Truist Bank Problems and Solutions
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. This compensation may impact how and where products appear on this site. You help support CreditDonkey by using our links.
Truist may be one of the largest banks in the U.S. But it doesn't mean you won't experience problems with them. Read on for your possible solutions.
 |
Truist Bank was born out of a merger of BB&T and SunTrust, two major regional banks in the U.S.[1] This makes Truist a strong competitor in the banking industry.
However, this bank's products and services can be improved. Read on to find out its common issues.
Personal Checking Account - $400 Bonus
Open a new Truist One Checking account online. Use promo code DC2425TR1400 at account opening. Set up and receive at least two qualifying direct deposits of $1,000 or more within 120 days of account opening.
What Is The Problem With Truist Bank?
Here are some challenges and concerns many clients have about Truist Bank (and what you can do about it).
Merger-related Problems
Many clients of the former BB&T and SunTrust banks have experienced account issues, especially at the height of the merger.[2] For example, some clients experienced delayed access to their funds or problems with their account details.
What You Can Do:
Monitor your converted BB&T or SunTrust account to spot irregularities. If you find one, report it immediately.
Unfortunately, you'll need to be patient since you'll likely wait long when you contact Truist customer support. Make sure to update your contact information to avoid missing important notifications and updates.
Truist Bank can be a trustworthy financial institution, even if it's just less than 5 years old. Put together in 2019, it's the result of merging two major players in the banking industry (BB&T and SunTrust). Both banks have more than a century of experience under their belt.
No Free Checking Accounts
Truist doesn't offer a fee-free checking account, unlike other banks. A Truist One Checking Account costs $12/mo, while a Truist Confidence Account costs $5/mo. Both of these accounts even require a minimum opening deposit.[3]
What You Can Do:
There are many other banks that offer free checking accounts, so you can check them out instead. Or you could waive Truist's monthly fee.
To waive the fee for a Truist One Checking Account, just do one of the following:
- Make $500+ in total direct deposits per statement cycle
- Maintain a total of $500+ combined ledger balance across your Truist-related accounts
- Opt for a personal Truist credit card
- Opt for an eligible Truist mortgage/customer loan
- Link a small business checking account
If you open a Truist Confidence Account, you can waive the fee by making $500+ in total deposits per statement cycle. Or you can make 10+ qualifying transactions per statement cycle.
The monthly maintenance fee for both checking accounts can also be waived if you're a student under 25 years old.
Rewards Checking - Up to 3.30% APY
- Minimum Deposit Required: $0
- Balance Requirement: $0
- Monthly Fee: No monthly maintenance fee
- APY: Up to 3.30%
- ATMs: Unlimited domestic ATM reimbursements
- Perks: Get your first set of 50 checks free
Expensive Bank-related Fees
Truist is known to have no overdraft charges for its Truist One Checking and Truist Confidence Account, yet has a higher standard overdraft coverage of up to $100 for its Truist One Checking eligible clients. However, some of its other fees are pretty expensive.
Here's how much you can expect:[4]
- Outgoing international wires: $65
- Domestic non-Truist ATM withdrawal fee: $3
- Paper statements for Truist One Savings and Truist One Money Market Account: $3
- Replacement card rush fee: $15 or $30 depending on the account
What You Can Do:
You can avoid some of the fees if the transaction involved is unnecessary or not urgent. For example, you can get a replacement card at no extra cost. But prepare to wait a bit longer with a standard delivery service.
If you need to transfer funds internationally, consider online payment services like Wise and PayPal. These providers normally don't charge fees when sending money overseas.
Low APY for Savings Accounts
Truist offers a low APY for its savings accounts, which is typically common for brick-and-mortar banks. It doesn't matter if it's Truist One Savings, Truist Confidence Savings, or Truist One Money Market Account.[5]
That said, know that your money in a regular savings account loses its value. This is especially true when inflation is at an all-time high.
What You Can Do:
You can apply for an online savings account instead if you're looking for a high APY. It might not be from Truist, but at least you can make your money work better for you.
