Bank of America is significantly larger than Truist by every major measure

Bank of America is one of the largest banks in the United States, while Truist is a regional bank with a smaller footprint. As of the most recent public filings, Bank of America holds roughly three to four times the total assets of Truist, operates far more branches nationwide, and serves a much larger customer base. If you're comparing the two banks for checking, savings, or lending products, the size difference matters because it affects branch availability, product variety, and the resources each bank can dedicate to customer service.

The gap between them reflects Bank of America's decades of national expansion and acquisition strategy, while Truist itself was formed in 2019 through the merger of BB&T and SunTrust Banks. For a customer choosing between them, larger assets can mean stability and resources, but it can also mean slower, more bureaucratic customer service compared to a regional bank.

Key Takeaways

  • Bank of America has total assets in the range of $3 trillion, while Truist has assets around $500 billion to $600 billion, making Bank of America roughly five to six times larger.
  • Bank of America operates thousands of branches across all 50 states, while Truist primarily serves the Southeast and Mid-Atlantic regions with several hundred branches.
  • Bank of America offers a wider range of investment, wealth management, and commercial banking services due to its size and national presence.
  • Truist may offer more personalized service and local decision-making in its core markets, which some customers prefer over a national megabank.
  • For most customers, the choice between them depends on location, the specific products you need, and whether you value national reach or regional focus.

Total assets and financial scale

Bank of America's total assets dwarf Truist's. Bank of America consistently ranks among the top three banks in the nation by asset size, while Truist ranks in the top 10 regionally. The asset gap reflects decades of Bank of America's national expansion and acquisition strategy, whereas Truist itself was formed in 2019 through the merger of BB&T and SunTrust Banks, two large regional institutions.

This size difference means Bank of America has more capital to invest in technology, more staff to handle customer issues, and more products to offer. It also means Bank of America faces stricter federal regulation as a "systemically important" bank — rules that don't apply to Truist. For a customer choosing between them, larger assets can mean stability and resources, but it can also mean slower, more bureaucratic customer service.

Branch network and geographic reach

Bank of America operates roughly 4,000 to 4,300 branches across all 50 states, plus Washington D.C. and U.S. territories. Truist operates roughly 2,700 to 3,000 branches, concentrated in the Southeast and Mid-Atlantic — primarily in North Carolina, South Carolina, Georgia, Florida, Virginia, Maryland, and Pennsylvania, with some presence in other states.

If you live in Truist's core markets and want a local bank with regional roots, Truist's branch density may actually be higher in your area than Bank of America's. But if you travel frequently, move between states, or want a bank with branches everywhere, Bank of America's national network is a clear advantage. Both banks also offer online and mobile banking, so branch access matters less than it once did.

Product and service offerings

Bank of America offers a broader range of products because of its size: investment banking, wealth management for high-net-worth clients, commercial lending, trading, and insurance products. Truist offers personal banking, small-business banking, wealth management, and commercial services, but with less depth in investment banking and institutional services.

For a typical customer opening a checking account or getting a mortgage, both banks offer competitive products. The difference shows up if you need specialized services — for example, if you're a business owner seeking complex financing, or a high-net-worth individual wanting integrated investment management. Bank of America's scale gives it more specialists and more product options in those areas.

Customer service and local decision-making

Truist's regional focus can mean faster, more personal service in its core markets. Loan decisions, account issues, and customer problems may be handled by people who know the local market and have authority to make exceptions. Bank of America, as a national megabank, tends toward standardized processes and centralized decision-making, which can feel impersonal but also ensures consistency.

Some customers prefer Truist's approach; others prefer Bank of America's scale and resources. If you value a relationship with a local banker who knows your business, Truist may feel more responsive. If you want a bank that can handle complex transactions and has resources to fix problems quickly, Bank of America's size may be the advantage.

Fees and account requirements

Both banks charge monthly maintenance fees on checking accounts, though both waive them under certain conditions — usually a minimum balance or direct deposit. Bank of America's fee structure tends to be slightly higher, and its minimum balance requirements can be steeper. Truist's fees are generally comparable to other regional banks and may be lower in some account types.

Neither bank is known for being the cheapest option; both are traditional full-service banks with fee structures to match. If fees are your primary concern, online banks and credit unions often undercut both. But if you want a brick-and-mortar bank with physical branches, comparing their specific account types side by side is worth doing.

Which bank is right for you

The answer depends on where you live and what you need. If you live in Truist's footprint and want a regional bank with local roots, Truist may be the better fit. If you need national reach, travel frequently, or want access to investment banking and wealth management services, Bank of America's size and scope are the advantage.

For basic banking — checking, savings, and mortgages — both are solid choices. The real difference emerges if you need specialized services, value local relationships, or require a bank that operates everywhere you do. Neither bank is objectively "better"; it depends on your situation.

Frequently Asked Questions

Is Truist a safe bank to use?

Yes. Truist is a publicly traded bank regulated by the Federal Reserve and the Office of the Comptroller of the Currency. Deposits are insured by the FDIC up to $250,000 per account type. Truist's size and capital levels meet all federal safety requirements. Bank of America carries the same protections and regulatory oversight.

Can I use Bank of America ATMs if I bank with Truist?

Not without a fee. Truist and Bank of America are separate institutions with separate ATM networks. Using an out-of-network ATM typically costs $2 to $3. Both banks participate in ATM alliances with other banks, so you may have fee-free access to thousands of ATMs through those networks — check each bank's website for the current list.

Does Bank of America have better mortgage rates than Truist?

Mortgage rates change daily and vary based on your credit score, down payment, and loan type. Both banks offer competitive rates, but you should compare offers from multiple lenders — including online banks and credit unions — before deciding. Rate differences of 0.25% to 0.5% are common between lenders, so shopping around matters more than which bank you choose.

Why did Truist merge BB&T and SunTrust?

The 2019 merger created a larger regional bank to compete more effectively with national banks like Bank of America. Combining two strong Southeast banks gave Truist more scale, more branches, and more resources than either bank had alone. The merger was completed in December 2019, and the combined bank took the Truist name.