A merger between SunTrust Bank and BB&T Bank has created Truist Bank.
Truist Bank will partner with Global Payments, a processor of the TSYS network, to provide merchant account and credit card processing services for all major credit and debit cards.
A+ rating with the BBB, low number of complaints, no independent sales agents, high number of customer reviews.
Truist Bank and Global Payments merged and Global Payments acquired TSYS in 2019.
Global Payments offers a variety of merchant accounts, and users have reported low rates and fees. However, some users have reported being charged a $299 annual fee, account fund-holds, and difficulty closing their accounts.
Merchants are encouraged to leave comments about their experience with Truist Bank, and to negotiate pricing and contract terms before signing.
Truist, BB&T, and Suntrust have thousands of online complaints, but most relate to the quality of their banking services.
Many complaints about Truist are related to poor support from loan officers and fraud, but also include frozen funds and account confusion.
We have not found any outstanding class-action lawsuits or FTC complaints filed against Truist Bank.
Truist settled a copyright lawsuit by a Winston-Salem based regional credit union. In 2020, they were sued for alleged discrimination and an antitrust lawsuit was brought against them.
Truist offers 24/7 phone support for its banking and merchant accounts to all of its customers, and offers a dedicated email support address for its customers calling from outside the US.
The Better Business Bureau states that Truist has been in business for 149 years, with 1,897 complaints and 458 reviews.
Only 976 out of 1,897 complaints were resolved to the merchant’s satisfaction, while the other 921 either received no final response or were resolved to the merchant’s dissatisfaction.
The BBB has lowered their ratings to a “C” grade due to the amount of negative reviews regarding their merchant accounts.
This is a public record of TSYS and Global Payments hiring independent sales agents in the past. We implore our readers to share their experiences with Truist.
The exact details of the contracts issued by Truist are still unknown, but Global Payments and TSYS have good reputations.
It is difficult to recommend Truist Bank as a merchant account provider in the current atmosphere as it lacks support systems in place for both consumer and merchant accounts.
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