- Discover® Online Savings:
$200 Cash Bonus - Western Alliance Bank:
High Yield Savings Account - 4.25% APY - UFB Portfolio Savings:
Earn up to 4.01% APY - Mission Valley Bank:
High Yield Savings Account - 4.27% APY - First Community Bank:
High-Yield Savings Account - 4.26% APY - DR Bank:
High-Yield Savings Account - 4.25% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.22% APY - Dayspring Bank:
High-Yield Savings Account - 4.17% APY - The State Exchange Bank:
High Yield Savings Account - 3.90% APY - RBMAX:
High-Yield Savings Account - 3.66% APY
You Can't Open a CD Account Online
Although CDs are a great alternative to a regular savings account, you must open one at a Truist branch. You can't do it online, which can be a hassle. Rates may also vary per branch location.[6]
What You Can Do:
If you can't fit in your schedule a visit to Truist's physical branch, you can opt for online banks instead. They typically provide high CD rates, and you can often view these rates online (unlike with Truist).
Undisclosed CD Rates
Unfortunately, Truist doesn't display their interest rates on their website, especially with their CDs. But you can view the term options (7 days up to 5 years).[7]
What You Can Do:
CD rates are not available on the website since they vary by branch. You'll have to visit one in your area to get the complete and latest APYs.
When you finally know your CD rate, use a CD rates calculator to find out how much interest you'll earn!
- Western Alliance Bank:
High-Yield CD Rates - Up to 4.30% APY - Consumers Credit Union:
12-Month High-Yield CD - 4.00% APY - SkyOne Federal Credit Union:
12-Month No-Penalty CD - 3.90% APY - American First Credit Union:
12-Month High-Yield CD - 4.00% APY - Technology Credit Union:
5-Month No Penalty CD - 4.00% APY - Freedom Bank:
12-Month No-Penalty CD - 3.75% APY - Blue Federal Credit Union:
15-Month High-Yield CD - 3.55% APY - Quontic:
CD Rates - Up to 3.75% APY - Discover Bank:
1 Year CD - 4.00% APY - mph.bank:
60-Month Callable CD - 4.36% APY
No Live Customer Support on Sundays
Many major financial institutions offer 24/7 customer support. And since that's not the case with Truist, it can be inconvenient.[8]
What You Can Do:
If you can only attend to your banking needs on the weekends, you can still talk to a live person on a Saturday from 8 am to 5 pm ET.
But if it's an urgent matter like a lost card or suspected fraud activity, you can call the Truist hotline to report it immediately.
Bottom Line
Truist Bank has its fair share of drawbacks and limitations. It's a matter of weighing the pros and cons to determine if the bank is right for you. But there may be better options.
References
- ^ Truist Bank. BB&T and SunTrust complete merger of equals to become Truist, Retrieved 10/11/23
- ^ Consumer Affairs Truist reviews, Retrieved 10/12/23
- ^ Truist Bank. Confidence Account, Retrieved 10/12/23
- ^ Truist. Personal Deposit Accounts Fee Schedule, Retrieved 10/3/2023
- ^ Trustpilot Truist review, Retrieved 10/12/23
- ^ Truist Bank. CD, Retrieved 10/12/23
- ^ Truist. Disclosures and Fees, Retrieved 09/06/23
- ^ Truist Bank. Contact us, Retrieved 10/12/23
Business Checking Account - $400 Bonus
- Open a new Truist Simple Business Checking or Dynamic Business Checking account online, via phone, or in a branch from 4/1/2025 through 9/30/2025 and earn $400 by making Qualifying Deposits* of $2,000 or more into your new account within 30 days of account opening. Must be a new Truist business checking client, Terms Apply.
- Enrollment in the promotion is required at the time of account opening using promo code SB25Q2BIZAFL to be eligible for a promotion reward. Refer to the Account Opening & Promotion Enrollment sections below for instructions.
- *Qualifying Deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 05/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
- Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
U.S. Bank Business Essentials - $500 Bonus
Promo code Q2AFL25 MUST be used when opening a U.S. Bank Business Essentials, Silver, or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $500 Business Checking bonus by opening a new U.S. Bank Business Essentials or Silver Business Checking account between 4/3/2025 and 6/30/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC
Write to Penny Besana at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
|
|
| ||||||
|
|
|
Compare:
