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BB&T/Truist
Old 05-01-2021, 12:25 PM   #1
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BB&T/Truist

Since I have only dealt with TD Ameritrade I don't have experience with other investment companies. I only had a small amount of stock and a small amount of money invested with BB&T/Truist that had been placed in an account from an inheritance. I had it transferred from BB&T/Truist to TD Ameritrade and was charged $125 so they could press a button to send it. They never told me about the charge before the transfer was made and I thought that was a slimy thing to do. I thought that was a bit over the top but they told me it was company policy. I will never recommend BB&T/Truist to anyone. I then called TD Ameritrade to make sure everything on my account with them was alright and then asked the rep there what he thought. He was surprised and said to send the last statement and he would see if TD Ameritrade would cover the loss. What a difference in business practices by those 2 companies.



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Old 05-01-2021, 02:45 PM   #2
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Quote:
Originally Posted by Badger View Post
Since I have only dealt with TD Ameritrade I don't have experience with other investment companies. I only had a small amount of stock and a small amount of money invested with BB&T/Truist that had been placed in an account from an inheritance. I had it transferred from BB&T/Truist to TD Ameritrade and was charged $125 so they could press a button to send it. They never told me about the charge before the transfer was made and I thought that was a slimy thing to do. I thought that was a bit over the top but they told me it was company policy. I will never recommend BB&T/Truist to anyone. I then called TD Ameritrade to make sure everything on my account with them was alright and then asked the rep there what he thought. He was surprised and said to send the last statement and he would see if TD Ameritrade would cover the loss. What a difference in business practices by those 2 companies.



Cheers!

I have been banking with BBT for 30 years and as a bank, they are ok. I have even had several mortgages with them as well as a HELOC. However, their investment division is sorely lacking in my opinion. Because I have been banking with them for so long, they have been bugging me to look at their investment division on many occasions. At one point, I broke down and agreed to a face to face meeting with the VP and she brought along a "investment specialist". I had provided them with my entire investment portfolio well had of time and came prepared to discuss how they would propose to invest my money. BIG, very FAT disappointment. Neither of them had looked at any of the information I had provided and the "specialist" was totally incompetent. I ended up cutting the meeting short and provided the VP with written feedback. I did get an apology from her, but I never talked to another BBT investment person again. Very pedestrian!
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Old 05-01-2021, 03:19 PM   #3
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A regional broker that specializes in muni bonds cold called me and next thing I knew I had agreed to open an account. The first red flag was their cavalier approach towards setting up a beneficiary. From that point on they only called sporadically when they had bonds to move but they never had anything close to that first bond I bought. After a few years I had had enough and called Fido to initiate an in-kind transfer. Fido made it easy. I never had to call the regional broker but they did charge me ($150 I think). Fido reimbursed the fee.
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Old 05-01-2021, 05:12 PM   #4
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I always tell people to use a broker that is focused on the kind of investors we are and we are not a sideline or, worse, cows to be milked, This approach quickly focuses one's attention on the three names popular here.

As an example to avoid, Morgan Stanley is very proud of their milking skills, achieving net profits over 25% from their "Wealth Management" business. Insurance companies also have the problem of wanting to sell high commission annuities, with the brokerage business viewed as a necessary evil.
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Old 05-01-2021, 05:54 PM   #5
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Since I have only dealt with TD Ameritrade I don't have experience with other investment companies. I only had a small amount of stock and a small amount of money invested with BB&T/Truist that had been placed in an account from an inheritance. I had it transferred from BB&T/Truist to TD Ameritrade and was charged $125 so they could press a button to send it. They never told me about the charge before the transfer was made and I thought that was a slimy thing to do. I thought that was a bit over the top but they told me it was company policy. I will never recommend BB&T/Truist to anyone. I then called TD Ameritrade to make sure everything on my account with them was alright and then asked the rep there what he thought. He was surprised and said to send the last statement and he would see if TD Ameritrade would cover the loss. What a difference in business practices by those 2 companies.
Cheers!

It is common for brokerages to charge a fee when transferring an account out. The amount they charge is clearly indicated in their fee schedule. You may consider it a slimy thing to do, however, it's not BB&T's fault if you did not read the fee schedule for the account and just assumed it would all be done for free. Etrade charged $75 per account transferring out a few years ago and I had three of them. Depending on the size of the account, it's also regular practice for the brokerage you're transferring in to to compensate for any fees charged by your prior brokerage, which Fidelity did in my case for the three accounts.

