Ready to take charge of your finances? Opening a bank account is a fantastic step towards financial independence, and if you're considering Truist, you're on the right track! The question of "how old do you have to be to open a Truist account" is a common one, and the answer can vary depending on the specific type of account and whether you'll have a co-owner. Let's break down everything you need to know.
The Age Game: How Old Do You Have To Be to Open a Truist Account?
Generally, to open a bank account in your own name as the sole owner, you need to be at least 18 years old in most states of the United States. This is because opening a bank account involves entering into a legal contract, and minors (individuals under 18) typically aren't legally able to do so on their own.
However, that doesn't mean younger individuals are out of luck! Truist, like many banks, offers options for minors to have accounts, usually with the involvement of an adult.
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| How Old Do You Have To Be To Open A Truist Account |
Step 1: Are You 18 or Older? – The Straightforward Path
If you are 18 years old or older, you can open a Truist account in your name. This is the most direct path, and you'll generally have access to the full range of personal banking products Truist offers, including checking, savings, and potentially even credit cards (subject to creditworthiness).
What You'll Need:
- Proof of Identity: A government-issued ID like a driver's license, state ID, or passport.
- Social Security Number (SSN): Essential for tax reporting and identity verification.
- Contact Information: Current address, phone number, and email.
- Initial Deposit: Most accounts require a minimum opening deposit, which can vary by account type (e.g., Truist One Checking often requires a $50 minimum opening deposit, and Truist One Savings often requires a $50 minimum opening deposit).
How to Open an Account:
You can typically open a Truist account online, through their mobile app, or by visiting a Truist branch in person. Opening online is often the quickest and most convenient method.
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Step 2: Under 18 and Ready to Bank? – The Joint Account Solution
If you are under 18 years old, you generally cannot open a Truist account solely in your name. However, you can typically open a joint account with an adult co-owner. This is a very common and effective way for minors to start building financial literacy and managing their money.
Who can be the Adult Co-Owner?
The adult co-owner must be 18 years or older and will typically be a parent, legal guardian, or sometimes another trusted adult. It's crucial that the co-owner is someone you trust, as they will have full access and legal responsibility for the account alongside you.
Types of Accounts Suitable for Minors (with a Joint Owner):
- Truist One Savings Account: This is an excellent option for minors. The monthly maintenance fee for a Truist One Savings account is waived for minors under the age of 18 when the minor is listed as the primary account owner. This waiver automatically applies at account opening and expires on the minor's 18th birthday.
- Truist One Checking Account: While primarily aimed at adults, a minor can be added to a Truist One Checking account as a joint owner. The monthly maintenance fee can also be waived for primary account owners under the age of 25 (this waiver expires on the 25th birthday). This means a younger individual could potentially benefit from this fee waiver as a primary owner on a joint account.
Key Considerations for Joint Accounts:
- Shared Responsibility: Both the minor and the adult co-owner have access to the funds and are legally responsible for the account. This means if there are overdrafts or other issues, both parties are accountable.
- Financial Education: A joint account provides an excellent opportunity for the adult to teach the minor about budgeting, saving, and responsible spending.
- Transition to Sole Ownership: Once the minor turns 18, they can often transition the joint account into a sole ownership account, or open a new account entirely in their name.
What You (and Your Co-Owner) Will Need:
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- For the Minor:
- Proof of Identity (e.g., school ID, birth certificate, passport).
- Social Security Number (SSN).
- For the Adult Co-Owner:
- Government-issued ID (driver's license, state ID, passport).
- Social Security Number (SSN).
- Contact Information.
- Initial Deposit: As with individual accounts, an initial deposit will be required.
How to Open a Joint Account for a Minor:
- In-Branch Visit is Often Required: While some banks allow adding a joint owner online, for minor accounts, it's often required to visit a Truist branch in person with both the minor and the adult co-owner present. This allows the bank to verify identities and ensure all necessary paperwork is completed correctly.
- Prepare Documentation: Have all required identification and information ready for both the minor and the adult.
Step 3: Special Cases – Student Accounts and Specific Waivers
Truist offers specific benefits for students, which can indirectly relate to age.
Truist One Checking for Students:
The monthly maintenance fee for the Truist One Checking account can be waived for primary account owners who are under the age of 25. This is a significant benefit for college students and young adults starting their financial journey. If a minor opens a joint Truist One Checking account and is listed as the primary account owner, they could benefit from this fee waiver until they turn 25.
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Important Note on Waivers:
It's vital to understand the specific terms and conditions for any fee waivers. For instance, the waiver for minors on the Truist One Savings account expires on their 18th birthday, after which regular fees may apply unless other waiver criteria are met (like maintaining a certain balance or having a linked Truist checking product). Similarly, the student waiver for Truist One Checking expires on the 25th birthday. Always review the Personal Deposit Accounts Fee Schedule provided by Truist.
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Step 4: Beyond Opening – Managing Your Truist Account
Once your Truist account is open, regardless of how you opened it, you'll have access to various tools and services to manage your money effectively.
Key Management Tools:
- Online Banking: Access your account statements, transfer funds, pay bills, and manage your account settings from anywhere with an internet connection.
- Mobile Banking App: The Truist mobile app offers convenient features like mobile check deposit, Zelle® for sending and receiving money, and customizable alerts.
- Debit Card: Get a Visa® Debit card for easy purchases and ATM withdrawals.
- ATMs and Branches: Access your funds and speak with a banker at Truist ATMs and branch locations.
Remember to set up alerts for your account to stay informed about transactions and balances, helping you manage your money wisely and detect any suspicious activity.
Frequently Asked Questions (FAQs)
Here are 10 related FAQ questions, starting with "How to," along with their quick answers:
How to open a Truist account online if I'm 18 or older?
You can visit the Truist website, navigate to their checking or savings account options, and click "Open now" to begin the online application process.
How to open a Truist account for a 16-year-old?
A 16-year-old can open a Truist account as a joint owner with a parent or legal guardian. This typically requires an in-person visit to a Truist branch with both the minor and the adult.
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How to avoid monthly maintenance fees on a Truist account?
Ways to waive monthly fees vary by account type but can include maintaining a minimum daily balance, having qualifying direct deposits, linking other Truist accounts, or being a student under a certain age (e.g., under 25 for Truist One Checking).
How to link a Truist savings account for overdraft protection?
You can link your Truist One Savings or Truist One Money Market account to your personal checking account for optional Overdraft Protection through your online banking portal or by visiting a branch.
How to make an initial deposit into a new Truist account?
You can make an initial deposit by transferring funds from another Truist account, an external bank account, or by depositing cash or a check at a Truist branch or ATM.
How to get a debit card for a minor's Truist account?
When a joint account is opened for a minor, a debit card will typically be issued. The adult co-owner can discuss debit card access and limits with the bank.
How to find the nearest Truist branch?
You can use the "Find a Branch & ATM" locator on the Truist website or mobile app to find a branch near you.
How to set up online banking for a Truist account?
Once your account is open, you can visit the Truist website and follow the prompts to enroll in online banking, which usually involves creating a user ID and password.
How to close a Truist account?
To close a Truist account, you typically need to contact Truist directly, either by phone or by visiting a branch. Ensure the account balance is zero before closing.
How to transition a joint Truist account to sole ownership when the minor turns 18?
Once the minor turns 18, they can contact Truist to discuss options for removing the joint owner and converting the account to sole ownership, or opening a new individual account. Policies may vary, so it's best to speak with a Truist representative.
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