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Thinking of opening a bank account with Truist? Perhaps you're consolidating finances, looking for new banking features, or simply want to explore your options. Whatever your reason, understanding the costs involved and the steps to take is crucial. This comprehensive guide will walk you through everything you need to know about opening a Truist account, from initial deposits to potential fees and required documents.
How Much Does It Cost to Open a Truist Account? A Step-by-Step Guide
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| How Much Is It To Open A Truist |
Step 1: Let's Get Started! What Kind of Account Are You Looking For?
Before we dive into the nitty-gritty of costs, the first thing to consider is what type of account best suits your financial needs. Truist, like most major banks, offers a variety of options, each with different features, benefits, and potential fee structures. Are you looking for a simple checking account for everyday transactions, a savings account to grow your money, or perhaps a business account for your venture?
- Personal Checking Accounts: These are for day-to-day spending, bill payments, and managing your primary funds. Truist offers options like the Truist One Checking and the Truist Confidence Account.
- Personal Savings Accounts: Designed for accumulating funds and earning interest, such as the Truist One Savings and Truist Confidence Savings accounts, or their Money Market Accounts.
- Business Checking Accounts: Tailored for businesses of all sizes, from sole proprietorships to larger corporations. Examples include Truist Simple Business Checking and Truist Dynamic Business Checking.
- Other Services: Truist also offers credit cards, loans, wealth management, and more, each with its own fee structure. This guide will focus primarily on deposit accounts.
Once you have a general idea of the type of account you need, we can move on to the actual costs.
Tip: Focus more on ideas, less on words.
Step 2: Minimum Opening Deposits – Your First Financial Commitment
This is often the first "cost" you encounter. Truist typically requires a minimum deposit to open a new account. These amounts can vary depending on the specific account product.
Sub-heading: Personal Accounts
- Truist One Checking Account: Generally requires a $50 minimum opening deposit.
- Truist Confidence Account: This account is designed with fewer fees and often requires a lower minimum opening deposit of $25. This can be a great option for those starting out or looking for a more basic banking experience.
- Truist One Savings Account: Typically requires a $50 minimum opening deposit.
- Truist Confidence Savings Account: Similar to its checking counterpart, this savings account usually has a $25 minimum opening deposit.
- Truist One Money Market Account: This account usually requires a $50 minimum opening deposit.
- Wealth Checking Account: For those with higher financial needs, this account requires a $100 minimum opening deposit.
- Wealth Asset Management Account: This account also requires a $100 minimum opening deposit.
Sub-heading: Business Accounts
- Truist Simple Business Checking: Requires a $100 minimum opening deposit.
- Truist Dynamic Business Checking: Also requires a $100 minimum opening deposit.
- Truist Community Checking: Requires a $100 minimum opening deposit.
Important Note: While these are minimums to open the account, maintaining a higher balance can often help you waive monthly maintenance fees later on. We'll discuss this in the next step!
QuickTip: Keep going — the next point may connect.
Step 3: Understanding Monthly Maintenance Fees (and How to Avoid Them!)
Many bank accounts come with a monthly maintenance fee. This is a recurring charge that helps the bank cover operational costs. However, Truist, like many banks, offers several ways to waive these fees, allowing you to keep more of your hard-earned money.
Sub-heading: Personal Account Monthly Fees and Waivers
- Truist One Checking Account: This account has a monthly maintenance fee of $12. However, this fee can be waived in several ways, such as:
- Making $500 or more in total qualifying direct deposits per statement cycle.
- Having a personal Truist credit card, mortgage, or consumer loan (including LightStream®).
- Having a linked Small Business Checking Account.
- Being a student.
- Being under the age of 25 or age 62 and older.
- Truist Confidence Account: This account has a lower monthly maintenance fee of $5. This fee can be waived by:
- Making $500 or more in total deposits per statement cycle.
- Making 10 or more qualifying transactions per statement cycle.
- Being a student.
- Being under the age of 25 or age 62 and older.
- Truist One Savings Account: This account may have a monthly maintenance fee, which can often be waived by:
- Having any related Truist personal checking account.
- Maintaining a minimum daily ledger balance of $300 or more.
