Posted by Chuck on June 12, 2019
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Published on June 12th, 2019 | by Chuck

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BB&T Bank Merges with Suntrust to Create Sixth-Largest Bank in US [Name: Truist Bank]

Update 6/12/19: the new name of the combined bank will be Truist Bank. It’s pronounced TRUE-ist. 🤔]

The big financial news today is that BB&T is buying Suntrust, in a deal expected to close before the end of 2019, and the largest such deal in over a decade. The combined company will operate under an entirely new name to create the sixth largest U.S. bank by assets.

Currently, most of us don’t deal on a regular basis with either of these companies from the credit card end, though there are a couple of credit card offers from the banks we’ve posted about. It’ll be interesting to see if the combined bank gets more competitive in that space.

The other angle is the bank bonus end. Those in their target area have had some bank bonus offer sent their way from BB&T and Suntrust . Hopefully, that will continue, and perhaps become available nationwide.

If you have a specific Suntrust or BBT bonus you’ve been interested in doing, now is good time since it’s hard to know whether these will continue to be available as the merger date nears.



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JuicyJosh
JuicyJosh

Noooooo. Maybe one more chance to hit SunTrust a final time.

Joe
Joe

Exactly my thoughts!

Stan
Stan

it’s been my impression that SunTrust has been good to our hobby but BB&T a bit of a PITA.

akjohnny
akjohnny

just got $150 bonus from bbt.. not a bad bank

marvin
marvin

+1

Dylan
Dylan

If youre in the midwest like my i dont give a rats ass about suntrust or BB&T for the same reasons.

I hope this means theyll start introducing banking products to the midwest. I would love to be able to churn their accounts.

Zalmy

I made a bunch off of BB&T business checking

William Charles

BB&T isn’t too bad

Gidget
Gidget

They froze my account back in February after opening a checking account, and I couldn’t get it unfrozen or get any explanation without filing a CFPB complaint. It was a 3-week pita. My first time ever using them. That’s never happened with any bank before. It sucked.

Chris
Chris

Will be interesting to see which card brand emerges victorious for all their cards, or will they maintain a split between Mastercard and Visa.

Stan
Stan

the more the better?

Nick
Nick

I’m pretty surprised by this as they have pretty significant overlap with each other branch wise

Rob
Rob

That is actually the exact reason for them to merge. Cost synergies. 2 branches in same area…close one, send all customers to the other, keep all the business, cut expenses to serve those customers in half.

Chris
Chris

Indeed, cost synergies is Wall Street speak for cutting a ton of jobs.

Rob
Rob

That’s true, but honestly technology is the much bigger reason for job losses in banking. Think of how many people they would have to hire if they went back to the abacus 🙂

Justin

Abacus = Job Creation!!!!

AP
AP

Abacus = long hours on the job, potential for OT everyday!!!

Mike Advantage
Mike Advantage

BB&T is trash. They recently froze my checking account for no reason and refused to let me access my money. I had to wait 3 weeks after I filed a CFPB complaint for the matter to get resolved.

BEWARE.

marvin
marvin

Me, too.

Zer0cul

I agree- they are trash.
My dad had a tax lien put on the house and I’m a junior. They drained my account of $300 without telling me. Then they charged me $35 in fees for each debit card use over a full week without telling me. Then they tried to bully me into paying the $350 or so in fees by threatening that no other bank would ever do business with me if they went unpaid.

Complete shitshow of a bank.

MrObvious
MrObvious

I’ve had nothing but good luck milking BB&T of bank account bonuses over the years. Sweet as mother’s milk. Easy peas-y, close, rinse and repeat.

escot
escot

Interesting, if ominous news. Have done much buz with both over the decades; more lately with Suntrust…. Last time we had two regional banking powers on “the tobacco road” merge, we ended up with the “Wachovia” travesty, dubbed less than affectionately as another bank that “Walks all-over-ya.” And then that monstrosity of corporate malfeasance was swallowed whole by Wells Fargo — and ya’all should remember several Wachovia-style reasons why they’ve been (badly) in the news….. leading to WF earning the sobriquet: “We’ll-go-far-with-your-money.”

Dan - Legal Bank Robber
Dan - Legal Bank Robber

No I am going to Florida in April and was gonna hit up Suntrust. It better hold off.

William Charles

Q4 2019, you should be OK

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Appreciate it Will. Spring break to Florida is gonna be a profitable trip for me hitting up Whitney Hancock, Suntrust, Regions (Biz & Personal), etc.

Sam
Sam

I’ve been with SunTrust for over 15 years. My parents had started a checking account with a smaller regional bank that was bought out by them years ago. They have been closing branches near me, and their online system has more outages than a third-world country’s power grid. I was actually planning to switch to Schwab full-time this month, which is good timing on my part. BB&T also had a full system failure last year where NOTHING worked, not even debit cards. It was all over the news. Just imagining these two trying to merge systems scares the crap out of me!

aubergine
aubergine

might create more opportunities to get the SunTrust high net worth Visa Infinite card

W
W

I was thinking this personally. A lot of people have negative opinions of BB&T it seems but currently i don’t deal with either so maybe this opens things up for me. Worst case is no change.

Charlie
Charlie

Hmmm…. I have a SunTrust branch a block away from my home, and a BB&T branch about a mile away. I expect they’ll be closing one of them after the merger. I have never dealt with either bank other than to use BB&T’s ATM when visiting in South Carolina.

Ferris
Ferris

“…rivaling the likes of Citigroup and Bank of America” is more of a stretch than claiming I had a 5 foot long poop this morning. With the merger, the total assets would be $433B before reducing excess assets from overlapping infrastructure.

In comparison, BOA has 2.34T and Citi has 1.93T in assets, meaning they are 4-6 times as big.

Stvr
Stvr

Imagery

Novacat05
Novacat05

BB&T was extremely slow in paying out my latest bonus(90 days . I sent an account closure SM 3 days ago and today I can’t log into my online account anymore. I guess that means it’s closed… usually your account just gets removed from your online login. I didn’t like their website either, they actually made you update your security question/answers after a few months, really?

AS
AS

I recently opened a BB&T checking account for the $200 bonus. It is a dinosaur bank lol. I am assuming SunTrust is way ahead tech wise (no experience with them), and that was the main reason for the acquisition.

JV
JV

Have both currently and suntrust’s website is much better IMO.

Ashton
Ashton

Note that BB&T acquired all citi bank branches/operations only in TX around 2013 time frame. They are not too bad to deal with though. Sounds like they are expanding their foot prints across, to compete better. They should have more CC offering to go with their expansion.

Drivesabrowntruck
Drivesabrowntruck

So, anyone have any experience with MO deposits through BB&T? Suntrust has been a dumping ground for me, scaled up to 3k/week, over two years, all ATM transactions. Hoping this isn’t going to effect that any.

Emporio
Emporio

That’s a lot of MOs and will trigger extra scrutiny from any bank as they comply with anti-money laundering regulations. That being said, Elements FCU accepts mobile deposits of MOs and I haven’t encountered any MO deposit limits with them.

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