What Businesses Should Know Before Using Truist Bank for Payments

We take our role in providing guidance and education regarding the card payment industry very seriously. At our own expense, we have vigorously defended our right to continue expose unethical and predatory practices in the industry, successfully defeating every attempt to silence us. However, fending off frivolous lawsuits is costly. To sustain these efforts, one of the ways we generate revenue is through affiliate partnerships with ethical providers. This means that some of our outgoing links connect business owners to trustworthy, low-cost payment processors, which is what most of our readers seek. We see this revenue channel as a win-win-win for everyone involved. Business owners find good processors, processors get good clients, and we are able to continue to provide a valuable service to the small business community. We also recommend and link to many services that do not compensate us. Our priority is to guide you to the best solutions for your needs, regardless of potential revenue. If you have questions, please feel free to contact us.

All mentions of rate and fee costs are estimations based on publicly available information and client feedback. Actual costs may vary based on a variety of factors unique to your business.

Truist Bank

Rating
D
2/5
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Pros and Cons of Truist Bank

Pros

Comprehensive solutions
Convenient payment options
Consistent security

Cons

Complex fee structure
High transaction fees
Overdraft fee complaints
Limited standout features
Poor customer service

Overview

In this review of Truist Bank, we examine its evolving merchant services following the merger of BB&T and SunTrust, focusing on payment processing through its partnership with Global Payments and the TSYS network. We cover the range of services available, including POS systems, virtual terminals, gateways, contactless and mobile payment options, PCI compliance, and reporting tools, while assessing contract terms, rates, and fees. Our analysis also looks at customer and employee feedback, complaints related to merger confusion, support issues, and fund holds. We consider Truist’s transparency, legal history, and reputation in the payments space to give business owners a clear picture of what to expect and where risks may exist.

About Truist Bank

Screen Capture of Truist Bank Homepage
Truist Homepage

Truist Bank is the result of the merger between SunTrust Bank and BB&T Bank. The two companies boast a combined 275 years of banking history and handle over $300 billion in deposits each year.

The merger is ongoing, with each bank operating select services through the other while slowly consolidating into the Truist Brand. The merger is not expected to be complete until late 2022.

Truist has made a number of acquisitions, including Service Finance Company, LLC in 2021 and Arena in 2022.

Products & Merchant Services

Payment Processing

In 2020, Truist Bank partnered with Global Payments to offer merchant account and credit card processing services through the TSYS processing network. Truist Bank processes all major credit and debit cards for various business types. Their services include POS systems, virtual terminals, payment gateways, contactless pay, mobile solutions, PCI compliance, and data reporting and analytics.

POS Systems and Terminal Options

Truist Bank provides a range of point-of-sale (POS) systems and terminal options to meet diverse business needs. Merchants can select from countertop terminals, mobile card readers, and integrated POS systems, depending on their specific requirements.

E-commerce and Online Payments

For businesses with an online presence, Truist Bank offers e-commerce and online payment solutions. Merchants can integrate secure payment gateways into their websites, enabling customers to make purchases using credit cards or other digital payment methods.

Mobile Payment Solutions

Truist Bank provides mobile payment processing options to accommodate the increasing demand for mobile payments. With mobile card readers and compatible apps, merchants can process payments using smartphones or tablets.

Security and Fraud Protection

Security and fraud protection are key priorities for Truist Bank. The bank employs advanced security measures, including encryption and tokenization, to protect sensitive customer information.

Reporting and Analytics

Truist Bank Merchant Services offers comprehensive reporting and analytics tools, allowing businesses to monitor transactions and gain insights into their payment processing activities.

Customer Reviews & Sentiment

Comprehensive Review of Truist Bank Feedback

Truist Bank, along with its operating names BB&T and SunTrust, has garnered thousands of customer reviews, many of which express dissatisfaction ranging from customer service shortfalls to issues related to mortgages and banking services. It’s important to note, though, that these reviews predominantly address the bank’s broader financial services rather than specifically focusing on its merchant services. We encourage individuals to share their own experiences with Truist Bank in the comments section to enhance our collective insight.

Overview of Common Complaints

An analysis of Truist’s Better Business Bureau profile and other public forums reveals a multitude of complaints, with notable issues including inadequate support from loan and mortgage officers, difficulties resolving fraud cases promptly, and general customer support grievances. Interestingly, a significant number of merchant and commercial account holders have reported problems such as frozen funds, indicating that service-related challenges extend beyond the banking domain. Additionally, numerous complaints have emerged in relation to the ongoing merger process, leading to account confusion and unexplained new charges.

Customer Support Provided by Truist

Truist extends 24/7 telephone support to both banking and merchant account clients, aligning with expectations for banks of its scale. However, the bank’s historical performance regarding public complaints has influenced a “B” rating in this review segment.

