In mid-2019, two banks, BB&T and SunTrust, formally merged to become Truist Bank. For now, the two banks are still operating under their old names as they work through the mechanics of merging two banks. As you can imagine, it's not a fast process!
If you want information on how this will work, you can read their Truist Disclosure document or their merger informational site. For six months after the Truist Merger Date, the accounts will be separate at each bank and presumably, you can open at either bank before they are officially merged. The Truist Merger Date was December 6th, 2019.
I look forward to seeing what promotions the newly merged bank will offer. With the merger, they've become the 6th largest bank in the nation so you know they'll want to grow even more and that means getting more deposits. No one wakes up and says “eh, 6th is good enough.” 🙂
We will keep this page updated with the latest information as we learn it.
About Truist Bank
With the merger complete, Truist Bank is insured by the FDIC under FDIC Certificate #9846, which was formerly the certificate of BB&T. They are a Non-member Bank of the Federal Reserve System and headquartered in Charlotte, NC.
We're in that odd middle period when the SunTrust and BB&T assets are being merged so it'll be a bit until the two entities are completely merged. For now, SunTrust's old certificate #867 shows that it is inactive – “Merged or acquired without government assistance” – as of December 7th, 2019.
Here's a fun video explaining the two banks and the merger:
How to Get $200 from Truist Bank
For now, since they are operating separately, there are two promotions – one for SunTrust and one for BB&T.
SunTrust $200 Promotion
Act quickly because the only available SunTrust promotion is on their New Essential Checking Account product. You can get $200 when you open a New Essential Checking account and within the first three full months after opening the account, complete at least $500 in direct deposits per statement cycle for two cycles.
The account has a $7 monthly fee but you avoid it by satisfying one of these conditions (one of which is required for the bonus):
- Making 10 or more client-initiated transactions per statement cycle7 OR
- Making $500 or more in total qualifying monthly Direct Deposits per statement cycle OR
- Keeping a $500 minimum daily collected balance OR
- Opening as a student and receive a 5 year Student waiver
You can open this online or in a branch. If you want to open in a branch, click through to the offer and look below the brown “Open Now” button. There is a link that says “Or open at a SunTrust branch with a coupon” – click that to open up a window where you can enter your email address to get the coupon emailed to you.
You must use the promotion code Q120ESSENTIAL (it's listed on the promotional page) to get the bonus.
Learn more about this offer
BB&T doesn't have an active promotional off. For quite some time they offered a $250 cash bonus whenever you opened a BB&T Bright Banking Checking Account. To get that bonus, you'd have to set up a direct deposit and receive two monthly direct deposits of at least $100 and then use their billpay system three times.
I suspect they stopped this program because they knew they were going through this merger. This does give us an idea of what they may do going forward since both banks offered similar programs.
As we saw at the start of the new year, the current SunTrust promotion now matches the previous BB&T one.
Find a Truist Bank near You
There isn't a Truist Bank website yet so you'll want to find each bank's respective branch locator.
The SunTrust locator is integrated with their site search so go to the search bar and enter in your ZIP code. This will also show you a list of nearby branches. Here are the results for Columbia, MD (21045) where I know there are several branches:
The BB&T locator looks more like a traditional bank locator. What's nice is that as a customer, you can now use either BB&T or SunTrust ATMs as if they were yours.
Truist Bank Routing Numbers
This can get a little tricky to look up because Truist Bank is a merger of two banks, BB&T and SunTrust. The ABA routing number you use will depend on where you opened your account. The simplest way is to look on your personal checks (see: how to find your routing number) but if you don't have one, you'll have to use this:
If you previously had a BB&T account, your ABA routing number will be based on the state you opened your account:
|District of Columbia||054001547|
Fortunately, SunTrust is easier. The SunTrust ABA routing number is 061000104.
How Does This Compare?
SunTrust has a comparable offer to what's currently available.
The best new account bonus right now is the one offered by Wells Fargo – $400 to open an Everyday Checking account and making a minimum opening deposit of $25. Follow that up, within 90 days, with a cumulative total of $4,000 in direct deposits. After the 90 day qualification period, they'll deposit $400 within 30 days. The monthly fees are easy to avoid too.
Discover Bank will give you a $150 or $200 bonus when you open an Online Savings Account and deposit at least $15,000. You get $150 for a $15,000 deposit and $200 for a $25,000 deposit. There are no fees on that account which makes it really nice plus you earn a pretty nice interest rate of 1.50% APY.
Lastly, we have Chase giving $200 for opening a Total Checking account. It lags the bonus of Wells Fargo and SunTrust but it's relatively easy to get. You can read more about the Chase offer here.
No matter which offers you choose, you walk away with a few hundred dollars for your trouble!