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Truist

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About

Truist Bank is a major US financial institution that was created through the merger of BB&T and SunTrust Banks in December 2020. With its headquarters in Charlotte, North Carolina, Truist Bank provides a wide range of financial products and services to its clients, including retail and commercial banking, investment banking, asset management, and wealth management. The bank operates through a network of over 2,000 branches across the southeastern United States and serves more than 10 million households and commercial clients. With a strong focus on innovation and technology, Truist Bank is dedicated to helping its clients achieve their financial goals and building a better future for the communities it serves.

Distinguishing Features

Truist Financial Corporation has the following distinguishing features:

  1. Large Scale. It is one of the largest banks in the United States with over $400 billion in assets and a widespread network of branches and ATMs.
  2. Comprehensive Range of Products. Truist offers a full range of banking products and services, including personal and business checking and savings accounts, mortgages, loans, credit cards, wealth management, and insurance services.
  3. Technology-driven. Truist has invested heavily in technology and digital capabilities to offer its customers convenient and efficient banking services through its mobile app, online banking platform, and other digital channels.
  4. Community Engagement. Truist is committed to being a responsible corporate citizen and actively participates in community development initiatives, philanthropic activities, and volunteer work.
  5. Merger Heritage. Truist was formed as a result of the merger between BB&T and SunTrust Banks, bringing together the strengths and resources of two leading financial institutions.

Pros and Cons

Pros

  1. Wide reach. Truist operates in several states across the country, providing customers with a large network of branches and ATMs for their banking needs.
  2. Comprehensive Product Offerings. Truist offers a full range of banking products and services, making it a one-stop-shop for customers' financial needs.
  3. Technology-driven. Truist has invested in technology to offer its customers a convenient and efficient banking experience through digital channels.
  4. Community Focus. Truist is committed to being a responsible corporate citizen and actively participates in community development initiatives.
  5. Merger strengths. The merger of BB&T and SunTrust Banks has brought together the strengths and resources of two leading financial institutions, providing customers with a wider range of products and services.

Cons

  1. Limited accessibility. For customers who live outside of the states where Truist operates, accessing branches and ATMs may be challenging.
  2. Limited International Presence. Truist does not have a significant international presence, making it less suitable for customers with international banking needs.
  3. Potential for Higher Fees. As a large financial institution, Truist may charge higher fees for its products and services compared to smaller regional banks.
  4. Complexity. With a wide range of products and services, the process of choosing and using the right ones may be complicated for some customers.
  5. Integration Challenges. The merger of BB&T and SunTrust Banks may result in some integration challenges, such as changes in policies, systems, and procedures, which may impact customers' experience

    Requirements

    To open an account with Truist Financial Corporation, you may need to meet the following requirements:

    1. Age. You must be at least 18 years of age to open a personal account with Truist.
    2. Residency. You must reside in a state where Truist operates.
    3. Identification. You may need to provide government-issued identification, such as a driver's license or passport, to verify your identity.
    4. Income. You may need to provide proof of income, such as pay stubs or tax returns, to meet certain account requirements or to apply for loans or credit products.
    5. Initial Deposit. Some accounts may require an initial deposit to open, and the amount may vary depending on the type of account and the product you choose.
    6. Other Documentation. Depending on the type of account or product you apply for, you may need to provide additional documentation, such as a Social Security number, proof of address, or employment information.

      It's important to note that these requirements may vary depending on the type of account or product you apply for and the state where you reside. You may want to contact Truist or visit a local branch for more information.

      Access on the Go

      Truist Financial Corporation offers several options for customers to access their accounts and perform banking transactions on the go:

      1. Mobile app. The Truist mobile app provides customers with access to their accounts and allows them to perform a variety of transactions, such as checking account balances, depositing checks, paying bills, and transferring funds.
      2. Online Banking. Truist's online banking platform allows customers to access their accounts, view account activity, and perform transactions from their computer.
      3. ATMs. Truist operates a large network of ATMs across several states, allowing customers to withdraw cash, deposit funds, and check account balances.
      4. Telephone Banking. Customers can access their accounts and perform transactions using Truist's telephone banking services.

      These options provide customers with convenient and efficient access to their accounts and banking services, regardless of location. It is important to note that some services may have fees, so customers should check with Truist for more information

      Truist Bank products

      Truist Bank offers a range of financial products and services, including:

      1. Checking accounts. There are several types of checking accounts, such as personal checking, interest checking, and business checking, to meet the needs of various customers.
      2. Savings accounts. Truist offers savings accounts, such as traditional savings accounts and money market accounts, to help customers save and grow their money.
      3. Credit cards. The bank has a range of credit cards, including personal and business credit cards, with rewards, cashback, and other benefits.
      4. Loans. Customers can get loans for personal, home, and business needs, including mortgage loans, personal loans, and small business loans.
      5. Investments. Truist provides customers with access to a range of investment products, including individual retirement accounts (IRAs), mutual funds, and brokerage services.
      6. Insurance. Truist offers insurance products, such as home, auto, and life insurance, to help customers protect themselves and their assets.
      7. Trust services. The financial institution provides trust and estate planning services, including wealth management and trust administration, to help customers manage their wealth and plan for the future.

