Adding a joint owner to your Truist account can be a smart move for various reasons – whether it's for managing household finances with a partner, assisting an aging parent, or for business purposes. It offers convenience and shared responsibility. However, it's also a significant decision with legal and financial implications, so understanding the process and its ramifications is key.
Thinking About a Joint Account? Let's Get Started!
Are you ready to streamline your finances or provide financial support to a loved one? Adding a joint owner to your Truist account can be a straightforward process, but it requires careful preparation. Let's walk through it step-by-step.
Step 1: Understand the "Why" and "What" of Joint Accounts
Before you even think about setting foot in a branch or making a call, it's crucial to understand why you're considering a joint account and what it truly entails.
1.1 Why Add a Joint Owner?
- Convenience for Shared Finances: This is often the primary driver. For couples, it allows for easy management of household bills, shared expenses, and joint savings goals.
- Assisting a Loved One: If you're caring for an elderly parent or a family member with limited mobility, a joint account can enable you to pay bills, manage their income, and handle other financial tasks on their behalf, offering peace of mind.
- Estate Planning Benefits: Many joint accounts come with a "right of survivorship." This means that upon the death of one account holder, the funds automatically pass to the surviving owner, bypassing the potentially lengthy and costly probate process. However, this should not be your sole estate planning strategy and legal advice is recommended.
- Transparency and Accountability: For some, it fosters open communication and shared responsibility in financial matters, as both parties have visibility into transactions.
1.2 Key Considerations and Potential Drawbacks
While beneficial, joint accounts also carry important implications:
- Equal Ownership and Access: When you add a joint owner, they have equal legal access to all funds in the account, regardless of who deposited the money. This means they can withdraw, transfer, or close the account without your consent.
- Vulnerability to Creditors: If a joint owner has financial difficulties or legal judgments against them, the funds in the joint account could be vulnerable to their creditors.
- Impact on Other Accounts: In some cases, if one joint account goes negative, the bank might be able to use funds from other accounts held by either joint owner to cover the debt (though this is less common with separate account types).
- Loss of Independence: For some, the idea of completely shared finances can feel like a loss of individual financial independence.
- Potential for Disagreement: Financial decisions can be a source of conflict. A joint account requires a high degree of trust and open communication to avoid disputes.
Step 2: Gather Necessary Information and Documents
Once you've decided that a joint account is the right path for you, the next step is to prepare. Having all the required information and documents ready will make the process smoother and faster.
2.1 Information for the New Joint Owner
Truist will require specific personal details for the individual you're adding. This typically includes:
- Full Legal Name: As it appears on their official identification.
- Date of Birth: They must generally be at least 18 years old. For those under 18, a visit to a branch is usually required.
- Social Security Number (SSN): This is a crucial piece of identification for tax reporting purposes. The last 4 digits might be sufficient for initial online inquiries, but the full SSN will be needed for formal account setup.
- Current Residential Address: A physical address, not a P.O. Box.
- Contact Information: Phone number and email address.
- Employment and Income Information: While not always a primary requirement for adding a joint owner, especially if the account is already established, it might be requested, particularly for certain account types or if the new owner is also applying for other banking services.
2.2 Identification Documents
Both the existing account holder and the new joint owner will need to provide valid forms of identification. Common acceptable forms include:
- Government-Issued Photo ID:
- Driver's License
- State-Issued ID Card
- Passport
- Proof of Address:
- Utility Bill (within the last 3 months)
- Bank Statement (from another institution)
- Lease Agreement
Pro Tip: Always bring originals of your documents. While copies might be accepted in some digital processes, having the originals ensures no delays.
Step 3: Choose Your Method for Adding a Joint Owner
Truist generally offers a few ways to add a joint owner. The most common and recommended approach is to visit a branch.
3.1 Option A: Visit a Truist Branch (Recommended)
This is often the most straightforward and comprehensive method. A banking representative can guide you through the entire process, answer any specific questions, and ensure all necessary paperwork is completed accurately.
- Schedule an Appointment: While walk-ins are often welcome, calling ahead to schedule an appointment can save you time and ensure a specialist is available to assist you. You can find branch locations and contact numbers on the Truist website.
- Both Parties Must Be Present: Crucially, both the existing account holder and the person being added as a joint owner will typically need to be present at the branch. This is for identity verification and to sign the necessary documents.
- Bring All Documents: Refer back to Step 2 and ensure you have all personal information and identification documents for both individuals.
- Consult with a Representative: The Truist representative will explain the terms and conditions of the joint account, including the rights and responsibilities of both owners. This is your opportunity to ask any clarifying questions.
