Bank of America vs. Truist: Which Bank Is Larger

Bank of America is significantly larger than Truist by every major measure

Bank of America is the larger institution. As of the most recent public filings, Bank of America holds roughly $3.4 trillion in total assets, while Truist holds approximately $535 billion. Bank of America is also the second-largest bank in the United States by asset size, behind only JPMorgan Chase. Truist ranks among the top 10 U.S. banks but operates at a much smaller scale.

The difference matters if you are choosing between them for a checking account, savings account, or loan. Larger banks typically have more branches and ATMs nationwide, more online features, and more products to choose from. Smaller banks often have lower fees or more personalized service. Neither size difference makes one bank objectively better — it depends on what you need.

Key Takeaways

• Bank of America has roughly six times the total assets of Truist, making it one of the two largest banks in the country.
• Bank of America operates thousands of branches and ATMs across all 50 states, while Truist's footprint is concentrated in the Southeast and Mid-Atlantic regions.
• Both banks are federally insured by the FDIC, so your deposits are protected up to $250,000 per account type at either institution.
• Larger size does not automatically mean better service or lower fees — compare specific accounts and products based on your own needs.

How the banks compare in branch and ATM networks

Bank of America operates approximately 4,300 branches and 15,000 ATMs in all 50 states, plus Washington D.C. and U.S. territories. This makes it one of the most widely available banks if you need in-person service or cash access. Truist operates roughly 2,700 branches and 8,000 ATMs, concentrated primarily in North Carolina, South Carolina, Virginia, Maryland, Delaware, and Pennsylvania, with some presence in other Mid-Atlantic and Southeast states.

If you live or travel frequently in the Southeast, Truist's network may be sufficient. If you need nationwide access or move between regions, Bank of America's larger footprint gives you more options. Both banks also participate in surcharge-free ATM networks beyond their own machines, so you can withdraw cash at partner banks without paying a fee.

Differences in product offerings and features

Bank of America offers a wider range of products because of its size: multiple checking and savings account tiers, investment services, wealth management, commercial banking, and mortgage lending all under one roof. The bank also offers more digital tools and integrations with third-party apps. Truist offers similar core products — checking, savings, loans, mortgages, and investment services — but with fewer specialized options and a smaller digital ecosystem.

For a basic checking account and savings account, both banks have competitive offerings. If you need specialized services like private banking, complex investment management, or extensive business banking, Bank of America's size means more specialists and options. For straightforward personal banking, Truist's smaller product line may be simpler to navigate.

Fee structures and account minimums

Both banks charge monthly maintenance fees on many accounts, though the exact amounts and waiver requirements vary by account type. Bank of America's popular Advantage Plus checking account typically has a $12 monthly fee, waived if you maintain a minimum balance or set up direct deposit. Truist's Truist One Checking has a $10 monthly fee with similar waiver options. Neither bank is known for having exceptionally low fees compared to online-only banks or credit unions.

Minimum opening deposits also vary by account. Bank of America generally requires $100 to $500 depending on the account type. Truist's minimums are similar. If low fees are your priority, you may find better rates at regional banks, credit unions, or online banks that do not charge monthly maintenance fees at all.

Deposit insurance and safety

Both Bank of America and Truist are FDIC-insured, meaning your deposits are protected by the Federal Deposit Insurance Corporation up to $250,000 per depositor, per account type, at each bank. This protection covers checking accounts, savings accounts, and money market accounts. If you have more than $250,000 at one bank, you can protect additional funds by opening accounts in different ownership categories — for example, a joint account or an account in trust.

From a safety standpoint, both banks are equally find for your deposits. The FDIC insurance applies regardless of the bank's size, so you are not taking on additional risk by banking with the smaller institution.

Which bank might be the better fit for you

Choose Bank of America if you need nationwide branch and ATM access, want a wide range of products and services under one roof, or prefer a bank with extensive digital tools and integrations. Bank of America's size also means you are more likely to find a branch or ATM wherever you travel or relocate.

Choose Truist if you live in the Southeast or Mid-Atlantic region and prefer a bank with a strong local presence, or if you value a slightly smaller institution with potentially more personalized service. Truist's regional focus means staff may be more familiar with local lending practices and community needs. If you are comparing fees and features for a basic checking account, compare the specific accounts side by side rather than relying on bank size alone.

Frequently Asked Questions

Is my money safer at Bank of America than at Truist?

No. Both banks are FDIC-insured, so your deposits are protected equally up to $250,000 per account type. Bank size does not affect the safety of your deposits — the insurance is the same regardless of whether you bank at a large or smaller institution.

Does Bank of America have better customer service because it is larger?

Not necessarily. Larger banks often have longer wait times for phone support and less personalized service. Truist's smaller size may mean faster access to a representative, though this varies by location and time of day. Read recent customer reviews for the specific branch or service you plan to use.

Can I use my Truist debit card at Bank of America ATMs?

Yes, if both banks are part of the same ATM network or if you pay the out-of-network fee. Most banks charge $2 to $3 for using another bank's ATM. Check with Truist about which ATM networks they participate in surcharge-free to avoid fees.

Will Bank of America offer me better interest rates because it is bigger?

No. Larger banks typically offer lower interest rates on savings accounts and money market accounts because they have more deposits and less need to compete for your money. Online banks and credit unions often offer higher rates. Compare rates across multiple institutions before opening an account.

What if I move from a Truist region to a Bank of America region?

You can keep your Truist account and use their ATM network or pay out-of-network fees, or you can open a Bank of America account in your new location. Many people maintain accounts at multiple banks for convenience. Closing a Truist account is straightforward — contact your local branch or call customer service.