November 19, 2023

Truist Bank Problems and Solutions

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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.

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).

What type of problems have you most frequently encountered with Truist Bank?

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.

Can I trust Truist?
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.

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.

Maintaining a high balance in your Truist One Checking account can get you benefits, which include skipping some fees. For example, if your monthly average balance is $10,000, you'll have a level 2 account. So you get one non-Truist ATM transaction per monthly cycle for free.

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.

Compare Savings Account Offers

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).

One good thing about visiting the branch in person is that you get a glimpse of how the bank handles its customers. This can influence your decision to bank with them or not.

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!

Compare CDs

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.

Important tip: You can use the lock/unlock feature on Truist's mobile app as soon as you realize your card is missing or stolen.

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

  1. ^ Truist Bank. BB&T and SunTrust complete merger of equals to become Truist, Retrieved 10/11/23
  2. ^ Consumer Affairs Truist reviews, Retrieved 10/12/23
  3. ^ Truist Bank. Confidence Account, Retrieved 10/12/23
  4. ^ Truist. Personal Deposit Accounts Fee Schedule, Retrieved 10/3/2023
  5. ^ Trustpilot Truist review, Retrieved 10/12/23
  6. ^ Truist Bank. CD, Retrieved 10/12/23
  7. ^ Truist. Disclosures and Fees, Retrieved 09/06/23
  8. ^ Truist Bank. Contact us, Retrieved 10/12/23
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What type of problems have you most frequently encountered with Truist Bank?
26% Online banking issues (e.g., website downtime, app glitches)
26% Customer service (e.g., long wait times, unhelpful agents)
26% Fees and charges (e.g., unexpected fees, high service charges)
15% Account management (e.g., difficulties opening accounts, issues with account closures)
7% Loan and credit services (e.g., problems with loan application, credit processing delays)
Source: CreditDonkey
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