BB&T Bank IRA Review

BB&T IRA review: ROTH IRA, 401K, Traditional IRA, Rollover IRA fees, rates, APY/APR, promotion offer code for 2020. Is BB&T IRA good and safe way to invest?

BB&T IRA Overview

BB&T is fairly well-known along the Mid- and South- Atlantic regions. What many people don’t realize is that they offer many financial services and products beyond banking, including 401(k) plan administration. The following are the pros and cons of this service:


BB&T Investment Options

BB&T offers investment solutions that meet the needs of all levels of investors. Participants who prefer to self-direct their investments have a full array of mutual funds to choose from and are free to make changes up to two times per month. Those who are uncomfortable with self-directing their investments can take advantage of lifecycle funds, managed portfolios, or sign up for a managed account (for an additional fee). Either way, participants can utilize various tools and resources to help them decide what works best for their current circumstances, while having confidence that BB&T can accommodate changes as life necessitates.

24-Hour Account Access

BB&T prides itself on providing plan participants with 24-hour access to their accounts via their PlanTrac website or their automated phone system. Both options provide detailed account information any time of day; however the automated phone system is limited in its ability to initiate account changes or transactions, such as rollovers, investment changes, or participant loans. These requests must be processed during regular business hours through customer service or online.

Overall, the website’s layout is well-organized and user friendly. Participants can easily navigate the pages and access a plethora of resources, making it an efficient and effective option for managing their account.

Timely Processing of Transactions

Rollovers, distributions, and participant loans are expeditiously processed by BB&T. While they generally advise allowing 7 to 10 business days, their typical processing time ranges between 3 and 6 days. Individuals who engage in electronic transactions typically experience an even faster turnaround time.

Tools and Resources

Many valuable resources are available to help participants plan for their retirement. Account holders can find brochures, publications and other educational materials, which explain the fundamentals of investing in a format that can be easily read and understood by the least experienced of investors. Calculators and worksheets are readily available online to help participants set goals for their retirement and develop strategies for attaining those goals. Individuals who need assistance with their investment selections can conveniently access ProNvest, an independent third-party advisor, to get recommendations at little to no cost or sign up for account management services for an additional fee.


Participants are able to easily transfer their vested balance into a BB&T IRA account and retain access to most of the same perks upon leaving their employer.


Customer Service

When contacting customer service for technical support or other assistance, the wait required to reach a person can be very frustrating. On average, participants can expect to wait between 9 and 12 minutes to get someone on the phone. One representative attributed this to them having a very small group dedicated to handing 401(k) participant calls.

Upon surviving the wait, the customer service representatives are usually fairly pleasant and helpful; however, this isn’t always the case. Occasionally, if they’re experiencing technical difficulty on their end, they will ask participants to call back later. A participant’s request to stay on the line for a few additional minutes rather than calling back, waiting to reach someone again, and reiterating the reason for the call, seems to irritate the representatives.


There are many types of fees associated with the 401(k) plan, but each can be categorized as either a transactional fee or an administrative fee. Transactional fees are flat fees that are charged for transactions such as distributions, loans, Qualified Domestic Relations Orders (QDRO), etc. Each of these fees is clearly outlined in the Summary Plan Description and appears to be on par with other similarly situated plans.

Unfortunately, due to a lack of transparency in the administrative fees, it is difficult to determine how BB&T measures up to other service providers. The Summary Plan Description offers no guidance for how these fees are calculated and the quarterly statements provide nothing more than the amount charged, along with a brief reference to them covering the cost of “administrative services,” such as legal, accounting, and recordkeeping expenses. An in-depth search of the website yields no further explanation of these calculations and BB&T’s tendency to meet the bare minimum of disclosure requirements leaves the average accountholder wondering if they’re paying more than they should be these administrative services.

BB&T IRA Review Summary

Overall, BB&T certainly offers a valuable product which is comparable to those offered by larger, well-established 401(k) providers. However, they currently lack the one benefit that drives consumers to smaller companies to begin with: the perception that they’ll receive a more individualized, one-on-one experience. Without that experience, BB&T offers a mediocre service, at best.


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