- Scheduling a recurring preauthorized internal transfer of $25 or more per statement cycle into the account.
- Being under 18 years of age.
- Truist Confidence Savings Account: This account generally has no monthly maintenance fee. This is a great benefit for those looking for a straightforward savings option.
- Truist One Money Market Account: This account has a monthly maintenance fee of $12. This fee can be waived if you maintain a minimum daily ledger balance of $15,000 or more.
- Wealth Checking Account & Wealth Asset Management Account: These accounts typically have no monthly maintenance fees, indicating their premium nature and likely higher associated balances or linked services.
Sub-heading: Business Account Monthly Fees and Waivers
- Truist Simple Business Checking: This account boasts no monthly maintenance fee, making it ideal for startups or businesses with lower transaction volumes.
- Truist Dynamic Business Checking: This account has a monthly maintenance fee of $20. This fee can be waived if you maintain a $5,000 average relationship ledger balance across your Truist business accounts (checking, savings, money market, and CDs).
- Truist Community Checking: This account generally has no monthly maintenance fee.
Tip: Always review the latest fee schedules and disclosure documents on the Truist website or at a branch. Fees and waiver requirements can change.
QuickTip: Focus more on the ‘how’ than the ‘what’.
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Step 4: Potential Transaction and Service Fees
Beyond monthly maintenance fees, you might encounter other charges depending on how you use your account. These are often activity-based.
- ATM Fees:
- Truist generally does not charge fees for transactions at Truist ATMs.
- Using non-Truist ATMs in the U.S. might incur a $3 per transaction fee.
- Using non-Truist ATMs outside the U.S. might incur a $5 per transaction fee, plus a 3% international point-of-sale and ATM assessment fee. Note that the ATM owner may also charge their own fee.
- Overdraft Fees: Truist has made strides in reducing overdraft fees on some accounts. For example, the Truist One Checking account and Truist Confidence Account generally have no overdraft fees. For other accounts, it's crucial to understand their specific overdraft policies.
- Stop Payment Fee: A fee of around $35 may apply for stop payment requests, though this can be waived for certain premium accounts (e.g., Level 3, Level 4, and Level Premier Truist One Checking).
- Returned Deposited Item/Cashed Item Fee: Truist generally does not charge a fee for returned deposited items.
- Wire Transfer Fees: Fees can apply for incoming and outgoing wire transfers. For example, the Wealth Checking Account typically has no wire transfer fees. For business accounts, domestic incoming wires might be free for a certain number, then incur a fee (e.g., $15 after the first four for Truist Dynamic Business Checking).
- Replacement Card Rush Fee: If you need a replacement debit card quickly, there might be a fee (e.g., $15 for the Confidence Account, $30 for Truist One Checking).
- Immediate Availability Fees: If you want immediate access to funds from a deposited check, a fee might apply (e.g., 2% of the check amount for checks $100 or more, $1 for checks under $100, and checks under $5 generally not eligible).
- Paper Statement Fees: While many banks charge for paper statements, Truist often does not charge a fee for paper or paperless online statements.
- Charged-Off Account Fee: If an account is closed in a charged-off status, a fee (e.g., $30) may apply.
- Check Order Discounts: Some accounts may offer a discount on your first order of business checks or intro packs.
Step 5: Gathering Your Documents – The Paperwork Side
Regardless of the account type, you'll need to provide certain personal and financial information to open a Truist account, whether online or in person. This is a standard requirement for all financial institutions to comply with regulations.
Tip: Skim once, study twice.
- Personal Information:
- Your full legal name
- Current address (and sometimes 2 years of address history)
- Date of birth
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Contact information (phone number, email address)
- Identification:
- A valid, government-issued photo ID (e.g., driver's license, state ID, passport).
- Employment and Income Information:
- Details about your employment status and source of income.
- Initial Deposit Funds:
- The amount you intend to deposit to meet the minimum opening requirement. This can be transferred from another Truist account or an external bank account.
- For Business Accounts:
- Business legal name and address
- Tax ID (Employer Identification Number - EIN)
- NAICS code (North American Industry Classification System)
- Estimated annual revenue
- State and date established
- Information for all business owners/authorized signers (personal info, SSN, ID)
Step 6: The Application Process – Online, In-Branch, or By Phone
Truist offers multiple ways to open an account, giving you flexibility.
