If you are looking for a better financial experience including digital banking, then, you got to keep reading this Truist Bank review.
In this review, we are going to tackle the most important details that make this bank one of the best choices out there.
Let’s face it, finding a digital banking service provider that provides a better financial experience than everyone else in the industry can be quite tough. But, guess what? That is exactly what Truist Bank promises to its customers.
Every single day, the bank continues to evolve depending on the needs and preferences of its customers. Your financial goals influence the kind of products and services the bank creates to be able to “help you make the choices that lead to better opportunities.”
Sounds too good to be true? Well, we’ll find out later on as we go along with our Truist Bank review.
But before that, allow us to share with you some interesting facts first.
Truist Bank, while it does have physical branch locations offer a superior digital banking experience as well.
Just a quick overview, digital banking refers to the digitization or automation of all traditional banking activities. More so, it also includes other financial features that makes it even more convenient and easy to use.
Digital banking is not a new thing. It has been there for years, but only until lately especially in 2020 that it really boomed.
In the Insider Intelligence’s Mobile Banking Competitive Edge Study, which was published by Business Insider, it was found that 89 percent of the respondents said they do use mobile banking or digital banking. The study further states that 97 percent of Millennials use mobile banking, 91 percent are Gen Xers, while 79 percent are Baby Boomers.
This study shows that digital banking is not for young generations alone, but that even older consumers are into it. That actually becomes real when the pandemic hit. A lot of people relied on digital financial services to be able to do day-to-day banking transactions.
The digitization of banking services, while it was a bit of a challenge to the banking industry at first, has really changed the way people bank. Needless to say, it provided a lot of opportunities for banks to serve their customers better.
Truist Bank is surely one of the banks that embraced the challenge. Apart from providing traditional banking services, in its hope to provide an improved customer experience, the bank also managed to come up with a better digital banking experience for its existing customers and the potential ones.
So, as mentioned earlier, in the next couple of sections, we are going to particularly focus on essential information that makes Truist Bank, the bank of choice.
Specifically, we are going to tackle the following:
- What is Truist Bank?
- Who is Truist Bank best for?
- What are the products offered by Truist Bank?
- How to bank with Truist Bank?
- Is Truist Bank safe?
- What to like about Truist Bank?
- What not to like about Truist Bank?
WHAT IS TRUIST BANK?
Truist Bank is a banking institution formed after BB&T acquired the assets of SunTrust Bank. The two banks merged, and the whole merging process was completed on December 6, 2019.
To know more about the merger, check out the video below from CNBC Television as Kelly King, Truist Bank CEO talk about it:
The merger of BB&T and SunTrust Bank involved $228 billion and $220 billion in assets, respectively. Thus, the formation of Truist Financial (with the two banks combined assets) made it the 6th largest bank in the United States.
During the time of the merger, the bank serves close to 10 million households in 17 states. But, with the existence of its digital banking platform, and almost two years since the merging transpired, the numbers, for sure, have already increased.
Here’s the thing, though, although the Truist website is already functional, all products and services are still available on both BB&T and SunTrust Bank. As to when they’re going to be in one site/bank, we do not know.
Meanwhile, the bank still uses the BB&T mobile application, which will eventually become Truist anyway.
Do you find it confusing?
Well, to simply put it, if you opt to open an account with Truist, you may do so at BB&T or SunTrust Bank branches, or through the BB&T mobile app.
It doesn’t matter where and how you open an account because all clients of both banks are considered Truist.
At the moment, all banking products and services offered by both banks are still functional, which means also that they will be carried over to what Truist Bank offers.
Truist Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means all funds placed by depositors in this bank are protected by the federal government. Each depositor will receive up to $250,000 insurance per account category in the event of a bank failure.
WHO IS TRUIST BANK BEST FOR?
Now that you already know what Truist Bank is, it’s time to look into who would benefit from it the most.
Generally speaking, Truist Bank should appeal to consumers who are looking for better banking experience.
It would be ideal for depositors who appreciate continued innovation in the banking industry.
Furthermore, Truist Bank is best for those who are looking for a stable and reliable bank that offers both traditional and digital banking services.
Both BB&T and SunTrust Bank offer a wide variety of products, which will surely be carried over by Truist Bank. Thus, Truist would also be a great choice for those who want to enjoy a variety of banking products and services to choose from.
