4 Ways To Avoid Truist Monthly Maintenance Fees

Understand the fees charged by Truist (formerly BB&T) bank.

In a world of falling interest rates, banks have seen their sources of revenue shrink, which can cause them to depend heavily on fees. BB&T Bank, which recently merged with SunTrust to become Truist, is no exception. Truist offers a wide array of checking and savings accounts. All of these options, however, at least hold the potential for added Truist fees.

But by utilizing the right combination of cash on hand, deposits or other strategies, depositors can often avoid such charges. Learn about the accounts Truist offers and what you can do to either minimize or circumvent these fees.

Before diving in, here’s a quick look at what you’ll find in this guide:

Truist Checking Account Fees

Like most other banks, Truist offers multiple checking account options. Other than the Student Checking designed for college students, all of these checking accounts include Truist Checking Account fees of some type.

The only account that does not allow for fee avoidance is the BB&T Fundamentals Account. This account charges a $5 per month maintenance fee. Fortunately, it does not require a minimum balance, nor does it impose direct deposit requirements. The other account types impose a fee of between $10 and $30 per month.

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Here’s a quick look at Truist’s monthly service fees on its checking accounts:

Truist Checking Accounts
Account Monthly Service FeeEarns Interest
BB&T Back to Basics$0No
BB&T Fundamentals$5No
Bright Banking$12No
Student Checking$0No
Senior Checking$10
No
Elite Gold$30Yes
Vantage Checking$50 (yearly fee)Yes
Elite@Work$15No
Information accurate as of April 20, 2020

Additionally, Truist charges fees for the following services regardless of account type:

Truist Checking Account Fees
FeeAmount Charged
Out-of-network ATM$3 + ATM owner fees
Overdraft$36
Wire Transfer$15 incoming, $30 outgoing
Stop Payment$35
Information accurate as of April 20, 2020

Read More: Best Checking Accounts of 2020

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Truist Savings Account Fees

Truist offers five different options for savings accounts. Fortunately for savers, two of these options do not levy monthly maintenance fees on the account.

For younger people who are just getting started, Truist offers a Young Savers account for customers under 18 years of age. Also, savers willing to manage their accounts online through the eSavings Account do not have to pay a fee. The remaining savings options levy Truist Savings Account fees of $0 to $15 per month, depending on the state of residence.

Here’s a look at Truist monthly fees and annual percentage yield rates for its savings accounts:

Truist Savings Accounts
AccountMonthly Service FeeAPY
eSavings$00.01%
Money Rate Savings$120.01%
High-Performance Money Market$120.01%-0.10%
Investor’s Deposit Account$150.01%
Health Savings Account$3Tiered
Young Savers$0Contact Truist
Information is accurate as of May 7, 2020

Compare: Best Savings Accounts of 2020

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How Truist’s Fees Compare With Other Banks

This table provides an overview of how Truist’s fees compare with other major banks:

Fees at Truist vs. Fees at Other Banks
TruistBank of AmericaChaseCitibankWells Fargo
Monthly Maintenance FeeUp to $30 per monthUp to $25 per monthUp to $25 per monthUp to $30 per monthUp to $30 per month
Out-of-Network ATM Withdrawal$3$2.50$2.50$2.50$2.50
Overdraft$36$35$34$0 (overdrafts declined)

$35

Excess Transactions$15$10$5$0 (excess transactions declined)$15
Wire Transfer$15-$30$15$15-$45$17.50-$35

$15-$30

International Debit Purchase3% of transaction3% of transaction3% of transaction3% of transaction3% of transaction
Information is accurate as of April 20, 2020. Fees listed reflect amounts typically charged; exceptions may apply.

Related: 5 Ways To Avoid Bank of America’s Monthly Maintenance Fees

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Truist bankHow To Avoid Truist’s Monthly Maintenance Fees

For families struggling just to cover their bills, the idea of added charges merely for the right to conduct deposits and withdrawals can seem daunting. Fortunately, depositors have multiple options for avoiding such costs.

