Are you tired of seeing those pesky monthly maintenance fees chip away at your hard-earned money in your Truist bank account? You're not alone! Many bank customers face this frustration. But what if I told you there are concrete, actionable steps you can take to eliminate these fees and keep more of your money where it belongs – in your pocket?
This comprehensive guide will walk you through everything you need to know about Truist maintenance fees and, more importantly, how to avoid them. Let's get started on reclaiming your financial freedom!
Understanding Truist Account Types and Their Fees
Before we dive into avoidance strategies, it's crucial to understand that different Truist checking accounts come with different fee structures and waiver requirements. While the focus will be on common personal checking accounts like the Truist One Checking and Truist Confidence Account, keep in mind that specific details might vary slightly.
Truist generally aims to offer ways to waive fees, encouraging you to engage with their services in specific ways. Knowing these pathways is your first line of defense.
Truist One Checking Account
This is a popular option from Truist that often comes with a monthly maintenance fee (e.g., $12). However, it offers several ways to waive this fee, making it a good target for our strategies.
Truist Confidence Account
Designed for those looking for a more streamlined, "Bank On" certified account, the Truist Confidence Account often has a lower monthly fee (e.g., $5) and simplified waiver criteria. It explicitly aims to avoid overdraft fees.
Step 1: Identify Your Current Truist Account Type
First things first, do you know exactly which Truist checking account you currently have? This is the cornerstone of your strategy!
How to find out:
- Check your online banking portal: Log in to your Truist online account. Your account type is usually clearly listed on your account summary page.
- Review your monthly statement: Your paper or electronic statements will typically specify your account type.
- Call Truist customer service: If you're unsure, a quick call to Truist customer service (their number is usually on the back of your debit card or on their website) will clarify your account type. Be prepared to verify your identity.
- Visit a Truist branch: A branch representative can also help you identify your account and discuss options.
Once you know your account type, you can tailor your fee-avoidance strategy effectively.
Step 2: Understand the Specific Waiver Requirements for Your Account
Each Truist checking account has specific criteria you need to meet to avoid the monthly maintenance fee. It's not a one-size-fits-all approach.
For Truist One Checking Account Holders:
Generally, to avoid the monthly maintenance fee (which can be $12), you typically need to satisfy one of the following conditions per statement cycle:
- Sub-heading: Make Qualifying Direct Deposits
- Make $500 or more in total qualifying direct deposits per statement cycle. A qualifying direct deposit is usually an electronic credit via ACH, such as your paycheck, government benefits, or pension payments.
- Sub-heading: Maintain a Combined Balance
- Maintain a total combined ledger balance of $500 or more across all eligible Truist accounts. This can include balances in your checking, savings, Certificates of Deposit (CDs), and even some investment accounts with Truist. This is a great option if you prefer to keep a certain amount of money with Truist, but not necessarily all in your checking.
- Sub-heading: Have a Linked Truist Relationship
- Have a linked personal Truist credit card, mortgage, or consumer loan (excluding LightStream). This rewards you for having a broader relationship with the bank.
- Have a linked small business checking account with Truist. This is a good option if you also manage business finances with Truist.
- Sub-heading: Age-Based Waivers
- Be a primary account owner under the age of 25 or age 62 and older. This is a fantastic benefit for students and seniors! If you fall into these categories, your fee should be automatically waived.
For Truist Confidence Account Holders:
The Truist Confidence Account typically has a $5 monthly maintenance fee, which can be waived by meeting one of these conditions:
- Sub-heading: Total Deposits
- Make $500 or more in total deposits per statement cycle. This can include direct deposits, mobile check deposits, and other deposits.
- Sub-heading: Qualifying Transactions
- Make 10 or more qualifying transactions per statement cycle. Qualifying transactions often include debit card purchases, online bill payments, and Zelle transactions.
- Sub-heading: Student Status or Age-Based Waivers
- Primary client is a student.
- Primary client is under the age of 25 or age 62 and older.
Remember to consult the official Truist fee schedule or speak with a representative for the most up-to-date and specific requirements for your account.
Step 3: Implement Your Chosen Fee Avoidance Strategy
Now that you know the rules, it's time to put a plan into action! Choose the strategy that best fits your financial habits.
Strategy 3.1: Embrace Direct Deposit
This is often the easiest and most common way to avoid fees.
- Action: Contact your employer's HR or payroll department and provide them with your Truist account and routing numbers. Request that your paycheck be directly deposited into your Truist checking account.
- Tip: If your full paycheck isn't enough to meet the direct deposit threshold, consider having a portion of it directly deposited, and then supplement with other direct deposits if possible (e.g., from a gig economy platform, or even a transfer from another bank account if Truist considers it a "qualifying" direct deposit – always confirm this with Truist first).
- Benefit: Not only does this waive your fee, but it also provides quick access to your funds.
Strategy 3.2: Maintain the Minimum Balance
If you have consistent funds, this can be a simple solution.
- Action: Regularly monitor your account balance to ensure it stays above the required minimum (e.g., $500 for Truist One Checking, or the combined balance for other accounts).
- Tip: Set up alerts through Truist's online or mobile banking to notify you if your balance drops below a certain threshold.
- Consideration: Be mindful of pending transactions or automatic bill payments that might unexpectedly drop your balance. This strategy requires more active monitoring.
