What Truist offers in a checking account, and who it suits

Truist is a regional bank with branches across the Southeast and Mid-Atlantic, and it offers several checking account tiers. Whether it's a good fit depends on how you bank: if you keep a high balance, use their branches regularly, or want straightforward overdraft protection, Truist can work. If you're looking for no monthly fees without conditions, or you bank primarily online, you'll likely find better options elsewhere.

Truist's main checking products are Truist One Checking and Truist Preferred Checking. Truist One has a $100 monthly maintenance fee that waives if you maintain a $1,500 minimum daily balance or set up direct deposit. Truist Preferred has a $250 monthly fee that waives at $15,000 minimum balance or $5,000 in linked savings. Both come with overdraft protection and ATM access, but the fee structure means you're paying for features you may not need unless you meet the balance threshold.

Key Takeaways

  • Truist checking accounts charge monthly fees ($100 or $250) that waive only if you maintain a high minimum balance or set up direct deposit.
  • Overdraft fees run $35 per transaction, and Truist allows multiple overdrafts per day, which can add up quickly if your account goes negative.
  • Truist has no monthly fee for accounts under age 18, and offers a student checking option with lower balance requirements.
  • Online banks and credit unions often have zero monthly fees with no balance requirement, making them cheaper if you don't use physical branches.
  • Truist's strength is branch access in the Southeast and Mid-Atlantic; if you rarely visit a branch, that advantage disappears.

Monthly fees and how to avoid them

Truist One Checking costs $100 per month unless you meet one of two conditions: keep $1,500 in your account every day, or receive a direct deposit. If your paycheck goes directly into the account, the fee waives automatically. If you're self-employed or paid in cash, you'll need to maintain the balance.

Truist Preferred Checking costs $250 monthly and requires either $15,000 in daily balance or $5,000 in a linked Truist savings account. This tier includes higher ATM limits and priority customer service, but the balance requirement is steep for most people. Unless you're carrying that much money anyway, you're paying for features you won't use.

Truist also offers a Youth Checking account for customers under 18 with no monthly fee and no minimum balance. If you have a teenager, this is the main reason to choose Truist over competitors.

Overdraft fees and how they stack up

Truist charges $35 per overdraft transaction. The bank allows multiple overdrafts in a single day, so if you make five purchases while your account is negative, you'll face five $35 fees—$175 total. This is standard across most banks, but it means overdrafts are expensive and can spiral quickly if you're not watching your balance.

Truist does offer overdraft protection, which links your checking account to a savings account or credit line. If you overdraw, the bank transfers money from the linked account instead of charging a fee. This is useful if you keep a small buffer in savings, but it requires you to set it up in advance.

ATM access and branch locations

Truist has roughly 2,700 branches and 3,100 ATMs, concentrated in North Carolina, South Carolina, Georgia, Virginia, Maryland, Delaware, and Pennsylvania. If you live in one of these states and use branches regularly, this is a real advantage. You can deposit checks, withdraw cash, and talk to someone in person without traveling far.

If you live outside these regions or rarely visit a branch, the branch network is irrelevant. Online banks have no physical locations but often reimburse ATM fees nationwide, which can be cheaper than paying Truist's monthly fee to access their machines.

How Truist compares to online banks and credit unions

Online banks like Ally, Charles Schwab, and Discover typically charge zero monthly fees with no minimum balance. They offer the same basic features—debit card, online transfers, bill pay—without the overhead of physical branches. If you're comfortable banking on your phone or computer, these accounts cost nothing and often pay higher interest on savings.

Credit unions in your area may also offer free checking with lower or no balance requirements. Credit unions are member-owned and often have lower fees overall. You'll need to join (usually by living or working in a specific area or joining an affinity group), but membership is often free or costs a few dollars.

The trade-off is clear: Truist charges for convenience and branch access. If you value those things, the fee is worth it. If you don't, you're paying for something you won't use.

Interest rates and savings features

Truist checking accounts earn little to no interest on your balance. As of early 2024, most Truist checking accounts pay 0.01% APY or less. This is typical for brick-and-mortar banks, but online banks often pay 4% to 5% on savings accounts, which is a significant difference if you're keeping money in the bank.

If you're looking to earn interest, Truist is not the place to keep your savings. Use a Truist checking account for spending and bill pay, and keep savings elsewhere—either in a Truist savings account (which may pay slightly more) or in an online savings account that pays market rates.

When Truist makes sense, and when it doesn't

Truist works if you live in their branch footprint, use branches regularly, and either receive direct deposit or can maintain a $1,500 balance. It also works if you're opening an account for a teenager, since the Youth Checking has no fees. The bank is stable, FDIC-insured, and has good customer service by phone and in branch.

Truist doesn't make sense if you bank primarily online, live outside the Southeast and Mid-Atlantic, or want to avoid monthly fees. In those cases, an online bank or local credit union will save you money and offer the same core features. The decision comes down to whether branch access is worth $100 to $250 per year to you.

Frequently Asked Questions

Can I avoid the monthly fee without direct deposit?

Yes, but only by maintaining the minimum balance: $1,500 for Truist One or $15,000 for Truist Preferred. If your balance drops below that threshold on any day, the fee charges. Direct deposit is the easier route if you receive a paycheck.

What happens if I overdraft my Truist account?

Truist charges $35 per overdraft transaction. You can prevent this by setting up overdraft protection, which links your checking to a savings account or credit line. If you overdraw, the bank transfers money instead of charging a fee.

Does Truist have a no-fee checking account?

Only for customers under 18. The Youth Checking account has no monthly fee and no minimum balance. For adults, all checking accounts have monthly fees that waive only with direct deposit or a high balance.

Can I use Truist ATMs outside the Southeast?

Truist ATMs are concentrated in the Southeast and Mid-Atlantic. Outside those regions, you'll likely pay out-of-network fees ($2 to $3 per withdrawal). If you travel frequently or live elsewhere, an online bank that reimburses ATM fees nationwide is cheaper.

Does Truist checking earn interest?

Truist checking accounts earn 0.01% APY or less, which is essentially no interest. If you want to earn interest on your money, use a savings account or move funds to an online bank that pays 4% to 5% on savings.