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Deciding to close a bank account is a significant financial decision, and it's essential to approach it with careful planning to avoid any unexpected issues. If you're looking to close your Truist bank account, you've come to the right place. This comprehensive guide will walk you through every step, ensuring a smooth and hassle-free closure.
Ready to say goodbye to your Truist account? Let's make sure it's a clean break!
Closing a bank account involves more than just emptying it out. You need to consider pending transactions, direct deposits, automatic payments, and potential fees. Rushing the process can lead to bounced payments, late fees, or even a negative mark on your banking history. But don't worry, by following these steps, you'll be able to close your Truist account confidently and efficiently.
QuickTip: Break reading into digestible chunks.
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| How To Close Truist Bank Account |
The Step-by-Step Guide to Closing Your Truist Bank Account
Step 1: Gather All Necessary Information and Documents
Before you initiate the closure, it's crucial to have all your account details and identification ready. This will streamline the process, no matter which closure method you choose.
Tip: Reread if it feels confusing.
Sub-heading: What You'll Need:
- Account Number(s): Make sure you have the exact account number for the Truist account you wish to close.
- Personal Identification: This typically includes a government-issued ID like a driver's license, passport, or state ID. If you're closing in person, you'll definitely need this.
- Truist Debit Card/Checks: While not always strictly required for closure, it's good practice to have them available, as you might be asked to cut them up or return them.
- Joint Account Holder Information (if applicable): If it's a joint account, both account holders might need to be present or provide their consent, depending on Truist's specific policy. It's always best to clarify this beforehand.
- New Account Information (if transferring funds): If you plan to transfer the remaining balance to a new account at another bank, have your new bank's routing and account numbers readily available.
Step 2: Review and Clear Your Truist Account
This is perhaps the most critical step. You want to ensure there are no lingering financial ties to your Truist account before you close it.
Tip: Summarize the post in one sentence.
Sub-heading: Emptying Your Account Safely:
- Transfer All Funds Out:
- Online Transfer: The easiest way to move your money is typically through an online transfer to another bank account. Ensure the transfer has completely cleared and posted to your new account before proceeding.
- Withdraw Cash: You can withdraw the remaining balance at a Truist ATM (up to your daily limit) or a Truist branch.
- Official Check: Truist can issue you an official check (cashier's check) for the remaining balance. Be aware that there might be a fee for this service.
- Cancel All Automatic Payments and Direct Deposits: This is paramount. If you don't do this, you risk bounced payments, late fees, and significant inconvenience.
- Direct Deposits: Contact your employer's payroll department, government agencies (for benefits like Social Security), or any other source of direct deposits and provide them with your new bank account information. Do this well in advance of closing your Truist account.
- Automatic Payments/Bills: Review your Truist statements or online banking history for recurring payments. These could include utility bills, loan payments, subscriptions, credit card payments, or online services. Contact each merchant or service provider individually and update your payment method to your new bank account.
- Linked Accounts: If your Truist account is linked to other financial services (e.g., Venmo, PayPal, investment accounts), be sure to unlink it and update your funding source.
- Ensure All Pending Transactions Have Cleared: Do not close your account if there are any outstanding checks you've written, or any pending debits or credits. Wait until all these transactions have fully posted. This might mean waiting a few business days after your last activity.
- Check for Any Fees or Negative Balances: Before closing, ensure your account balance is zero or positive. Truist may charge a fee if you close an account shortly after opening it (often within 90 or 180 days). If your account has a negative balance, you'll need to deposit funds to bring it to zero before they will process the closure. A charged-off account (one closed with a negative balance) can result in a $30 fee.
Step 3: Choose Your Preferred Closure Method
Truist offers several ways to close your account. Select the one that is most convenient and secure for you.
Tip: Don’t rush — enjoy the read.
Sub-heading: Options for Account Closure:
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Option A: In Person at a Truist Branch (Recommended for certainty)
- Why it's recommended: This is often the most straightforward and secure method, especially if you have a significant balance or a joint account. You can get immediate confirmation of the closure.
- How to do it:
- Locate a Branch: Use the Truist branch locator on their website to find the nearest branch.
- Schedule an Appointment (Optional but Recommended): While not always required, scheduling an appointment can save you wait time.
- Bring Your Documents: Take your valid government-issued ID, account number, and any other relevant documents.
- Speak with a Representative: Inform the Truist representative that you wish to close your account. They will guide you through the necessary paperwork and verify your identity.
- Receive Confirmation: Request a written or electronic confirmation of the account closure. This is vital for your records.
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Option B: By Phone (Convenient for simple closures)
- Why it's convenient: If you're unable to visit a branch, closing over the phone can be a good alternative, especially for individual accounts with minimal activity.
