![]() "Whether it was BB&T or SunTrust, they have thrown aside two great brands that had real value in exchange for this horrific, means-nothing statement," Atwater said. Mayo said Wells Fargo has received "a series of unsolicited comments" about the name, so "there is likely to be a lot of second guessing on the name." Some customers were stunned by the change, with one calling it a "blah name" that "means nothing," while another said that "it's not too late to admit your marketing people are dumb and that you should just stick to tweetĪtwater said that SunTrust is indeed "the better brand," adding that moving to Truist represents "a poor choice, as opposed to the hard choice" of sticking with one of the legacy names. Many BB&T and SunTrust customers took to Twitter on Wednesday to voice their thoughts on the Truist name. the Truist brand is sort of this aspirational, amorphous thing – you could put this on a brand of toothpaste as much as you could put it on linoleum," said Atwater, who is the president of Financial Insyghts and an adjunct professor of economics at The College of William & Mary. "We're living in a time where authenticity really matters. "It is safe to say that there is zero name recognition for Truist at the moment, reflecting the challenge ahead."īeyond the confusion, investor psychologist Peter Atwater says a name like Truist hurts confidence. "The move comes with risks in terms of cost and confusion" Wells Fargo analyst Mike Mayo said in a note to investors. But Wall Street analysts fear it may be less seamless than the banks hope, while people reacted even more negatively on social media. The name is intended to give the bank a single, fresh identity. The companies said picking the name was the result of a "rigorous, data-driven brand development process," including focus groups of company employees and clients. Truist came about through a partnership with consultant Interbrand. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Unless you’re sure you can commit to locking your funds away for a specified period, whether it’s months or years, it’s best to stick to a savings or money market account.Best Debt Consolidation Loans for Bad Credit As with most certificates of deposit, Truist charges an early withdrawal penalty, should you withdraw your money from the account before the term ends. The rates for Truist’s CDs may be higher than those for the savings accounts, but still are much lower than CD rates that are offered by other top-yielding banks. Other savings options at Truistīesides savings and money market accounts, Truist also offers a selection of CDs in certain markets. With some research, you can greatly minimize these charges and restrictions. But the account has a $1,000 minimum balance requirement to avoid a monthly fee, and its yield is not very rewarding.Īs you navigate savings account options, be sure to look out for fees and minimum requirements that may apply. Truist’s money market account may be of value, if access to branches and writing checks are among your preferences. The account’s $5 monthly fee is waived for account holders under age 18, when a minimum $300 daily balance is maintained, among other conditions or if you have a Truist checking account. A $50 minimum deposit is required to open the account. The Truist One Savings account is an option for short-term goals and everyday saving, such as for an emergency fund. Here’s a closer look at Truist’s savings account options and rates. Truist’s rates are lower than the national average, and much higher APYs can be found elsewhere, especially at online banks. The APYs offered on all of Truist’s savings products are the same, regardless of balance. In addition to the Online Savings account, Truist offers a standard Truist Savings account and a money market account that provide customers the flexibility of banking online and at a branch. Text banking, which customers can enroll in to check balances and see account activity via text messages. Paperless statements, accessible online or through the mobile app. Truist offers the latest digital services to make online banking seamless, including:Ī mobile banking app that allows you to transfer money between accounts, make payments and deposit checks. There are currently more than 2,100 Truist branch locations as of March 17, according to the Federal Deposit Insurance Corp. Since then, BB&T and SunTrust have gradually transitioned to the Truist name. ![]() Truist is the company formed from the merger of BB&T and SunTrust banks in 2019. Logo by Truist Financial Illustration by Hunter Newton/Bankrate
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