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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.
Truist Bank Payment Processing
Truist Bank announced in 2020 that it would partner with Global Payments to provide merchant account and credit card processing services through their TSYS processing network. We will assume that the payment processing details are similar to a standard TSYS merchant contract. Truist Bank processes all major credit and debit cards for most business types. Their services include POS systems, virtual terminals and payment gateways, contactless pay, mobile solutions, PCI compliance, and data reporting and analytics.
POS Systems and Terminal Options
To accommodate diverse business needs, Truist Bank offers a variety of point-of-sale (POS) systems and terminal options. Merchants can choose from countertop terminals, mobile card readers, and integrated POS systems, depending on their specific requirements. These devices enable secure and efficient payment processing while simplifying the overall transaction experience.
E-commerce and Online Payments
For businesses with an online presence, Truist Bank provides e-commerce and online payment solutions. Merchants can integrate secure payment gateways into their websites, allowing customers to make purchases using credit cards or other digital payment methods. These services support multiple currencies, enabling businesses to reach a global customer base.
Mobile Payment Solutions
Truist Bank recognizes the growing trend of mobile payments and offers mobile payment processing options for businesses on-the-go. With mobile card readers and compatible apps, merchants can process payments using smartphones or tablets, providing convenience and flexibility for both businesses and their customers.
Security and Fraud Protection
Truist Bank places a strong emphasis on security and fraud protection, ensuring that businesses can process payments with confidence. The bank employs advanced security measures, such as encryption and tokenization, to safeguard sensitive customer information. Additionally, Truist Bank’s fraud protection services help businesses detect and prevent fraudulent transactions.
Reporting and Analytics
Truist Bank Merchant Services provides merchants with comprehensive reporting and analytics tools, enabling businesses to monitor their transactions and gain insights into their payment processing activities. These tools allow merchants to track sales, identify trends, and make data-driven decisions to optimize their payment processing strategies.
Location & Ownership
Truist Bank is headquartered at 214 N Tryon St Charlotte, NC 28202, but it also maintains a large presence in Atlanta and Winston Salem, where the two independent banks were originally headquartered. William H Rogers Jr is listed as the CEO of Truist Bank.
Table of Contents
- Costs & Contract: Typically offers a three-year contract that automatically renews for one year and includes an early termination fee of…
- Complaints & Service: Has received over a thousand public complaints regarding…
- BBB Rating: Has an “A+” rating with the BBB and has received 4,119 complaints and 2,118 reviews in regards to…
- Sales & Marketing: Does not hire independent sales agents and has received a low number of complaints about its sales practices. However, Global Payments and TSYS utilize independent sales agents and have received some complaints about…
Truist Bank Customer Complaints & Reviews
Here's What Users Think
Total Online Complaints
Live Customer Support
Most Common Complaint
Over 1000 Complaints
Between the three operating names Truist, BB&T, and Suntrust, there are thousands of negative Truist Bank reviews ranging from customer service issues to mortgage and banking error-related claims. However, these Truist Bank reviews are mainly in regard to the company’s banking services and by and large do not reflect the quality of their merchant services. If you have your own Truist Bank review to make, please do so in the comments below.
Looking at the Better Business Bureau profile for Truist and other public forums online, many of the complaints stem from poor support from loan and mortgage officers. There is also a large portion of complaints regarding fraud and Truist’s inability to resolve these issues in a timely manner. There are also many customer support service complaints from merchants and commercial accounts describing frozen funds, so the complaints are not entirely related to the banking side of the company. It also appears that a large number of complaints relate to issues with the current merger, either causing account confusion or unexplained charges under new systems.
Truist recently settled a copyright infringement lawsuit brought by Winston-Salem based regional credit union, Truliant, who accused Truist of appropriating their brand equity. The case was settled out of court and details of the settlement are unknown.
In 2020, Truist was sued for alleged discrimination, but the case was settled out of court.
It appears an antitrust lawsuit was brought against Truist in 2021, but there are not many details available.
A number of lawsuits were brought against Truist in 2022 and 2023. These include multiple suits where customers allegedly lost thousands of dollars to hackers and one major suit from United Services Automobile Association for alleged mobile payment patent infringement. The result of these suits is currently unclear.
Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations and by leaving a review of your own in the comment section of this article below.
Truist Customer Support Options
Truist offers 24/7 phone support to all of its banking and merchant accounts, which is standard practice for banks of their size.
Truist Customer Service Numbers
- (844) 487-8478 – Toll-Free General Customer Service
- +1 (910) 914-8520 – International
- (800) 786-8787 – SunTrust
- (402) 935-2050 – For customers calling from outside the US
However, the previous banks’ track record with public complaints has kept its rating in this section at a “B.”
Truist Bank BBB Rating and Report
Our Better Business Bureau Profile Assessment
Over 4,100 Complaints
According to the Better Business Bureau, Truist has been in business for 149 years. However, as mentioned previously, the majority of these years have been under the name of BB&T and Suntrust Bank. Truist has been accredited by the Better Business Bureau since 1986 and currently has an “A+” rating with 4,119 complaints and 2,118 reviews in the last 36 months.
What Merchants Say
Truist has also received 2,118 informal reviews to its profile, most of which are negative. Truist’s vast majority of negative reviews through the BBB describe customer service issues due to the recent merger:
Since B b and t became truist their service is so awful it’s a zero star for me!! I’m trying to pay my own credit card but can’t because they locked me out of my auto pay asking for a pin. I never needed a pin before and I work long hours and can’t go into the branch to make a payment. I just talked to one teller locally at the bank and he was completely worthless he couldn’t even help me in anyway to make an additional payment on top of what is owed to my own credit card!! Never seen such pathetic service with absolutely no ability to help. I am closing my credit card account ASAP don’t even deal with this new bank you will be sorely disappointed. I have always been on time and this was my first ever credit card with them so I hope they read this and know they lost a very loyal customer. Get your service straight. I’m done!!
A “C” Performance Overall
Both BB&T and Suntrust are bringing in their respective brand baggage, and it’s difficult to discern how they are treating their merchant accounts overall, however, the overwhelming amount of negative reviews in regards to their overall customer service is alarming. Due to the immense volume of complaints, we have adjusted the BBB’s rating to a “C” grade according to our rating criteria.
Truist Bank Fees and Rates
A Closer Look at the Contract
Monthly & Annual Fees
Partnered 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
We have not been able to find a Truist merchant account contract at this time. 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.
Truist Bank Jobs and Employment
Hiring Standards and Ethical Marketing Assessment
Uses Independent Resellers
Discloses All Important Provisions
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.