Truist Debuts Digital Consumer Accounts With No Overdraft Fees

Truist Financial on Monday (July 18) rolled out two accessible account options that will extend banking services to new customers while avoiding overdraft fees, a press release said.

Called Truist One Banking, the two new accounts will help clients “build a stronger financial future,” according to the company.

Truist One Checking is one of the accounts and will provide simple checking, easy ways to waive maintenance fees, and for those eligible, up to $100 buffer for accidental overspending. It also offers 10% to 50% more rewards on some Truist credit cards.

There’s also the Truist Confidence Account, a new checkless account to give “access to mainstream banking services with no overdraft fees.” The press release said clients will get more control over their finances using this account as they’ll be allowed to spend only what they have in their account.

Some of the benefits of the Confidence Account will include use of Truist bill pay or Zelle to send money for free, access to thousands of branches and ATMs and digital or online banking, and the Truist Contact Center for help with finance questions.

“Truist One Banking is a purpose-driven approach to banking designed to offer more accessible solutions to all,” said Truist Chairman and Chief Executive Officer Bill Rogers. “We’re committed to inspiring and building better lives and communities by creating financial solutions that enable more clients to build a stronger financial future.”

See also: Truist Commits $120M to Minority-Owned SMBs

PYMNTS wrote that Truist Financial also recently made a $120 million commitment to support small businesses, particularly Black, Latino and women-owned enterprises.

The company said this will include $30 million in philanthropic grants for nonprofits that support small businesses and diverse entrepreneurs, $5 million in grants to boost technical assistance, small businesses and volunteerism. The rest of the money will support debt and equity for underserved people.