Truist launches new accounts with no overdraft fees
Purpose-driven approach addresses customers’ biggest challenges and creates more pathways to financial inclusion
CHARLOTTE, North Carolina, July 18, 2022 /PRNewswire/ — Truist Financial Corporation (NYSE: TFC) today announced the launch of Truist One Banking, two new accounts that give customers more control over their banking needs and avoid overdraft fees. Created with purpose, these solutions are designed to help customers build a stronger financial future. Both accounts are available today for eligible customers.
Truist One Checking offers an easier verification experience with no overdraft fees, easy ways to waive maintenance fees and, for eligible customers, an accidental overage buffer. The Truist Confidence Account, the new non-chequing alternative account, offers consumers access to traditional banking services without overdraft fees.
“Truist One Banking is a purpose-driven approach to banking, designed to provide more accessible solutions for everyone,” said Truist’s Chief Executive Officer. Bill Roger. “We are committed to inspiring and building better lives and communities by creating financial solutions that empower more customers to build stronger financial futures.”
Highlights of the flagship Truist One Checking account include:
- No overdraft fees
- Until $100 negative balance buffer for eligible customers so transactions can be completed at no additional cost
- 10%-50% extra rewards on select Truist credit cards
The Truist Confidence Account is designed for clients looking to build a stable financial foundation and develop strong money management habits. It gives customers more control over their finances by generally allowing them to spend only what they have in their account. Additional benefits include:
- Using Truist Bill Pay or Zelle® to send money for free
- Access to over 2,100 branches, 3,000 ATMs, digital and online banking services and the Truist Contact Center for assistance with banking matters
“Our customers have told us they want less complexity, more convenience and not worry about overdraft fees, and we’re addressing that with Truist One Banking,” said Dontá Wilson, director of retail banking and to small businesses from Truist. “As we reimagine the financial services experience with our customers, we are paying special attention to every interaction and changing lives for the better.”
In April of this year, in response to customer feedback, Truist removed fees for returned items, negative account balances and overdraft protection transfers for personal accounts. These changes, along with the customer benefits of the new accounts announced today, will save customers approximately $300 million per year by 2024.
Truist is committed to creating multiple opportunities to enable customers and communities to access financial inclusion, including:
- Expand the largest banking partnership with Operation HOPE through a $20 million Invested in Operation HOPE to provide free financial coaching services to 680 Truist branches. The investment will also help start, grow and scale 1 million new black-owned businesses by 2030.
- Partnered with Commonwealth through the BlackRock Emergency Savings Initiative to conduct a pilot program providing clients with no savings an incentive and framework to start building an emergency fund
- Partnered with the Bank Policy Institute to release the Child Tax Credit Toolkit – a resource to help banks close the CTC distribution gap for over 4 million eligible children
- Promote awareness and access to the Child Tax Credit with modules on all digital financial education platforms
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets nationwide and offers a wide range of services including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loans; and wealth management. Based at Charlotte, North CarolinaTruist is a top 10 US commercial bank with total assets of $544 billion of the March 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation