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Thinking about closing your Truist account? Whether you're moving, consolidating your finances, or simply found a better fit elsewhere, the process can seem a little daunting. But fear not! This comprehensive guide will walk you through every step of closing your Truist account smoothly and efficiently, ensuring you don't miss a beat (or a penny!).
Ready to make a change? Let's get started!
Step 1: Your Financial Inventory - The Crucial First Move!
Before you even think about contacting Truist, you need to understand the full scope of your relationship with them. This is arguably the most important step, as it prevents unforeseen issues and ensures a seamless transition.
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Sub-heading: Identify All Linked Accounts and Services
- Checking and Savings Accounts: Make a list of every Truist checking, savings, money market, and CD account you hold. Note down their account numbers and current balances.
- Loans and Lines of Credit: Do you have a Truist mortgage, personal loan, auto loan, or a home equity line of credit (HELOC)? Closing a deposit account often has no direct impact on these, but it's vital to know all your financial products with the bank.
- Credit Cards: Are your Truist credit cards linked to your checking or savings for automatic payments? You'll need to update these.
- Investment Accounts: If you have Truist investment accounts, assess how they are linked to your banking accounts. You might need to make separate arrangements for these.
- Safe Deposit Boxes: If you have a safe deposit box with Truist, you'll need to empty its contents and officially close it.
- Automatic Payments and Direct Deposits: This is critical. Go through your statements and online banking history for the past 6-12 months. List every single recurring direct deposit (paychecks, government benefits, retirement income) and every automatic payment (utility bills, subscriptions, loan payments, insurance premiums, rent/mortgage). Missing even one of these can lead to late fees, service interruptions, or even damage to your credit score!
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Sub-heading: Check for Pending Transactions and Holds
- Ensure all checks you've written have cleared.
- Verify there are no pending deposits or withdrawals.
- Check for any holds on your account that might prevent immediate closure or fund transfer.
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Sub-heading: Review Truist's Account Agreement and Fee Schedule
- Why is this important? Some banks charge an "early account closure fee" if you close an account within a certain timeframe (often 90 to 180 days) of opening it. Look for this in your original account agreement or the current fee schedule on the Truist website. While many standard checking and savings accounts don't have closure fees, it's always best to be informed.
Step 2: Paving the Way - Updating Your Financial Landscape
Now that you know what's connected, it's time to reroute those financial flows to your new (or existing) bank account. Do NOT skip or rush this step!
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Sub-heading: Establish Your New Banking Relationship
- If you don't already have one, open a new bank account at a different financial institution before you initiate the closure of your Truist account. This new account will be the destination for your funds and future transactions.
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Sub-heading: Reroute Direct Deposits
- Employer Payroll: Contact your employer's HR or payroll department and provide them with the new routing and account numbers for your direct deposit. Request a confirmation once the change is processed. It might take one or two pay cycles for the change to take effect, so plan accordingly.
- Government Benefits: For Social Security, veteran benefits, or other government payments, you'll need to contact the relevant agency to update your direct deposit information.
- Other Income Sources: If you receive income from other sources (freelance payments, dividends, rental income), reach out to those entities to update your banking details.
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Sub-heading: Update Automatic Payments and Bill Pay
- Online Bill Pay: If you use Truist's online bill pay service, cancel all scheduled payments and set them up with your new bank.
- Recurring Debits (ACH payments): For services that automatically debit your Truist account (e.g., streaming services, gym memberships, loan payments from other institutions, insurance), you will need to update your payment method directly with each service provider. This is crucial, as simply closing your account won't stop these requests, leading to failed payments and potential penalties.
- Linked Debit/Credit Cards: If your Truist checking account is linked to your Truist credit card for automatic payments, ensure you update that. Also, if you use your Truist debit card for any online subscriptions or recurring charges, update those to a different card or account.
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Sub-heading: Transfer Remaining Funds (The Right Way!)
- Once you're confident all direct deposits and automatic payments have been successfully rerouted to your new account, it's time to move the money out of your Truist account.
- Electronic Transfer (ACH): The easiest way is often to initiate an electronic transfer from your new bank to your Truist account. This is usually free and takes a few business days.
- Wire Transfer: For larger sums or if you need the funds immediately, a wire transfer is an option, but it typically incurs a fee.
- Cash Withdrawal: You can visit a Truist branch and withdraw the entire balance in cash. Be mindful of any daily withdrawal limits.
- Cashier's Check: You can request a cashier's check for the remaining balance. There might be a fee for this.
- Important Note: Leave a small buffer amount (e.g., $5-$20) in your Truist account until you receive confirmation of closure. This ensures any final, small, unexpected charges (like a last interest payment or a forgotten tiny transaction) don't result in a negative balance, which could complicate the closure process or incur fees.
Step 3: The Official Closure - Making the Request
With your financial ducks in a row, you're ready to formally request the account closure. Truist offers a few methods.
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Sub-heading: In-Person at a Truist Branch (Recommended for Smoothest Process)
- This is often the most straightforward and recommended method, especially if you have a significant balance or complex account structure.
