Truist launches new accounts with no overdraft fees

Rhea-AI Summary

Truist Financial Corporation (NYSE: TFC) launched Truist One Banking on July 18, 2022, introducing two new accounts that focus on financial inclusion and eliminating overdraft fees. The Truist One Checking account offers clients a negative balance buffer and rewards on credit card transactions, while the Truist Confidence Account provides checkless banking. In response to client feedback, Truist will save clients approximately $300 million annually by discontinuing various fees. The initiative aims to foster better financial management and empower communities.

Positive

• Launch of Truist One Banking accounts with no overdraft fees.
• Truist One Checking offers a negative balance buffer of up to $100 for qualifying clients.
• $300 million annual savings for clients by 2024 from fee discontinuations.

Negative

• None.

Purpose-driven approach addresses clients' biggest challenges and creates more pathways to financial inclusion

CHARLOTTE, N.C., July 18, 2022 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced the launch of Truist One Banking—two new accounts that empower clients to take more control of their banking needs and avoid overdraft fees. Created with purpose in mind, these solutions are designed to help clients build a stronger financial future. Both accounts are available today to eligible clients.

Truist One Checking provides a simpler checking experience with no overdraft fees, easy ways to waive maintenance fees, and, for eligible clients, a buffer for accidental overspending. The Truist Confidence Account, the new alternative checkless account, provides consumers with access to mainstream banking services with no overdraft fees.

"Truist One Banking is a purpose-driven approach to banking designed to offer more accessible solutions to all," said Truist Chairman and Chief Executive Officer Bill Rogers. "We're committed to inspiring and building better lives and communities by creating financial solutions that enable more clients to build a stronger financial future."

Highlights of the flagship Truist One Checking account include:

• No overdraft fees
• Up to $100 negative balance buffer for qualifying clients so transactions go through at no extra charge
• 10% to 50% more rewards on select Truist credit cards

The Truist Confidence Account is designed for clients seeking to create a stable financial foundation and build strong money management habits. It provides clients with more control over their finances by typically allowing them to spend only what they have in their account. Additional benefits include:

• Use of Truist bill pay or Zelle® to send money at no cost
• Access to more than 2,100 branches, 3,000 ATMs, digital and online banking, and the Truist Contact Center for help with banking questions

"Our clients told us they want less complexity, more convenience, and freedom from worry about overdraft charges, and we're delivering on that with Truist One Banking," said Truist Chief Retail and Small Business Banking Officer Dontá Wilson. "As we reimagine the financial services experience with our clients, we're putting care into every interaction and changing lives for the better." 

In April of this year, in response to client feedback, Truist discontinued fees for returned items, negative account balances, and overdraft protection transfers for consumer accounts. These changes, along with the client benefits from the new accounts announced today, will result in saving clients an estimated $300 million per year by 2024.

Truist is committed to creating multiple opportunities to empower clients and communities with financial inclusion, including:

• Expanding the largest banking partnership with Operation HOPE through a $20 million Operation HOPE investment to offer financial coaching services at no cost to 680 Truist branches. Investment will also help start, grow, and scale 1 million new Black-owned businesses by 2030
• Partnering with Commonwealth via the BlackRock Emergency Savings Initiative to conduct a pilot program offering clients without savings an incentive and framework to start building an emergency fund
• Partnering with the Bank Policy Institute to publish the Child Tax Credit Toolkit – a resource intended to assist banks to close the CTC distribution gap for over 4 million eligible children
• Promoting Child Tax Credit awareness and access with modules on all digital financial education platforms

About Truist
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 in the country, and offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $544 billion as of March 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.

View original content:https://www.prnewswire.com/news-releases/truist-launches-new-accounts-with-no-overdraft-fees-301588312.html

SOURCE Truist Financial Corporation

FAQ

What is Truist One Banking launched by Truist Financial Corporation (TFC)?

Truist One Banking is a new banking initiative by Truist Financial Corporation that includes accounts designed to eliminate overdraft fees and enhance financial inclusion.

What are the features of the Truist One Checking account?

The Truist One Checking account has no overdraft fees, offers a negative balance buffer of up to $100 for eligible clients, and provides more rewards on select credit cards.

How much will clients save from the changes announced by Truist (TFC)?

Clients will save an estimated $300 million annually by 2024 due to the discontinuation of certain fees.

When was Truist One Banking launched?

Truist One Banking was launched on July 18, 2022.

What is the purpose of the Truist Confidence Account?

The Truist Confidence Account is designed for clients to manage their finances effectively by spending only what they have, eliminating overdraft fees.