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Truist Bank Overview
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 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.
Truist Systems 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.
Truist Review 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 1,897 complaints and 458 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…
Should You Trust Truist Bank?
Lawsuits, Reviews & Complaints
Here's Who We Trust.
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 online complaints ranging from customer service issues to mortgage and banking error-related claims. However, these reviews are mainly in regard to the company’s banking services and by and large do not reflect the quality of their merchant services.
Looking at the Better Business Bureau profile for Truist and other public forums online, many of the complaints root 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.
We have not found any outstanding class-action lawsuits or FTC complaints filed against Truist Bank. 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 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.
Truist Customer Service Options
Truist offers 24/7 phone support to all of its banking and merchant accounts, which is standard practice for banks of their size.
We have located multiple 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
Truist does not offer a dedicated email support address or live chat.
However, the previous banks’ track record with public complaints has kept its rating in this section at a “B.”
Is the BBB Rating for Truist Bank Accurate?
Better Business Bureau Profile
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Product & Service Complaints
Over 1,800 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 1,897 complaints and 458 reviews in the last 36 months.
459 of the complaints relate to advertising or sales, 235 are due to billing or collections issues, 67 are due to delivery issues, 26 concern guarantees and warranties, and an overwhelming 1,110 stem from a problem with a product or service. Only 976 of these 1,897 complaints were resolved by the company to the satisfaction of the merchant. The remaining 921 were resolved to the dissatisfaction of the merchant or received no final response.
What Merchants Say
Truist has also received 458 informal reviews to its profile. Only 7 of those reviews could be considered positive. 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.
How Expensive is Truist Bank Service?
Rates, Fees, and Contract Terms
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2.5% + $0.20
3.5% + $0.20
Early Termination Fee
Equipment Lease Terms
48 Month (locked)
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, merchants 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 a merchant’s 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. Merchants who have recently signed up for payment services through Truist Bank are encouraged to leave a comment below describing their experience. Merchants are always encouraged to negotiate pricing and contract terms and to read all contracts thoroughly before signing in these cases.
Does Truist Bank Use Deceptive Marketing?
Advertising & Sales Strategy
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Uses Independent Resellers
Promotes Deceptive Rates
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.