Bank of America is significantly larger than Truist by nearly every measure

Bank of America holds roughly $2.4 trillion in assets, making it the second-largest bank in the United States. Truist holds approximately $535 billion in assets, placing it among the top 10 but well behind Bank of America. The gap widens when you look at branch count: Bank of America operates around 4,600 branches nationwide, while Truist operates roughly 2,700 branches, mostly concentrated in the Southeast and Mid-Atlantic regions.

This size difference affects what you encounter as a customer — the scale of their operations, the breadth of their technology platforms, and how quickly they can roll out new features. It does not necessarily mean one is better for your situation than the other. A larger bank can mean more resources and wider availability; a regional bank can mean more local decision-making and sometimes closer relationships with branch staff.

Key Takeaways

  • Bank of America has roughly 4.5 times the assets of Truist and operates nearly twice as many branches nationwide.
  • Bank of America is a national bank with branches in all 50 states; Truist's footprint is strongest in the Southeast and Mid-Atlantic.
  • Both are FDIC-insured, so your deposits up to $250,000 per account type are protected equally at either bank.
  • Checking and savings account features, fees, and interest rates differ between the two and should be compared based on your specific banking habits.

How their branch networks differ

Bank of America's 4,600+ branches span all 50 states, with particularly dense coverage in California, Texas, Florida, and the Northeast. If you travel frequently or move across the country, you are likely to find a Bank of America branch wherever you land. Truist's 2,700+ branches concentrate in North Carolina, South Carolina, Virginia, Maryland, Delaware, Florida, and Georgia, with some presence in other states through its legacy regional banks.

This matters if you prefer in-person banking. Truist customers outside the Southeast may find fewer nearby branches and rely more on ATM networks and online banking. Bank of America customers have more options for walking into a physical location, though both banks now emphasize mobile and online services for routine transactions.

Asset size and what it means operationally

Bank of America's $2.4 trillion in assets means it has more capital to invest in technology, customer service infrastructure, and product development. Larger banks typically roll out new features faster and maintain more robust fraud detection systems. They also have more lending capacity and can handle larger loans or complex financial products.

Truist's $535 billion in assets is still substantial — it ranks in the top 10 nationally — but it operates with fewer resources per dollar of customer deposits. This can mean slower rollouts of new features, but it can also mean decision-making that reflects regional priorities rather than a one-size-fits-all national approach. Neither size automatically translates to better customer service; that depends on the specific branch, the specific employee, and the specific situation.

Deposit insurance protection is identical

Both Bank of America and Truist are FDIC-insured institutions. This means your deposits are protected up to $250,000 per depositor, per insured bank, per ownership category. A checking account, a savings account, and a money market account at the same bank are three separate categories, so you could have $250,000 in each and all would be covered.

The FDIC protection is the same whether you bank with a $2.4 trillion institution or a $535 billion one. The insurance does not depend on the bank's size or financial health — it is a federal may provide backed by the full faith and credit of the U.S. government.

Checking and savings account features vary by product, not by bank size

Both banks offer checking accounts, savings accounts, money market accounts, and certificates of deposit. The specific features — minimum balance requirements, monthly fees, interest rates, ATM access — differ by product line, not by which bank is larger. Bank of America's Preferred Rewards checking account has different terms than its Basic Checking; Truist's Truist One Checking has different terms than its Truist Everyday Checking.

You should compare the specific accounts you are considering, not the banks as a whole. A Truist savings account might offer a higher interest rate than a Bank of America savings account in a given month, or vice versa. Monthly fees, overdraft policies, and minimum balance thresholds vary by account type at each institution. The size of the bank does not determine whether a specific product is right for you.

Online and mobile banking capabilities

Bank of America's larger technology budget typically means more frequent app updates, more sophisticated fraud detection, and faster rollout of new digital features. Their mobile app is among the most widely used in the country and receives regular enhancements. Truist's mobile app is functional and covers the core banking tasks — checking balances, transferring money, depositing checks, paying bills — but may lag behind in experimental features or cutting-edge functionality.

For most customers, both banks' digital platforms are sufficient for everyday banking. The difference becomes noticeable if you use advanced features like investment integration, detailed spending analytics, or emerging payment technologies. If you primarily check balances and transfer money, the gap is negligible.

Customer service and support availability

Bank of America operates a large customer service operation with phone support, chat, and email available 24/7. Wait times can vary, especially during peak hours, but the volume of staff is substantial. Truist also offers 24/7 phone support and digital channels, though with a smaller overall operation. Both banks have online help centers and FAQs.

Larger banks sometimes mean longer wait times during peak hours because more customers are calling simultaneously. Smaller regional banks sometimes mean you reach someone faster, but that person may have less access to specialized tools or less authority to override policies. Neither size guarantees better customer service — it depends on the individual representative and the complexity of your issue.

Frequently Asked Questions

Does Bank of America's size mean it is safer than Truist?

No. Both are FDIC-insured, so your deposits are protected equally up to $250,000 per account type. Bank size does not affect deposit insurance coverage. Both banks are regulated by federal banking authorities and must meet the same capital and safety standards.

Will I have fewer ATM options if I bank with Truist?

Truist has fewer ATMs than Bank of America, but both participate in shared ATM networks. Truist customers can use ATMs at other banks in their network without fees. If you live or travel primarily in the Southeast, Truist's ATM network is extensive. Outside that region, you may rely more on out-of-network ATMs or Bank of America's wider footprint.

Does Bank of America offer better interest rates because it is larger?

No. Interest rates on savings accounts and CDs are set independently by each bank based on market conditions and their own funding needs, not by their size. A smaller bank sometimes offers higher rates to attract deposits; a larger bank sometimes offers lower rates because it has more customer deposits already. Compare the specific rates each bank is currently offering.

Can I move my account from Truist to Bank of America easily?

Yes. Both banks offer account transfer services. You provide your new bank with your old account information, and they handle moving recurring deposits and payments. You can also do it manually by updating your direct deposit and bill payment information. The process typically takes one to two weeks for all transfers to complete.

Does Truist have fewer products because it is smaller?

Truist offers checking, savings, money market accounts, CDs, credit cards, mortgages, auto loans, and investment services. Bank of America offers the same core products plus additional investment and wealth management services aimed at high-net-worth customers. For standard banking products, both banks have comparable offerings. Truist may have fewer specialized products for very large portfolios or complex financial situations.