Truist is a regional bank formed by merging two large Southeast banks

Truist Bank is a commercial bank headquartered in Charlotte, North Carolina. It was created in December 2019 when BB&T Corporation and SunTrust Banks merged. The combined company operates under the Truist name and serves customers across the Southeast and Mid-Atlantic regions, with branches in states including North Carolina, South Carolina, Georgia, Florida, Virginia, and Maryland.

Truist offers the standard products you would find at any regional bank: checking and savings accounts, credit cards, home loans, auto loans, and investment services. It also provides business banking, wealth management, and insurance products. The bank is publicly traded on the New York Stock Exchange under the ticker symbol TFC.

As a regional bank rather than a national megabank, Truist has a smaller branch network than institutions like Bank of America or Wells Fargo, but larger than many community banks. This positioning means you may have a Truist branch nearby if you live in the Southeast, but not if you live in the West or Midwest.

Key Takeaways

  • Truist Bank was formed in 2019 from the merger of BB&T and SunTrust, two major Southeast regional banks.
  • The bank operates branches primarily in North Carolina, South Carolina, Georgia, Florida, Virginia, and Maryland.
  • Truist offers checking, savings, credit cards, mortgages, auto loans, and investment services to both consumers and businesses.
  • As a regional bank, Truist has more branches than small community banks but fewer than national chains like Bank of America.

The merger that created Truist and what changed for customers

Before the 2019 merger, BB&T and SunTrust operated as separate institutions with overlapping service areas in the Southeast. When they combined, customers of both banks had to transition to the Truist brand and systems. This meant new debit cards, new online banking platforms, and consolidated branch locations in areas where the two banks had been close to each other.

The merger was completed over several years. Customers' accounts were transferred to Truist systems, and the old BB&T and SunTrust branding was phased out. If you had an account at either bank before late 2019, your account is now a Truist account, though your account number and routing number may have changed during the transition.

For new customers opening accounts after the merger, there was no transition period — they straightforward opened Truist accounts from the start. The merger did not affect customers of other banks, though it did reduce the number of independent regional banks operating in the Southeast.

Where Truist branches and ATMs are located

Truist has over 2,700 branches and more than 8,000 ATMs across its service area. The densest branch network is in North Carolina and South Carolina, where both predecessor banks had strong presences. You can also find Truist branches in Georgia, Florida, Virginia, Maryland, Delaware, and Washington, D.C.

If you live outside these states, you will not have a Truist branch nearby. Truist does not operate nationally like Bank of America or Chase. If you need in-person banking services and do not live in the Southeast or Mid-Atlantic, a different bank may be more convenient.

Truist participates in the Allpoint ATM network, which means you can withdraw cash at many ATMs outside the Truist network without paying an out-of-network fee, depending on your account type. Check your account terms to see which ATM fees explore to you.

Types of accounts and products Truist offers

Truist offers several checking account options, including basic checking, interest-bearing checking, and premium checking accounts with higher minimum balances and additional features. Savings accounts range from standard savings to money market accounts. The specific features, minimum balances, and interest rates vary by account type and change over time.

For borrowing, Truist provides home mortgages (including fixed-rate and adjustable-rate options), home equity lines of credit, auto loans, personal loans, and credit cards. Business customers can access commercial loans, lines of credit, and cash management services. Truist also offers investment accounts, brokerage services, and wealth management for customers with larger portfolios.

Insurance products through Truist include auto, home, and life insurance, though these are often provided through partner companies rather than directly by Truist. You can learn about current rates and terms by visiting a Truist branch, calling their customer service line, or visiting their website.

How Truist compares to other regional and national banks

Truist is one of several large regional banks in the United States. Other regional banks include PNC Bank (which operates in the Northeast and Midwest), U.S. Bank (which operates nationally but with less density than megabanks), and Fifth Third Bank (which operates in the Midwest and South). National megabanks like Bank of America, Wells Fargo, Chase, and Citibank have branches in every state and far larger customer bases.

Regional banks like Truist typically offer more personalized service than megabanks because they have smaller customer bases and local decision-making. However, they may have fewer branches and ATMs than national banks if you travel frequently or move outside their service area. Regional banks also tend to have lower fees on some products but may offer fewer specialized services than the largest banks.

Community banks are smaller still and operate in specific local areas. If you want the most local service and are willing to accept fewer branches and products, a community bank may suit you better. If you want nationwide convenience and a wide range of services, a megabank may be preferable to Truist.

FDIC insurance and account protection at Truist

Truist Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This means deposits held in your name at Truist are insured up to $250,000 per account type per depositor. If Truist were to fail, the FDIC would return your insured deposits.

The $250,000 limit applies per account type, so you can have $250,000 in a checking account and $250,000 in a savings account and both would be fully insured. Joint accounts are insured separately — each owner's share up to $250,000 is covered. Retirement accounts (IRAs, 401(k)s) held at Truist are also insured separately up to $250,000.

This insurance does not cover investment products like stocks or mutual funds held through a Truist brokerage account. Those are protected under different rules through the Securities Investor Protection Corporation (SIPC). If you hold investments through Truist, ask about SIPC coverage limits.

How to contact Truist and access your account

You can reach Truist customer service by phone, through their website at truist.com, through their mobile app, or by visiting a branch in person. Phone numbers vary depending on whether you have a personal or business account, so check your account statement or the Truist website for the correct number to call.

Online banking and the Truist mobile app allow you to check balances, transfer money, pay bills, deposit checks by photo, and manage your accounts from a computer or phone. You can also set up alerts for account activity, lock or unlock your debit card, and change your PIN through the app.

If you have questions about a specific product or need help with a transaction, visiting a branch in person often provides the fastest resolution. Truist branches are typically open Monday through Friday during business hours and have limited Saturday hours at many locations.

Frequently Asked Questions

Is Truist a safe bank to use?

Truist is a large, publicly traded bank with FDIC insurance on deposits. Your deposits up to $250,000 per account type are protected by the FDIC if the bank fails. Truist is regulated by the Federal Reserve and the Office of the Comptroller of the Currency, which oversee its operations and safety.

Can I use Truist if I don't live in the Southeast?

You can open a Truist account online and use online banking and the mobile app from anywhere. However, you will not have access to physical branches or Truist ATMs if you live outside their service area. You may want to consider a national bank if you need frequent in-person services.

What happened to my BB&T or SunTrust account after the merger?

Your account was converted to a Truist account. Your account number and routing number may have changed during the transition. You should have received information from Truist about the changes to your account. If you have questions about your specific account, contact Truist customer service.

Does Truist charge monthly fees on checking accounts?

Some Truist checking accounts have monthly maintenance fees, while others do not. The fee structure depends on the account type and whether you meet certain requirements like maintaining a minimum balance or setting up direct deposit. Check the current account terms on Truist's website or ask at a branch for details.

Can I get a mortgage from Truist?

Yes, Truist offers home mortgages, home equity lines of credit, and refinancing options. You can speak with a Truist loan officer at a branch, call their mortgage department, or visit their website to learn about current rates and terms.