Strategy 3.3: Increase Your Transaction Activity (for Confidence Account)
If you use your debit card frequently, this could be your go-to.
- Action: Make a conscious effort to use your Truist debit card for everyday purchases, set up recurring bill payments, or use Zelle through Truist for transfers.
- Tip: Track your transactions through online banking or the Truist mobile app to ensure you're reaching the 10-transaction minimum.
- Benefit: This strategy leverages your existing spending habits to your advantage.
Strategy 3.4: Leverage Your Age or Student Status
This is a straightforward win if it applies to you!
- Action: If you are under 25, a student, or 62 and older, ensure Truist has your correct date of birth on file. For students, you might need to provide proof of enrollment or your anticipated graduation date.
- Tip: If you believe you qualify but are still being charged a fee, contact Truist immediately to rectify the situation.
Strategy 3.5: Consolidate Your Banking Relationship
If you have accounts with multiple banks, consider moving more of your financial activity to Truist.
- Action: Explore opening a Truist credit card, taking out a loan, or moving investment accounts to Truist to meet the relationship requirement.
- Benefit: This can streamline your banking and potentially unlock additional benefits beyond fee waivers.
Step 4: Monitor Your Account Regularly
Consistency is key! Even after implementing a strategy, it's crucial to regularly check your statements and online banking to ensure the fee is indeed being waived.
- Review monthly statements: Look for the "Monthly Maintenance Fee" line item. If it appears, investigate why.
- Set up alerts: Utilize Truist's online banking or mobile app to set up alerts for low balances or any unexpected fees.
- Understand statement cycles: Be aware of your account's statement cycle dates, as waiver requirements are typically assessed at the end of each cycle.
Step 5: Contact Truist if Fees Persist or You Have Questions
Don't hesitate to reach out to Truist if you encounter issues or have questions.
- Be prepared: Before calling, have your account information ready and be able to clearly state why you believe the fee should be waived. Reference the specific waiver criteria.
- Politely inquire: Explain your situation and ask for clarification on why the fee was charged and what steps you can take to avoid it in the future.
- Escalate if necessary: If your initial contact doesn't resolve the issue, politely ask to speak with a supervisor.
Step 6: Consider Alternative Truist Accounts or Other Banks (Last Resort)
If, despite your best efforts, you find it consistently challenging to meet Truist's waiver requirements, or if the fees are too high for your financial situation, it might be time to explore other options.
Sub-heading: Explore Other Truist Accounts
Truist offers various account types. Perhaps another checking or savings account with Truist has more manageable fee structures or waiver options for your specific needs. For example, if the Truist One Checking is too demanding, the Truist Confidence Account might be a better fit due to its lower fee and transaction-based waiver.
Sub-heading: Consider Online-Only Banks or Credit Unions
Many online-only banks and local credit unions offer checking accounts with no monthly maintenance fees, regardless of balance or direct deposit activity. These institutions often have lower overheads, allowing them to pass savings on to customers.
Frequently Asked Questions (FAQs)
Here are 10 common questions related to avoiding Truist maintenance fees, with quick answers:
How to avoid Truist One Checking monthly fee?
You can avoid the Truist One Checking monthly fee by making $500 or more in qualifying direct deposits, maintaining a total combined ledger balance of $500 or more across all eligible Truist accounts, having a linked Truist credit card/mortgage/consumer loan or small business checking account, or being under 25 or over 62 years old.
How to check my Truist account balance to avoid fees?
You can check your Truist account balance through online banking, the Truist mobile app, at a Truist ATM, or by calling their automated phone banking service. Regularly monitoring your balance is crucial.
How to set up direct deposit with Truist?
To set up direct deposit with Truist, provide your employer's payroll department with your Truist account number and routing number. You can usually find these on a voided check or within your Truist online banking portal.
How to know if my Truist account qualifies for an age waiver?
Truist typically waives fees for primary account holders under 25 and those 62 and older. Ensure your date of birth is accurate on your account; the waiver should be applied automatically. If not, contact Truist customer service.
How to link other Truist accounts to waive fees?
Accounts are often automatically related if they share the same primary or secondary owners. For specific linking requirements (e.g., credit cards, loans), you may need to speak with a Truist representative or review their account disclosures.
How to find Truist's official fee schedule?
Truist's official fee schedules for personal and business accounts are usually available on their website under the "Disclosures and Fees" or "Rates and Fees" section. You can also request a copy at any Truist branch.
How to avoid Truist Confidence Account fees?
You can avoid the Truist Confidence Account fee by making $500 or more in total deposits, making 10 or more qualifying transactions per statement cycle, or if the primary client is a student, under 25, or age 62 and older.
How to use Zelle to count towards Truist transaction waivers?
Zelle transactions made through your Truist account typically count as qualifying transactions for accounts like the Truist Confidence Account. Ensure you send or receive money via Zelle to or from others.
How to switch to a different Truist account type?
You can often switch to a different Truist account type by visiting a Truist branch or by contacting customer service. They will guide you through the process and help you choose an account that better suits your needs.
How to get a no-fee checking account with Truist if I don't qualify for waivers?
If you consistently don't qualify for waivers on standard Truist checking accounts, consider exploring the Truist Confidence Account, which has simpler waiver criteria. Alternatively, look into online-only banks or local credit unions that often offer truly no-fee checking options without strict requirements.
