Truist Financial expands verification options, eliminating overdraft fees
CHARLOTTE, NC — In response to direct customer feedback, True 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 customer challenges, including rejected purchases at the point of sale, lack of access to short-term credit services to cover unexpected shortfalls and the impact of unforeseen costs.
“Truist wants to change the way people think about banking by creating an experience around what matters most to them,” Truist chief executive Bill Rogers said in a statement. “Guided by our purpose to inspire and build better lives and communities, we provide banking solutions that improve the financial well-being of our customers and create better pathways to financial inclusion for all.”
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. This line of credit will be available to all eligible customers, according to a press release announcing the new products.
In addition, Truist will waive the Returned Item Transfer Fee, Negative Account Balance and Overdraft Protection Fee for all existing personal accounts.
In the statement, the company said it would “actively partner” with customers who frequently face overdraft issues – “to offer help and share advisory advice” on 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 eligible customers and premium rewards who recognize relationships and honor loyalty.
Truist will also offer an alternative current account product that will help customers avoid high check cashing and payday lender fees, bring many more households to traditional banking, and create a pathway to switch to Truist One.
According to Brant Standridge, director of retail banking at Truist, work on the new products began several months ago – an effort that began with the company “asking customers what they think”.
“It’s their feedback, combined with design thinking, market research and usage patterns, that helps us redefine what a checking account can be and create a better banking experience,” he said. he declares.
The absence of overdraft fees is just one feature, according to Standridge.
“We are committed to providing customers with greater access to credit in situations where they need it, to offering rewards based on their relationship with the bank, and to providing the opportunity to grow with us in their financial journey for years. to come,” he added.
The changes, along with customer benefits from the new accounts, are expected to result in estimated annual customer savings of $300 million by 2024, the company said.
“Existing customers will benefit from the elimination of most overdraft fees starting in the coming months, followed by additional customer savings over time as more customers choose Truist One after its rollout. summer,” the statement read.
Based in Charlotte, North Carolina, Truist Financial Corp. was created in December 2019 with the completion of the merger between BB&T and SunTrust. The all-stock deal was valued at $66 billion. The company serves customers in the Mid-Atlantic and Southeast states, operating 160 locations in Pennsylvania, including 48 in Berks, Chester, Delaware and Montgomery counties. Truist is headquartered in Charlotte, North Carolina. For more information, visit Truist.com.