Industry Scores & User Ratings

Online Ratings Summary
PaymentPop1
BBB Rating1.09
Trustpilot Rating1.2
Consumer Affairs Rating2.2
Our Rating2
Average Rating1.62

PaymentPop Rating for Truist Bank

Negative Feedback

I’ve been with Truist for over 31 years (way before it was Truist). This by far the worst bank I have ever done business with. If zero stars was an option that’s what they deserve. I have personal accounts and 2 business accounts with them. I am on the phone with them every month because they screwed something up. Time to find a new bank for me. Don’t give them any of your money!

Positive Feedback

There are no positive reviews published about Truist Bank on the PaymentPop website.

Truist Bank BBB Rating

Truist Bank has an average customer review rating of 1.09 stars and a rating of “A+” on the BBB site based on 2,027 customer reviews. Almost all reviews have to do with Truist’s banking services. While these don’t necessarily reflect the experience a merchant will have with Truist, they do give a good idea of the company in general.

Negative Feedback

My husband was on the phone with this bank for an hour and a half. We moved to AZ 5 years ago. There are no Truist banks here. We have been trying to pay a credit line and close the account and they refuse. Telling us we have to come into a branch or zelle th the money to pay the credit line because they can’t take a payment from an outside account. What? You’re a bank. Get it together folks

worst bank I have ever banked at. they accepted a bogus check that didn’t look anything like my checks. my name was misspelled. the signature was someone else’s name. they informed me, after waiting for 4 months, that they were not going to reimburse me because I was on vacation and informed them of the fraud a day later than they allow. this bank is run by criminals.

Positive Feedback

There are no positive reviews for Truist on the BBB site.

Trustpilot Rating for Truist Bank

Truist has an average customer review rating of 1.2 stars on the Trustpilot site based on 1,659 customer reviews. Again, most of these reference the banking side.

Negative Feedback

Do not conduct personal business with Truist. Unreliable information that has / will cost me many thousands and ruined my otherwise perfect credit score. Finally gave up and contacted BBB with my complaint. We will see if they have any leverage over Truist.

Terrible customer service if I could give them zero star I will

Positive Feedback

I’m a new customer at Truist Bank! I’m so impress with the interaction activity I love it. Keep up the great work.

Google Maps Rating for Truist Bank

Truist Bank has a 2.7 out of 5 star rating based on 36 user reviews on Google Maps.

Positive Feedback

Great customer service. Very helpful would recommend them if you ever had problems with other banks they take their time helping their customers.

Negative Feedback

I would give them -5 stars if I could. My bank got bought out and I tried to do a wire. Can’t do it online and they messed up my information so i couldn’t do it in person. They hold your money hostage, terrible employees and customer service.. After 15 years i am closing my account.

Consumer Affairs Rating Analysis

Truist has a 2.2 rating on the Consumer Affairs site based on 1,192 customer reviews. Like the other profiles, these are heavily focused on the company’s banking.

Negative Feedback

I’m not going to stop leaving negative reviews about this bank anywhere I can. This bank shows the account hold is in good standing and then suddenly shows that your account is in overdraft to charge you an overdraft fee but not give you the day to bring your account to a positive status. Went to bed 12/11/23 and my account said there was money in it. I woke up 12/12/23 and I’m in draft and immediately assessed and overdraft fee. Same happened on 12/22/23. When I go to bed my account is in good standing. When I wake up I’m in the red and have an overdraft fee. They are purposely delaying transactions on my account so I can think my account is in good standing the whole day and then apply the transactions so they can asses an overdraft fee without giving me any notice to go make a deposit at the bank.
I wonder how many people they have done this two. They got me for $72 this month if they did that to 1000 other people that’s an easy $72,000 but I’m working on pursuing this matter legally because Wells Fargo had a class action against them before. I’m sure we are head on that same track with TRUIST. Called a customer service representative and she acts like there isn’t anything they can do to explain why they delay the posted transactions. She even said the bank doesn’t control this. So who controls it?
– Complaint from December 23, 2023

Haven’t liked Truist since they became Truist. They treat me like a criminal when I try to withdraw money. They shut my debit card down for a $29 charge they thought was fraudulent. Gave me a temp card 2 days before I was travelling for Thanksgiving, it didn’t have a chip, it didn’t work at their own ATM’s, what a pain. Bank person told me new card would come but not same PIN. I received new card, but no PIN. Was on hold FOREVER! Got sick of it. Tried my old PIN one day and it worked. Branch employees don’t even know how it works! It takes way too long for them to update your balance. When it was Sun Trust the balance I had texted to me at 6am was the actual balance. Truist NEVER has it correct.
– Review from December 18, 2023

