Truist (Formerly BB&T) Overdraft Fees, Limits, and Protection

Overdraft Apps » Bank Overdraft Policies » Truist (Formerly BB&T) Overdraft Fees, Limits, and Protection
FeeCost

Maximum Overdrafts Per Day

Maximum Daily Cost

Truist Overdraft Fee$363$108
Truist Insufficient Funds Fee$363$108
Truist Linked Account Transfer Fee$0N/A$0

Preparing for unexpected expenses can be difficult. You never know when a medical emergency or repair bill will come up, or when you’ll find yourself stranded and in need of cash.

These situations can cause you to overdraft your bank account and incur an overdraft fee. If you’re a Truist customer or former BB&T account holder, read on to learn more about how much you can expect to spend on overdraft fees, how you can avoid these fees, and what alternatives are available.

What we’ll cover:

  • How much does Truist charge when you overdraft your account?
  • Does Truist provide overdraft protection by default?
  • Is there a limit to how much you can withdraw once your account balance falls below zero?
  • What are the best alternatives to over-drafting your bank account?

What Is Truist’s Overdraft Policy?

BB&T and SunTrust Banks merged to form Truist in 2019. Truist’s overdraft policies did not change for SunTrust Banks customers, but BB&T account holders saw a few changes to their account agreement, including the maximum number of overdraft fees their bank would charge per day.

Truist will charge up to three overdraft fees per day for transactions over $5. It’s an improvement compared to the old BB&T overdraft policy, which would include up to six overdraft fees per day.

Truist checking customers can opt-in for overdraft protection and coverage. However, the default is to have your account opted out, which means Truist will decline ATM and debit card transactions if your balance is too low.

This policy does not cover checks, ACH payments, and recurring debit card transactions such as subscriptions.

 Truist allows overdrafts for these transactions by default:

  • Checks
  • ACH
  • Recurring payments

You can get overdraft protection for more transaction types if you decide to opt in, including:

  • ATM withdrawals
  • Debit card transactions

You should know that Truist is currently working on launching two new checking products with no overdraft fees. The new accounts should become available sometime this summer as Truist joins the list of major banks that have eliminated overdraft fees.

Truist’s Overdraft Policy

How Much Are Truist Overdraft Fees?

Truist charges $36 per overdraft transaction, with a limit of three transactions a day. If you make a purchase or ATM withdrawal for less than $5, you won’t see any overdraft fees.

The maximum you can spend on overdraft fees is $108 a day. Truist used to charge an additional $12.50 fee for transferring funds from a linked account to an account with a negative balance. This fee was for customers enrolled in the overdraft protection program. This service is now available for free.

Note that you might incur additional fees if you carry a negative account balance. If you fail to pay the money back, Truist can decide to close your account and charge a $30 fee.

How much can I overdraft with Truist? The amount that Truist will let you withdraw or spend once you have a negative balance is at the discretion of the bank, and can vary over time. This amount will likely vary from one account holder to another based on the average account balance and how long the customer has had an account.

Overdraft Fees

How Much Will Truist Let Me Overdraft at an ATM?

Does Truist let you overdraw your account at an ATM? It depends on whether you opted in for overdraft coverage. By default, Truist will not let you make an ATM withdrawal if you don’t have enough money in your checking account.

How do I overdraw at a Truist ATM? You’ll have to opt-in for overdraft coverage if you want to be able to pay the fee and overdraw your account at an ATM.

How much can I withdraw at a Truist ATM? Truist’s Wealth Checking account has a limit of $3,000 a day for ATM withdrawals and a total limit of $25,000 for your account. There are no official policies regarding how much Truist will let you overdraw at an ATM, but it seems unlikely that the bank would let you withdraw up to $3,000 without having enough funds in your account.

The lack of official information regarding the ATM overdraft limit suggests that Truist sets different limits for each account holder. Your limit might vary based on what your average account balance is and how long you’ve been a Truist customer.

Truist  ATM

Does Truist Charge NSF (non-sufficient funds) Fees?

Truist charges an NSF fee or returned item fee for checks that bounce. If you write a check and there aren’t enough funds in your account for the recipient to cash it, Truist will charge you $36.

Checks can make managing your finances difficult. Let’s look at an example.

