Life changes, and sometimes that means a financial refresh, including closing an old bank account. If you've decided to move on from Truist, this comprehensive guide will walk you through every step of the process, ensuring a smooth transition.
Ready to take control of your finances? Let's dive in!
A Comprehensive Guide: How to Close Your Truist Account
Closing a bank account might seem daunting, but with proper planning and execution, it can be a straightforward process. This guide is designed to help you navigate each stage, from preparation to final confirmation.
Step 1: Initial Preparations and Account Review - Get Ready to Make the Move!
Before you even think about contacting Truist, it's crucial to lay the groundwork. This step is all about making sure you don't miss any critical transactions or face unexpected issues after closing.
Sub-heading 1.1: Identify and Update Recurring Transactions
This is perhaps the most important part of your preparation. Over time, we link our bank accounts to numerous services. Failing to update these can lead to missed payments, late fees, or disruption of services.
- Direct Deposits: Think about your paycheck, government benefits (like Social Security), or any other regular income. You'll need to contact your employer's HR department or the relevant agency to redirect these deposits to your new bank account. Do this before you close your Truist account.
- Automatic Payments/Bill Pay: Review all your recurring bill payments, subscriptions (streaming services, gym memberships), loan payments, and utility bills. Log into each service or contact the biller directly to update your payment method to your new account. Consider setting up a spreadsheet to track all these to ensure nothing is overlooked.
- Linked Accounts: Do you have investment accounts, credit cards, or other financial products linked to your Truist account for transfers or payments? Update these connections. This includes peer-to-peer payment apps like Zelle, Venmo, or PayPal, if you have them linked to your Truist account.
Sub-heading 1.2: Ensure a Positive Balance
Truist will not close an account with a negative balance. If your account is overdrawn, you'll need to deposit funds to bring the balance to zero or positive before initiating the closure. Attempting to close a negative account will only delay the process.
Sub-heading 1.3: Transfer Remaining Funds
Once you've updated all your recurring transactions, you'll need to move any remaining funds out of your Truist account.
- Electronic Transfers (ACH): The easiest way to transfer funds is often through an ACH transfer from your Truist account to your new bank account. You can typically initiate this from your new bank's online banking portal or by logging into your Truist online banking.
- Wire Transfers: For larger sums or if you need the funds to be available immediately, a wire transfer is an option. Be aware that wire transfers usually incur a fee. You'll need the routing and account number of your new bank.
- Withdraw Cash: If you prefer, you can withdraw the remaining balance in cash from a Truist ATM or branch, then deposit it into your new account. Be mindful of daily ATM withdrawal limits.
- Cashier's Check: You can request a cashier's check for the remaining balance. This is a secure way to transfer a large sum. There might be a fee for this service.
Step 2: Choosing Your Closing Method - How Do You Want to Say Goodbye?
Truist offers a few ways to close your account. Consider what's most convenient and secure for you.
Sub-heading 2.1: In-Person at a Truist Branch (Recommended for Simplicity)
This is often the most straightforward method, especially if you have a significant balance or want immediate confirmation.
- Find a Branch: Use the Truist branch locator tool on their website (truist.com) to find the nearest branch.
- Gather Documents: Bring a valid government-issued ID (like a driver's license or passport) and your Truist debit card and/or checkbook for the account you wish to close. Having your account number readily available is also helpful.
- Speak with a Representative: Inform the personal banker that you wish to close your account. They will guide you through the necessary paperwork. You can often receive a cashier's check for your remaining balance on the spot.
- Get Confirmation: Crucially, ask for a written confirmation that your account has been closed. This document serves as your proof and can be invaluable if any issues arise later.
Sub-heading 2.2: By Phone (Convenient, But Requires More Steps)
Closing an account over the phone can be convenient, especially if a branch isn't nearby.
- Call Customer Service: Dial Truist customer service at 844-4TRUIST (844-487-8478). Their hours are typically Monday through Friday, 8 am to 8 pm ET, and Saturday, 8 am to 5 pm ET.
- Verification: Be prepared to answer security questions to verify your identity.
- State Your Intent: Clearly state that you wish to close your account.
- Fund Disbursement: Discuss how you want the remaining funds to be disbursed. Options may include an electronic transfer to another account (you'll need the routing and account number), or a check mailed to your address on file. Confirm the mailing address if a check is being sent.
- Request Written Confirmation: Ask for a written confirmation of the account closure to be mailed to you. This is vital for your records.
Sub-heading 2.3: By Mail (Least Recommended, Slower Process)
While some banks allow account closure by mail, it's generally the least recommended method due to potential delays and lack of immediate confirmation. If you choose this, send your request via certified mail with a return receipt requested.
- Write a Formal Letter: Include your full name, account number(s) to be closed, contact information, and a clear statement of your intent to close the account.
- Instructions for Funds: Specify how you want the remaining balance to be handled (e.g., mail a check to your address, transfer to another account with provided details).
- Include Required Documents: You may need to include a notarized signature or copies of your ID as per Truist's specific requirements for mail-in closures. It's best to confirm this by calling customer service first.
- Mail to the Correct Address: Confirm the correct mailing address for account closures with Truist customer service.
Step 3: Post-Closure Verification and Monitoring - Don't Just Set It and Forget It!
Your work isn't quite done after you initiate the closure. A little vigilance now can prevent future headaches.
Sub-heading 3.1: Confirm Account Closure
- Wait for Confirmation: Whether you closed in person, by phone, or by mail, wait for the official written confirmation from Truist. This is your definitive proof.
- Check 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 Your New Account: Ensure all your direct deposits and automatic payments are now successfully routing to your new bank account. Keep an eye on your new account statements for the first few billing cycles.
Sub-heading 3.2: Keep Records
- Retain Documentation: Keep a copy of your account closure confirmation, any correspondence, and your final Truist bank statements for at least a few years. These documents can be helpful for tax purposes or if any disputes arise.
- Final Statement: Ensure you receive a final statement from Truist. This statement will show a zero balance and confirm all transactions up to the closure date.
Step 4: Securely Dispose of Truist Banking Materials
Once you're absolutely certain your account is closed and you have all necessary confirmations, it's time to dispose of your Truist materials securely.
- Shred Debit Cards and Checks: Use a cross-cut shredder to destroy your Truist debit cards and any unused checks to prevent identity theft.
- Delete Digital Information: Remove any saved Truist account information from your digital wallets, online shopping sites, or other platforms. Delete the Truist mobile app from your devices if you no longer need it.
10 Related FAQ Questions
Here are some common questions about closing a Truist account, with quick answers:
How to prepare my Truist account for closure?
- Identify and redirect all direct deposits and automatic payments to your new account. Ensure your Truist account has a zero or positive balance.
How to transfer money out of my Truist account before closing?
- You can transfer funds via ACH transfer to another bank, withdraw cash, or request a cashier's check for the remaining balance.
How to find a Truist branch near me?
- Visit the Truist website (truist.com) and use their branch locator tool by entering your city or zip code.
How to contact Truist customer service for account closure?
- Call Truist customer service at 844-4TRUIST (844-487-8478).
How to get proof that my Truist account is closed?
- Always request a written confirmation of account closure, whether you close in person or over the phone. Keep this document for your records.
How to handle direct deposits after closing a Truist account?
- Direct deposits sent to a closed account will typically be returned to the sender. It's crucial to update your direct deposit information with your employer or benefit provider before closing the account to avoid delays.
How to deal with automatic payments linked to a closed Truist account?
- Automatic payments will fail once the account is closed. Ensure you update all recurring bill payments and subscriptions with your new bank account information well in advance.
How to check if my Truist account has any fees for closing?
- Truist generally does not charge a fee for closing a standard checking or savings account, but it's always wise to review your specific account's terms and conditions or ask a representative.
How to get my final statement from Truist after closing?
- Truist should mail a final statement showing a zero balance. You can also request it when you close the account.
How to dispose of my Truist debit card and checks securely?
- Shred your Truist debit card and any unused checks using a cross-cut shredder to protect your personal information.