- What to Bring:
- Valid Photo ID: (Driver's license, passport)
- Truist Debit Card/Account Information: Your account number, if you have it.
- Any Remaining Funds: While you should have transferred most funds, if you left a small buffer, you can withdraw it or have it issued as a cashier's check.
- Process:
- Inform the teller or personal banker that you wish to close your account(s).
- They will verify your identity.
- They will review your account for any pending transactions or a negative balance. If there's a negative balance, you'll need to deposit funds to bring it to zero before closure.
- They will help you withdraw any remaining balance or issue a check.
- You will likely be asked to sign a closure form. Read it carefully before signing.
- Request written confirmation of account closure. This is crucial for your records.
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Sub-heading: By Phone (Possible, but may have limitations)
- While some banks allow full closure over the phone, Truist may have limitations, especially for larger balances or certain account types.
- Contact Number: Call Truist Customer Service at 844-4TRUIST (844-487-8478).
- Be Prepared: Have your account numbers and personal identification details ready.
- Important Considerations:
- They may require you to send a written request or visit a branch for larger sums or specific account types (e.g., business accounts, IRAs, trust accounts).
- Always ask for a confirmation number or email after the call.
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Sub-heading: By Mail (Least Recommended, Slower Process)
- This is generally the least preferred method due to potential delays and lack of immediate confirmation.
- What to Include in Your Letter:
- Your full name as it appears on the account.
- Your Truist account number(s).
- Your contact information (phone number, email, current mailing address).
- A clear statement that you wish to close the account(s).
- Instructions on how to disburse any remaining funds (e.g., mail a check to your address on file, transfer to another Truist account if applicable).
- Your signature.
- Send to: It's best to call customer service first to get the correct mailing address for account closures. Send the letter via certified mail with a return receipt requested to have proof of delivery.
- Patience is Key: Expect this method to take longer for processing.
Step 4: Post-Closure Verification - The Final Check
Don't celebrate just yet! A few final steps ensure everything is truly closed and there are no lingering issues.
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Sub-heading: Confirm Account Closure
- Written Confirmation: If you didn't receive written confirmation immediately (e.g., for phone or mail requests), follow up with Truist to obtain it. This document is your proof that the account is officially closed.
- Online Banking: Attempt to log into your Truist online banking. If the account is closed, you should no longer be able to access it or see the closed account.
- Monitor New Account: Keep a close eye on your new bank account for a few weeks to ensure all direct deposits and automatic payments are now flowing correctly.
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Sub-heading: Shred Old Documents and Cards
- Once you have confirmation, shred your Truist debit cards, old checks, and any documents with your account number to prevent identity theft.
Congratulations! You've successfully navigated the process of closing your Truist account. This systematic approach minimizes stress and helps you transition your finances with confidence.
10 Related FAQ Questions
Here are some frequently asked questions about closing a Truist account, answered quickly and concisely:
How to ensure all direct deposits are rerouted before closing my Truist account?
- Quick Answer: Contact each source of direct deposit (employer, government agencies, etc.) individually and provide them with your new account information. Allow 1-2 pay cycles for changes to take effect before initiating the closure.
How to transfer funds from my Truist account to another bank?
- Quick Answer: The most common ways are initiating an ACH transfer from your new bank, requesting a wire transfer from Truist, withdrawing cash at a branch, or requesting a cashier's check for the balance.
How to find out if Truist charges a fee for closing an account?
- Quick Answer: Refer to the original account agreement you received when opening the account, or check Truist's current Personal Deposit Accounts Fee Schedule on their official website. Early closure fees (within 90-180 days) are the most common.
How to update automatic bill payments linked to my Truist account?
- Quick Answer: You must contact each biller or service provider directly (e.g., utility companies, streaming services) and provide them with your new payment method and account details. Simply closing the Truist account will not stop these payments.
How to close a joint Truist account if one owner is unavailable?
- Quick Answer: Typically, all joint account holders must be present or provide written authorization to close a joint account. It's best to contact Truist directly to understand their specific requirements for this scenario.
How to get written confirmation that my Truist account is closed?
- Quick Answer: When closing in person, request a printed confirmation from the banker. For phone or mail closures, ask for a confirmation number or for a written statement to be mailed to you.
How to handle a negative balance on my Truist account before closing?
- Quick Answer: You must deposit enough funds to bring the account balance to zero (or positive) before Truist will process the account closure request.
How to ensure no pending transactions will cause issues after closing?
- Quick Answer: Review your account history thoroughly to ensure all checks have cleared and no debits or credits are outstanding. It's wise to leave a small buffer amount in the account until you receive final closure confirmation.
How to close a Truist account if I'm not near a branch?
- Quick Answer: You can attempt to close it over the phone by calling Truist Customer Service (844-4TRUIST) or by sending a written request via certified mail. However, phone closures might have limitations, and mail is the slowest option.
How to find Truist's customer service number for account closure inquiries?
- Quick Answer: You can call Truist's general customer service number: 844-4TRUIST (844-487-8478). They can direct you to the appropriate department or assist with your inquiry.
