Is your Truist Money Market Account no longer serving your financial goals? Perhaps you've found a better investment opportunity, are consolidating your finances, or simply don't need it anymore. Whatever your reason, closing an account should be a straightforward process, but it's important to do it correctly to avoid any unexpected fees or complications. This comprehensive guide will walk you through every step of closing your Truist Money Market Account, ensuring a smooth transition.
Let's get started, shall we?
Step 1: Assess Your Account and Prepare for Closure
Before you initiate the closure, it's crucial to get a clear picture of your Truist Money Market Account's current standing. This initial assessment will help you avoid potential issues and ensure all your funds are accounted for.
Sub-heading 1.1: Check Your Balance and Any Pending Transactions
First things first, log in to your Truist online banking or check your most recent statement. Make a note of your current balance. It's also vital to check for any pending transactions that haven't cleared yet, such as:
- Outstanding Checks: Have you written any checks from this account that haven't been cashed? You'll need to ensure these clear before proceeding.
- Scheduled Payments/Transfers: Are there any recurring bill payments or automatic transfers set up from this money market account? You'll need to cancel or redirect these to a new account.
- Direct Deposits: If you receive any direct deposits (e.g., salary, government benefits) into this account, you'll need to update your direct deposit information with the sender.
Sub-heading 1.2: Review Your Account Disclosures and Fee Schedule
Truist, like most financial institutions, has specific terms and conditions for account closure. It's a good idea to review your original account disclosures or the Personal Deposit Accounts Fee Schedule on the Truist website. Look for:
- Early Closure Fees: Some accounts may have a fee if closed within a certain period after opening.
- Monthly Maintenance Fees: Ensure you understand any fees that might be incurred if your balance drops below a certain threshold before closure. While money market accounts often have higher minimums to waive fees (e.g., a $15,000 daily ledger balance for the Truist One Money Market Account), it's good to be aware.
- Charged-Off Account Fee: If your account is closed in a charged-off status (meaning it has a negative balance), a fee (e.g., $30) might apply. Ensure your balance is at zero or positive before closing.
Sub-heading 1.3: Determine Your Final Funds Destination
Where do you want the remaining funds in your Truist Money Market Account to go? You'll need to decide on a destination before you close the account. Common options include:
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- Transfer to another Truist account: If you have another checking or savings account with Truist, this is often the easiest option.
- Transfer to an external bank account: You'll need the routing and account number for the external account.
- Request a cashier's check: Truist can issue a cashier's check for the remaining balance.
- Withdraw cash: For smaller balances, you might be able to withdraw the remaining funds in cash at a branch.
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| How To Close Truist Money Market Account |
Step 2: Zero Out Your Account Balance
This is a critical step. Truist generally requires accounts to have a zero or positive balance for closure. If your account has a negative balance, you'll need to deposit funds to bring it to zero.
Sub-heading 2.1: Transferring Funds Out
The most common way to empty your money market account is by transferring funds.
- Online Transfer: If you have online banking, you can typically initiate a transfer to another linked Truist account or an external account. Ensure you allow enough time for the transfer to process completely.
- Branch Visit: You can visit a Truist branch and request a transfer of funds to another account or a cashier's check.
- ATM Withdrawal: For smaller amounts, you might be able to withdraw cash from an ATM, keeping in mind daily withdrawal limits.
- Writing a Check: If your money market account comes with check-writing privileges, you could write a check to yourself or another account. Be sure to factor in the time it takes for the check to clear.
Sub-heading 2.2: Dealing with Overdrafts or Negative Balances
If your account has gone into a negative balance due to fees or other reasons, you must bring the balance to zero or a positive amount before closure. You can do this by:
- Making a Deposit: Deposit enough funds to cover the negative balance.
- Contacting Truist: If you have concerns about fees or need assistance with a negative balance, contact Truist customer service to discuss your options.
Step 3: Initiate the Account Closure Request
Once your balance is at zero (or you're prepared to receive the remaining funds via check), you can formally request to close your account. Truist offers several methods for this.
Sub-heading 3.1: In-Person at a Truist Branch (Recommended)
This is often the most straightforward and secure way to close your account.
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- Locate a Branch: Use the Truist branch locator on their website to find the nearest branch.
- Gather Documents: Bring your valid photo ID (e.g., driver's license, passport) and any relevant account information. If it's a joint account, all account holders may need to be present or provide written authorization.
- Speak with a Representative: Inform the representative you wish to close your money market account. They will guide you through the necessary paperwork.
- Confirm Closure and Get Documentation: Crucially, request written confirmation that the account has been closed. This could be a letter, an email, or a stamped form. Keep this for your records.
Sub-heading 3.2: By Phone
You may be able to close your account over the phone, though this can sometimes be more complex, especially for larger balances or if authentication issues arise.
- Call Truist Customer Service: The general customer service number is 844-4TRUIST (844-487-8478). Be prepared for security questions to verify your identity.
- State Your Intent: Clearly state that you wish to close your money market account.
- Follow Instructions: The representative will guide you through the process. They may need to transfer any remaining funds to another account or send a check.
- Request Confirmation: Ask for email or mailed confirmation of the account closure.
Important Note: According to some internal Truist procedures, for balances greater than $100,000, or if funds are not being deposited into a Truist account with exactly the same owners, you may be required to send your request in writing or visit a branch in person. Phone closure might not be an option in these specific scenarios.
Sub-heading 3.3: In Writing (Mail)
While less common for individual account closures, you can send a written request. This method is generally recommended if you cannot visit a branch or encounter issues with phone closure.
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- Draft a Formal Letter: Include your full name, account number, contact information, and a clear statement that you wish to close your Truist Money Market Account.
- Specify Fund Disbursement: Clearly state how you want the remaining funds to be disbursed (e.g., "Please issue a cashier's check for the remaining balance and mail it to [Your Address]").
- Include Identification: You might need to include a photocopy of your ID or have your signature notarized for verification purposes.
- Mail it Securely: Send the letter via certified mail with a return receipt requested. This provides proof that your request was sent and received.
Step 4: Confirm Account Closure and Update Records
Even after you've made the request, it's vital to follow up and ensure the account is indeed closed.
Sub-heading 4.1: Verify Closure
- Check Online Banking: After a few business days, try logging into your Truist online banking. The closed account should no longer appear or should be marked as closed.
- Review Final Statement: Wait for your final account statement. It should show a zero balance and indicate the account is closed.
- Contact Customer Service (If Needed): If you don't receive confirmation or if the account still appears open after a reasonable period, contact Truist customer service to verify the closure status.
Sub-heading 4.2: Update Your Financial Records
- Remove Account from Budgeting Tools: If you use budgeting software or spreadsheets, update them to reflect the closed account.
- Shred Old Documents: Once you have confirmed closure and received your final statement, securely shred any old checks, debit cards, or statements associated with the closed account.
- Notify Payers/Payees: Ensure any entities that were regularly depositing into or withdrawing from this account have your new banking information.
By following these steps diligently, you can successfully close your Truist Money Market Account with minimal hassle and maximum peace of mind.
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10 Related FAQ Questions
Here are 10 frequently asked questions about closing a Truist Money Market Account, with quick answers:
How to Check My Truist Money Market Account Balance?
You can check your Truist Money Market Account balance by logging into your Truist online banking portal, using the Truist mobile app, calling customer service, or visiting a Truist branch.
How to Transfer Funds Out of My Truist Money Market Account Before Closing?
You can transfer funds out via online banking (to a linked Truist account or external account), by visiting a Truist branch, using an ATM for cash withdrawals (within limits), or by writing a check if your account has check-writing privileges.
How to Find My Truist Account Number and Routing Number?
Your account number and routing number can be found on your checks, bank statements, or by logging into your Truist online banking account. You can also call Truist customer service to obtain this information.
How to Avoid Fees When Closing My Truist Money Market Account?
To avoid fees, ensure your account has a zero or positive balance before closure, and check if there's an early closure fee if the account was recently opened. Some money market accounts have monthly maintenance fees that can be waived by maintaining a minimum daily balance.
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How to Get Written Confirmation of My Account Closure from Truist?
When closing your account, explicitly request written confirmation from the Truist representative. This can be a letter, an email, or a stamped form. Keep this documentation for your records.
How to Close a Joint Truist Money Market Account?
For joint accounts, it's often recommended that all account holders be present at a Truist branch to sign the necessary closure documents. If not all can be present, inquire with Truist about their specific requirements for written authorization from absent account holders.
How to Close My Truist Money Market Account if I Am Out of the Country?
If you're outside the U.S., you may be able to close your account by calling Truist customer service (+1-910-914-8250 for calls outside the U.S.) or by sending a formal written request via mail. Be prepared for additional security verification.
How to Handle Direct Deposits and Automatic Payments After Closing My Truist Money Market Account?
Before closing, ensure you've updated your direct deposit information with your employer or any other payers. For automatic payments, redirect them to a new account or cancel them entirely. This prevents bounced payments and potential late fees.
How to Know if My Truist Money Market Account Has a Negative Balance?
You can check for a negative balance by logging into your Truist online banking, checking your mobile app, reviewing your statements, or contacting Truist customer service directly.
How to Find a Truist Branch Near Me?
You can easily find a Truist branch by using the "Find a branch" or "Branch locator" tool on the official Truist website, where you can enter your city, ZIP code, or street address.
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