Is that monthly maintenance fee on your Truist account feeling like an unnecessary drain on your hard-earned money? You're not alone! Many bank customers face these fees, but the good news is that Truist offers several ways to waive them. Let's dive into a comprehensive guide to help you keep more of your money where it belongs – in your pocket!
Understanding the Truist Monthly Fee Landscape
Before we jump into the waiver strategies, it's essential to understand that Truist offers various checking and savings accounts, each with its own fee structure and waiver criteria. The most common personal checking account is the Truist One Checking account, which often has a $12 monthly maintenance fee. Other accounts like the Truist Confidence Account ($5 monthly fee) or Truist One Savings ($5 monthly fee) also come with their own sets of conditions.
Our goal here is to help you navigate these options and identify the best path to a fee-free banking experience.
Your Step-by-Step Guide to Waiving Truist Monthly Fees
Ready to say goodbye to those pesky monthly fees? Let's get started!
Step 1: Identify Your Current Account Type and Its Specific Fees
Alright, let's begin with a little detective work! Do you know exactly which Truist account you have? This is the crucial first step because waiver requirements differ significantly between account types.
How to find your account type and associated fees:
- Check your monthly statement: Your account type is usually listed prominently on your statement. Look for a section detailing "Fees and Charges."
- Log in to your Truist online banking or mobile app: Your account summary will display your account name. You can often find fee details within the account information or by searching for "fees" in the help section.
- 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 help you identify your account and its specific fee structure.
- Visit a Truist branch: A representative can look up your account details and explain the fee waiver options in person.
Once you know your account type, you'll be better equipped to apply the strategies below. For this guide, we'll primarily focus on the widely used Truist One Checking account as a primary example, but we'll also touch upon others where applicable.
Step 2: Explore the Most Common Waiver Methods for Truist One Checking
The Truist One Checking account is designed with a tiered system, and its $12 monthly maintenance fee can be waived by meeting just one of several criteria. This flexibility makes it easier to avoid fees if you plan strategically.
Sub-heading 2.1: Maintain a Minimum Balance
This is one of the most straightforward ways to waive the fee.
- Requirement: Maintain a total combined ledger balance of $500 or more across all eligible Truist accounts.
- What this means: This isn't just about your checking account balance. It includes personal deposit accounts (checking, savings, money market, CDs) and investments held with Truist Investment Services, Inc., where you are the primary or secondary account owner.
- Tip: Keep an eye on your balance, especially towards the end of your statement cycle, as the balance is reflected on the business day before your statement cycle end date.
Sub-heading 2.2: Set Up Qualifying Direct Deposits
Regular income streams can eliminate your monthly fees.
- Requirement: Make $500 or more in total qualifying Direct Deposits per statement cycle.
- What counts: This typically includes electronic credits via ACH, such as your payroll, government benefits (Social Security, disability), or pension payments.
- What doesn't count: Be aware that transfers from one Truist account to another, deposits made via a branch, ATM, online transfer, mobile device, or debit/prepaid card are generally not considered qualifying direct deposits for this waiver. Make sure your employer or benefits provider is sending the funds as an ACH direct deposit.
Sub-heading 2.3: Have a Relationship with Truist (Credit Card, Loan, or Small Business Account)
Truist values a deeper banking relationship.
- Requirement: Have a personal Truist credit card, mortgage, or consumer loan (including LightStream).
- Benefit: If you already have one of these products with Truist, your checking account monthly fee might automatically be waived. This is a great perk for existing customers.
- Requirement: Have a linked small business checking account.
- Benefit: If you also bank your small business with Truist (e.g., Truist Dynamic Checking, Business Interest Checking, Simple Business Checking), linking it to your personal account can waive the fee.
Sub-heading 2.4: Age-Based Waivers
Some demographics automatically qualify for a waiver.
- Requirement for Students: Be a student who is listed as the primary account owner and provide your anticipated graduation date.
- Note: The waiver typically expires on your provided graduation date.
- Requirement for Youth: Be a primary account holder under the age of 25.
- Note: The waiver for clients under 25 usually expires on their 25th birthday.
- Requirement for Seniors: Be a primary account holder age 62 or older.
- This is a fantastic benefit for senior customers, often automatically waiving the fee.
Step 3: Strategies for Other Truist Accounts
While Truist One Checking is popular, you might have other Truist accounts. Here are some quick tips for them:
Sub-heading 3.1: Truist Confidence Account
This account typically has a $5 monthly maintenance fee.
