Truist is a regional bank formed by merging BB&T and SunTrust in 2019

Truist Bank is a mid-sized bank headquartered in Charlotte, North Carolina. It was created in December 2019 when two large regional banks — BB&T Corporation and SunTrust Banks — merged to form a single institution. The combined bank kept the Truist name and operates branches across the Southeast and Mid-Atlantic regions of the United States.

Truist offers the standard services you would find at most banks: checking and savings accounts, credit cards, mortgages, auto loans, investment services, and business banking. It is a publicly traded company, meaning you can buy shares of it on the stock market, and it is regulated by the Federal Reserve and the Office of the Comptroller of the Currency, the same federal agencies that oversee other large banks.

The bank operates both in-person branches and online banking platforms. If you have a Truist account, you can visit a physical location to deposit checks or withdraw cash, or you can handle most transactions through the Truist mobile app or website from home.

Key Takeaways

  • Truist Bank formed in 2019 from the merger of BB&T and SunTrust, two established regional banks.
  • The bank operates primarily in the Southeast and Mid-Atlantic but also has branches in other states and offers online banking nationwide.
  • Truist is a full-service bank offering checking, savings, loans, credit cards, and investment products to individuals and businesses.
  • As a large bank, Truist is subject to federal regulation and deposit insurance through the FDIC, which protects your deposits up to $250,000 per account type.

Where Truist operates and who can open an account

Truist has physical branches in multiple states, with the heaviest concentration in North Carolina, South Carolina, Georgia, and Virginia. The bank also maintains branches in Florida, Maryland, Pennsylvania, Delaware, and other states. You can find a branch locator on the Truist website to see if there is a location near you.

If you do not live near a Truist branch, you can still open an account online. Truist offers online-only checking and savings accounts to customers across the United States. You will not have access to in-person services, but you can deposit checks using mobile deposit, transfer money electronically, and manage your account through the app or website.

To open an account at Truist, you will need to provide a valid government-issued ID, your Social Security number, and proof of your current address. The bank will also run a background check using ChexSystems, a banking history database, to verify you do not have outstanding issues with other banks.

Types of accounts Truist offers

Truist offers several checking account options, each with different features and fee structures. The most basic is the Truist One Checking account, which has no monthly maintenance fee if you meet certain requirements, such as maintaining a minimum balance or setting up direct deposit. Other checking products include accounts designed for students, seniors, or customers who want premium features like higher interest rates or cash back on debit card purchases.

For savings, Truist offers traditional savings accounts and money market accounts, which typically pay higher interest rates in exchange for larger minimum balances. The bank also offers certificates of deposit (CDs), which lock your money away for a set period — usually three months to five years — in exchange for a may provide interest rate.

Truist credit cards come in several varieties: cash back cards, travel rewards cards, and cards designed for people building or rebuilding credit. The bank also offers mortgages, home equity lines of credit, auto loans, and personal loans. Business customers can open business checking accounts, lines of credit, and merchant services accounts.

How Truist protects your money

Deposits at Truist are insured by the Federal Deposit Insurance Corporation (FDIC), a federal agency that guarantees deposits at member banks. If Truist were to fail, the FDIC would reimburse you up to $250,000 per account type per depositor. This means if you have a checking account with $100,000 and a savings account with $100,000 at Truist, both are fully protected. If you have two checking accounts at Truist, the $250,000 limit applies to the combined total across both accounts.

Truist also uses encryption and multi-factor authentication to protect your online and mobile banking access. When you log in to your account online or through the app, the bank encrypts your information so it cannot be intercepted. You can also set up alerts that notify you of unusual activity on your account.

Truist's history and the BB&T and SunTrust merger

BB&T (Branch Banking and Trust Company) was founded in 1872 and grew to become one of the largest regional banks in the Southeast. SunTrust Banks was founded in 1891 and operated primarily in Florida and Georgia. Both banks had been independent for over a century when they announced their merger in February 2019.

The merger closed on December 6, 2019, creating Truist Bank. The combined institution had total assets of over $500 billion, making it one of the largest banks in the United States by asset size. Customers of both BB&T and SunTrust were transitioned to Truist accounts, and the bank gradually consolidated branches and systems over the following years.

If you had an account at BB&T or SunTrust before the merger, your account was automatically converted to a Truist account. Your account number, routing number, and account type may have changed, so if you had automatic payments or direct deposits set up, you would have needed to update those with your new information.

How Truist compares to other banks

Truist is larger than most community banks but smaller than the "Big Four" national banks: JPMorgan Chase, Bank of America, Wells Fargo, and Citibank. This means Truist typically offers more products and services than a local bank, but may have fewer branches and less name recognition than the largest national banks.

Truist's interest rates on savings accounts and CDs vary depending on market conditions and the specific product. You can compare Truist's rates to those of other banks using online rate comparison tools. Similarly, Truist's checking account fees and credit card rewards vary by product, so it is worth comparing them to competitors if you are deciding where to bank.

One advantage of banking with Truist is access to its branch network across multiple states. If you travel or move frequently within the Southeast or Mid-Atlantic, having a bank with branches in many locations can be convenient. However, if you live in a state where Truist has no branches, online banking may be your only option.

How to contact Truist or find more information

You can reach Truist customer service by phone, through the mobile app, or by visiting a branch in person. The phone number for customer service is typically found on the back of your debit card or on the Truist website. Wait times vary depending on the time of day and how busy the bank is.

Truist's website contains detailed information about each account type, current interest rates, and fee schedules. You can also read the Truist mobile app from the Apple App Store or Google Play Store to manage your account, deposit checks, transfer money, and pay bills from your phone.

If you have a question about a specific product or service, the Truist website usually has a FAQ section or a live chat option where you can ask questions without calling. For account-specific issues, logging into your online banking portal and looking for a "Contact Us" or "Help" section is often faster than calling.

Frequently Asked Questions

Is my money safe at Truist?

Yes. Truist is a federally regulated bank, and deposits are insured by the FDIC up to $250,000 per account type. The bank uses encryption and security measures to protect your online and mobile banking access. If you have concerns about a specific transaction, you can contact Truist customer service to report it.

Can I open a Truist account if I don't live near a branch?

Yes. Truist offers online checking and savings accounts to customers across the United States. You can open an account on the Truist website, deposit checks using mobile deposit, and manage your account through the app or website. You will not have access to in-person services, but most banking tasks can be done online.

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

Your account was automatically converted to a Truist account on December 6, 2019. Your account number and routing number may have changed. If you had automatic payments or direct deposits set up, you needed to update those with your new account information. Truist sent notices to all customers with their new account details.

How do I know if Truist is the right bank for me?

Consider whether Truist has branches in your area, whether its account fees and interest rates match your needs, and whether you prefer banking online or in person. You can compare Truist's products and rates to other banks using online comparison tools. Many people maintain accounts at multiple banks for different purposes.

What should I do if I notice unauthorized activity on my Truist account?

Contact Truist customer service when ready by phone or through the mobile app. Report the unauthorized transaction and ask the bank to freeze your account if needed. Truist will investigate the activity and may issue you a new debit card. Federal law limits your liability for unauthorized transactions if you report them promptly.