Considering opening a new checking account? It's a great financial step, and Truist Bank offers several options that might fit your needs. But before you dive in, a common question arises: how much does it cost to open a Truist checking account? The answer isn't a single, fixed number, as it depends on the specific type of checking account you choose.
This comprehensive guide will walk you through the process, detail the minimum deposit requirements, explain potential fees, and help you decide which Truist checking account is right for you.
Understanding Truist Checking Accounts: Your Options
Truist, formed from the merger of BB&T and SunTrust, offers a variety of personal checking accounts designed to cater to different financial habits and needs. The two primary personal checking accounts are the Truist One Checking Account and the Truist Confidence Account.
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| How Much To Open A Truist Checking Account |
Truist One Checking Account: The Flagship Option
This is Truist's most popular checking account, offering features aimed at everyday banking without overdraft fees. It even comes with a "Balance Buffer" for eligible clients, providing a small cushion against overdrawing.
Truist Confidence Account: Building Financial Habits
Designed for those looking to build confidence in managing their finances, the Truist Confidence Account is a simplified checking option with no overdraft fees and no paper checks. It's often a good choice for individuals new to banking or those who prefer to manage their money digitally.
Step-by-Step Guide: How Much to Open a Truist Checking Account
Let's break down the process of opening a Truist checking account and the associated costs.
Step 1: Identify Your Banking Needs - Are You Ready to Choose?
Before we talk numbers, ask yourself:
QuickTip: Repeat difficult lines until they’re clear.
- What are your primary banking habits? Do you use direct deposit, pay bills online, or write a lot of checks?
- How much balance do you typically maintain? This is crucial for avoiding monthly maintenance fees.
- Are you looking for basic banking, or do you want perks like ATM fee rebates or interest-earning potential?
Understanding your needs will guide you to the right Truist account.
Step 2: Determine the Minimum Opening Deposit
This is often the first "cost" you'll encounter. Truist requires a minimum initial deposit to open most of its checking accounts.
- For the Truist One Checking Account: The minimum opening deposit is generally $50. This is the amount you'll need to fund your account when you first open it.
- For the Truist Confidence Account: The minimum opening deposit is typically lower, at $25.
It's important to note that this is the minimum to open the account; you can, of course, deposit more if you wish.
Step 3: Understand Monthly Maintenance Fees (and How to Waive Them!)
While there might not be a direct "fee to open" an account beyond the initial deposit, many checking accounts come with a monthly maintenance fee. Truist accounts are no exception, but they offer multiple ways to waive these fees. This is where your banking habits come into play.
Sub-heading: Truist One Checking Account Monthly Fees and Waivers
The Truist One Checking Account typically has a monthly maintenance fee of $12. However, this fee can be waived if you meet any of the following conditions during a statement cycle:
- Make $500 or more in total qualifying Direct Deposits per statement cycle. This is a very common way to avoid the fee for those with regular income.
- Maintain a total combined ledger balance of $500 or more across any Truist-related personal deposit and investment accounts. This means if you have $500 or more spread across your Truist checking, savings, or investment accounts, the fee can be waived.
- Have a personal Truist credit card, mortgage, or consumer loan (including LightStream®). This rewards customers with multiple Truist relationships.
- Have a linked Small Business Checking Account.
- The primary client is a student.
- The primary client is under the age of 25 or age 62 and older. This is a great perk for younger and older clients.
Sub-heading: Truist Confidence Account Monthly Fees and Waivers
The Truist Confidence Account has a lower monthly maintenance fee, usually $5. This fee can also be waived by meeting certain criteria:
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- Making $500 or more in total deposits per statement cycle.
- Making 10 or more qualifying transactions per statement cycle.
- The primary client is a student.
- The primary client is under the age of 25 or age 62 and older.
Pro Tip: Carefully review the specific terms and conditions for each account. These details can sometimes vary slightly, and staying informed will help you avoid unexpected fees.
Step 4: Be Aware of Other Potential Fees (Beyond Opening)
While not "opening" fees, it's crucial to understand other fees that might apply during your banking journey.