Sub-heading: Online Application
- This is often the quickest and most convenient method.
- Visit the Truist website and navigate to the "Open an Account" section.
- Select the type of account you wish to open.
- You will be guided through a secure online application form. Fill in all required personal, contact, employment, and income information.
- If you're opening a joint account, you'll typically need the joint owner's name and email address, and they will also need to provide their information and accept terms.
- Electronically sign the necessary agreements.
- Fund your account by transferring money from an existing Truist account, an external bank account, or by setting up a direct deposit.
Sub-heading: In-Branch Application
- If you prefer a more personal touch or have questions, visiting a Truist branch is a great option.
- A banking representative can guide you through the process, explain different account options, and help you fill out the paperwork.
- Remember to bring all your required identification and documentation with you.
- You can make your initial deposit in person (cash, check, etc.).
Sub-heading: Phone Application
- While less common for initial account opening, some banks offer the option to open certain accounts over the phone with a representative. Check Truist's customer service options for this possibility.
Step 7: Post-Opening Considerations – Managing Your Account
Once your account is open, there are a few ongoing considerations regarding cost and management.
- Monitoring Your Account for Fees: Regularly review your account statements (online or paper) to ensure you understand any fees being charged and to confirm you are meeting any waiver requirements.
- Digital Banking: Utilize Truist's online and mobile banking platforms to manage your funds, pay bills, set up alerts, and track your spending. This can help you avoid fees related to insufficient funds or overspending.
- Overdraft Protection: Consider linking a savings account or line of credit for overdraft protection. While some Truist accounts have no overdraft fees, having protection can prevent declined transactions.
- Interest Rates: If you've opened a savings or money market account, keep an eye on the interest rates. While Truist offers interest, its rates for standard savings accounts (e.g., 0.01% APY for Truist One Savings and Confidence Savings) are generally lower than online-only banks. Money market accounts may offer promotional rates for new money.
- Credit Cards and Loans: If you're interested in Truist credit cards or loans, be aware of annual fees (some credit cards have $0 annual fees, others like the Truist Enjoy Travel Credit Card have a $95 annual fee), interest rates, and other associated charges.
FAQs: How to...
Here are 10 frequently asked questions about opening and maintaining a Truist account, with quick answers:
How to avoid monthly maintenance fees on a Truist checking account?
- You can typically avoid monthly fees on accounts like Truist One Checking by maintaining a certain balance, having direct deposits, linking other Truist accounts, or meeting specific age/student criteria.
How to open a Truist account online?
- Visit the Truist website, select the "Open an Account" option, choose your desired account, and follow the step-by-step online application process by providing your personal and financial information.
How to find the minimum deposit for a Truist account?
- The minimum deposit varies by account type. You can find this information clearly stated on Truist's website under the details for each specific checking or savings account product. For instance, Truist One Checking requires $50, while Truist Confidence Account requires $25.
How to get a debit card after opening a Truist account?
- A debit card is typically issued automatically upon opening a checking account and will be mailed to your address. You can usually activate it online or by phone.
How to deposit money into a new Truist account?
- You can deposit money during the online application process by linking an external account, transferring from another Truist account, setting up direct deposit, or in person at a branch with cash or a check.
How to check for Truist account opening bonuses or promotions?
- Check the "Offers" or "Promotions" section on the Truist website, as they frequently run specials for new account holders.
How to link a savings account for overdraft protection with Truist?
- During account opening or afterward through online banking or by contacting customer service, you can typically link a Truist savings account to act as overdraft protection for your checking account.
How to get a business account with no monthly fees at Truist?
- The Truist Simple Business Checking account is designed with no monthly maintenance fee, making it a good option for businesses with straightforward banking needs.
How to close a Truist account if I no longer need it?
- You can typically close a Truist account by visiting a branch or by contacting customer service directly. Ensure your balance is zero or transferred out before requesting closure.
How to find a Truist branch near me?
- Use the "Locations" or "ATM & Branch Locator" tool on the Truist website or mobile app to find the nearest branch to your current location.
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