Positive Feedback

My credit profile has been bad, until the last 2 years. I did improve my situation, went from a credit score of 538 to 737. I moved to Florida back in March 2021 and bought the house I was renting in October 2021. I decided it was time to ditch the bank I have in Michigan. Granted, they are great, but I did not desire to go with Wells Fargo, Bank of America, or Chase, as sometimes the big banks lose vision on who their most important customer base is. Truist seemed logical. They are where I am at and they have an established reputation from SunTrust and BB&T and they support the LGBT community in the southern communities, which is vitally important to me.
So, I first applied for a credit card. I mean, honestly, I have been declined for a credit card from all of them so how would Truist be any different? They so much were. To my astonishment, they approved me and the limit was set a shocking amount – $ 4500. I went ahead and opened a checking and savings account which was seamless. Then I felt emboldened, why not open a 2nd credit card with with Truist? The worse they can say is “NO”. They didn’t. They mirrored the 2nd approval from the first, so now I have two credit cards with $ 4500 limits each. It means that I will be closing out smaller limit cards and be content with what Truist has offered. Life is about simplifying and Truist seems to helped with this. Making things easier from 2 levels seem to work for me. My bank is now local, where I can walk in and talk to local representatives if I should need it and have credit cards with a local bank just seems logical and better on many levels.
– Review from March 24, 2022

How often we criticize, how seldom we praise. Such is not the case with Karen **. She was so helpful and patient in helping me set up my online mobile app for my Truist banking accounts. My technical skills are only fair but nonetheless Karen walked me through everything that was required. I would have to assume that Karen is a highly valued employee of your fine company. I thought you might appreciate this complimentary feedback. I have been a customer since 2011.
– Review from September 30, 2020

Processing Rates & Fees

Teamed Up with Global Payments

Truist Bank announced early on in the merger that it would partner with Global Payments to provide merchant and payment processing services to its clients. Global Payments acquired TSYS in 2019, instantly making it one of the largest payment processors in the world. TSYS has long been utilized as the backend support for other large merchant account providers.

Variable Global Payments Contract Terms

According to our Global Payments review, clients have reported rates as low as 1.1% plus $0.19 for credit transactions and 0.5% plus $0.19 for those using debit. However, the pricing and fees of a Global Payments merchant account will vary based on several factors, including business type, processing volume, and the reseller setting up the account. A sample Global Payments agreement from 2019 lists an early termination fee of $500 per location or Liquidated Damages, whichever is greater, which can result in outrageously expensive cancellation penalties under the latter condition. However, it appears that the service length agreement and early termination fee can be avoided by entering into a month-to-month agreement for the company’s services. Business owners are advised to fully understand the terms of cancellation before signing any documents.  Other user reviews have claimed being charged an undisclosed $299 annual maintenance fee, account fund-holds, and difficulty closing their accounts.

Negotiate Contract Pricing

At present, we have not been able to find a Truist merchant account contract. Clients who have recently signed up for payment services through Truist Bank are encouraged to leave a comment below describing their experience. Business owners are always encouraged to negotiate pricing and contract terms and to read all contracts thoroughly before signing in these cases.

Lawsuits & Legal History

Truist has faced various legal actions, including a notable copyright infringement lawsuit with Truliant, which was settled out of court, and allegations of discrimination and antitrust violations in recent years. Additionally, the bank has been involved in multiple lawsuits between 2022 and 2023, concerning significant financial losses to hackers and a patent infringement claim by the United Services Automobile Association. The outcomes of these recent suits remain largely undisclosed.

Merchants seeking to address grievances without litigation are advised to report their concerns to appropriate regulatory bodies and to share their experiences in the comment section below.

Employee Reviews & Sales Practices

Previous Independent Sales Teams

While there is public record of TSYS and Global Payments hiring independent sales agents in the past, there is no current information to suggest that Truist contracts are under the same sales systems. Global Payments has been known to heavily rely on independent sales agents in the past, and it is one of the main complaints about the company. We implore our readers to share their experiences with Truist’s sales staff in the comments below.

Variable Truist Contract Terms

Truist has been publicly shown to be a reseller of Global Payments and TSYS contracts. The exact details of these contracts when issued by Truist are still unknown. Global Payments and TSYS are both considered reputable as payment processors and have good reputations overall. There is a concern that some details might be different once they travel through Truist’s complicated system of rebranding and reorganization.

Truist Bank Competitors

Compare Truist Bank to competitors that earned top marks.

Bottom Line

Truist is currently in a transitional phase as it works to consolidate its sizable banking operations and credit card processing under a single, unified brand. This process has led to noticeable confusion, compounded by apparent gaps in the support structures for both client and consumer accounts. Given the current state of flux and the challenges arising from the merger, it’s challenging to recommend Truist as a reliable merchant account provider at this time.

We remain hopeful that as Truist solidifies its operations, clarity will emerge, and we’ll be able to provide a more comprehensive assessment in future updates. In the meantime, we welcome our readers to share their experiences in the comments below to further inform our ongoing review.

Read Actual User Reviews

All user reviews have been moved to our partner, PaymentPop.com

Contact Truist Bank

Contact & Customer Support
CEOWilliam H Rogers Jr
Headquarters214 N Tryon St Charlotte, NC 28202
Toll-Free General Customer Service(844) 487-8478
International Customer Service+1 (910) 914-8520
SunTrust Customer Service(800) 786-8787
For International Calls from Outside the US(402) 935-2050
Websitetruist.com