      These products and services are designed to meet the financial needs of a wide range of customers, from individuals to businesses. It's important to note that availability and terms may vary depending on the state where you reside, so customers should check with Truist for more information.

      Which associations the Truist Bank belongs to?

      Truist Financial Corporation is a member of several financial industry associations, including:

      • The American Bankers Association (ABA). This trade association that represents the banking industry in the United States.
      • The Financial Services Roundtable (FSR). This is the trade association representing the largest financial services companies in the United States.
      • The Independent Community Bankers of America (ICBA). This trade association represents the interests of community banks in the United States.
      • The Mortgage Bankers Association (MBA). It is the national trade association representing the real estate finance industry in the United States.

        These associations provide a forum for the bank to engage with industry peers, participate in advocacy efforts, and stay informed on the latest developments in banking and financial services. By participating in these organizations, Truist Bank is able to ensure that it is well-positioned to meet the evolving needs of its clients and the banking industry as a whole.

        Bank Reliability

        Truist Financial Corporation is considered a reliable bank, offering a range of financial products and services to customers. Here are a few reasons why Truist is considered a reliable bank:

        1. Regulatory Oversight. Truist is regulated by the Federal Reserve System, the Office of the Comptroller of the Currency, and other federal and state agencies, ensuring that it adheres to strict standards of safety, soundness, and compliance.
        2. Strong Financial Performance. Truist has a strong financial performance, with assets and revenue that have grown consistently over the years.
        3. Customer Satisfaction. Truist has a strong track record of customer satisfaction, with many customers reporting positive experiences with the bank's products and services.
        4. Security Measures. Truist employs state-of-the-art security measures, such as online encryption and fraud detection systems, to protect customer information and prevent unauthorized access to accounts.
        5. FDIC Insurance. Deposits at Truist are insured by the Federal Deposit Insurance Corporation (FDIC), providing customers with peace of mind and protection for their funds in the event of bank failure.

        However, as with any financial institution, it's important to do your own research and evaluate whether Truist is the right fit for your financial needs. Additionally, it's always a good idea to monitor your accounts regularly and report any suspicious activity to the bank immediately.

        Truist Bank vs Bank of America

        Truist Financial Corporation and Bank of America are both large, full-service banks that offer a range of financial products and services to customers. Here are some differences between the two banks:

        1. Size. Bank of America is one of the largest banks in the United States, with a much larger footprint than Truist.
        2. Geographical Reach. Bank of America has a larger geographical reach, with branches and ATMs in more states and countries than Truist.
        3. Product Offerings. Both banks offer a wide range of financial products and services, including checking and savings accounts, loans, investments, and insurance. However, Bank of America may have a more extensive range of products and services, particularly for businesses.
        4. Technology. Both banks have invested in digital and mobile banking technology, but Bank of America may have a more robust platform with more features and capabilities.
        5. Fees and Charges. Both banks charge fees for certain products and services, but the fees and charges may vary depending on the specific account or service. It's important to carefully review the fees and charges associated with each bank's products and services before making a decision.

        Ultimately, the best bank for you will depend on your specific financial needs and preferences. It's recommended to compare both banks and their offerings, evaluate your needs, and make an informed decision based on your personal financial goals.

        Truist Bank vs Merrick Bank

        Truist Financial Corporation and Merrick Bank are both financial institutions that offer a range of financial products and services to customers. Here are some differences between the two banks:

        1. Size. Truist is a large, nationwide bank, while Merrick Bank is a smaller, specialized bank.
        2. Product Offerings. Truist offers a wide range of financial products and services, including checking and savings accounts, loans, investments, and insurance. Merrick Bank specializes in credit card services and loan products.
        3. Technology. Both banks have invested in digital and mobile banking technology, but Truist may have a more robust platform with more features and capabilities.
        4. Customer Service. Both banks have a reputation for good customer service, but Truist may have more resources available to provide support and assistance to customers.
        5. Fees and Charges. Both banks charge fees for certain products and services, but the fees and charges may vary depending on the specific account or service. It's important to carefully review the fees and charges associated with each bank's products and services before making a decision.

        Ultimately, the best bank for you will depend on your specific financial needs and preferences. It's recommended to compare both banks and their offerings, evaluate your needs, and make an informed decision based on your personal financial goals.

        Truist Bank vs TD Bank

        Truist Financial Corporation and TD Bank are both large, full-service banks that offer a range of financial products and services to customers. Here are some differences between the two banks:

        1. Size. TD Bank is a larger bank, with a greater geographical reach and more branches and ATMs than Truist.
        2. Geographical Reach. TD Bank has a larger geographical reach, with branches and ATMs in more states and countries than Truist.
        3. Product Offerings. Both banks offer a wide range of financial products and services, including checking and savings accounts, loans, investments, and insurance. However, TD Bank may have a more extensive range of products and services, particularly for businesses.
        4. Technology. Both banks have invested in digital and mobile banking technology, but TD Bank may have a more robust platform with more features and capabilities.
        5. Fees and Charges. Both banks charge fees for certain products and services, but the fees and charges may vary depending on the specific account or service. It's important to carefully review the fees and charges associated with each bank's products and services before making a decision.

