How to Close a Truist Savings Account: A Definitive Guide

Closing a bank account can feel like navigating a bureaucratic maze. But fear not! Closing your Truist savings account is a relatively straightforward process, although it requires careful planning and execution. This guide will equip you with the knowledge to close your account smoothly and efficiently, avoiding any unnecessary headaches.

Essentially, you have three primary methods for closing your Truist savings account: in person, via mail, or, in certain circumstances, by phone. The best method depends on your preference, location, and the specific details of your account.

Closing Methods: Your Options

Closing in Person

This is often the most recommended method, as it allows for immediate confirmation and resolution of any outstanding issues.

1. Locate a Truist Branch: Use the Truist branch locator on their website or mobile app to find the nearest branch. Be sure to check the branch’s operating hours.
2. Gather Necessary Documents: You’ll need a valid photo ID (driver’s license, passport, etc.). It’s also a good idea to bring your account number and any related debit cards or checks associated with the account.
3. Inform a Bank Representative: Once at the branch, inform a bank representative that you want to close your savings account. They will guide you through the process.
4. Complete the Required Paperwork: You’ll likely need to sign a closure request form. Review this form carefully before signing.
5. Withdraw or Transfer Funds: Decide how you want to handle the remaining balance in your account. You can withdraw the funds as cash, request a cashier’s check, or transfer the money to another account (either at Truist or another bank). Be prepared to provide details for the receiving account if you choose a transfer.
6. Obtain Confirmation: Ensure you receive a written confirmation that your account has been closed. Keep this document for your records.
7. Destroy Associated Materials: Once the account is closed, shred any unused checks and cut up your debit card to prevent fraud.

Closing by Mail

This method is suitable if you’re unable to visit a branch in person.

1. Draft a Written Request: Prepare a signed and dated letter explicitly stating your intention to close your Truist savings account. Include the following information:
   • Your full name as it appears on the account.
   • Your account number.
   • Your current address.
   • Your phone number.
   • A clear statement requesting the account closure.
   • Instructions on how you want the remaining funds disbursed (e.g., cashier’s check mailed to your address or transfer to another account). If requesting a transfer, provide the receiving account number and routing number.
2. Include a Copy of Your ID: Make a clear and legible copy of your valid photo ID.
3. Mail Your Request: Send your letter and ID copy to the Truist mailing address for account closures. You can find this address by contacting Truist customer service or searching on their website. Sending the letter via certified mail with return receipt requested is highly recommended to ensure proof of delivery.
4. Follow Up: Allow a reasonable amount of time (typically 7-10 business days) for Truist to process your request. If you haven’t received confirmation, contact Truist customer service to inquire about the status of your closure request.
5. Secure Confirmation: Once the account is closed, request written confirmation for your records.

Closing by Phone

Closing an account solely by phone is less common and depends on Truist’s policies and the specifics of your account. It’s usually possible only if the account has a zero balance.

1. Contact Truist Customer Service: Call the Truist customer service number, which can be found on their website or on the back of your debit card.
2. Verify Your Identity: Be prepared to answer security questions to verify your identity.
3. Request Account Closure: Clearly state that you wish to close your savings account and confirm that it has a zero balance.
4. Obtain Confirmation: If the account can be closed over the phone, request verbal confirmation and, if possible, a written confirmation sent via email or mail.

Important Considerations Before Closing

• Outstanding Transactions: Before initiating the closure, ensure all outstanding checks have cleared and all pending transactions have been processed.
• Automatic Payments and Transfers: Identify and cancel any automatic payments or transfers linked to your savings account to prevent overdraft fees or disruptions in service.
• Account Statements: Download or print your account statements for future reference. You may need these for tax purposes or other financial record-keeping.
• Fees: Inquire about any potential fees associated with closing your account, such as early closure fees.
• Joint Accounts: If the account is a joint account, all account holders may need to be present or provide written consent for the closure. Check with Truist for their specific requirements.

Frequently Asked Questions (FAQs)

1. What information do I need to close my Truist savings account?

You’ll generally need your account number, a valid photo ID, and a signed closure request. If closing by mail, a copy of your ID is required. Be prepared to provide instructions for disbursing the remaining funds.

2. Can I close my Truist savings account online?

Currently, Truist does not offer online account closure for savings accounts. You’ll need to close the account in person or by mail.

3. Is there a fee to close my Truist savings account?

It depends. Some accounts may have early closure fees if closed within a certain timeframe after opening. Check your account agreement or contact Truist customer service to confirm if any fees apply.

4. How long does it take to close a Truist savings account?

Closing an account in person is usually immediate. Closing by mail can take 7-10 business days or longer, depending on mail delivery times and processing speeds.

5. What happens to the interest I earned if I close my account mid-cycle?

You’ll typically receive the accrued interest up to the date the account is closed. This will be included in the final balance you receive.

6. Can I close a Truist savings account if I’m not a resident of the United States?

Yes, but the process might be slightly more complex. You’ll likely need to close the account in person or provide notarized documents if closing by mail. Contact Truist customer service for specific requirements.

7. What if I can’t find my account number?

You can usually find your account number on a previous account statement, your Truist debit card, or by contacting Truist customer service. Be prepared to verify your identity.

8. What happens if I have a negative balance in my savings account?

You cannot close an account with a negative balance. You’ll need to deposit funds to bring the balance to zero or positive before initiating the closure.

9. Can someone else close my Truist savings account on my behalf?

Generally, no. Unless you have granted them power of attorney or other legal authorization, only the account holder(s) can close the account.

10. What if I change my mind after submitting a closure request?

Contact Truist customer service immediately. If the account hasn’t been officially closed yet, they may be able to cancel the closure request.

11. What happens to my direct deposits if I close my Truist savings account?

They will be rejected. You need to notify all entities that make direct deposits to your account and provide them with your new account information before closing your Truist account. Failure to do so can result in missed payments or delays.

12. How do I close a Truist savings account of a deceased person?

This requires specific documentation and processes. You’ll typically need to provide a death certificate, letters of administration or letters testamentary (if there’s a will), and a valid photo ID. Contact Truist’s estate services department for detailed instructions and required paperwork. The process can be lengthy.

By following these steps and understanding the potential pitfalls, you can ensure a smooth and efficient closure of your Truist savings account. Remember to always keep detailed records and confirm all actions with Truist to avoid any unexpected complications. Good luck!