Here's a link to the BB&T brokerage fee schedule - from a google search. It's dated April 2019, so there may be one more recent, but it clearly says the fee schedule can change at any time without prior notice. If you look, it says:

Outgoing Account Transfer Fee ............................................... $95

https://www.bbt.com/content/dam/bbt/...rvice-fees.pdf
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Old 05-02-2021, 03:52 PM   #6
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When I worked for BB&T (over a decade ago) it soon seemed to me that everyone was trying to transfer to their investment division because of the relatively low salaries for regular employees versus the generous commissions paid to investment "financial planners."

IIRC, commissions were higher the worse the product was for the investor.
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Old 05-02-2021, 04:51 PM   #7
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We use BBT (what circle if twits came up with Truist?) as a pass through for pension payments in order to have access to a “bank” locally - I cannot imagine asking their staff for advice.
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Old 05-02-2021, 08:05 PM   #8
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We use BBT (what circle if twits came up with Truist?) as a pass through for pension payments in order to have access to a “bank” locally - I cannot imagine asking their staff for advice.
Same here. When leaving megacorp where all our banking was with their Credit Union, I decided to get a local bank for cash-type transactions and to open a HELOC line of credit while still employed. Through the loan application they identified me as having assets and I was assigned a private banker/wealth advisor. I did one sit down with him to sign the loan papers, and let him know I wasn't interested in wealth advising.

He did get me their higher level credit card for free, and emails me once a year or so to ask if he can do anything for me. But that's about it. Not really a problem. Just say no to drugs...err, wealth advising.
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Old 05-02-2021, 09:20 PM   #9
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It is common for brokerages to charge a fee when transferring an account out. The amount they charge is clearly indicated in their fee schedule. You may consider it a slimy thing to do, however, it's not BB&T's fault if you did not read the fee schedule for the account and just assumed it would all be done for free. Etrade charged $75 per account transferring out a few years ago and I had three of them. Depending on the size of the account, it's also regular practice for the brokerage you're transferring in to to compensate for any fees charged by your prior brokerage, which Fidelity did in my case for the three accounts.

Here's a link to the BB&T brokerage fee schedule - from a google search. It's dated April 2019, so there may be one more recent, but it clearly says the fee schedule can change at any time without prior notice. If you look, it says:

Outgoing Account Transfer Fee ............................................... $95

https://www.bbt.com/content/dam/bbt/...rvice-fees.pdf
Yes it is standard though the amount charged varies. All brokerages charge these fees. Receiving brokerage will reimburse them (or more) if a material amount of assets are involved.

You want to cover that in advance with the receiving brokerage.

TDA and E-Trade have a schedule of fees they pay for new money. That is a good starting point.

Full disclosure: longtime customer of BB&T (plain vanilla banking, sometimes mortgage), TDA and E-Trade.
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Old 05-03-2021, 06:27 AM   #10
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We use BBT (what circle if twits came up with Truist?) as a pass through for pension payments in order to have access to a “bank” locally - I cannot imagine asking their staff for advice.
Can I ask what you (and anyone else) use a local branch for? I've been with USAA for decades, since my parents put me on their USAA credit card to pay for college textbooks. I was using their prepaid deposit envelopes long before mobile deposit was available, and to be honest it was easier and almost as fast as finding time to go to a bank and make a deposit, but then I'm used to it. I did have an issue when I needed a "medallion signature" to transfer my father's TOD/POD accounts, but that was about the only time I felt I really needed a local branch. But like I said, this is what I'm used to.
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Old 05-03-2021, 07:11 AM   #11
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Trust US!

A good friend said they missed an opportunity. They could have called it "Trust Us".

We have been with Suntrust since the Trust Company days. But, I don't know if I can do "Truist". Sure, we probably shouldn't change a multi-decade banking relationship over a name, but a person has to have standards!

ETA: Maybe the "New Coke" Ad team worked on this one also.
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Old 05-03-2021, 08:19 AM   #12
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Medallion signature (once), cashier's check (couple times) and when I want ALOT of small bills for tips for a trip. Prob go into a branch less than once a year. I too dropped BBT after college when they treated me badly over something Ive long forgotten. It always pushed my buttons when I was dealing with a branch in VA and my account had been opened in NC and EVERY.SINGLE.TIME the counter employee made it a point to point out my account was opened out of state. HEAVEN FORBID. Had absolutely no impact or relevance to what I was doing but they mentioned it Every time.
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