John had an account balance of $2,500 on Monday. On Tuesday, he met with a contractor and wrote a $1,000 check as a deposit for a landscaping project.

Unfortunately, John’s car broke down on Wednesday. He ended up spending $1,700 between towing, repairs, and a rental car. He used a mix of cash from the ATM and debit card transactions to cover these expenses.

By the time the contractor cashes the $1,000 check, John’s account balance will be insufficient and Truist will charge him an NSF fee of $36.

Can You Get a Truist Overdraft Fee Waived?

Truist is making efforts to move toward a new banking model that does not rely on overdraft fees. Truist is not the only bank canceling overdraft fees. There is a strong possibility that Truist will waive your overdraft fees to remain competitive, given that major banks are no longer charging these fees.

Here are a few tips to get an overdraft fee waived or ask to get an overdraft fee refund:

  • Stop spending money once your account balance is negative.
  • Call Truist at 844-487-8478 or find a nearby Truist branch.
  • Explain your situation and ask if the customer service representative can waive the fee.
  • Express your intention to pay the money back and make a cash deposit to cover the negative balance right away, if possible.
Customer Service Numbers Truist

How To Avoid Overdraft Fees With Truist

Overdraft fees can add up. Americans spend approximately $15 billion each year on overdraft and NSF fees.

There are a few steps you can take to avoid overdraft fees.

Option #1: Sign Up For Overdraft Protection

Truist offers an optional overdraft protection program. You can opt in when opening an account or contact customer service to sign up for an existing checking account.

With this program, you can link your account to another product like a credit card, money market account, or another checking account. If you spend more than what’s in your account, Truist will transfer money from this protector account to cover the difference.

Option #2: Use a No-Fee Overdraft App

You can explore options outside of what your financial institution offers. No-fee overdraft apps are a great way to cover unexpected expenses with no additional fees.

Chime’s SpotMe* is an excellent example. You can enroll for free and receive an advance of $20 to $200 as long as you set up a monthly direct deposit of at least $200.

This app is a convenient tool for managing your finances. For instance, let’s say you go out for a friend’s birthday and end up spending more than you planned on food and drinks. You pick up a bar tab of $250 but only have $175 in your account.

With Chime’s SpotMe, you can pick up the tab and use an advance to pay for a cab ride home without paying anything in overdraft fees.

However, you can only get up to $200 with this app; this is convenient for small expenses but might not meet all your financial needs.

Do you want an alternative to overdraft fees? Check out SpotMe here.

Option #3: Use a Cash Advance App

For larger, unforeseen expenses, a cash advance app is a better option. You can use a cash advance app to request an advance until payday. You’ll typically get access to the funds right away and can use them to cover urgent bills and expenses.

PockBox is an excellent option. This cash advance service lets you borrow up to $2,500, which is much more than what most cash advance apps will approve. You can qualify for a cash advance even if you don’t have a good credit score, and you’ll usually get the funds by the next business day.

Borrowing money is not a long-term solution for your finances. But, a cash advance can help you get back on track and prevent late fees and other expenses from adding up if you find yourself with an unexpected bill.

Click here to learn more about PockBox.

Conclusion

Truist has flexible policies when it comes to over-drafting your account. You decide whether or not you want to opt in for overdraft protection or use the overdraft coverage program. Truist plans on canceling overdraft fees for the accounts it will offer soon, which suggests it should be easy to get this bank to waive overdraft and NSF fees.

However, overdraft fees can add up if you’re not careful. Plus, over-drafting your account is not a good practice for managing your finances.

You can prepare for unforeseen financial obligations by using a no-fee overdraft app to cover small expenses or learn more about cash advances for larger bills. 

*Chime SpotMe eligibility requirements and overdraft limits: Chime SpotMe is an optional, no fee service that requires a single deposit of $200 or more in qualifying direct deposits to the Chime Spending Account each month. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases and cash withdrawals initially, but may be later eligible for a higher limit of up to $200 or more based on member’s Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your limit. Your limit may change at any time, at Chime’s discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions. SpotMe won’t cover non-debit card transactions, including ACH transfers, Pay Friends transfers, or Chime Checkbook transactions. See Terms and Conditions.
Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

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