BB&T (also known as Branch Banking and Trust Company) was officially chartered under its current name in 1913, though it began as a banking institution in 1872. Operating over 1,800 financial centers in 13 states, the bank offers full-service commercial and retail banking services.
Company Headquarters:
BB&T Corporation
200 West Second Street
Winston-Salem, NC 27101
Website: www.bbt.com
Customer service: 1-800-BANK-BBT
Types of Accounts Available
BB&T offers a wide array of deposit accounts and retirement plans. Here’s a breakdown of some popular accounts:
Savings Accounts
BB&T offers both a regular savings account and eSavings account. The accounts come with slightly different requirements and features.
Regular Savings
- $25 to open
- 3 free monthly withdrawals
- $5 maintenance fee (can be avoided with $300 minimum balance or other options)
- Overdraft protection
- Free quarterly online or paper statements
eSavings
- $0 to open
- 0.25% APY
- $0 monthly maintenance fee and no minimum balance requirement
- Unlimited deposits, transfers and withdrawals through BB&T ATMs or branches.
- Overdraft protection (if account is linked to BB&T personal checking account)
- Quarterly statement (or monthly statement if combined with checking account)
Interest compounds daily on both accounts.
The bank also offers specialized savings accounts, including the CollegeWealth 529 Savings account, the Coverdell Education Savings Account and a Health Savings Account.
Checking Accounts
The bank has several checking accounts to choose from. Two of the most popular are the BB&T Bright Banking account and Elite Gold Rewards account.
BB&T Bright Banking
- $50 to open
- Free check card with cash rewards
- $10 maintenance fee (can be avoided with $300 minimum balance)
- Free online banking/OnLine Bill Payment, mobile banking and BB&T Alerts
- No-fee online and paper statements
- Overdraft protection (when linked to BB&T account or credit card)
- Identity protection
Elite Gold Rewards (Interest-Bearing Checking)
Offers benefits of Bright Banking account and:
- $30 monthly maintenance fee (unless $25,000 daily minimum among all BB&T accounts is maintained)
- Unlimited no-fee money orders and official checks
- No-fee incoming wire transfers
- Lending and other financial benefits
- Bonus rate on select CDs and IRAs
- $40 annual safe deposit box discount
- Travel benefits among other perks
BB&T is among many banks nowadays that doesn’t offer free checking without meeting guidelines. The accounts with the fewest fees and guidelines are BB&T Student Banking (for people up to 23) and Senior Checking (for seniors age 55 or over).
Money Market Accounts
The Investor’s Deposit Account serves as BB&T’s money market account (MMA). Some of its requirements and features include:
- $10,000 to open (keep this minimum balance to avoid $15 maintenance fee)
- Tiered rate system, rates compound daily
- Check writing available
- Monthly statements
- 6 pre-authorized automatic or telephone transfers (or withdrawals) per month
CDs
BB&T provides a wide array of CD options, including Home Saver, College Saver and jumbo CDs. The standard CDs require either $1,000 or $2,500 to open and come with the following features:
- No monthly fees
- Automatic renewals
- Interest compounds daily
- CD may be pledged as loan collateral
Standard CDs come with terms ranging from 7 days to 60 months.
IRA
Both Traditional and Roth IRAs are available at BB&T and come with the following investment options:
- Money Rate Savings account
- 18 month variable CD
- Fixed rate CD
- Monthly Saver IRA
How to Open Account
BB&T accounts can be opened via a gold “Apply Now” button found on the website (except for the IRA, which requires a local branch visit).
In order to open most accounts, you will need:
- Date of birth
- Driver’s license number, issue date, expiration date
- Social Security number
- Current home address
- Current bank account number or check to mail in for account funding
FDIC Insurance and Coverage
All of BB&T’s “noninterest-bearing transaction accounts” are fully insured up to $250,000 by the FDIC (this amount is set to drop to $100,000 after Dec. 31, 2012). CDs can additionally be covered by the Certificate of Deposit Account Registry Service (CDARS).
Customer Service
BB&T offers phone and online customer service support 24/7 that provides access to information on all types of accounts.
Security
The Privacy and Security section on BB&T’s site offers details on personal information security, identity theft protection and online fraud. It also offers an FAQ.
In addition to deposit accounts and IRAs, BB&T offers mortgage, HELOC and auto loans, along with tax preparation, insurance, Visa credit cards, gift cards and investment services. The bank also offers a Learn and Plan section with calculators, podcasts and helpful tips.
