Truist Financial to expand checking options, eliminate overdraft fees – The Mercury

Written by Amanda

CHARLOTTE, N.C. — In response to direct feedback from its clients, Truist Financial Corp., with branches in Berks, Delaware, Chester and Montgomery counties, will introduce Truist One Banking this summer.

Calling it a “first-of-its-kind approach to the checking account experience,” the company said its new deposit products are designed to address specific client challenges including point-of-sale declined purchases, a lack of access to short-term credit to bridge unexpected shortfalls, and the impacts of unexpected fees.

“Truist wants to change the way people think about banking by building an experience around what matters most to them,” Truist Chief Executive Officer Bill Rogers, said in a statement. “Guided by our purpose to inspire and build better lives and communities, we’re delivering banking solutions that improve financial well-being for our clients and build better pathways to financial inclusion for everyone.”

Two new personal checking accounts will be introduced — each with no overdraft fees. The bank will also offer a deposit-based line of credit that does not rely on traditional credit scores for qualification. That line of credit will be available to all eligible clients, according to a press release announcing the new products.

In addition, Truist will discontinue returned item, negative account balance, and overdraft protection transfer fees for all existing personal accounts.

In the release, the company said it will “actively partner” with clients that frequently face overdraft challenges — “to offer help and share consultative advice” about the new offerings.

In addition to no overdraft fees and a deposit-based line of credit up to $750, the Truist One checking account will include: A $100 negative balance buffer for qualifying clients, and premium rewards that recognize relationships and honor loyalty.

Truist will also offer an alternative checking account product that will help clients avoid high fees from check cashing and payday lenders, bring many more households into mainstream banking, and create a pathway to upgrade to Truist One.

According to Brant Standridge, Truist’s chief retail community banking officer, work on the new products began several months ago — an effort that began with the company “asking clients what they think.”

“It’s their input, combined with design thinking, market research, and usage patterns, that’s helping us redefine what a checking account can be and create a better banking experience,” he said.

No overdraft fees is just one of the features, according to Standridge.

“We’re committed to providing clients more access to credit for situations when they need it, delivering rewards based on their relationship with the bank, and offering the opportunity to grow with us in their financial journey for years to come,” he added.

The changes, along with the client benefits from the new accounts, are expected to result in an estimated annual client savings of $300 million by 2024, the company said.

“Existing clients will benefit from the elimination of most overdraft-related fees beginning in the coming months, followed by additional client savings over time as more clients choose Truist One following its summer rollout,” the release stated.

Headquartered in Charlotte, N.C., Truist Financial Corp. was formed in December 2019 with the completion of the merger of equals BB&T and SunTrust. The all-stock deal was valued at $66 billion. The company serves clients across the Mid-Atlantic and southeastern states, operating 160 locations in Pennsylvania, including 48 in Berks, Chester, Delaware and Montgomery counties. Truist is headquartered in Charlotte, N.C. For more information, visit Truist.com.

Truist Financial Corp. is launching new options this summer as part of its Truist One Banking approach. It will be eliminating overdraft fees and will offer a new deposit-based line of credit. This photo shows a Truist branch in Exeter Township. (Donna Rovins – MediaNews Group Photo)

Source: pottsmerc.com

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Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai