Truist is the sixth-largest bank in the United States by assets
Truist holds roughly $535 billion in total assets as of 2024, making it the sixth-largest bank in the country. That size puts it behind JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, and U.S. Bancorp, but ahead of most other national banks. The bank operates more than 2,700 branches across 17 states, concentrated in the Southeast and Mid-Atlantic regions.
Truist was formed in 2019 when BB&T Corporation and SunTrust Banks merged. The combined entity kept the Truist name and headquarters in Charlotte, North Carolina. That merger created a regional powerhouse rather than a truly national bank—most of its branches and customers sit east of the Mississippi River.
Size matters for your account because larger banks typically offer more products, more ATMs, and more branches, but they also tend to have higher fees and less personalized service. Truist's scale means you can access your account at thousands of locations, but you may face longer wait times and less flexibility on fees than you would at a smaller regional or community bank.
Key Takeaways
- Truist holds $535 billion in assets and operates 2,700+ branches, making it the sixth-largest U.S. bank by size.
- The bank is strongest in the Southeast and Mid-Atlantic, so branch access depends on whether you live in those regions.
- Truist's size means broad product availability and a large ATM network, but also standard corporate banking fees and policies.
- Truist is FDIC-insured up to $250,000 per account category, the same protection any bank customer receives regardless of bank size.
Where Truist operates and how many customers it serves
Truist has the most branches in North Carolina, South Carolina, Georgia, Florida, and Virginia. It also maintains significant presence in Maryland, Pennsylvania, New Jersey, and New York. If you live outside these regions, you may have few or no Truist branches nearby, which affects how easily you can deposit cash, speak to a banker in person, or resolve account issues face-to-face.
The bank serves roughly 17 million customers across its footprint. That number includes retail customers (people with checking and savings accounts), small business customers, and large corporate clients. For a retail customer, this means Truist is large enough to offer competitive rates and products, but not so large that you are just a number in a system of 300 million accounts.
What Truist's size means for your deposits and account safety
Truist's size does not change how your deposits are protected. The Federal Deposit Insurance Corporation (FDIC) insures deposits at Truist the same way it insures deposits at any bank: up to $250,000 per account category per depositor. If you have a checking account, a savings account, and a money market account at Truist, each is insured separately up to $250,000. If Truist failed tomorrow, the FDIC would pay out your insured balances in full.
Being the sixth-largest bank actually reduces the risk of failure. Truist is large enough that regulators watch it closely, and it has enough capital and revenue to weather economic downturns. Smaller banks fail more often than large ones, though failure at any FDIC-insured bank is rare.
Truist's product range and what size enables
Truist's size allows it to offer checking accounts, savings accounts, money market accounts, certificates of deposit (CDs), mortgages, auto loans, personal loans, credit cards, investment services, and wealth management. A smaller bank might offer only checking, savings, and basic lending. A very large bank like JPMorgan Chase offers all of those plus investment banking, trading, and complex derivatives.
Truist's middle position means you can handle most personal banking needs without leaving the bank, but if you need specialized investment or trading services, you may end up referred to a partner firm or a different bank. The bank also offers online and mobile banking, which is standard across all large banks now.
How Truist's size affects fees and rates
Large banks like Truist typically charge higher monthly maintenance fees than small regional banks or credit unions. Truist's checking accounts often carry a $12 to $15 monthly fee if you do not meet a minimum balance or direct deposit requirement. Savings accounts may charge $5 to $10 per month. Small banks and credit unions often waive these fees entirely or charge only $3 to $5.
On the flip side, Truist's size gives it access to cheaper funding, which it sometimes passes on as higher interest rates on savings accounts and CDs. During periods of rising rates, large banks often move faster than small banks to increase what they pay depositors. However, Truist's rates are not always the highest available—you can often find better rates at online banks or credit unions, even if Truist's rates are competitive.
Truist's ATM network and branch access
Truist operates its own ATM network of roughly 3,000 machines, plus it is part of the Allpoint network, which includes over 55,000 ATMs worldwide. That means you can withdraw cash at most ATMs without a fee. If you use an out-of-network ATM, Truist typically charges $3.50 per transaction, and the other bank's ATM may charge an additional fee.
The 2,700+ branches give you in-person access in the Southeast and Mid-Atlantic. If you travel or move outside those regions, you lose the branch advantage, though you can still bank online and use ATMs. For customers in Truist's core footprint, the branch network is a real benefit; for customers elsewhere, it is irrelevant.
How Truist compares to other large banks in size and service
JPMorgan Chase, Bank of America, and Wells Fargo each have over $2 trillion in assets and operate 4,000+ branches nationwide. They are truly national banks. Truist, at $535 billion and 2,700 branches, is a strong regional player. U.S. Bancorp ($612 billion) and Citigroup ($2.3 trillion) are larger, but Truist is not far behind U.S. Bancorp and is much larger than most community banks.
The practical difference: Truist offers more products and lower fees on some services than a community bank, but higher fees and less personalized service than a small bank. If you live in Truist's footprint and want a balance of convenience and broad offerings, Truist works. If you want the absolute lowest fees or the most personal attention, a credit union or community bank may serve you better.
Frequently Asked Questions
Is Truist too big to fail?
No bank is may provide not to fail, but Truist's size and regulatory oversight make failure unlikely. The FDIC insures your deposits up to $250,000 regardless, so even if Truist did fail, your money would be protected. Large banks fail less often than small ones because they have more capital and more diverse revenue streams.
Will Truist merge with another bank?
Truist itself was formed by a merger in 2019. Future mergers are possible but not announced. If Truist merged with another bank, your account would transfer to the new entity, and your FDIC protection would continue unchanged. The bank would notify you in advance of any major changes.
Does Truist's size mean it has better rates than smaller banks?
Not always. Truist's rates are competitive but not always the highest. Online banks and credit unions often offer higher savings rates and lower loan rates because they have lower overhead costs. Truist's advantage is convenience and product range, not necessarily the best rates.
Can I use Truist if I do not live in the Southeast?
Yes. You can open an account online and bank entirely through the website and mobile app. You will not have branch access, but you can deposit checks by phone camera, withdraw cash at ATMs, and handle most transactions online. If you need in-person service, you would have to visit a branch during travel or use a different bank locally.
What happens to my account if Truist is acquired?
Your account transfers to the acquiring bank. FDIC protection continues. The new bank may change fees, rates, or products, and it will notify you of those changes. You can close the account and move your money if you do not like the new terms.