Truist is a regional bank formed by merging two large Southeast banks

Truist Bank is a commercial bank headquartered in Charlotte, North Carolina. It was created in December 2019 when BB&T Corporation and SunTrust Banks merged. The combined entity kept the Truist name and operates as one of the largest banks in the United States by assets.

Truist serves customers across the Southeast and Mid-Atlantic, with branches in states including North Carolina, South Carolina, Virginia, Maryland, Delaware, West Virginia, Kentucky, and Florida. The bank also has a smaller presence in other regions through its national operations.

The merger combined two banks with separate histories. BB&T, founded in 1872, and SunTrust, founded in 1891, each had deep roots in their regions before joining forces. The consolidation created a single institution with a larger customer base and broader geographic reach than either bank had alone.

Key Takeaways

  • Truist Bank operates as a full-service commercial bank offering checking, savings, loans, and investment services to individuals and businesses.
  • The bank was formed in 2019 from the merger of BB&T and SunTrust, two long-established regional banks.
  • Truist maintains physical branches primarily in the Southeast and Mid-Atlantic but also offers online and mobile banking nationwide.
  • The bank is a member of the Federal Deposit Insurance Corporation (FDIC), meaning deposits up to $250,000 per account type are protected.

What services Truist offers to customers

Truist provides standard banking products for both personal and business customers. On the consumer side, this includes checking and savings accounts, money market accounts, certificates of deposit (CDs), and individual retirement accounts (IRAs). The bank also offers credit cards, home mortgages, auto loans, and personal loans.

For business customers, Truist provides commercial checking and savings accounts, business credit cards, lines of credit, equipment financing, and cash management services. The bank also offers wealth management, investment advisory, and trust services through its Truist Wealth division.

Truist operates digital banking channels alongside its physical branches. Customers can access accounts through the Truist mobile app and online banking portal, perform transfers, pay bills, deposit checks remotely, and contact customer service through these channels.

How Truist is regulated and insured

Truist Bank is a national bank regulated by the Office of the Comptroller of the Currency (OCC), a division of the U.S. Department of the Treasury. This means the OCC sets rules for how the bank operates, conducts examinations, and enforces compliance with federal banking laws.

Deposits held at Truist are insured by the Federal Deposit Insurance Corporation (FDIC). This insurance covers up to $250,000 per depositor, per account type, at each FDIC-insured bank. For example, a checking account and a savings account at Truist are insured separately, so a customer could have $250,000 protected in each account type.

Truist is also a member of the Federal Reserve System, which means it participates in the nation's central banking operations and is subject to Federal Reserve oversight on certain matters. The bank must maintain minimum capital reserves and follow rules set by the Federal Reserve regarding lending, interest rates, and other banking activities.

Truist's size and position in the banking industry

By total assets, Truist ranks among the top 10 banks in the United States. As of recent reports, the bank holds hundreds of billions of dollars in assets. This size gives Truist significant resources to lend to customers and businesses, but it also means the bank is subject to heightened regulatory scrutiny as a systemically important financial institution.

The bank competes with other regional banks like Bank of America, Wells Fargo, and PNC, as well as with smaller community banks and online-only banks. Truist's competitive position rests partly on its branch network in the Southeast and Mid-Atlantic and partly on its digital banking capabilities.

Truist is a publicly traded company, meaning shares of the bank are bought and sold on stock exchanges. The bank reports financial results quarterly to shareholders and the public, and its leadership is accountable to a board of directors.

How Truist makes money

Like most banks, Truist generates revenue primarily from the difference between the interest it pays on deposits and the interest it charges on loans. When a customer deposits money in a savings account, Truist pays a small amount of interest. When the bank lends that money to a borrower for a mortgage or auto loan, it charges a higher interest rate. The spread between these rates is the bank's primary source of profit.

Truist also earns money from fees charged to customers. These include monthly account maintenance fees, overdraft fees, wire transfer fees, and ATM fees when customers use machines outside the Truist network. Credit card interchange fees—small charges paid by merchants when customers use Truist credit cards—also contribute to revenue.

Investment and wealth management services generate additional income through advisory fees, asset management charges, and commissions on financial products sold to customers.

Differences between Truist and online-only banks

Truist operates physical branches where customers can walk in, speak to a banker, and conduct transactions in person. Online-only banks like Ally, Charles Schwab Bank, or Marcus have no physical locations. Customers at these banks conduct all business through digital channels.

Because Truist maintains a branch network, it typically charges higher fees and offers lower interest rates on deposits than online-only competitors. The cost of operating branches is passed along to customers. Online banks, with lower overhead, often offer higher savings account rates and lower or no monthly fees.

Truist's advantage is convenience for customers who prefer face-to-face banking and the ability to deposit cash or checks in person. Online banks offer lower costs and higher deposit rates but require customers to be comfortable managing their accounts entirely through apps and websites.

How to open an account at Truist

Customers can open a Truist account either online through the bank's website or by visiting a branch in person. Online account opening typically takes 10 to 15 minutes and requires basic personal information, a Social Security number, and a valid form of identification. Customers can fund the account when ready through a transfer from another bank.

In-person account opening at a branch allows customers to ask questions and receive guidance from a banker. The process is similar but may take longer depending on branch traffic and the complexity of the account type being opened.

Truist uses ChexSystems, a banking history reporting system, to screen new account applicants. If a customer has a history of overdrafts, fraud, or other banking issues, Truist may decline to open an account or require a deposit to find it.

Frequently Asked Questions

Is my money safe at Truist Bank?

Yes, deposits at Truist are insured by the FDIC up to $250,000 per account type. This means if the bank fails, the federal government guarantees your money up to that limit. Truist is also a well-capitalized bank with significant assets and regulatory oversight, making failure unlikely.

Does Truist have ATMs outside its branch network?

Truist participates in ATM networks that allow customers to use machines at other banks without a fee. The bank also has thousands of ATMs at its own branches. Using an ATM outside these networks typically costs $2 to $3 per transaction, depending on the ATM operator.

Can I bank with Truist if I don't live in the Southeast?

Yes. Truist offers online and mobile banking to customers nationwide. You can open an account online, deposit checks remotely, and manage your money entirely through digital channels. However, you won't have access to physical branches unless you live in one of Truist's service areas.

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

Accounts from both banks were automatically converted to Truist accounts. Customers kept their account numbers, balances, and FDIC insurance coverage. The merger was designed to be seamless for existing customers, though some account features and fee structures may have changed over time.

How does Truist compare to other large banks?

Truist is similar in size and scope to regional banks like PNC and U.S. Bancorp but smaller than Bank of America or Wells Fargo. Truist typically offers more personalized service than the largest national banks but may charge higher fees than online-only competitors. The best choice depends on whether you value branch access and personal service or prefer lower costs.