        Ultimately, the best bank for you will depend on your specific financial needs and preferences. It's recommended to compare both banks and their offerings, evaluate your needs, and make an informed decision based on your personal financial goals.

        Truist Bank

        FAQ

        Can I use Zelle with Truist Bank?

        Yes, Truist Bank offers Zelle as a convenient way to send and receive money with friends, family, and others you trust. Zelle is a fast, secure, and easy-to-use digital payment service that allows customers to send money directly from their bank account to someone else's bank account using just an email address or mobile phone number. To use Zelle with Truist Bank, you will need to have an eligible Truist Bank account and access to the bank's online or mobile banking platform.

        Who owns Truist Bank?

        Truist Financial Corporation is a publicly traded company, meaning that it is owned by its shareholders. The shares of the company are traded on the stock market and can be bought and sold by individuals and institutional investors. The ownership of the company is therefore dispersed among many shareholders, and no single person or entity has a controlling interest in the company.

        Is Truist a good bank?

        Whether Truist Financial Corporation is a good bank is a subjective question and depends on your individual financial needs and preferences. Here are some factors to consider:

        1. Financial Stability. Truist is a large, well-established bank with a strong financial track record. It has a solid reputation for stability and reliability.
        2. Product Offerings. Truist offers a wide range of financial products and services, including checking and savings accounts, loans, investments, and insurance. This can be a benefit for customers who want a one-stop-shop for all their financial needs.
        3. Technology. Truist has invested in digital and mobile banking technology, offering customers the convenience of managing their finances on-the-go.
        4. Customer Service. Truist has a reputation for good customer service, with knowledgeable and helpful staff available to assist customers with their financial needs.
        5. Fees and Charges. Like all banks, Truist charges fees for certain products and services. It's important to carefully review the fees and charges associated with each bank's products and services before making a decision.

        Ultimately, the best bank for you will depend on your specific financial needs and preferences. It's recommended to compare Truist and other banks, evaluate your needs, and make an informed decision based on your personal financial goals.

        Is Truist and BB&T the same?

        Yes, Truist Financial Corporation is the result of the merger between BB&T and SunTrust Banks in December 2019. The merged entity adopted the Truist name, creating one of the largest financial institutions in the United States.

        Company documents

        Terms and Conditions
        Privacy

        At Truist, our purpose is to inspire and build better lives and communities. That happens through real care to make things better. To meet client needs, to empower teammates, and to lift up communities.

        © Truist
        Financial products
        Truist
        Truist Enjoy Cash Secured credit card
        Rating by Finanso®
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        The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

        Recommended FinScore™
        0
        300
        650
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        Rate
        i

        Effective interest rate on the product

        23.49 – 26.49 %
        Truist
        Truist Enjoy Beyond credit card
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        The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

        Recommended FinScore™
        0
        300
        650
        1000
        Rate
        i

        Effective interest rate on the product

        17.49 – 26.49 %
        Truist
        Truist Future credit card
        Rating by Finanso®
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        The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

        Recommended FinScore™
        0
        300
        650
        1000
        Rate
        i

        Effective interest rate on the product

        15.49 – 24.49 %
        Truist
        Truist Enjoy Travel credit card
        Rating by Finanso®
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        The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

        Recommended FinScore™
        0
        300
        650
        1000
        Rate
        i

        Effective interest rate on the product

        17.49 – 26.49 %
        Truist
        Truist Enjoy Cash credit card
        Rating by Finanso®
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        The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

        Recommended FinScore™
        0
        300
        650
        1000
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        i

        Effective interest rate on the product

        17.49 – 26.49 %
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        Recommended FinScore™
        0
        300
        650
        1000
        to 100000.00 $
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        Effective interest rate on the product

        from 12.25 %
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        Recommended FinScore™
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        300
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        1000
        from 5000.00 $
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        Effective interest rate on the product

        from 13.69 %
        Truist
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        1000
        from 3500.00 $
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        Effective interest rate on the product

        8.19 – 17.24 %
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        Effective interest rate on the product

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        Rating by Finanso®
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        Recommended FinScore™
        0
        300
        650
        1000
        100.00 – 20000.00 $
        Rate
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        Effective interest rate on the product

        from 0.05 %
        Term
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        Loan term for the financial product

        5 days – 3 months
        Rating by Finanso®
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        Recommended FinScore™
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        300
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        100.00 – 4000.00 $
        Finanso
        Personal Loans
        Rating by Finanso®
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        The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

        Recommended FinScore™
        0
        300
        650
        1000
        2000.00 – 100000.00 $
        Rate
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        Effective interest rate on the product

        6.34 – 35.89 %
        Term
        i

        Loan term for the financial product

        2 months – 72 months
        Rating by Finanso®
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        4.25
        (20 Ratings)
        Recommended FinScore™
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        300
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        $500-$4,000
        Rate
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        Effective interest rate on the product

        up to 160%
        Term
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        Loan term for the financial product

        9-18 months
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