Truist Bank Review

Truist Bank Checking

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Truist Bank is new on the banking scene, but it's not starting from scratch. In late 2019, BB&T Bank and SunTrust bank finalized a merger to create Truist Bank. The merger is slated to take over two full years from the merger date, and the new bank promises to provide a solid suite of services for new customers while continuing to provide most existing BB&T and SunTrust customers with the same suite of services.

While it's been closed upon already, the merger is technically still underway. This means you won't find Truist Bank branches quite yet. In fact, the most outward-facing things about the merger are the recent launch of the Truist mobile app, and the wealth management arm of the company. Existing BB&T and SunTrust customers will need to visit separate BB&T and SunTrust branches until the newly formed bank opens Truist locations and begins to officially consolidate its product offerings under the Truist name. As of now, those changes are slated to be completed by early 2022.

Both SunTrust and BB&T provide customers with a wide range of banking and lending options. And Truist is shaping up to be a solid banking experience for anyone who is comfortable banking online or who lives in areas where BB&T or SunTrust currently operate. Remember though, you can't yet open a Truist bank account, as the bank's product offerings are still under the SunTrust and BB&T names. Below you can see what Truist's account offerings are likely to look like, given what BB&T and SunTrust currently offer.

Truist Bank Overview

Truist Bank is the result of a merger between SunTrust Bank and BB&T Bank that took place on December 6, 2019. More specifically, BB&T acquired the assets of SunTrust. While the two original bank brands are still operating, they are slated to be consolidated under the Truist name by early 2022. Truist Financial Corporation is headquartered in Charlotte, North Carolina.

Currently, BB&T and SunTrust branches are both concentrated on the East Coast. However, there are BB&T and SunTrust locations in the midwest and the south, with branches stretching down into Texas as well. Truist plans to rebrand these branches and continue operating them while opening new branches as well. It makes sense, given that Truist is now one of the largest banks in America.

While Truist continues to operate as BB&T and SunTrust until 2022, you can still open accounts with Truist as a BB&T or SunTrust account today. Because of the rollover, you won't have to do any extra work as the bank continues its transition. However, you should check with the bank for the specific terms of the merger.

Truist Bank Accounts

Currently, Truist doesn't have any proprietary account offerings on its website. According to the merger timeline, such accounts are slated to be unveiled in late 2021. However, because Truist is planning to roll over existing BB&T and SunTrust accounts under the Truist name, it's likely that many, if not all, current BB&T and SunTrust offerings will also be offered by Truist. At the same time, there's a chance that Truist will grandfather in existing BB&T and SunTrust account holders, while deciding to offer a whole new slate of products.

At this time Truist offers a variety of accounts under the SunTrust and BB&T names. These include a number of different checking and savings accounts, designed to meet the needs of clients with different financial situations. You can also open money market accounts (MMAs), certificates of deposit (CDs) and credit cards. Plus, you can get mortgages and other loans. We'll update this article as Truist account specifics become more clear and as Truist begins offering accounts directly under the Truist name.

Where Can I Find Truist Bank?

Truist is currently operating at all existing SunTrust and BB&T locations. These branches are located throughout the eastern part of the country, stretching as far west as Texas. However, you can easily reach the bank over the phone, via the new Truist mobile app or via existing channels that you might have used as a BB&T or SunTrust customer. Physical locations will rebrand as Truist Bank in early 2022.

What Can You Do Online With Truist Bank?

While the answer to this quesiton will likely continue to change rapidly as the terms of the merger are carried out, Truist recently released a mobile app separate from the BB&T and SunTrust branded apps. However, it's clear that the app needs some work before it can be a strong option for Truist customers. As of September 2021, it only has a 2.4-star rating on the Apple App Store and a 1.8-star rating on the Google Play Store. The apps are both brand new, and given that the merger is in full swing, it's not a huge surprise that the functionality of this new app is a little lacking.

The SunTrust and BB&T apps, which are both still up and running for the time being, both have four-plus star ratings. In the near future, you'll be able to use the Truist website and mobile apps to access all of your account information as well as perform banking tasks like transfering money and paying bills. Simply put, you'll be able to take care of just about all of your Truist banking needs online, even if the functionality isn't quite there yet.

How Do I Access My Money?

Until Truist rebrands SunTrust and BB&T under the Truist name, all customers can use SunTrust and BB&T ATMs for free. You can also go into any SunTrust or BB&T branch to access your money or perform other banking transactions. Plus, you still have the option of using the SunTrust and BB&T apps to bank and access your money. Truist hasn't yet stated specifics such as a uniform wire transfer fee or deposit and withdrawal limits, so your limits will depend upon what the terms are for your SunTrust or BB&T branded account.

What’s the Process for Opening an Account With Truist?

Currently, the way to open a Truist account is by doing so through BB&T or SunTrust as they exist today. As we've gone over, SunTrust and BB&T are currently both Truist, so you can open a Truist account by using the BB&T or SunTrust mobile apps or websites. You can also visit a physical branch. These accounts will all be rolled over into Truist-branded accounts in the coming months. You can also wait until Truist unveils its proprietary banking products, which are also likely to release in the coming months.

What's the Catch?

Both BB&T and SunTrust are highly rated and reputable banks, so it follows that Truist, the combination of the two institutions, has the potential to be even better. However, merging to create one of the country's largest banks is never going to be an easy task, so it's important to note that there are likely to be some hiccups as the process is carried out. SunTrust accounts and BB&T accounts will be rolled over, and even most account numbers are staying the same, but it's still important to remember that existing account holders could be adversely affected by any bumps in the road.

As a result, if you're thinking about banking with Truist, you may want to consider waiting until there's more clarity on the progress and status of the merger. Plus, Truist as a new financial institution hasn't yet begun offering banking products. Customers who want to work with Truist will need to open existing BB&T or SunTrust accounts. 

Another catch is the fact that Truist only has physical locations in the eastern part of the country. While this isn't necessarily a problem because of the bank's online presence, it may be an issue for anyone who feels more comfortable banking in-person.

Bottom Line

Truist is shaping up to be a solid banking option for anyone in the country comfortable banking online. Plus, anyone who lives on the east coast is likley to have the added benefit of being relatively close to a physical location. Given the wide range of offerings currently available under the SunTrust and BB&T brands, Truist is slated to offer the best of both SunTrust and BB&T, while adding a number of propiertary Truist options in the coming months.

It's important to remember that the Truist merger is still being carried out, so there may be some adaptation issues. However, once all is said and done, Truist seems well positioned as a powerhouse banking institution for millions of Americans. As the merger continues, our team at SmartAsset will keep an eye out for new Truist account offerings and update this review accordingly with new Truist accounts.