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 company kept the name Truist and operates branches across the Southeast and Mid-Atlantic, with some presence in other regions.

Truist offers the services you'd expect from a full-service bank: checking and savings accounts, mortgages, auto loans, credit cards, investment services, and business banking. If you have a mortgage, auto loan, or deposit account with Truist, you deal with them directly for payments, statements, and customer service.

The bank is publicly traded and regulated by the Federal Reserve and the Office of the Comptroller of the Currency (OCC), the same federal bodies that oversee other large national banks. This means your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account type.

Key Takeaways

  • Truist Bank was formed in 2019 from the merger of BB&T and SunTrust and operates primarily in the Southeast and Mid-Atlantic regions.
  • Truist offers standard banking products including mortgages, auto loans, checking accounts, savings accounts, and credit cards.
  • Deposits held at Truist are protected by FDIC insurance up to $250,000 per account type, the same as at any other FDIC-insured bank.
  • If you have a Truist mortgage or loan, you send payments to Truist and contact them for account questions or disputes.

Where Truist operates and how to reach them

Truist has physical branches in multiple states, concentrated in North Carolina, South Carolina, Georgia, Virginia, Maryland, and Florida, though the exact number and locations change as the bank opens and closes branches. You can find your nearest branch and hours on their website or by calling their main customer service line.

For mortgage or loan questions, you typically contact the loan servicer listed on your statement or payment coupon. That servicer may or may not be Truist itself — many mortgages are sold to other servicers after origination. If Truist is your servicer, their contact information will be on your monthly statement.

How Truist differs from other major banks

Truist is smaller than the "Big Four" national banks (JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup) but larger than most regional banks. This means it has more branches and services than a small local bank but less national reach than the largest players.

If you're comparing banks for a mortgage or deposit account, Truist competes on interest rates, fees, and branch availability rather than on being the only option. Your choice between Truist and another bank usually comes down to which offers better terms for your specific product and whether you have convenient access to their branches or ATMs.

What to do if you have a problem with Truist

If you have a complaint about a Truist account, loan, or service, start by contacting Truist's customer service directly using the number on your statement or their website. Most issues — wrong charges, missing payments, account errors — are resolved this way.

If Truist does not resolve your complaint, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) at consumerfinance.gov. The CFPB investigates complaints against banks and can order them to correct errors or refund money. You can also contact your state's banking regulator or attorney general's office.

Understanding FDIC insurance if you bank with Truist

Money you keep in a Truist checking account, savings account, or money market account is insured by the FDIC up to $250,000 per account type. This means if Truist fails, the FDIC will reimburse you for deposits up to that limit. Investments, such as stocks or mutual funds held at Truist, are not FDIC-insured.

If you have multiple accounts at Truist — for example, a checking account and a savings account in your name alone — each is insured separately up to $250,000. Joint accounts have their own $250,000 limit. This protection applies whether you bank online or in person.

Truist's history and the BB&T and SunTrust merger

BB&T (Branch Banking and Trust Company) and SunTrust Banks were both established regional banks with decades of history. BB&T was founded in 1872 and operated primarily in the Carolinas and Mid-Atlantic. SunTrust was founded in 1891 and had a strong presence in the Southeast, especially Georgia and Florida.

When the two merged in 2019, the combined company adopted the Truist name and consolidated operations. Customers of both banks were notified of the merger and their accounts were integrated into the Truist system. If you had an account at either bank before 2019, it is now a Truist account.

Frequently Asked Questions

Is Truist a safe bank to keep my money in?

Yes. Truist is a large, federally regulated bank, and deposits are insured by the FDIC up to $250,000 per account type. The bank is subject to regular examinations by the Federal Reserve and the OCC to ensure it meets safety and soundness standards, the same oversight applied to other major banks.

Can I bank with Truist if I don't live near a branch?

Yes. Truist offers online banking, mobile apps, and phone customer service, so you can manage accounts and make payments without visiting a branch. However, some services like depositing cash or getting a cashier's check may require a branch visit or using an ATM network partner.

What if I have a mortgage with Truist but want to pay it off early?

You can pay off a Truist mortgage at any time without penalty (assuming your loan does not have a prepayment penalty clause, which is rare on modern mortgages). Contact Truist's loan servicer to confirm the payoff amount and send the payment according to their instructions.

Does Truist offer the same products as bigger banks like Chase or Bank of America?

Truist offers most standard banking products — mortgages, auto loans, checking, savings, credit cards, and investment services. However, the specific products, rates, and terms may differ. It's worth comparing Truist's offerings to other banks if you're shopping for a mortgage or deposit account.

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

Your account was converted to a Truist account. Your account number, balance, and terms remained the same, but you now receive statements and customer service from Truist. If you had online banking set up, you may have needed to update your login information during the transition.