Anyone have experience with Suntrust?

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caklim00
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Anyone have experience with Suntrust?

Post by caklim00 »

Looking to park some ETFs there to take advantage of a promo that requires holding >100K there in some combo of checking + investments. Obviously don't wan to hold that much in checking so was thinking of potentially moving an ETF over there. Thinking some sort of self directed brokerage, but just trying to make sure I can do this without getting hit with crazy fees. I don't plan on making a single trade there.
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anon_investor
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Re: Anyone have experience with Suntrust?

Post by anon_investor »

caklim00 wrote: Fri Apr 16, 2021 6:01 pm Looking to park some ETFs there to take advantage of a promo that requires holding >100K there in some combo of checking + investments. Obviously don't wan to hold that much in checking so was thinking of potentially moving an ETF over there. Thinking some sort of self directed brokerage, but just trying to make sure I can do this without getting hit with crazy fees. I don't plan on making a single trade there.
What is the promo?
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grobertj
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Re: Anyone have experience with Suntrust?

Post by grobertj »

Yes...and not a good one. Check their fees. If I remember correctly, the charge 2% or more.
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anon_investor
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Re: Anyone have experience with Suntrust?

Post by anon_investor »

grobertj wrote: Fri Apr 16, 2021 6:56 pm Yes...and not a good one. Check their fees. If I remember correctly, the charge 2% or more.
Yuck, might as well just burn $2k...
UpperNwGuy
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Re: Anyone have experience with Suntrust?

Post by UpperNwGuy »

SunTrust has a branch diagonally across the street from my home. I can walk there in 5 minutes. If it were a better bank, I would immediately start banking there, but every time I look at their offerings and their fees, I realize that SunTrust is not for me.
JBTX
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Re: Anyone have experience with Suntrust?

Post by JBTX »

I don't think the have 2FA. I won't swear to that.
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caklim00
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Re: Anyone have experience with Suntrust?

Post by caklim00 »

anon_investor wrote: Fri Apr 16, 2021 6:02 pm
caklim00 wrote: Fri Apr 16, 2021 6:01 pm Looking to park some ETFs there to take advantage of a promo that requires holding >100K there in some combo of checking + investments. Obviously don't wan to hold that much in checking so was thinking of potentially moving an ETF over there. Thinking some sort of self directed brokerage, but just trying to make sure I can do this without getting hit with crazy fees. I don't plan on making a single trade there.
What is the promo?
50% rewards bump
Topic Author
caklim00
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Re: Anyone have experience with Suntrust?

Post by caklim00 »

grobertj wrote: Fri Apr 16, 2021 6:56 pm Yes...and not a good one. Check their fees. If I remember correctly, the charge 2% or more.
For advisor ones it looked awful but I'm asking about self-directed where I just park something and never trade.
Inframan4712
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Re: Anyone have experience with Suntrust?

Post by Inframan4712 »

caklim00 wrote: Fri Apr 16, 2021 9:29 pm
anon_investor wrote: Fri Apr 16, 2021 6:02 pm
caklim00 wrote: Fri Apr 16, 2021 6:01 pm Looking to park some ETFs there to take advantage of a promo that requires holding >100K there in some combo of checking + investments. Obviously don't wan to hold that much in checking so was thinking of potentially moving an ETF over there. Thinking some sort of self directed brokerage, but just trying to make sure I can do this without getting hit with crazy fees. I don't plan on making a single trade there.
What is the promo?
50% rewards bump
And how does that compare to Bank Of America Premium Rewards, the gold standard?
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22twain
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Re: Anyone have experience with Suntrust?

Post by 22twain »

You did look on their web site, right?

I got a CD and checking account with them more than ten years ago, and still have the checking account. I never thought to use them for investments, so I looked just now. Best I can find is this page about self-directed investing.

https://www.suntrust.com/investing-reti ... tiers#self

It's apparently intended for portfolios that are small enough as not to be worth hitting them up for an advisory fee. I don't know what happens if you try to put more than $50K in the account, whether they automatically move you to advisory services or simply nag you incessantly about it. But there are apparently brokerage commissions, which you have to contact them about for information. No, thanks.
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caklim00
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Re: Anyone have experience with Suntrust?

