Do you find yourself ready for a fresh financial start, perhaps with a new bank or simply looking to consolidate your accounts? Closing a bank account can seem like a daunting task, but with a clear, step-by-step approach, it's a manageable process. This comprehensive guide will walk you through everything you need to know about how to cancel your Truist account, ensuring a smooth transition.
Let's begin! Are you ready to take control of your financial journey?
How to Cancel Your Truist Account: A Step-by-Step Guide
Closing a Truist account requires careful planning to avoid any unexpected fees, bounced payments, or complications. Here's how to do it efficiently:
Step 1: Gather All Necessary Account Information and Documents
Before you even think about contacting Truist, you'll need to have all your account details at your fingertips. This preparation is crucial and will save you a lot of time and potential frustration.
What You'll Need:
- Your Truist Account Number(s): This is the primary identifier for your account. You can find it on your checks, bank statements, or by logging into your online banking portal.
- Your Truist Debit Card/Credit Card: While not always required for closure, having it on hand can help verify your identity.
- Personal Identification: A valid government-issued ID (driver's license, passport, state ID) will be necessary for in-person closures and sometimes for phone verification.
- Social Security Number (SSN): Be prepared to provide your SSN for verification purposes.
- Account Statements: Having recent statements can be helpful to confirm your balance and any pending transactions.
- Details of Any Linked Accounts or Services: This includes direct deposits, automatic payments (bills, subscriptions), and linked external accounts. This is a critical step to prevent disruptions to your financial life.
Step 2: Drain Your Account Balance and Manage Transactions
One of the most important steps before closing any bank account is to ensure the balance is at or near zero. You also need to proactively manage any incoming or outgoing funds.
Sub-heading 2.1: Transfer or Withdraw Funds
- Online Transfer: The easiest way to move your money is typically through an online transfer to another bank account. Make sure the linked account is already set up and verified.
- ATM Withdrawal: For smaller amounts, you can withdraw cash from an ATM. Be mindful of daily withdrawal limits.
- Teller Withdrawal (In-Branch): For larger sums or if you prefer cash, visit a Truist branch and withdraw the entire balance.
- Cashier's Check: You can request a cashier's check for the remaining balance. This is a secure option for large sums.
- Wire Transfer: For very large transfers or international transfers, a wire transfer might be an option, though fees typically apply.
Sub-heading 2.2: Update Direct Deposits
- Crucially, notify your employer, government agencies (for benefits), or any other entities making direct deposits to your Truist account. Provide them with the new account information where you'd like your funds to be deposited. Do this well in advance of your desired closure date.
Sub-heading 2.3: Change Automatic Payments and Subscriptions
- Go through your bank statements for the last 6-12 months to identify all recurring payments (utility bills, streaming services, loan payments, gym memberships, etc.) linked to your Truist account.
- Individually update each of these services with your new banking details. This is paramount to avoid missed payments, late fees, and service interruptions.
- Consider leaving a small amount in your Truist account for a few extra days after updating these to catch any payments you might have missed.
Step 3: Choose Your Method of Account Closure
Truist offers a few ways to close your account. The best method for you will depend on your preference, the type of account, and the complexity of your financial situation.
Sub-heading 3.1: In-Person at a Truist Branch (Recommended for Most)
- Why it's often best: Closing your account in person allows for direct interaction with a bank representative, who can answer questions, ensure all steps are followed correctly, and provide immediate confirmation of closure. This is especially helpful if you have a more complex account structure or need to deal with specific scenarios like an early closure fee.
- Process:
- Locate your nearest Truist branch: Use the Truist website's branch locator tool.
- Bring all required documentation: Your valid ID, account number, and any debit/credit cards.
- Speak with a representative: Inform them you wish to close your account(s).
- Sign necessary paperwork: You will likely be asked to sign a closure request form.
- Obtain confirmation: Request written confirmation of the account closure, including the date.
Sub-heading 3.2: Via Phone Call
- Convenience: This method offers convenience, especially if a branch isn't easily accessible.
- Truist Customer Service Number: You can contact Truist customer service at 844-4TRUIST (844-487-8478).
- Operating Hours: Monday through Friday, 8 am to 8 pm ET, Saturday, 8 am to 5 pm ET (closed Sunday). Automated assistance is available 24 hours.
- Important Considerations:
- Be prepared for verification questions: They will ask for personal information to confirm your identity.
- Confirm the process: Ask the representative about the exact steps they will take and when you can expect the closure to be complete.
- Request written confirmation: Ask for an email or mailed letter confirming the closure for your records. This is crucial for your peace of mind.
