SunTrust Checking Accounts Review (EZ, Everyday, Solid Choice Banking and Signature Advantage Banking)

SunTrust personal checking review 2024: EZ, Everyday, Solid Choice, Signature Advantage fees, pros/cons, interest rates. Free checks, ATM deposits, debit card rewards, promo offer.

SunTrust Bank, Inc. operates over 1,620 branches in twelve southeastern and mid-Atlantic states. Headquartered in Atlanta, GA, the bank offers standard retail and commercial services, such as credit, deposit, and investment services.

SunTrust Checking Accounts Review

The checking and savings account options at SunTrust are exceptional. There are four personal checking options:

1) EZ Checking. This account is designed for those who do the majority of banking online. A simple, full-service account, the EZ Checking has no monthly maintenance fees when you sign up for paperless online statements. Ten monthly transactions are required, but all check card purchases and transfers are counted making it easy for those on-the-go to enjoy a hassle-free banking experience.

2) Everyday Checking. The Everyday Checking account offers a cost-effective way for consumers to keep written checks and bill payments organized, in addition to being ideal for direct deposit. Monthly maintenance fees can also be waived for this account by a direct deposit of at least $100 each month (usually through payroll direct deposit) or maintaining a $2,500 daily collected balance in the account.

3) Solid Choice Banking. This choice allows for linking of several checking accounts for specific purposes, such as a separate vacation account or an account for home improvement projects. There are also no monthly maintenance fees with linked accounts.

4) Signature Advantage Banking. Another option is the Signature Advantage Banking which offers unlimited fee waivers for non-SunTrust ATM's and unlimited checks.

There are also two additional 'specialty checking' options; Balanced Banking and Student Checking. These are designed to limit potential overdraft fees and allow for a lower daily minimum balance as well as offer ease of use for those building or rebuilding their credit. All checking account options come standard with a free Debit card, free online and mobile banking, and discounts on other SunTrust services such as safe deposit boxes and check reorders.

SunTrust Savings Accounts Review

There are equally as many options for savings accounts, and each of these can be linked to one's checking accounts for ease of management online.

1) Personal Savings. A truly easy way to save, there are no fees for a personal savings account with a minimum of $5 automated monthly transfer from a checking account. This option is also ideal for those using online or mobile banking as management and transfers can be done with a few clicks.

2) Live Solid Savings. The Live Solid Savings account requires a minimum of $25 automated monthly transfer from a checking account or for the consumer to maintain a minimum $1000 daily balance in order to avoid fees. It also offers a one-time Anniversary Bonus of 1% of the balance.

SunTrust Other Products and Tools

SunTrust offers helpful tools such as savings calculators and budget tracking that are available online and/or assistance with them can be found at one of the conveniently located branches.

Finally, the bank also offers other savings options designed for different stages of life, such as accounts specific to growth, retirement focused accounts, as well as traditional Certificate of Deposits (CD's) and Money Market IRA's. The CD's offer extremely flexible terms ranging anywhere from two weeks to ten years. Any interest earned (as of 2/8/14 - ranges from .20% to 1.49% based on length of investment) can be applied to the CD principal or transferred to a SunTrust checking account. Minimum deposit is $2000.

With a minimum deposit and daily balance of $2,5000, the SunTrust Money Market account is FDIC insured up to the maximum amount allowed by law. It also earns an attractive interest rate ranging from .01% APY to .60% APY based on principal amount (as of 2/8/14).

Both these products offer interest rates somewhat below median range of other financial institutions - a CD at other banks for the same length of investments could range from .25% to 1.8% and other Money Market accounts do not hold the same requirements for minimum balance, limit of transactions, etc, that SunTrust does. That being said, it is this conservative strategy that makes SunTrust, Inc. as a company extremely competitive. It maintains a total Debt to Enterprise Value (EV) of .54, meaning it's financials - such as operating margin and Debt to total capital/equity ratio - are strong in comparison to other financial institutions (from marketwatch.com).

SunTrust Checking Customer Reviews

Data collected from several review sites including http://www.mybanktracker.com, and http://www.consumer-banking.findthebest.com show minimal complaints. The majority of negative comments dealt with using after hours call-in assistance. This service is outsourced and is rarely met with resolution over the phone, forcing clients to address the issue in person at one of the branches. Other complaints were centered around fees and the fee structure for overdrafts. SunTrust charges per item in overdraft situations, rather than per day the account is overdrawn. Several positive comments were given for the customer service in branches from several different states and locations.

Summary

With total assets of more than $172 billion and total deposits of about $130 billion, SunTrust exceeds the standards of financial health. In addition to the wide variety of options and exceptional customer service, the bank also holds a solid financial rating, scoring an 'A+' from depositaccounts.com, and a 4-out-of-5 star rating from bankrate.com .