Pros and Cons of SunTrust Bank: Is it for you?

SunTrust Bank is now in alliance with BB&T. They go by the new name Truit. The 2019 merger means that SunTrust Bank is now number 6 in the list of biggest banks in America.

The old bank with the new makeover is now worth 442 billion dollars and growing. The alliance is not affecting individual branding.

SunTrust Bank has a lot of services that are alluring for its odd perks. For a SunTrust bank account, you need to be in one of the southern states or in the District of Columbia.

The Suntrust Bank Near Me was very helpful when it came to opening an account. I am still an account holder as I am happy with their services.

However, opening a bank account is a serious decision. You should decide on the right information. Read on and learn about the pros and cons of SunTrust Bank. After that, you can make the decision yourself.

Let’s first look at the pros and cons of the bank. It will give you a rough idea about what you will be dealing with. See if the positives outweigh the negatives in terms of your needs

Pros

Digital Payments

SunTrust makes contactless payments very easy for you. Furthermore, they have your back when it comes to different digital applications

You can link your credit card or debit card with all sorts of apps. For instance, Apple Pay, Fitbit Pay, and Samsung Pay are all compatible with SunTrust cards

This integration makes things easy for people who are constantly on the move. It’s a hassle to go to the bank or ATM every time you need to make a payment.

Digital payment is the way of the future, isn’t it! We are only scratching the surface of what we can do with the technology. In a few years, money may be a thing of the past.

Innovative Perks and Ways To Earn Money

SunTrust bank gives account holders innovative ways to get the spendings back in the client’s pocket. There are plenty of retail outlets that are in affiliation with the bank. When you go and buy something from these retail stores be sure to take your debit or credit card. Get up to 10% of your money back at the counter.

Online And Phone Banking                  

Suntrust might be an old bank but it keeps up with technological trends. Online banking is relatively new and it’s nice to see SunTrust incorporating it early.

They have their app that looks good on Androids and iOs. That’s one thing that a lot of organizations get wrong. Most companies focus on their websites and applications looking good only on computers.

However, the rise of smartphone usage means that aesthetics and functionality in apps are crucial. SunTrust Bank knows that and this is evident in the design of their application.

The app is easy to navigate and offers all sorts of services. For Instance, you can pay your bills very easily. Furthermore, alerts will come straight to your phone so that you know everything that is going on.

If you don’t have a cool smartphone, don’t worry. You can still do text banking with your old phone that does not have internet access.

Overall, online and phone banking services are great in comparison to their competitors.

Cons

It’s Available In The Southeastern States Only

Now that we have seen the pros, let’s talk about the cons. The first con may be a negative but in a way, it’s a compliment too.

You see, SunTrust bank is a great bank. However, it is only available in 10 southern states and the District of Columbia. This is quite surprising because the bank ranks very high in America.

I mean think about it. SunTrust is the 6th biggest bank in the USA and it is worth billions. With such a massive operation you may think that the bank would have a bigger turf. Sadly that is not the case and the north will not see the light of this bank.

There is no word of expanding to other regions as the bank is doing quite well for itself. If you are not in the southeastern realm you will not have any access to this bank.

The Website Lacks Transparency

Unlike the first con, this negative point is a real problem. An organization needs to be transparent to the masses to gain credibility. You don’t want to deal with a company that is not telling you the whole story.

Unfortunately, the SunTrust Bank website is not entirely open about what interest rates they offer. It does have the interest rates there but it depends on your zip code. This means that you might have to make inquiries about the exact numbers.

Interest-bearing accounts are a source of income for a lot of old people. They have a life long work record and all the money is in their banks yielding interest. Given that this niche market needs accurate information, the bank could do better.

Other than the interest rate, other things that should be on the website are just not available there.

This makes you feel like you are engaging in one-way communication. It’s like a news network under dictatorship or a market with only one brand of product.

The Interest Rates Are Relatively Low

This is the worst con of all. The nation is already in a bad condition as far as bank interest rates go. SunTrust Bank offers even less than its competition.

This is awful news for old people or anyone else who is dependent on interest money. The feeling is awful when you know money is sitting in your bank almost static. Most humble people do not understand the complex concept of interest. Let us hope that SunTrust bank will be more clear and generous about their interest rate in the future.

Final thoughts

Suntrust bank is for people who reside in the District of Columbia and the 10 southern states. Furthermore, it is for people who want digital innovation and mobile banking services.

It’s not for people looking to grow their money fast. Overall, the bank is a big establishment that will do well in the future.

 

 

 

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