- Sign Necessary Paperwork: You will likely need to sign forms to amend the account agreement, acknowledging the new joint ownership.
3.2 Option B: Online (Limited Availability / New Account Opening)
While Truist allows you to open a new joint account online, directly adding a joint owner to an existing single-owner account online might be limited or require specific conditions.
- If you're opening a brand-new account as a joint account, Truist's online application process for checking and savings accounts will guide you through adding both individuals. You'll need to provide all the required information (full name, last 4 digits of SSN, email address, date of birth) for the second owner during the application.
- For converting an existing single account to a joint account, online functionality for this specific action is less common across banks due to the need for verified signatures and identity confirmation. It's best to confirm directly with Truist customer service if this is an option for your specific account type.
3.3 Option C: By Phone (Potentially Limited)
Adding a joint owner solely over the phone is typically not possible due to the need for signatures and in-person identity verification. However, you can certainly call Truist customer service to:
- Inquire about the process: Get clarity on the exact requirements for your specific account.
- Understand account options: Discuss different types of joint accounts available.
- Schedule a branch appointment.
The main Truist customer service number is 844-4TRUIST (844-487-8478).
Step 4: Review and Confirm Account Details
After completing the application or paperwork, it's vital to review everything carefully.
- Verify Information: Double-check that all names, addresses, and other personal details for both account holders are accurate on the new account documentation.
- Understand Account Access: Confirm that both owners have the desired level of access to the account – including online banking, debit cards, and check-writing privileges.
- Set Up Online Access: If the new joint owner doesn't already have online banking access with Truist, they should set it up. This will allow them to view statements, transactions, and manage the account independently.
- Update Beneficiaries (If Applicable): While joint accounts often have the right of survivorship, it's still a good practice to review and update beneficiaries on other accounts, if necessary, to ensure your overall estate plan is aligned.
- Receive New Debit Cards/Checks: New debit cards and checks with the updated account holder names will typically be issued.
Step 5: Ongoing Management and Communication
Adding a joint owner is just the first step. Effective ongoing management and open communication are crucial for a successful joint banking experience.
- Establish Clear Communication: Discuss how you'll manage finances, who will pay which bills, and how you'll track spending. Regular financial check-ins can prevent misunderstandings.
- Monitor Transactions: Both parties should regularly review account statements and transactions to stay informed and catch any discrepancies.
- Update Contact Information: Ensure Truist always has up-to-date contact information for both joint owners.
- Understand Responsibilities: Remember that both parties are equally responsible for any overdrafts or fees incurred on the account.
10 Related FAQs: How To...
Here are some quick answers to common questions about Truist joint accounts:
How to Convert a Single Truist Account to Joint?
You will typically need to visit a Truist branch with the person you wish to add as a joint owner. Both individuals will need to present valid identification and sign the necessary paperwork to amend the account.
How to Open a New Joint Account with Truist Online?
Yes, you can open a new joint checking or savings account directly through the Truist website. The application process will prompt you to enter the information for both primary and secondary account holders.
How to Add a Joint Owner to a Truist Account if They Are Under 18?
For minors, you will generally need to visit a Truist branch in person to add them as a joint owner (often as a custodial or Uniform Transfers to Minors Act account). Specific requirements and account types may apply.
How to Remove a Joint Owner from a Truist Account?
Removing a joint owner usually requires the consent and signature of both current account holders. You will typically need to visit a Truist branch together to complete the necessary forms.
How to Access a Joint Truist Account Online?
Once added as a joint owner, the new owner can register for Truist Online Banking using their personal details. This will allow them to view account balances, transactions, and manage the account online.
How to Get a Debit Card for the New Joint Owner?
A new debit card will typically be issued automatically for the new joint owner once they are added to the account. It will usually be mailed to the address on file.
How to Set Up Direct Deposit for a Joint Truist Account?
You can set up direct deposit by providing your employer (or the payer) with the joint account's routing number and account number. Both names on the direct deposit form should match the names on the joint account.
How to Transfer Funds to a Joint Truist Account?
You can transfer funds to a joint account through various methods, including online banking transfers from another linked account, mobile deposits, or by visiting a Truist branch or ATM.
How to Close a Joint Truist Account?
Closing a joint account generally requires the consent and signatures of all joint owners. You will typically need to visit a Truist branch or follow specific instructions provided by Truist customer service to initiate the closure.
How to Contact Truist Customer Service for Joint Account Inquiries?
You can contact Truist customer service by calling 844-4TRUIST (844-487-8478). They can provide guidance on the process, specific requirements, and help schedule appointments.