Post by caklim00 »

22twain wrote: Fri Apr 16, 2021 9:43 pm You did look on their web site, right?

I got a CD and checking account with them more than ten years ago, and still have the checking account. I never thought to use them for investments, so I looked just now. Best I can find is this page about self-directed investing.

https://www.suntrust.com/investing-reti ... tiers#self

It's apparently intended for portfolios that are small enough as not to be worth hitting them up for an advisory fee. I don't know what happens if you try to put more than $50K in the account, whether they automatically move you to advisory services or simply nag you incessantly about it. But there are apparently brokerage commissions, which you have to contact them about for information. No, thanks.
Yes, I looked and there wasn't much information which is why I was asking if someone had a real world experience before I call.
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Wricha
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Re: Anyone have experience with Suntrust?

Post by Wricha »

Suntrust small business is a disaster on every level including the new improved web site. Almost criminal passing themselves off as a service.
regularguy455
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Re: Anyone have experience with Suntrust?

Post by regularguy455 »

Wire transfers require you going in branch
Outer Marker
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Re: Anyone have experience with Suntrust?

Post by Outer Marker »

For what its worth, I've found Bank of America to be pretty good as far as big banks go. Good rewards program and a cash bonus for depositing funds at Merill Lynch.
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user9532
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Re: Anyone have experience with Suntrust?

Post by user9532 »

SunTrust merged with BB&T and their new name is Truist.
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Mel Lindauer
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Re: Anyone have experience with Suntrust?

Post by Mel Lindauer »

Was a customer for many years, but I closed my checking and savings accts when they wanted to charge me something like $35 for more checks. Thanks, but no thanks.
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illumination
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Re: Anyone have experience with Suntrust?

Post by illumination »

My experience is it's a terrible bank.

I also think it's usually a bad idea to get a bank that's not really a major brokerage handle your investments. It just seems they are always behind on technology and just out of their league at every level.

I'd also read the fine print on account closure fees. I've been hit with a $100 fee when I closed a brokerage account at my bank (not SunTrust) despite still banking with them and having a relationship for like 20 years.

It would have to be a pretty massive bonus for me to play this game, probably not worth it.
FedGuy
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Re: Anyone have experience with Suntrust?

Post by FedGuy »

user9532 wrote: Sat Apr 17, 2021 8:53 am SunTrust merged with BB&T and their new name is Truist.
"Truist" is such a dumb name that I would refuse to do business with them on that basis alone.
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Mel Lindauer
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Re: Anyone have experience with Suntrust?

Post by Mel Lindauer »

FedGuy wrote: Sat Apr 17, 2021 5:38 pm
user9532 wrote: Sat Apr 17, 2021 8:53 am SunTrust merged with BB&T and their new name is Truist.
"Truist" is such a dumb name that I would refuse to do business with them on that basis alone.
I also thought it was the dumbest name they could have possibly come up with.
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Mel Lindauer
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Re: Anyone have experience with Suntrust?

Post by Mel Lindauer »

FedGuy wrote: Sat Apr 17, 2021 5:38 pm
user9532 wrote: Sat Apr 17, 2021 8:53 am SunTrust merged with BB&T and their new name is Truist.
"Truist" is such a dumb name that I would refuse to do business with them on that basis alone.
Agree. And to make it even worse, the probably paid some consulting firm big bucks to come up with that horrible name.
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rossington
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Re: Anyone have experience with Suntrust?

Post by rossington »

Mel Lindauer wrote: Sat Apr 17, 2021 7:10 pm
FedGuy wrote: Sat Apr 17, 2021 5:38 pm
user9532 wrote: Sat Apr 17, 2021 8:53 am SunTrust merged with BB&T and their new name is Truist.
"Truist" is such a dumb name that I would refuse to do business with them on that basis alone.
I also thought it was the dumbest name they could have possibly come up with.
But, they are a very good company and pay a nice dividend. The OP may be better off just buying their stock.
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Re: Anyone have experience with Suntrust?

Post by radiowave »

Outer Marker wrote: Sat Apr 17, 2021 8:34 am For what its worth, I've found Bank of America to be pretty good as far as big banks go. Good rewards program and a cash bonus for depositing funds at Merill Lynch.
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