BB&T Bank Reviews
BB&T Bank has turned to be a part of Truist, to further enhance its services, offers, and products. The bank works out with a comprehensive range of banking products. These products and range of offers are suitable enough for various customer needs.
The people can rely on the bank from its banking to wide business services. In addition to all this, the bank has offered extremely convenient checking options. These accounts are perfect, particularly for students.
In addition to this, there are diverse mortgage products available, along with savings and money market accounts. The business banking services of the bank are also well-rounded. To provide you with a thorough detail about all these aspects, here is the basic overview stated next. The analysis will be sufficient for different business sizes as well as personal aspects.
As noted above BB&T Bank has merged up with SunTrust to form a single-entity financial institute – Truist. It is one of the broadest and most significant players in the American banking sector.
It has a history that dates back to 1872. Throughout this horizon, BB&T has appeared to be a highly reliable financial institute. However, after the merger, the bank is now operated under the Truist brand.
- Founded: 1872
- Merger: Merged with SunTrust in 2019 to form Truist
- Services: The services are related to personal and business checking and savings accounts, along with credit cards, loans, business insurance, as well as various other employee benefits.
- Customer Base: It covers a diverse range of clientele all across various states. BB&T has further evolved to meet the growing and changing financial needs of its customers.
The reputation of the bank is built due to its comprehensive offerings and exceptional commitment to customer service. Along with its modern banking conveniences like mobile and online banking, BB&T tends to pay equal effort and attention to its physical branch locations.
BB&T Bank Locations
No doubt, the bank works over an extensive network. This network is primarily covering the East and South of the United States. Moreover, after the merger of the bank and operational activity as Truist, its presence has further expanded significantly.
- Geographical Footprint – BB&T spreads over the 15 states, mostly found in the East and South. Some of the locations are found along the District of Columbia. This network tends to contain both BB&T and SunTrust locations post-merger.
- Number of Locations – With the perspective of a merger, Truist boasts up to 2,000 locations. This number count has made it one of the largest networks for in-person banking in the region.
- Accessibility – The widespread network ensures that customers have easy access to banking services, both in urban and rural areas.
BB&T Bank, now operating as Truist after merging with SunTrust, offers a range of checking accounts designed to meet the needs of different customers. Here’s a detailed look at each type:
- Truist One Checking
- Monthly Fee: $12, waived with a direct deposit of at least $500 or an average balance of $500.
- Minimum Deposit: $50 to open.
- Features: Mobile banking, online bill pay, Zelle transfers, spending limit controls on the debit card.
- Target Users: Ideal for regular users who can meet the fee waiver requirements.
- Student Checking Account
- Monthly Fee: None for students.
- Age Requirement: Available for students (high school or college).
- Transition: Automatically converts to a Bright Banking checking account upon graduation or turning 24.
- Features: No fees, a straightforward account ideal for younger customers.
- Basic Checking Account
- Minimum Deposit: Lower than standard accounts, around $25.
- Features: Excludes paper checks, designed for users with basic banking needs.
BB&T’s savings account offerings are structured to cater to a variety of saving goals and preferences:
- Truist One Savings
- Minimum Deposit: $50 to open.
- Monthly Fee: Avoidable by maintaining a $300 minimum balance.
- APY: Generally lower compared to competitors.
- Accessibility: Over 2,000 branches and a user-friendly mobile app.
- Target Users: Suitable for those looking for easy access and low fees but not the best for high returns.
- eSavings Account
- Overdraft Protection: Can be linked to a BB&T checking account to avoid overdraft fees.
- Features: Digital-focused, offering easy online management.
- Target Users: Ideal for customers preferring online banking and looking for simple savings solutions.
- Specialized Savings Products
- Examples: Home Saver CD, specialized for specific saving goals.
- Features: Often come with specific terms and conditions tailored to particular saving objectives.
CD Rates and Money Market Accounts
Money Market Accounts
BB&T also offers money market accounts, which typically provide higher interest rates than standard savings accounts:
- BB&T Money Market Account
- Minimum Deposit: $50 to open.
- Monthly Fee: Waivable by maintaining a minimum balance, usually around $1,000.
- APY: Tends to be higher than savings accounts but still not the most competitive in the market.
- Accessibility: Includes features like check-writing capabilities and easy access to funds.
BB&T Bank, now part of Truist, offers a range of Certificate of Deposit (CD) rates with varying terms. Here’s an overview:
- 6-Month CD: 5.00% APY
- 1-Year CD: 0.30% APY
- 13-Month CD: 4.65% APY
- 18-Month CD: 4.60% APY
- 2-Year CD: 0.40% APY
- 3-Year CD: 0.40% APY
- 4-Year CD: 0.50% APY
- 5-Year CD: 0.50% APY
These rates give a demonstration of multiple ranges, with momentary CDs offering higher rates than some permanent and long-lasting ones. The minimum opening deposit for these CDs is typically around $500, and they are FDIC-insured.
