Haris Ashley
Truist Bank offers a range of financial products, including checking and savings accounts, credit cards, loans, mortgages, and investment services. The bank has a positive customer experience rating, with a focus on simplicity and convenience. One of the primary advantages of banking with Truist is the absence of overdraft fees, which sets it apart from other banks. Additionally, Truist provides FDIC insurance for its depositors, ensuring that their money is secure. With FDIC insurance, deposits are automatically covered up to $250,000 per depositor, per institution, and per account ownership category. This safety net provides peace of mind for individuals and businesses alike.
| Characteristics | Values |
|---|---|
| Overdraft fees | No |
| Monthly maintenance fees | Yes, but can be waived for students and primary account owners under 25 or over 62 |
| Minimum opening deposit | Yes |
| FDIC insured | Yes |
| Maximum deposit insurance amount | $250,000 per depositor, per insured bank, for each account ownership category |
| Account types | Checking, savings, money market, CDs, IRAs, brokerage accounts, credit cards, loans, mortgages, investment services |
| Interest rates | Low for savings accounts, high for money market accounts (for new customers only) |
| Mobile banking | Yes |
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What You'll Learn
Truist Bank is FDIC-insured
Truist Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This means that your money is insured up to the amount allowable by law, currently $250,000 per depositor, per insured bank, for each account ownership category.
FDIC insurance was established in 1933 in response to the bank failures during the Great Depression. It provides customers with peace of mind, knowing that their deposits will be covered up to the standard maximum deposit insurance amount. This coverage is automatic for all FDIC-insured products held at FDIC-insured institutions, such as Truist Bank.
As a customer of Truist Bank, you can rest assured that your money is protected. Truist offers a range of financial services, including checking and savings accounts, lending, credit cards, and investment services. Their Truist One Checking account, for example, provides benefits like no overdraft fees, a Balance Buffer, coverage for accidental overspending, and a credit card loyalty bonus.
Additionally, Truist Bank has a mobile banking app that offers fast access to your accounts and insights into your spending. With the app, you can easily view your bank account statement and transaction history, set transaction alert preferences, order checks, make mobile check deposits, lock cards, and send money through Zelle.
In summary, Truist Bank's FDIC membership ensures that your deposits are insured and protected, providing an extra layer of security for your finances.
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Maximum deposit insurance: $250,000
Truist Bank is a member of the Federal Deposit Insurance Corporation (FDIC). This means that your money is FDIC-insured up to the amount allowable by law. The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. FDIC insurance covers deposits in different account ownership categories, including single accounts, certain retirement accounts, employee benefit plan accounts, joint accounts, trust accounts, business accounts, and government accounts.
The FDIC provides deposit insurance coverage for a variety of deposit products, including checking accounts, savings accounts, money market deposit accounts (MMDAs), and certificates of deposit (CDs). This insurance is provided per depositor, per FDIC-insured institution, and per ownership category. The FDIC offers distinct coverage for deposits in different account ownership categories, and the coverage limits pertain to the total of all deposits an account holder has within these categories at each FDIC-insured bank.
It is important to note that FDIC insurance does not cover investment products such as stocks, bonds, mutual funds, cryptocurrencies, safe deposit box contents, life insurance policies, annuities, or municipal securities. Additionally, FDIC insurance does not protect against losses due to theft or fraud, which are addressed by other laws.
If you have deposits that exceed $250,000 and are linked to trust documents or deposits established by a third-party broker, the FDIC may need additional time to determine the insurance coverage and may request supplemental information from the depositor.
To calculate your specific insurance coverage amount, you can use the FDIC's Electronic Deposit Insurance Estimator (EDIE) or confirm that your bank is insured by searching for it in the BankFind tool available on the FDIC website.
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Truist One Checking account
The Truist One Checking account is a personal checking account with no overdraft fees and multiple ways to waive the monthly maintenance fee. This account offers benefits such as no overdraft fees, a Balance Buffer, coverage for accidental overspending, and a credit card loyalty bonus.
The Balance Buffer feature, exclusive to Truist One Checking, allows clients to overdraw their account by up to $100. This feature is automatically available once certain qualifications are met, such as having the account open for a minimum of 35 calendar days and receiving a single direct deposit of at least $100 within that period.
The monthly maintenance fee for the Truist One Checking account can be waived for each statement cycle under specific conditions. These include having a primary account owner under the age of 25 or 62 and older, making at least $500 in total qualifying direct deposits per statement cycle, or maintaining a total combined ledger balance of $500 or more in any Truist-related accounts.
Additionally, the Truist One Checking account provides the option of earning a loyalty bonus. By linking a Truist One Savings account, you can enhance your benefits with no monthly maintenance fees and no-fee non-Truist ATM transactions.
As a member of the FDIC, Truist Bank ensures that your money is insured up to the allowable amount by law, providing peace of mind for your deposits.
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Truist Confidence Account
The Truist Confidence Account is a bank account designed for first-time and fresh starters. It helps users build a strong financial foundation by allowing them to spend only the cash they have. The account has no overdraft fees and no traditional paper checks. It also offers online and mobile bill payment options.
The Confidence Account is certified by the Bank On National Account Standards, which recognises safe and affordable banking. It requires a $25 minimum opening deposit and does not charge any monthly maintenance fees.
The Truist Confidence Savings account can be opened alongside the Confidence Account to provide overdraft protection. This savings account also has no monthly maintenance fees and no overdraft fees.
Truist Bank is a member of the FDIC, which means that deposits are insured up to $250,000 per depositor, per insured bank, and for each account ownership category. This coverage is automatic for accounts held at FDIC-insured institutions.
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Truist's mobile banking app
Truist is an FDIC-insured institution, meaning your money is insured up to the amount allowable by law. The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The Truist Mobile Banking app is available on both the App Store and Google Play. The app provides a range of features to help users manage their accounts and cards, including:
- Viewing account details and transactions
- Setting alerts preferences
- Viewing statements
- Ordering checks and supplies
- Managing overdraft options
- Locking and unlocking cards
- Setting spending and region limits
- Transferring funds between Truist accounts or external accounts
- Sending and receiving money via Zelle
- Depositing cheques
- Viewing deposit history
- Gaining insights on spending, trends, cash flow, and unusual activity
- Linking external accounts
- Setting and tracking spending budgets
- Comparing spending habits
- Monitoring savings goals
- Earning cashback on everyday purchases at select merchants
- Discovering offers from places you shop, dine, travel, etc.
- Viewing and redeeming credit card rewards
The app also provides help and support features, including the ability to call Truist support, find a branch, ATM, or bank service, and view account history. Users can also enable fingerprint, facial recognition, Face ID, or Touch ID for quick and secure access.
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Frequently asked questions
Yes, Truist Bank is a member of the FDIC, meaning your money is FDIC-insured up to $250,000 per depositor, per insured bank, and per account ownership category.
If your bank fails and is not FDIC-insured, your deposits will not be covered. FDIC insurance ensures your deposits are automatically covered.
Truist offers two checking accounts, two savings accounts, one money market account, and traditional CDs ranging from 7 days to 60 months.
Truist One Checking accounts have no overdraft fees, but there are some monthly service fees.