- Non-Truist ATM Fees: While Truist One Checking offers some non-Truist ATM waivers depending on your benefit level, you may still incur fees for using ATMs outside the Truist network. The ATM owner might also charge a separate fee.
- Stop Payment Fees: If you need to stop payment on a check, there's typically a fee (e.g., $35).
- Expedited Debit Card Fees: If you need your debit card rushed, a fee may apply.
- International Transaction Fees: When using your debit card for purchases or ATM withdrawals outside the U.S., you might encounter an international transaction fee (e.g., 3% of the transaction amount).
Remember: Truist One Checking explicitly states "No Overdraft Fees." This is a significant benefit that can save you a lot of money compared to traditional accounts that charge hefty fees for insufficient funds.
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Step 5: Gather Necessary Documentation
When you're ready to open your account, whether online or in person, you'll need to provide some standard information:
- Personal and Contact Information: Full name, address, phone number, email.
- Social Security Number (SSN): Required for identity verification.
- Employment and Income Information: Often requested to help with account recommendations and compliance.
- A form of valid government-issued ID: Such as a driver's license or state ID.
Step 6: Choose Your Opening Method
Truist offers convenient ways to open a checking account:
- Online: This is often the quickest and most straightforward method. You can typically complete the application, provide your information, and make your initial deposit digitally.
- In-Branch: If you prefer a face-to-face interaction or have questions, visiting a Truist branch allows you to speak with a banking representative who can guide you through the process.
- By Phone: Some banks offer the option to open accounts over the phone.
Final Thoughts: Making the Right Choice
Opening a Truist checking account is a relatively simple process with clear minimum deposit requirements. The key to minimizing your costs, especially monthly maintenance fees, lies in understanding the waiver criteria and choosing the account that best aligns with your financial habits.
QuickTip: Use the post as a quick reference later.
By taking the time to review the details of the Truist One Checking Account and the Truist Confidence Account, you can make an informed decision and embark on your banking journey with Truist with confidence!
10 Related FAQ Questions
How to open a Truist checking account online?
You can open a Truist checking account online by visiting the Truist website, selecting the desired checking account, and following the prompts to fill out the application with your personal, contact, and employment information, and then funding the account.
How to avoid monthly maintenance fees on a Truist One Checking account?
You can avoid the $12 monthly maintenance fee on a Truist One Checking account by making $500+ in direct deposits per statement cycle, maintaining a combined $500+ balance across Truist accounts, having a Truist credit card/loan, linking a small business checking account, or being a student/under 25/over 62.
How to find the nearest Truist branch?
You can find the nearest Truist branch by using the "Locations" or "ATM & Branch Locator" tool on the Truist official website or mobile app, which typically allows you to search by your current location or a specific address.
How to set up direct deposit for a Truist checking account?
To set up direct deposit for a Truist checking account, you'll typically need to provide your employer or payer with your Truist account number and routing number, which can be found on your checks, through online banking, or by contacting Truist directly.
How to activate your Truist debit card?
You can activate your Truist debit card through the Truist mobile app, by calling the automated activation line (usually an 800 number provided with your card), or by making a PIN-based transaction at an ATM or point-of-sale terminal.
Note: Skipping ahead? Don’t miss the middle sections.
How to check your Truist checking account balance?
You can check your Truist checking account balance through online banking, the Truist mobile app, by calling customer service, or by using a Truist ATM.
How to transfer money to a Truist checking account?
You can transfer money to a Truist checking account from another Truist account, from an external bank account via online banking (ACH transfer), through a wire transfer, or by depositing cash or checks at a branch or ATM.
How to close a Truist checking account?
To close a Truist checking account, you typically need to visit a Truist branch, call customer service, or send a written request. Ensure all outstanding transactions have cleared and consider opening a new account elsewhere before closing to ensure uninterrupted banking.
How to get a temporary check from Truist?
You can often get a temporary check from Truist by visiting a local branch and requesting one from a teller.
How to order new checks for your Truist checking account?
You can order new checks for your Truist checking account through your online banking portal, by calling Truist customer service, or by visiting a Truist branch.
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