Is your Truist Money Market Account (MMA) no longer serving your financial goals? Perhaps you've found a better interest rate elsewhere, or maybe your financial strategy has shifted. Whatever the reason, closing an account can seem daunting, but with the right information and a clear, step-by-step approach, it can be a smooth process. Let's get this done together!
This comprehensive guide will walk you through everything you need to know about closing your Truist MMA account, from preparation to confirmation, ensuring you don't miss a beat.
The Ultimate Guide to Closing Your Truist MMA Account
Step 1: Assess Your Account and Prepare for Closure
Before you initiate the closure, it's crucial to understand the current state of your Truist MMA. This proactive step can prevent unforeseen issues and make the entire process more efficient.
Sub-heading: Review Your Account Activity and Balance
- Check for Pending Transactions: Log in to your Truist online banking or call customer service to verify if there are any outstanding checks, pending transfers, or recurring debits linked to your MMA. It's absolutely vital that all transactions clear before you proceed. Otherwise, a pending transaction could cause complications or even reopen a "closed" account.
- Identify Linked Accounts and Automatic Payments: Many people link their money market accounts to other accounts for overdraft protection or automatic transfers. Make a list of all such connections, including:
- Automatic bill payments (utilities, subscriptions, loans, etc.)
- Direct deposits (payroll, government benefits)
- Linked checking or savings accounts (for overdrafts or transfers)
- Investment accounts that might pull funds from your MMA.
- Take your time with this step; missing even one automatic payment can lead to late fees or service interruptions.
- Determine Your Current Balance: Note the exact balance in your MMA. You'll need to decide how you want to receive these funds once the account is closed.
Sub-heading: Understand Potential Fees and Requirements
- Early Account Closure Fees: While less common for established accounts, some banks may impose a fee if you close an account within a very short period of opening it (e.g., 90 to 180 days). Check your original account agreement or Truist's fee schedule for details on any "early closure fees." Truist's Personal Deposit Accounts Fee Schedule generally lists a "$30 Charged-Off Account Fee" if an account is closed in a charged-off status, but it doesn't typically list a specific "early closure fee" for active accounts. Always confirm with a representative.
- Negative Balance: If your account has a negative balance due to fees or other reasons, you must deposit funds to bring it to zero before Truist will close it.
- Joint Accounts: If your MMA is a joint account, typically either owner can close it. However, it's always best practice for both account holders to be aware and preferably involved in the closure process to avoid any misunderstandings.
Step 2: Transfer or Withdraw Your Funds
Once you've assessed your account, the next crucial step is to move the money out. You have a few options for this, and choosing the most convenient one for you is key.
Sub-heading: Electronic Transfer to Another Account
- Internal Transfer (Truist to Truist): If you're opening another account with Truist (e.g., a checking or savings account), this is often the easiest method. You can typically do this through online banking or by visiting a branch. Internal transfers are usually instantaneous.
- External Transfer (Truist to Another Bank): This is a popular option. You can initiate an ACH transfer from your Truist online banking to an account at another financial institution. You'll need the routing number and account number of your external account.
- Pro Tip: Initiate this transfer a few business days before your intended closure date to ensure the funds fully clear in your new account. This prevents any issues with a zero balance when you attempt to close the MMA.
Sub-heading: Withdrawal Options
- Cash Withdrawal (Branch Visit): For smaller balances, you can visit a Truist branch and withdraw the entire balance in cash. This offers immediate access to your funds.
- Official Check/Cashier's Check: Truist can issue an official check or cashier's check for the remaining balance. This is a secure way to receive your funds, especially for larger amounts, and can be mailed to you or picked up at a branch. Be aware that there might be a fee for a cashier's check.
Step 3: Initiate the Account Closure
With your funds transferred or withdrawn and your preparations complete, you're ready to contact Truist to formally close your MMA. There are typically a few ways to do this.
Sub-heading: Method 1: In-Person at a Truist Branch (Recommended)
- Visit Your Local Branch: This is often the most straightforward and recommended method for closing an account, especially a money market account. You can speak directly with a representative who can guide you through the process, confirm the zero balance, and provide immediate confirmation of closure.
- What to Bring:
- Valid Photo ID: Driver's license, passport, or state-issued ID.
- Account Number: Have your Truist MMA account number readily available.
- Debit Card/Checks: If your MMA has a linked debit card or check-writing privileges, you might be asked to surrender or destroy them.
- Direct Confirmation: The representative can usually provide you with a printed confirmation of closure on the spot.
Sub-heading: Method 2: By Phone
- Call Truist Customer Service: You can contact Truist's customer service line at 1-844-4TRUIST (1-844-487-8478). Be prepared to go through security verification to confirm your identity.
- Be Specific: Clearly state that you wish to close your Money Market Account.
- Request Confirmation: Ask the representative to send you a written or electronic confirmation of the account closure to your address or email on file. It's crucial to have this for your records.
