Many banks depend heavily on fees as a source of revenue. Truist, formed from a merger between BB&T Bank and SunTrust, 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 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.
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 Fundamental Checking account. This account charges a $5 per month maintenance fee, or $3 in the state of New Jersey. Fortunately, it does not require a minimum balance, nor does it impose direct deposit requirements. The other account types impose a fee of between $5 and $20 per month.
Here’s a quick look at Truist’s monthly service fees on its checking accounts:
|Monthly Serivce Fee
|Ways To Waive Fee
|– Make at least $3,000 in direct deposits monthly
– Maintain an average daily balance of $10,000 or more across related Truist accounts
– Have a credit card, mortgage or personal loan with Truist
– Link a Small Business checking account
|– Make at least $500 in direct deposits monthly
– Maintain an average daily balance of $1,500 or more
|$5; $3 in New Jersey
|Prepaid Money Account
|Load $500 minimum onto the debit card monthly
Additionally, Truist charges fees for the following services on most of their checking accounts – however, the Dimensions checking account fees vary by tier and the Prepaid Money account fees vary by date of account opening.
|Out-of-network Domestic ATM
|$3 + ATM owner fees
|Out-of-network International ATM
|$5 + ATM owner fees + 3% of transaction
|Domestic Wire Transfer
|$15 incoming, $30 outgoing
|International Wire Transfer
|$20 incoming, $65 outgoing
Truist Savings Account Fees
Truist offers three different options for savings accounts. Fortunately for savers, two of these options do not levy monthly maintenance fees on the account.
Here’s a look at Truist monthly fees and annual percentage yield rates for its savings accounts:
|Monthly Service Fee
|Ways To Waive Fee
|Money Market Account
|Maintain an average daily balance of $1,000 or more
|Certificates of Deposit
How Truist’s Fees Compare With Other Banks
This table provides an overview of how Truist’s fees compare with some other major banks:
|Bank of America
|Monthly Maintenance Fee
|Up to $20 per month
|Up to $25 per month
|Up to $25 per month
|Up to $30 per month
|Domestic Out-of-Network ATM Withdrawal
|International Debit Purchase
|3% of transaction
|3% of transaction
|2%-5% of transaction
|3% of transaction
How 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. The Money Market account from Truist has the lowest minimum balance required to waive the fee at $1,000. Next is the Bright Checking at $1,500.
The Dimensions Checking account has the highest minimum balance required to waive the fee at $10,000 – but that can be spread over multiple accounts, so it may be easier to achieve than it sounds.
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 per month. For example, the Bright Checking account will set aside the monthly charge in any month where the account receives at least $500 in direct deposits.
In some cases, linking your banking accounts can help avoid monthly fees. Some accounts, like Dimensions Checking, require a minimum balance on combined accounts to waive the fee, rather than just in the main account.
You can also have your Dimensions Checking fee waived by linking a Truist Small Business checking account.
Take Out a Truist Mortgage or Personal Loan
Customers who have a Dimensions Checking account will have their Truist monthly maintenance fee waived if they take out a mortgage or personal loan with Truist.
The fee can also be waived on this account for customers with a Truist credit card.
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 Bright or Fundamental checking account, depending on account activity in the three months prior.
How To Avoid Truist’s Overdraft Fees
Truist provides its depositors with two options for managing Truist fees for overdrafts.
Customers must choose to opt-in to Overdraft Coverage in order for the bank to cover the overdraft and charge the overdraft fee. Typically, accounts 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. In cases where the transaction is under $5, there will be no overdraft fee.
Truist also offers Overdraft Protection. You can link another deposit account or credit card to the protected account, and the funds needed to cover the overdraft will be withdrawn from that account rather than being covered by Truist.
As long as there is enough money in the linked account to cover the transaction, there is no fee for Overdraft Protection.
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 3,500 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, the Dimensions Checking account offers different numbers of waived non-Truist ATM fees per billing cycle, depending on account balance.
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.
Getting the Most Out of Your Truist Account
Truist provides information to help guide your banking and loan decisions. Their Money and Mindset pages offer a variety of information on managing your money, from budgeting and investing to paying for school or starting a family, among many other topics.
Amber Barkley contributed to the reporting for this article.
Rates are subject to change. Unless otherwise noted, rates and information on accounts are accurate as of June 15, 2022.
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.
Discover the Best Banks of 2024: Unveiling Our Top Picks!
We've compiled a list of the top banks for this year!
Here Are the Pros and Cons of Using Multiple Banks
Many banks are one-stop-shop financial institutions...