Maintain a Minimum Balance

With both checking and savings accounts, the fee is waived for those who maintain a minimum balance. Other than the Elite Gold account, the bank will set aside these charges with a $500 minimum balance on checking. Most Truist savings accounts do not impose a minimum balance requirement. However, the High Performance Money Market comes with a $1,000 minimum, while the Investor’s Deposit Account comes with a $10,000 minimum.

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Set Up Direct Deposit

Most of the bank’s checking accounts have the option to waive the fee with a minimum amount of direct deposits. For example, the Bright Banking account will set aside the monthly charge in any month where the account receives at least $500 in direct deposits. The bank’s Regular Savings will waive the fee if it receives at least $25 in deposits in a given month.

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Take Out a Truist Mortgage

Customers who have an Elite Gold account will have their Truist monthly maintenance fee waived if they take out a first or second mortgage with an original balance of at least $150,000.

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Become a Student

Students under the age of 24 can sign up for a Student Checking account. Under this account type, you can avoid the monthly maintenance fee regardless of the amount in the account or the number of deposits received. Upon turning 24, this account will become a Back to Basics account.

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How To Avoid Truist’s Overdraft Fees

Truist provides its depositors with a few options on managing Truist fees overdrafts. They utilize a process that they call Overdraft Review to determine whether the bank will pay or reject a transaction in the case of insufficient funds.

ATM and debit card transactions default to an opt-out option. This means that the bank will decline any transactions where the funds are not available. You are not charged a fee in this instance. However, when users choose to opt-in, Truist will cover these transactions and charge you the overdraft fee.

Overdrafts for checks, ACH and other debit transactions default to an opt-in option. In this case, Truist will choose whether or not to cover the charges. You will be charged the overdraft fee if Truist chooses to pay. Truist may also decline to pay at its’ discretion. Users may also choose to opt-out on this type of transaction. In that case, all transactions with insufficient funds will be rejected. Truist will charge a fee for any returned checks.

Read Next: Making This Mistake at Your Bank Can Cost You $10,221

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How To Avoid Truist’s ATM Fees

For Truist account holders, the easiest and most obvious way to avoid ATM fees is to use a Truist ATM. The bank offers more than 2,400 ATMs within its markets, and they are available to bank customers free of charge.

Depending on the type of account you hold, Truist may offer some flexibility. For example, for some account holders in Texas, Truist will waive its fee for two non-Truist ATM transactions per statement cycle. Also, for those who hold an Elite Gold account anywhere, Truist will not charge its ATM fee on up to four ATM transactions per statement cycle.

Otherwise, using a non-Truist ATM will result in a $3 fee. In many cases, the owner of an ATM can also charge an additional fee. Even in cases where Truist fees are waived, an ATM-owner fee may apply.

Also Read: 13 Bank Fees You Should Never Pay

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Getting the Most Out of Your Truist Account

Truist provides information to help guide your banking and loan decisions. The BB&T Perspectives site provides information on how BB&T and SunTrust became Truist. It also offers current account holders tips on handling the transition currently happening at the bank.

Additionally, BB&T Perspectives offers tips on topics ranging from wealth management and generational asset transfers to asset protection and philanthropy. Through this publication, customers and non-customers alike can gain helpful tips on managing various financial situations.

To learn more, you can visit BB&T Perspectives or the Truist website.

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Rates are subject to change. Unless otherwise noted, rates and information on accounts are accurate as of April 20, 2020.

This content is not provided by Truist or any other banks mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Truist or any banks mentioned.

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About the Author

Will Healy is a freelance business and financial writer based in the Dallas area. He has covered a variety of topics, such as stocks, real estate, insurance, personal finance and macroeconomics. In addition to GOBankingRates, his articles have appeared on sites such as InvestorPlace, Yahoo! Finance, MSN Money, Kiplinger’s Personal Finance and Seeking Alpha.