- How to do it:
- Call Truist Customer Service: Dial 844-4TRUIST (844-487-8478). Have your account number and personal information ready for verification.
- Explain Your Request: Clearly state that you want to close your bank account.
- Follow Verification Procedures: The representative will ask you security questions to verify your identity.
- Confirm Closure and Final Balance: Ensure they confirm the account closure and how any remaining balance will be handled (e.g., mailed check, transfer to another Truist account).
- Request Written Confirmation: Always ask for a written confirmation of the account closure to be mailed or emailed to you.
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Option C: By Mail (Use with caution for specific scenarios)
- Why it's an option: This method is generally recommended for specific situations, such as if you are unable to visit a branch or make a phone call, or if explicitly advised by Truist customer service. It typically involves sending a written request.
- How to do it:
- Draft a Formal Letter: Write a clear and concise letter stating your intention to close your Truist account. Include:
- Your full name as it appears on the account.
- Your full account number.
- Your contact information (phone number and mailing address).
- A clear statement requesting the closure of your account.
- Instructions on how to disburse any remaining funds (e.g., "Please mail a cashier's check for the remaining balance to the address listed above" or "Transfer the remaining balance to [New Truist Account Number] if applicable").
- Your signature.
- Include a Copy of Your ID: For security purposes, it's often advisable to include a legible photocopy of your government-issued ID.
- Send Via Certified Mail: Send the letter via certified mail with a return receipt requested. This provides proof that Truist received your request.
- Follow Up: After a reasonable amount of time (e.g., 7-10 business days), follow up with Truist customer service by phone to confirm receipt and the status of your closure request.
- Draft a Formal Letter: Write a clear and concise letter stating your intention to close your Truist account. Include:
- Important Note on Mail Closure: Be aware that if your account balance is greater than $100,000 and the funds are not being deposited into a Truist account with exactly the same titling (all the same owners),
you may be required to close the account in person or provide specific written instructions with higher authentication.
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Option D: Online (Limited Availability for full closure)
- While Truist offers robust online banking services, a full online account closure might not be directly available for all account types. You can manage many aspects of your account online, but initiating a complete closure often requires speaking with a representative or visiting a branch to ensure all legal and financial requirements are met. It's best to use online banking to check your balance, review transactions, and set up transfers before attempting closure via phone or in-person.
Step 4: Obtain and Retain Confirmation of Closure
Do not skip this step! It is your proof that the account has been successfully closed.
Sub-heading: Your Proof of Closure:
- Written Confirmation: Insist on receiving a formal letter or email from Truist confirming that your account has been closed and the date of closure. This is your most important piece of documentation.
- Screenshot/Notes: If closing by phone, note down the date, time, and the name of the representative you spoke with. If any transfers are made, keep screenshots or confirmation numbers.
- Keep Records: Store all closure-related documents, including the confirmation letter, for at least a few years. This can be crucial if any discrepancies arise later.
10 Related FAQ Questions about Closing Your Truist Bank Account
Here are answers to some common questions you might have about closing your Truist bank account:
How to prepare my Truist account before closing it?
- Before closing, ensure all direct deposits and automatic payments are redirected to a new account. Check for any pending transactions or outstanding checks, and let them clear. Finally, transfer or withdraw all funds, ensuring the balance is zero or positive.
How to transfer money out of my Truist account before closing?
- You can transfer money via online banking to another account, withdraw cash at an ATM or branch, or request a cashier's check for the remaining balance.
How to find my Truist account number for closure?
- Your Truist account number can be found on your bank statements, in your online banking portal, or by calling Truist customer service.
How to avoid fees when closing my Truist account?
- To avoid fees, ensure your account has a zero or positive balance. Truist may charge a fee if you close an account very soon after opening it (e.g., within 90-180 days), so check your account terms and conditions.
How to close a joint Truist bank account?
- For joint accounts, it is generally required that all account holders provide consent, and in many cases, all account holders may need to be present if closing in person or provide written authorization.
How to contact Truist customer service to close my account by phone?
- You can call Truist customer service at 844-4TRUIST (844-487-8478) to initiate the account closure process.
How to find a Truist branch to close my account in person?
- You can find the nearest Truist branch by using the "Locations" or "Branch Locator" tool on the official Truist website.
How to ensure all automatic payments are cancelled after closing Truist account?
- It's crucial to contact each company or service that debits your Truist account directly to update your payment information with your new bank account before closure. Truist will not automatically do this for you.
How to get a confirmation of my Truist account closure?
- Always request a written confirmation letter or email from Truist once your account has been successfully closed. Keep this for your records.
How to deal with a negative balance when closing a Truist account?
- If your Truist account has a negative balance, you must deposit funds to bring the balance to zero before the bank will process the closure. Accounts closed with a negative balance may incur a "charged-off account" fee.
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