- Waiver Options:
- Make $500 or more in total deposits per statement cycle.
- Make 10 or more qualifying transactions per statement cycle.
- Primary client is a student.
- Primary client is under the age of 25 or age 62 and older.
Sub-heading 3.2: Truist One Savings Account
This savings account has a $5 monthly maintenance fee.
- Waiver Options:
- Maintain a minimum daily ledger balance of $300 or more.
- Schedule a recurring preauthorized internal transfer of $25 or more per statement cycle into
the Truist One Savings Account. - Are under 18 years of age.
- Have any related Truist personal checking account.
Sub-heading 3.3: Truist One Money Market Account
This account usually carries a $12 monthly maintenance fee.
- Waiver Option: Maintain a minimum daily ledger balance of $15,000 or more.
Step 4: Proactive Management and Review
Waiving fees isn't a one-time setup; it requires a bit of ongoing attention.
Sub-heading 4.1: Monitor Your Balances and Activity
- Regularly check your account statements: Ensure you're meeting the waiver criteria each month. If your direct deposits fluctuate or your balance drops, you might incur a fee.
- Utilize online banking and mobile app alerts: Set up alerts for low balances or for when a direct deposit posts, so you're always in the loop.
Sub-heading 4.2: Adjust Your Banking Habits if Needed
- Consolidate funds: If you have money spread across multiple banks, consider consolidating some funds into your Truist accounts to meet balance requirements.
- Automate transfers: If a recurring transfer can waive a fee (like for the Truist One Savings), set it up and forget about it!
- Optimize direct deposits: If you're close to the direct deposit threshold, see if you can adjust your payroll to meet it.
Step 5: Don't Hesitate to Communicate with Truist
If you find yourself facing a fee despite your best efforts, or if you have questions about specific waiver requirements, don't just accept it.
Sub-heading 5.1: Call Customer Service
- Explain your situation politely: Sometimes, if you've just missed a requirement, a representative might be able to offer a one-time waiver as a courtesy.
- Clarify requirements: If you're confused about how a certain criteria is applied, they can provide precise details.
Sub-heading 5.2: Visit a Branch
- In-person assistance: For complex situations or if you prefer face-to-face interaction, visiting a local Truist branch can be very helpful. A banker can review your account history and suggest personalized strategies.
10 Related FAQ Questions
How to Check My Truist Monthly Fee Waiver Status?
You can check your waiver status by logging into your Truist online banking account, reviewing your monthly statements for fee charges, or by calling Truist customer service directly.
How to Qualify for a Student Fee Waiver at Truist?
To qualify for a student fee waiver, you generally need to be the primary account holder on a Truist One Checking account and provide your anticipated graduation date to Truist.
How to Ensure My Direct Deposits Count Towards the Waiver?
Ensure your direct deposits are electronic credits via ACH from an employer or government entity. Transfers from other personal accounts or non-payroll deposits usually don't qualify.
How to Consolidate Accounts to Meet Balance Requirements?
You can transfer funds from other banks or consolidate funds from different Truist accounts (checking, savings, money market, CDs, and certain investment accounts) into a combined total to meet the balance requirement.
How to Avoid Fees if I'm Under 25 or Over 62?
If you are the primary account holder and are under 25 or 62 and older, the monthly maintenance fee for Truist One Checking is automatically waived. No specific action is usually required on your part, but verify it's applied.
How to Link a Truist Credit Card to Waive My Checking Fee?
Having an active personal Truist credit card, mortgage, or consumer loan often automatically waives the monthly fee for your Truist One Checking account. You typically don't need to explicitly "link" them; the relationship is recognized.
How to Set Up Recurring Transfers for Savings Account Waivers?
You can set up recurring preauthorized internal transfers of at least $25 per statement cycle from your Truist checking account to your Truist One Savings account via online banking or the mobile app.
How to Get a Truist Representative to Review My Fees?
Call Truist customer service or visit a local branch. Politely explain that you'd like a review of your account fees and the available waiver options.
How to Know My Truist Statement Cycle End Date?
Your statement cycle end date is typically printed on your monthly account statement. This date is crucial for understanding when balance requirements are assessed.
How to Upgrade My Truist Account to a Fee-Waiving Tier?
Truist One Checking automatically adjusts your benefits (including fee waivers) as your combined account balances grow. You generally don't need to "upgrade" manually; maintaining higher balances will naturally move you to higher benefit levels.