card-payment-options-logo
card-payment-options-logo

Truist Bank

Truist Bank Overview

We take great pride in providing one of the only objective an unbiased merchant account review websites on the internet. To support this enormous responsibility we earn some of our revenue through affiliate fees and advertising. These revenues in no way influence our ratings or reviews. Learn more about our monetization policies here. 

Rating

4/5
Website
1 (800) 226-5228

Most Recent Comment

Tell us about your experience with Truist Bank in the comment section below.

See All User Comments

See The Processors That Rock!

Rating:
4/5
View Rates & Fees
1 (800) 226-5228

Most Recent Comment

Tell us about your experience with Truist Bank in the comment section below.

Got an Opinion? Leave a Review.

Truist Bank Overview

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 Systems Location and Ownership

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.

Global Payments Direct, Inc. is a registered ISO of Wells Fargo Bank, N.A. Concord and BMO Harris Bank N.A.

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. Kelly King is listed as the CEO

Truist Review Table of Contents

  • Costs & Contract: We will base our Truist information off a standard TSYS contract, which typically offers a three-year contract which automatically renews for one year and includes an early termination fee.
  • Complaints & Service: Truist has received over a thousand public complaints.
  • BBB Rating: Truist has an “A+” rating and has received 1,236 complaints and 286 reviews in the past 3 years.
  • Sales & Marketing: Truist 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 sales practices.
  • Rates & Fees: How Merchants Got The Best Rates With Truist Bank
did you know click to see list of the best processors
Are you looking for savings?

Truist Bank Rates, Fees, and Costs

Truist Bank Rates, Fees, and Costs

Cost Summary

Swiped Rate 2.5% + $0.20
Keyed-in Rate 3.5% + $0.20
Early Termination Fee $295
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, 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 funding 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.

some processors rock see them now

Truist Bank BBB Rating Summary

BBB Summary

Advertising/Sales 31
Billing/Collections 216
Delivery Issues 5
Guarantee/Warranty 4
Product & Service Complaints 980

Over 1000 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 1,236 complaints and 286 reviews in the last 36 months.

31 of the complaints relate to advertising or sales, 216 are due to billing or collections issues, 5 are due to delivery issues, 4 concern guarantees and warranties, and an overwhelming 980 stem from a problem with a product or service. Truist Bank appears to have responded to the vast majority of these complaints and has closed 726 of the complaints in the last 12 months.

Truist has also received 286 informal reviews to its profile. Only 5 of those reviews could be considered positive, with only 3 5-star reviews for the profile.

What Merchants Say

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.

man walking into a rake - pick a winner

Truth In Marketing & Advertising

Key Points

Uses Independent Resellers Unknown
Promotes Deceptive Rates No
Discloses All Important Provisions No

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 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.

sleep well knowing that you have the lowest fees see the lowest cost providers here

Sales & Marketing Example

YouTube video

Our Opinion Of Truist Bank

Until Truist has solidified their large banking arms into one brand it’s going to be difficult to get an overall picture. The amount of confusion already caused by the merger and the seeming lack of support systems in place for merchant and consumer accounts alike is alarming. It is difficult to recommend Truist as a merchant account provider in that current atmosphere. We look forward to updating this review in the future once more information about Truist Bank’s merchant accounts surface. We also implore our readers to submit their experience in the comments below

phillip parker waiving hello
Linkedin
Twitter
Instagram
Reddit
Facebook

About Phillip Parker

Why I'm Qualified to Write About Credit Card Processing

I’m a small business owner who previously worked in the credit card processing industry. I started this blog in 2009 to help other business owners by exposing credit card processors that engage in unethical marketing, rate and fee trickery, and fine-print-contract schemes. Over the last decade, I’ve reviewed hundreds of merchant services providers which has helped to educate over 5 million businesses on the nuances of credit and debit card acceptance. I’ve appeared in the New York Times, Los Angeles Times, Inc. Magazine and a host of other publications to offer insight on the subject of card acceptance. 

I offer merchant account and credit card processing consultation for the following needs:

  • Selecting the right credit card processing services for your business.
  • Reducing credit card processing fees with your current merchant account provider.
  • Negotiating credit card processing fees when changing merchant accounts.
  • Strategies for reducing and recovering funding holds and chargebacks.

 

Schedule a call with me today!

 

see best ranked processors

Leave Your Review For Truist Bank

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We'd love to hear your thoughts on Truist Bank

Post a Review Now
Copyright

Copyright © CardPaymentOptions.com, Inc. (Digital Fingerprint: 0d38c6720f0d78a701b74d58653af608). Getting paid to re-write this page? Click here to earn a reward.

Any unauthorized copying and reproduction of the content of this page, including all meta data and computer code, is strictly prohibited. While the information in the above article is believed to be accurate as of its publish date, the author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the contents. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material, which is provided “as is,” and without warranties. Any and all use of trade names and/or marks are for identification purposes only and shall not be construed as a claim of affiliation, or otherwise, with CardPaymentOptions.com, Inc. ("CPO") in any form. The sole purpose of the material presented herein is to alert, educate, and inform readers. It is not intended as legal or financial advice. We may earn revenue if you obtain services from a provider that we recommend. See this page to learn how we support our operations.

Our Top Picks For 2021
Month-to-month, no contracts, no junk fees, and great support!
See Who They Are
Don't Guess
We've Vetted The Best
No commitment, low fees, and excellent service.
It's a no-brainer from our viewpoint!
See Who They Are
Previous
Next
Facebook
Instagram
Twitter
Linkedin
Reddit
© Copyright 2009 - 2020 CardPaymentOptions.com, Inc. All Rights Reserved.
phillip says easy peasy

Make it simple
Pick from the best

See Them Now

This website uses cookies to ensure you get the best experience. No personal information is collected unless you fill out a form and submit it or call a number listed on one of our pages. We never share or sell your information without your consent. If you do not wish to proceed, please exit the website at this time.

Accept & CLose