1. Truist’s Account Offerings
To start, Truist Bank provides a range of personal banking products, including checking accounts, savings accounts, money market accounts, and CDs (Certificates of Deposit).
One of the main appeals of their checking accounts is that they have no overdraft fees, which makes them ideal for people looking to avoid additional charges.
Additionally, Truist offers the Truist One Savings account, which can waive monthly service fees if you maintain a balance of at least $300, schedule recurring transfers, or pair it with a checking account.
Truist also provides traditional CDs, with terms ranging from 7 days to 60 months, although rates may vary by location.
2. Truist’s Digital Experience
Moreover, Truist’s mobile app allows customers to handle their banking needs efficiently. With a rating of 4.7 out of 5 stars on both the Apple and Google Play stores, the app offers features such as:
- Viewing transaction history
- Mobile check deposits
- Customizing account alerts
- Requesting checks
- Sending money through Zelle
Though convenient, it’s important to note that the bank ranked below average in the 2024 J.D. Power Mobile Banking Satisfaction Study, indicating room for improvement in its overall customer experience.
3. Fees and Interest Rates
Additionally, one of Truist Bank’s strengths lies in its overdraft fee policy. Unlike many traditional banks, Truist does not charge overdraft fees on its checking accounts. This can be a huge advantage for customers who might occasionally dip into negative balances.
However, Truist’s savings account interest rates are lower than the national average, which might be a drawback for those looking to maximize returns on their savings.
The CD rates, while competitive, still fall short when compared to the best online banks. Additionally, Truist charges monthly maintenance fees on most accounts, although these can be waived under certain conditions.
4. Branch Network and ATM Access
Furthermore, Truist’s extensive network of branches and ATMs is a major plus for customers who prefer in-person banking. With over 1,900 branches spread across states such as Florida, Georgia, and Virginia, Truist ensures that customers have easy access to their money.
Moreover, the bank offers 2,900 ATMs, making it convenient for users to withdraw or deposit funds without incurring out-of-network fees.
5. Mortgage and Loan Products
In addition to personal banking, Truist also offers a variety of loan products, including auto loans, personal loans, and mortgages. Notably, the bank is recognized for its Community Homeownership Incentive Program (CHIP), which allows first-time homebuyers to put 0% down in certain areas.
This program helps make homeownership more accessible, particularly for individuals in qualified neighborhoods. Truist also offers VA, FHA, and USDA loans, further expanding their range of mortgage options.
6. Investment Services
When it comes to investments, Truist provides two options: Truist Invest and Truist Trade. With Truist Invest, clients can enjoy automated investment services, though it requires a minimum of $5,000 to get started.
Truist Trade, on the other hand, offers a self-directed trading platform, with a low initial deposit requirement of just $1. This platform charges an annual fee of $60, making it suitable for individuals who prefer a hands-on approach to their investments.
7. Truist Business Banking
For business owners, Truist Bank offers a comprehensive range of business banking solutions. These include business checking accounts, savings accounts, and commercial CDs with terms ranging from 7 days to 60 months.
Truist also offers specialized services like merchant services, business loans, and treasury management, making it a popular choice for small to mid-sized businesses.
8. Frequently Asked Questions
Here are some commonly asked questions about Truist Bank:
- What services does Truist Bank offer?
Truist provides a variety of services, including personal banking, business banking, credit cards, auto loans, personal loans, mortgages, and investment services. - What fees are associated with Truist accounts?
Truist charges fees for monthly maintenance, out-of-network ATM use, official checks, stop payments, and wire transfers, though some of these can be waived. - How can I contact Truist customer support?
You can reach Truist through live chat, by visiting a branch, or by using their mobile app to send messages to customer service.
By addressing a wide range of customer needs, from personal accounts to loans and investments, Truist remains a strong contender in 2024.