- Important Note: For large balances (e.g., over $100,000) or if High-Risk Authentication fails, Truist may require you to visit a branch in person or send a written request. Be aware of these possibilities.
Sub-heading: Method 3: Written Request (Mail)
- Formal Letter: While less common and generally slower, you can write a formal letter requesting the closure of your Truist MMA.
- What to Include:
- Your full name as it appears on the account.
- Your Truist MMA account number.
- Your contact information (phone number, email address, current mailing address).
- A clear statement requesting the closure of the account.
- Instructions on how you wish to receive any remaining funds (e.g., "Please issue a cashier's check for the remaining balance and mail it to [your address]," or "Please transfer the remaining balance to [your new bank name, routing number, account number]").
- Your signature.
- Send Certified Mail: Send the letter via certified mail with a return receipt requested. This provides proof that Truist received your request.
- Truist's Mailing Address: While not specifically for account closure, Truist's corporate address is Truist Financial Corporation, 214 N. Tryon Street, Charlotte, North Carolina 28202, USA. It's best to confirm the specific department or address for account closures by calling customer service first.
Step 4: Confirm Account Closure
After initiating the closure, do not assume it's done until you have confirmation. This final step is vital for your peace of mind and financial security.
Sub-heading: Obtain Written Confirmation
- Immediate Confirmation: If closing in person, request a printed confirmation of closure before you leave the branch.
- Follow Up: If closing by phone or mail, make sure you receive the written or electronic confirmation. If it doesn't arrive within a reasonable timeframe (e.g., 7-10 business days), follow up with Truist customer service.
Sub-heading: Verify Online Banking Access
- Attempt to log in to your Truist online banking. Once the account is truly closed, you should no longer see the MMA listed or be able to access it.
Sub-heading: Monitor Your Statements
- For a statement cycle or two after closure, keep an eye on your new bank accounts and any mail from Truist to ensure no unexpected activity or fees arise.
Step 5: Update Your Financial Records
The closure isn't just about the bank's records; it's about yours too!
Sub-heading: Update All Linked Services
- Change Direct Deposits: Provide your new account information to your employer, government agencies (for benefits), and any other source of direct deposits.
- Update Automatic Payments: Log in to all services that were automatically debited from your Truist MMA (streaming services, gym memberships, loan payments, etc.) and update your payment information. This is critical to avoid missed payments and potential late fees.
- Shred Old Documents: Once you have confirmed closure and moved all necessary funds, shred any old checks, debit cards, and account statements related to the closed MMA to protect your personal information.
Frequently Asked Questions (FAQs)
Here are 10 common questions about closing a Truist MMA, with quick answers:
How to Check My Truist MMA Balance Before Closing?
You can check your Truist MMA balance by logging into your online banking account, using the Truist mobile app, calling Truist customer service at 1-844-4TRUIST, or visiting a local Truist branch.
How to Transfer Funds from My Truist MMA to Another Bank?
You can initiate an external ACH transfer through Truist's online banking, providing the routing and account number of your destination bank, or request a wire transfer (fees may apply). Alternatively, you can withdraw the funds as cash or a cashier's check from a Truist branch.
How to Avoid Early Closure Fees on a Truist MMA?
Truist's publicly available fee schedules for Money Market Accounts don't typically list an "early closure fee" for active accounts, unlike some other banks. However, accounts closed in a "charged-off status" may incur a $30 fee. Always review your specific account's disclosure or confirm with Truist customer service to be certain.
How to Close a Joint Truist MMA Account?
Generally, either owner of a joint Truist MMA can request closure. However, it's highly recommended that both account holders are aware and in agreement to avoid any disputes or complications. Visiting a branch together is the most secure method.
How to Get Confirmation of My Truist MMA Closure?
When closing in person, request a printed confirmation. If closing by phone or mail, explicitly ask for a written or electronic confirmation to be sent to your address or email on file.
How to Handle Automatic Payments Linked to My Truist MMA?
Before closing, update all automatic bill payments and direct deposits with your new bank account information. This proactive step prevents missed payments and ensures a smooth transition.
How to Access My Funds After Closing My Truist MMA?
The funds will be transferred to your specified new account (internal or external), issued as a cashier's check, or given to you in cash, depending on the method you choose during the closure process.
How to Find a Truist Branch Near Me for Account Closure?
You can find your nearest Truist branch by using the "Locations" or "Branch Locator" tool on the Truist website or mobile app.
How to Contact Truist Customer Service for Account Closure?
You can contact Truist customer service by calling 1-844-4TRUIST (1-844-487-8478). They are available Monday through Friday, 8 am to 8 pm ET, and Saturday, 8 am to 5 pm ET.
How to Close a Truist MMA if I Am Outside the U.S.?
If you are outside the U.S., you can contact Truist customer service at +1-910-914-8250 to inquire about closing your account remotely. They may require a written request or specific verification procedures.