Mortgage Loans and Other Loan Products
BB&T, as part of Truist, provides a variety of mortgage and loan products catering to different needs:
- Mortgage Loans:
- First-time Home Buyers: Special programs for those buying their first home.
- Low-Income Buyers: Options for buyers with lower income.
- Jumbo Loans: For larger loan amounts that exceed conventional limits.
- Home Equity Lines of Credit (HELOC): Utilizing home equity for borrowing.
- Other Loan Products:
- Auto Loans: Financing options for new and used vehicles.
- Personal Loans: Unsecured loans for various personal needs.
- Business Loans: Including small business loans and lines of credit.
Additional Products and Services
BB&T offers a wide range of additional banking products and services:
|Business Banking Solutions
|Tailored for businesses of various sizes.
|Payment processing solutions.
|For efficient management of employee salaries.
|A range of investment products for wealth building.
|Services to plan for retirement.
|Including home, auto, and life insurance.
|Covering various business-related risks.
|For convenient transactions.
|Mobile Check Deposit
|Deposit checks using the mobile app.
|Customized planning based on individual financial goals.
These additional products and services show BB&T’s commitment to offering comprehensive financial solutions to both individual and business clients.
Comparison Overview with Other Institutes
|Bank of America
|Retail Banking Services
|Offers personal and business accounts, CDs, loans, and mortgage options. Known for strong mortgage services.
|Provides a broad range of banking, investing, asset management, and risk management products and services.
|Simplified retail banking with Relationship Tiers for enhanced benefits. Streamlined fees and focus on inclusivity.
|Strong presence in the East and South of the U.S. with over 2,000 locations post-merger with SunTrust.
|Operates across the United States with approximately 3,800 retail financial centers and 15,000 ATMs.
|Global presence, operating in nearly 160 countries and jurisdictions.
|Robust online and mobile platforms for account management.
|Advanced digital banking with a large number of verified digital users.
|Enhanced digital banking experience with Citi Mobile® App and online platforms.
|Business banking solutions, wealth management, insurance services, and financial advisory.
|Comprehensive wealth management, corporate and investment banking.
|Relationship Tiers offering benefits based on account balance, family linking for benefits sharing.
|Overall Financial Services
|Comprehensive financial products for individuals and businesses.
|Global leader in wealth management and personal banking in the U.S.
|Preeminent banking partner for cross-border needs and personal banking in the U.S.
Pros and Cons Analysis
- Diverse Product Range: BB&T offers a wide array of products including checking and savings accounts, CD rates, mortgage loans, and business banking solutions.
- Strong Mortgage Options: Particularly beneficial for first-time and low-income homebuyers, with special programs and competitive rates.
- Business Banking: Tailored business accounts and services like payroll and merchant services.
- Mobile and Online Banking: Robust digital banking platforms for convenient account management.
- Large Branch Network: Extensive physical presence, especially in the East and South of the U.S.
- Geographical Limitations: Services are primarily limited to certain states, which might not suit customers outside these areas.
- Savings and Money Market Rates: Relatively lower APYs compared to some competitors.
- Monthly Fees: Several accounts come with monthly fees, though they can often be waived.
- Complex Product Offerings: The wide range of products can be overwhelming for some customers to navigate.
Customer reviews usually call attention to BB&T’s customer service, making the use of online and E-banking more convenient, and the comfort of having multiple financial products under one roof. Despite that, some clients have faced problems with fees and the geographic accessibility of facilities.
Final Personal Review
- Services: BB&T provides a comprehensive suite of services that cater to a broad spectrum of financial needs, from personal banking to sophisticated investment and business solutions.
- Customer-Centric Approach: The bank demonstrates a commitment to customer service, evident in its wide branch network, tailored products, and digital banking solutions. Moreover, customers carefully considering fees and product appropriateness is also very important.
BB&T Bank, being a part of Truist, sticks out with its multiple products and facilities, well-built mortgage loan options, and dedication to customer service. Moreover, it offers remarkable advantages, specifically with regard to its mortgage products and business banking facilities, prospective customers should also contemplate the limitations, for instance, the fee structure and geographical constraints. The bank’s substantial branch network and powerfully built digital banking platforms make it a within-reason choice for many, but as with any monetary decision, personal needs and set of conditions should escort the choice of banking services.
BB&T offers a variety of accounts including checking, savings, CDs, money market accounts, and more.
Yes, BB&T is known for its strong mortgage options, especially for first-time and low-income homebuyers.
Yes, customers generally find BB&T’s online and mobile banking platforms to be convenient and easy to use.
Yes, BB&T offers a range of business banking services including accounts, loans, and merchant services.
BB&T primarily operates in the East and South of the U.S., so some services may be limited outside these areas.