Truist Bank Review: Services, Pros and Cons (original) (raw)
Truist is often seen as an industry leader in affordable banking, particularly because it doesn’t charge overdraft fees. Still, banking with Truist can have drawbacks, especially in terms of its low interest-bearing savings products and reputational hits.
In this review, we at the MarketWatch Guides team will highlight Truist’s banking products, its customer service track record and how the bank compares to other financial institutions.
Key Takeaways
- Overall, Truist earns 3.7 out of 5 stars, with its checking accounts standing out for no overdraft fees and easily waivable account maintenance fees.
- Truist could be a great option for students or those who experience barriers to standard checking accounts.
- Customers can’t open certificates of deposit (CDs) online, and branch locations are mostly confined to the southeastern United States.
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Truist Bank Ratings
We give Truist Bank an overall bank rating of 3.7 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. Its checking accounts and overall banking experience and access scored the highest. Here’s how the company scores in each of our review categories:
*Ratings are determined by our editorial review team. Learn more about our scoring methodology. Our review team reached out to Truist for comment on its overall rating and savings account, CD and money market account scores but did not receive a response.
## Who Is Truist Bank Best For?
Truist Bank is best for someone who lives near a branch. That way, consumers can take advantage of all of its financial products. While Truist offers a lot of services no matter where someone lives, consumers must open a CD at a physical branch.
Truist Bank Locations
Truist is the seventh-largest bank in the United States with over $535 billion in assets. It achieved this size thanks to the BB&T and SunTrust merger in 2019. These former banks have long histories — BB&T has roots going back to 1872 and SunTrust was established in 1891.
Truist is based in Charlotte, N.C., and has a somewhat small footprint with branches in Washington, D.C., and the following 17 states:
Truist Bank Pros and Cons
Pros
Lots of choices: Truist Bank offers customers a wide array of financial products.
Location, location, location: In the states where it operates, Truist has plenty of branch and ATM locations.
Earn relationship rewards: Truist One Checking customers can earn more cash back and other perks depending on their combined monthly balance across eligible Truist accounts.
Overdraft relief: There are no overdraft fees, but there is a negative balance buffer for Truist One checking accounts.
Cons
In limited states: The bank has a limited physical presence, as Truist is primarily in the southeastern U.S.
Lower interest rates on savings products: Truist has lower interest rates on savings and money market accounts than many competitors.
CDs can be hard to get: To get a CD, you must open an account in a branch.
Truist Bank Account Options
Truist offers numerous financial products, including checking accounts, savings accounts, CDs, money market accounts, credit cards, personal loans, auto loans, mortgages, insurance and investing accounts. Alongside its normal consumer offerings, Truist provides small business, corporate and wealth management solutions.
Truist Mobile, the bank’s phone app, automatically includes Zelle functionality. There are more than 2,000 Truist Bank branch locations and 3,000 ATMs. Customer service over the phone is available on weekdays from 8 a.m. to 8 p.m. ET and on Saturdays from 8 a.m. to 5 p.m. ET, but is closed on Sundays.
| Truist Account | APY* | Minimum Opening Deposit |
|---|---|---|
| Truist One Checking | N/A | $50 |
| Truist Confidence Account | N/A | $25 |
| Truist One Savings | 0.01% | $50 |
| Truist Confidence Savings | 0.01% | $25 |
| Truist CDs | Varies, advertised rates up to 4.00% (visit branch for details) | 1,000to1,000 to 1,000to2,500 |
| Truist One Money Market Account | 0.01% (standard rate) or 4.00% (new accounts only) | $50 |
*APY accurate as of November 14, 2024
Truist Bank Customer Experience
Truist receives an A+ rating from the Better Business Bureau (BBB). Bauer Financial also recommends it, giving Truist 4 out of 5 stars, which is an “excellent” rating. The Truist mobile banking app receives mostly positive feedback from users, too, with 4.8 out of 5 stars on Apple’s App Store and 4.7 out of 5 stars on Google Play.
However, Truist does have some dings on its reputation. For example, the 2019 merger, which created Truist, didn’t go smoothly for some customers. WRIC 8News reported customer complaints such as disappearing transactions and hours-long customer service phone hold times in 2022. Similarly, WCNC Charlotte reported in 2023 that customers weren’t able to use their old or new Truist credit cards due to “service disruptions.”
Our team reached out to Truist for comment on WRIC 8News’ and WCNC Charlotte’s reports and did not receive a response.
Additionally, Kelly King, Truist Chairman and CEO, has publicly issued an apology for Truist’s role in perpetuating and profiting off of slavery. The apology was first released as an employee memo in July 2020 in response to internal discussions about systematic racism and the racially-motivated murders of Ahmaud Arbery, Breonna Taylor and George Floyd.
In response, the bank has launched two leadership groups to “help shape and guide [Truist’s] long-term actions” and has pledged increased community involvement and investment.
Truist Bank vs. Other Top Banks
Truist doesn’t have the physical presence of other major financial institutions such as Chase Bank, Wells Fargo and Bank of America since Truist only operates in 17 states and Washington, D.C. It also has fewer in-network ATMs than other large financial institutions.
Apart from its high promotional CD rates, Truist lacks high interest-bearing savings options. However, it does offer a money market account, which Chase, Wells Fargo and Bank of America don’t offer.
| Truist | Chase | Wells Fargo | Bank of America | |
|---|---|---|---|---|
| Our rating | 3.7 | 4 | 3.8 | 4 |
| Number of branch locations | 2,000+ | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | 3,000 | 15,000+ | 11,000 | 15,000 |
| Available deposit products | Checking, savings, CDs, money market | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | Yes | Yes | Yes | Yes |
*The bank offers a low fee that is waivable if at least one requirement is met, such as a recurring direct deposit, a minimum monthly balance or a linked savings account. Requirements vary by bank.
>> Related: Learn more about the best online banks
The Bottom Line: Is Truist Right for You?
Truist offers accessible checking accounts and unique opportunities for customers to earn rewards depending on their balance tier across their accounts. It also has a highly rated mobile app and an A+ BBB rating. But controversy and customer complaints are a part of Truist’s reputation.
Still, underbanked people and students may be good candidates for banking with Truist. Though its offerings have room for improvement — particularly with its low interest-bearing savings products — Truist is a decent option for people within its geographic footprint.
>> Related: Learn more about the best bank promotions
FAQ: Truist Reviews
Truist may be a good bank for those who live near one of its branches and value in-person banking. Students and people who have trouble qualifying for traditional bank accounts may find a lot of value at Truist as well.
Truist Bank is considered to be a safe bank because it’s insured by the FDIC. That means people who deposit up to $250,000 (per account category) are protected by the federal government and have no need to worry about a bank’s failure.
Truist Bank is not the same bank as BB&T, but it shares history with BB&T. BB&T and SunTrust Bank merged in 2019 to form Truist. Truist is now one of the largest banks in the U.S. with over $535 billion in assets.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
35% Savings and money market accounts
30% Checking accounts
20% Certificates of deposit
15% Banking experience and access
Savings and money market accounts
The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
Checking accounts
High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
Certificates of deposit
Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
Banking experience and access
Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
_*Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.