- Note any restrictions: Be aware that some complex account types or high balances might not be able to be closed solely over the phone. For balances greater than $100,000, if funds are not being deposited into another Truist account with the exact same titling, you may need to send a request in writing or visit a branch. Similarly, if you fail "High Risk Authentication" over the phone, you may be directed to a branch or required to send a written request.
Sub-heading 3.3: By Mail (Less Common and Slower)
- While possible, closing an account by mail is generally not recommended due to the slower processing time and lack of immediate confirmation. It's usually reserved for specific situations where other methods are not feasible.
- Process:
- Write a formal letter: Clearly state your intent to close the account, including your full name, account number, contact information, and reason for closure (optional).
- Include a notarized signature: To verify your identity, your signature on the letter may need to be notarized.
- Provide instructions for remaining funds: Specify how you want any remaining balance to be disbursed (e.g., mail a check to your address, transfer to another account – though direct transfers by mail are less common and may require additional verification).
- Send via certified mail with return receipt requested: This provides proof of delivery.
- It's highly advisable to confirm with Truist directly if closing by mail is an option for your specific account and what exact requirements they have.
Step 4: Confirm Account Closure
This is the final, yet vital, step to ensure your account is officially closed and there are no lingering issues.
- Wait a reasonable period: Allow a few business days for the closure to process, especially if you closed it over the phone or by mail.
- Check your online banking: Attempt to log into your Truist online banking. If the account is closed, you typically won't be able to access it or it will show as closed.
- Review your confirmation: Refer to the written confirmation you received (either in-person or via email/mail).
- Monitor for stray transactions: Keep an eye on your new bank account for any unexpected debits or credits related to the old Truist account for a few weeks after closure.
Important Considerations When Cancelling Your Truist Account:
- Early Closure Fees: Some banks, including Truist, may charge an "early closeout fee" if you close an account within a short period of opening it (e.g., 90 to 180 days). Always ask about this before closing.
- Negative Balances: An account cannot be closed if it has a negative balance. You will need to deposit funds to bring the balance to zero or positive before Truist will close it.
- Outstanding Checks or Pending Transactions: Ensure all checks you've written have cleared and all pending transactions have settled before initiating closure. Closing an account with outstanding items can lead to returned checks and fees.
- Linked Loans or Credit Cards: If your Truist account is linked to a loan, line of credit, or secured credit card, ensure these are handled appropriately. For example, a secured savings account often cannot be closed until the linked secured credit card is closed.
- Joint Accounts: If it's a joint account, typically either account holder can close it. However, it's highly recommended that both parties are aware and agree to the closure to avoid any disputes.
- Investment Accounts (Brokerage, IRA, Trust): These accounts have different closure procedures. You will likely need to contact a Truist investment advisor or branch manager directly for these.
10 Related FAQ Questions
How to transfer funds out of my Truist account before closing?
You can transfer funds via online banking (ACH transfer to an external account), ATM withdrawal, teller withdrawal at a branch, or by requesting a cashier's check for the remaining balance.
How to find my Truist account number?
Your Truist account number can be found on your checks, monthly bank statements, or by logging into your Truist online banking portal and viewing your account details.
How to stop automatic payments linked to my Truist account?
You need to individually contact each company or service that has recurring payments linked to your Truist account and provide them with your new banking information. Do not rely solely on the bank to stop these.
How to avoid early closure fees with Truist?
Check your account's terms and conditions or ask a Truist representative if an early closure fee applies to your account. Typically, these fees are waived if the account has been open for a certain period (e.g., 90-180 days).
How to close a Truist credit card?
To close a Truist credit card, you will typically need to call Truist customer service at 844-4TRUIST (844-487-8478) or visit a branch. Ensure your balance is paid off before requesting closure.
How to close a Truist account with a negative balance?
You cannot close a Truist account with a negative balance. You must deposit funds to bring the balance to zero or a positive amount before Truist will process the closure request.
How to get confirmation that my Truist account is closed?
When closing in person, request a written confirmation. If closing by phone, ask for an email or mailed letter confirming the closure. You can also try logging into your online banking to see if the account is no longer accessible or listed.
How to close a Truist account if I'm overseas?
If you're outside the U.S., you can call Truist customer service at +1-910-914-8250. Be prepared for identity verification questions and potentially a written request if the balance is high.
How to close a Truist business account?
Closing a Truist business account typically requires visiting a branch or sending a written request, especially for complex business structures. It's best to consult with a Truist business banking representative for specific instructions.
How to ensure all direct deposits are redirected from my old Truist account?
After updating your direct deposit information with your employer or benefit provider, it's advisable to keep your Truist account open with a minimal balance for at least one or two pay cycles to catch any lingering direct deposits before completely closing it.