Also, Truist Bank customers will surely enjoy waived ATM fees, as well as competitive rates on its deposit accounts. So, if you are looking for such features, this should appeal to you as well.
WHAT ARE THE PRODUCTS OFFERED BY TRUIST BANK?
In this part of our Truist Bank review, we are going to talk about one of the most important things that people look into when finding a bank.
As mentioned earlier, technically speaking Truist right now is just a name. In fact, both BB&T and SunTrust have a link to Truist, and vice versa.
Sure, it can be quite confusing but, technically speaking, all BB&T and SunTrust Bank customers automatically become Truist Bank customers.
Right now, if you go visit the BB&T and the SuntTrust Bank websites, both offer a variety of banking products and services.
But for the purpose of this review, we are going to focus on both checking and savings accounts only.
Similar to the banks’ savings accounts, there is not much to expect on their checking accounts as well.
Both banks do not offer high-yield checking accounts. In fact, with BB&T, customers need to pay a monthly maintenance fee. The fee can be waived though if you have a student checking account, or you meet the minimum balance required by the bank.
To be honest, if Truist Bank wants to really become the better choice, it has to work on its product offerings. The bank has to be competitive in terms of rates.
After all, most customers prefer to have the ability to earn more from their money than anything else.
One thing that we noticed about BB&T and SunTrust Bank when it comes to their savings account offerings is that both do not offer high-yield savings accounts.
It kind of saddens us because the trend right now is really on high-yield savings accounts.
However, the fact that both banks are full-service banks, it’s quite not that surprising. Generally speaking, traditional or conventional banks have lower annual percentage yields (APY) as compared to online banks, which is typically caused by the higher operating costs.
Yes, online banks are really the ones that are competitive when it comes to rates.
Now, given the fact that Truist Bank aims to provide a better banking experience, we are looking forward to what would be in store for existing and potential clients in the future — especially if they put more focus on their digital banking offering.
Now, before we move on to the next section, just to give you an idea, here’s what BB&T offers:
- Checking Accounts
- Savings Accounts
- Prepaid Cards
- Credit Cards
- Debit Cards
- Certificates of Deposit
- Home Mortgage
- Home Equity Loans and Lines of Credit
- Auto Loans
- Personal Loans
Retirement and Investing
- Investment Products (such as Annuities, Asset Management Account, Bonds, Mutual Funds, etc.)
- Coverdell Education Savings
- Certificates of Deposit
- Personal Insurance
Meanwhile, here’s what SunTrust Bank offers:
- Checking Accounts
- Savings Accounts
- Cash Rewards
- Travel Rewards
- Prime Rewards
- Home Improvement
- Home Equity Line of Credit
- Auto Loans
- Student Loan
- Debit Consolidation
- Recreational Loans
- Unsecured LightStream
- Personal Lines of Credit
- CD Secured Loan
- Physician Loans and Lines of Credit
- Business Loans
- Adjustable-Rate Mortgage
- Affordable Financing
- Federal Housing Administration (FHA) Loans
- Department of Veterans Affairs (VA) Loans
- USDA Rural Development Loans
- Conventional Financing for High-Cost Areas
- Doctor Loan Program
- Jumbo Financing
- Premiere Loans for Professionals and Entrepreneurs
- Credit Cards
Investing and Retirement
- Mutual Funds
- Global Investing
- Types of IRAs
- Taxable Brokerage
HOW TO BANK WITH TRUIST BANK?
In the previous sections, we shared with you pieces of important information about Truist Bank including its product offerings.
This time around, we are going to talk about how to actually bank with them.
As already mentioned, Truist Bank, as of the moment is just a name. If you are interested to open a bank account or avail of any of its other services, you have to either visit a BB&T or Suntrust Bank or these banks’ respective websites.
Again, all depositors of BB&T, as well as SunTrust Bank, are all Truist Bank customers as well. This kind of setup is just for the meantime, but, eventually, it will all be in one place.
Now, when it comes to opening a bank account, similar to all the other banks out there, you will be asked to provide your personal information such as your name, address, phone number, email, as well as your Social Security number.
To verify your information, the bank will, for sure, ask you to present valid government-issued identification such as a passport or driver’s license. So, make sure to keep these documents handy.
