Is Truist Financial Reputable? A Look at This Major Bank
Truist Financial, formed by the 2019 merger of BB&T and SunTrust, is one of the top 10 largest banks in the U.S. But with so many banking options, is Truist a reputable choice for you? Let's dive into its strengths and weaknesses to help you decide.
Truist's Strengths
- Large Branch Network: Truist boasts over 2,000 branches across the South, East, and Midwest, making in-person banking convenient for many.
- Overdraft Protection: The Truist One Checking account avoids pesky overdraft fees, a major plus for some customers.
- Competitive CD Rates: As of June 2023, Truist offered competitive rates on certain certificate of deposit (CD) terms.
- Relatively Low Fees: While not the most competitive on interest rates, Truist accounts typically have manageable fees.
Truist's Weaknesses
- Low Savings Rates: Truist's savings and money market accounts generally offer low annual percentage yields (APY), meaning your money won't grow much here.
- Limited Rate Transparency: It can be difficult to find rates for all Truist products online, requiring a visit to a branch or a call to customer service.
- Monthly Maintenance Fees: Avoid monthly fees on most accounts by meeting specific requirements, which might not be achievable for everyone.
Is Truist Right for You?
Truist shines for those who:
- Live in the bank's footprint and value branch access.
- Prioritize avoiding overdraft fees.
- Are interested in competitive CD rates (be sure to check current offerings).
However, Truist might not be ideal for:
- Customers seeking the highest interest rates on savings accounts.
- People who prefer completely transparent online banking.
- Those who struggle to maintain minimum balances to avoid fees.
The Verdict: Reputable, But Not for Everyone
Truist is a reputable financial institution with a long history. They offer a variety of services and competitive rates on certain products. However, their low savings rates and lack of complete online transparency might be drawbacks for some. Ultimately, the best bank for you depends on your specific needs and priorities. Consider shopping around and comparing Truist to other banks before making a decision.
