the first thing you'll want to do when your card arrives.
- Through the Truist Mobile App: Many debit cards can be activated directly within the mobile app.
- By Phone: Call the activation number provided on the sticker on your new debit card (typically 800-963-2262).
- At an ATM or Checkout: Use your card with your PIN at a Truist ATM or at a retail checkout.
Sub-heading: Enrolling in Online Banking and Downloading the Mobile App
Digital banking is key to managing your account conveniently.
- Enroll Online: Visit the Truist website and look for the "Enroll Now" or "Sign In" option for online banking. You'll create a user ID and password.
- Download the App: Search for "Truist Mobile" in your smartphone's app store (Google Play Store for Android, Apple App Store for iOS) and download it.
- Log In: Use your new online banking credentials to log into the mobile app.
Sub-heading: Setting Up Alerts and Other Features
Maximize your account's utility and security.
- Account Alerts: Within online banking or the mobile app, set up alerts for important activities, such as low balance warnings, large transactions, or direct deposit notifications.
- Bill Pay: Explore Truist's online bill pay service to schedule and manage your payments easily.
- Zelle®: Enroll in Zelle® to send and receive money quickly with friends, family, and others you trust, using just their email address or U.S. mobile number.
- Direct Deposit: Provide your employer with your Truist routing number and account number to set up direct deposit for your paycheck. This can also help you waive monthly maintenance fees.
Step 5: Understanding and Avoiding Ongoing Fees
While the initial opening deposit is a one-time cost, understanding and actively managing potential monthly or annual maintenance fees is crucial to truly optimize your Truist checking account experience.
Sub-heading: Reviewing Your Account's Fee Structure
Always refer to the official "Personal Deposit Accounts Fee Schedule" or the specific account disclosures provided by Truist. These documents detail all potential fees associated with your chosen account.
Sub-heading: Strategies for Fee Waivers
As highlighted in Step 1, actively working to meet the waiver requirements for your Truist One Checking or Truist Confidence Account can save you a significant amount over time. Set up direct deposit as soon as possible, or ensure your combined balances meet the necessary thresholds.
Sub-heading: Avoiding Other Common Fees
Beyond monthly maintenance fees, be aware of others:
- ATM Fees: Truist ATMs are generally free, but using non-Truist ATMs may incur fees from both Truist and the ATM owner. Look for free ATM networks if you frequently use non-Truist machines.
- Overdraft Fees: The Truist One Checking and Truist Confidence Account are designed to have no overdraft fees. For other account types, Truist may charge a $36 overdraft fee per item. They may also offer a "Balance Buffer" on some accounts, allowing a small negative balance without a fee. Overdraft Protection, linking your checking account to another Truist account (like savings or a credit card), can also help prevent fees by automatically transferring funds.
- Stop Payment Fees: If you need to stop payment on a check, there's typically a fee (e.g., $35).
- Wire Transfer Fees: While Wealth Checking may waive these, other accounts might charge fees for incoming or outgoing wire transfers.
By being proactive and understanding your account's specific fee schedule, you can ensure that opening and maintaining your Truist checking account remains a cost-effective choice for your banking needs.
Step 6: Leveraging Truist's Tools and Resources
Truist provides a variety of digital tools and resources to help you manage your money effectively and get the most out of your checking account.
Sub-heading: Mobile Banking Features
- Mobile Check Deposit: Easily deposit checks using your smartphone's camera. This is a convenient way to add funds without visiting a branch or ATM.
- Balance Monitoring: Keep a close eye on your available balance and transactions in real-time.
- Spending Insights: Many banking apps offer tools to categorize your spending and help you budget more effectively.
- Card Controls: Manage your debit card from the app – lock/unlock it, set spending limits, and report it lost or stolen.
Sub-heading: Online Banking Portal
- Bill Pay and Transfers: Schedule recurring payments, transfer funds between your Truist accounts or to external accounts.
- Account Statements: Access and download your monthly statements digitally, reducing paper clutter.
- Secure Messaging: Communicate securely with Truist customer service directly through the portal.
Sub-heading: Financial Education Resources
Truist often provides articles, videos, and tools on their website under sections like "Money and Mindset" or "Banking 101." These resources can help you with budgeting, saving, and understanding various financial topics.
Step 7: Ongoing Account Management and Review
Your financial needs may change over time, so it's a good practice to regularly review your Truist checking account.
Sub-heading: Periodically Reviewing Your Account
- Check Your Statement Regularly: Ensure all transactions are accurate and identify any potential unauthorized activity.
- Re-evaluate Fee Waivers: If your financial situation changes (e.g., direct deposit amounts, combined balances), ensure you're still meeting the criteria to waive monthly fees. If not, adjust your banking habits or consider if a different Truist account might be more suitable.
- Assess Your Needs: Are you using all the features of your account? Do you need a higher tier of benefits? Truist One Checking, for example, offers automatic upgrades to higher benefit levels based on your combined balances, providing more perks like free non-Truist ATM transactions or unlimited Truist One Savings accounts with no monthly fee.
Sub-heading: Contacting Truist for Support
If you ever have questions or encounter issues, don't hesitate to reach out to Truist customer service. They offer support via:
- Phone: 844-4TRUIST (844-487-8478)
- Online Secure Message: Through your online banking portal.
- In-Branch Visit: For personalized assistance.
By following this comprehensive guide, you'll be well-equipped to understand the costs, benefits, and step-by-step process of opening and managing a Truist checking account. Happy banking!
10 Related FAQ Questions
How to choose the best Truist checking account for me?
Consider your financial habits: how often you use direct deposit, your typical account balance, and whether you need features like paper checks or extensive ATM access. The Truist One Checking is popular for its fee waiver options and no overdraft fees, while the Truist Confidence Account is good for building financial confidence with a lower opening deposit.
How to waive the monthly maintenance fee on a Truist One Checking account?
You can waive the $12 monthly fee by making $500+ in qualifying direct deposits, maintaining a combined ledger balance of $500+, having a Truist credit card/loan, linking a small business checking account, or being a student/under 25/over 62.
How to set up direct deposit with my Truist checking account?
You'll need your Truist routing number and your specific checking account number. Provide this information to your employer's payroll department, typically by filling out a direct deposit form.
How to make a mobile deposit into my Truist checking account?
Download the Truist Mobile App. Log in, select "Deposit Checks," endorse your check with "For Truist Mobile Deposit Only," take clear photos of the front and back, and enter the deposit amount.
How to avoid overdraft fees with Truist?
The Truist One Checking and Truist Confidence Accounts generally have no overdraft fees. For other accounts, consider opting for Overdraft Protection, which links your checking account to another Truist account (like savings or a credit card) to cover shortfalls.
How to check my Truist checking account balance?
You can check your balance through the Truist Mobile App, by logging into Truist Online Banking, at a Truist ATM, or by calling customer service.
How to order checks for my Truist checking account?
You can order checks for your Truist checking account through Truist Online Banking or by calling Truist customer service. Some accounts, like Truist One Checking, offer a free first order of a 10-pack of checks.
How to find my Truist routing number and account number?
Your routing number and account number can be found on your checks, within your Truist Online Banking account details, or on your monthly statements.
How to close a Truist checking account?
To close a Truist checking account, it's best to visit a Truist branch or call their customer service. Ensure your balance is $0 and any outstanding transactions have cleared before closing.
How to upgrade my Truist checking account?
For the Truist One Checking account, upgrades to higher benefit levels (with more perks) happen automatically as your combined average monthly balance across eligible Truist accounts increases. For other upgrades, you may need to speak with a Truist representative at a branch or by phone.