By the way, once you have opened an account particularly on BB&T, please note that customers can access their accounts through the BB&T mobile app. All you have to do download the app, which is available for both iOS and Android users, and then, follows the following steps:
- Step 1: Open the U by BB&T app, and select Enroll Now.
- Step 2: Choose Personal Banking.
- Step 3: Scroll down and select your account type.
- Step 4: Enter your account, debit, or ATM card number.
- Step 5: If you choose debit or ATM card, enter your PIN.
- Step 6: Enter your ZIP code.
- Step 7: Enter your email address.
- Step 8: Select Continue.
- Step 9: Create a unique user ID that’s easy for you to remember.
- Step 10: Create your password.
- Step 11: Submit your information.
Meanwhile, customers of SunTrust Bank may also check and manage their accounts through the website.
IS TRUIST BANK SAFE?
Technically speaking, Truist Bank’s website is not yet functional like that of a normal bank. However, as mentioned earlier, you can open a bank account through the BB&T and SunTrust Bank websites.
Respectively, both banks have bank-grade security measures in place to ensure that all personal data provided are safe from fraud or identity theft threats.
Meanwhile, Truist Bank is FDIC-insured. So, whether you opened an account through BB&T or SunTrust Bank, since both merged, all their customers are Truist Bank customers as well, which means each of them could receive up to $250,000 per account category in the event of a bank failure.
So, is Truist Bank safe? Well, being one of the largest banks in the country, and with two financial institutions with years of experience in the banking industry to back it up, it definitely is.
WHAT TO LIKE ABOUT TRUIST BANK?
Now that you already know what Truist Bank is all about, who it is suited for, what products and services it offers, how to bank with them, and how safe it is, it’s time to come up with a list summary of the things that really stand out the most.
Some of the things that we particularly like about Truist Bank include:
- Wide Array of Banking Products and Services – As you know by now, Truist Bank is the output of the BB&T and SunTrust merger. Respectively, these banks have a wide selection of banking products and services from personal banking, business banking, as well as loans, insurance, and investments.
- Allows to Open an Account Online – Both BB&T and SunTrust website provides customers the ability to open an account online. Currently, Truist Bank website provides links to the websites of the two banks and vice versa.
- Mobile App (BB&T) – BB&T has a mobile app called U. This allows customers to manage their accounts anytime and anywhere. The mobile app is available for both iOS and Android devices.
- Low Fees (BB&T) – BB&T customers can benefit from low fees in certain bank products and services.
- Lots of Rooms for Improvements – Truist Bank has lots of rooms for improvement, which we consider a plus given the fact that it is the baby out of the merger between two banks. We cannot wait for what’s in store for its customers once everything is settled.
- Stability – With the merging, Truist Bank currently has over $400 billion in assets, making it one of the largest banks in the country. That alone is enough to prove how stable the bank is.
- FDIC-Insured – Truist Bank is FDIC-insured, which means all depositors can receive up to $250,000 per account category in case the bank fails.
WHAT NOT TO LIKE ABOUT TRUIST BANK?
This Truist Bank review will not be complete without a list of the things to not like about it.
While we did provide you a good number of things to like, here are a few downsides of the Truist Bank:
- The existence of BB&T and SunTrust can be confusing – Although they say that eventually all customers of both banks are considered as Truist Bank customers, it can really be confusing to have these two banks still. We cannot wait to just have one – and that’s Truist Bank, of course.
- Does Not Offer High-Yield Savings and Checking Accounts – Both BB&T and SunTrust Bank do not offer high-yield savings and checking accounts, which is understandable, though, since they are full-service banks with overhead costs to consider.
- Fees – For both banks, their savings and checking accounts do have fees to watch out for. BB&T checking account does have a monthly maintenance fee unless you have a student checking account or have met the minimum balance requirement. For SunTrust’s Essential Checking, there is also a monthly fee. It can be waived if you meet the minimum balance requirement of $500.
FINAL THOUGHTS ON TRUIST BANK REVIEW
Truist Bank is technically a new bank that still needs a lot of ironing especially since it is formed because of the merging between two banks.
As mentioned earlier, the existence of BB&T and SunTrust Bank can cause confusion to potential customers. So, the earlier BB&T can resolve this, the better for its customers, right?