Call Truist or visit a branch to close your money market account

The fastest way to close a Truist money market account is to call Truist customer service at 1-800-872-2657 or visit a branch in person. You will need your account number, which appears on your statements and in the Truist mobile app. Closing over the phone takes about 10 minutes; in person, you can complete it during branch hours.

Before you call or visit, withdraw or transfer any remaining balance. Truist will not close an account with money still in it. If you have pending transactions or automatic deposits scheduled, those should clear or be cancelled first—this prevents complications after closure.

When you close the account, ask for written confirmation. Truist will send a final statement showing the account is closed. Keep this for your records, especially if you had automatic bill payments or transfers linked to the money market account.

Key Takeaways

  • Call 1-800-872-2657 or visit a Truist branch to close your money market account; have your account number ready.
  • Withdraw or transfer your full balance before closing—Truist will not close an account with money remaining.
  • Cancel any automatic deposits, bill payments, or transfers linked to the account before closure.
  • Request written confirmation of closure and keep the final statement for your records.
  • If you have a linked checking account, closing the money market account does not affect it.

What happens to your money when you close

You control where your money goes. When you close the account, you can transfer the balance to another Truist account (checking, savings, or another money market account) or withdraw it as a check or cash. If you transfer to another Truist account, the move typically completes within one business day. If you withdraw, you can take the funds immediately at a branch or request a check by mail.

If you have earned interest on the money market account, that interest is included in your final balance. Truist will report the interest to the IRS on a 1099-INT form if the total interest for the year exceeds $10. You will receive this form by January 31 of the following year.

Cancelling automatic transactions before closure

Any automatic bill payments, transfers, or deposits tied to the money market account must be stopped before you close it. If you have automatic transfers set up—for example, moving money from checking to the money market each month—log into your Truist account online or through the app and cancel those transfers. For bill payments, contact the companies you pay (utilities, insurance, loan servicers) and update your payment method to a different account.

Automatic deposits, such as direct deposit of a paycheck or government benefits, should also be redirected. Contact your employer or the benefit administrator and provide them with your new account number if you want deposits to continue with Truist, or stop them entirely if you no longer need the account.

Give yourself at least one week before closing to make sure all automatic transactions have stopped. If a payment tries to process after closure, it will be rejected, which can trigger overdraft fees or late payment penalties from the company you owe.

Fees or penalties when closing early

Truist money market accounts do not charge a penalty for closing early. However, if you close the account before earning the stated interest rate for the full period, you may forfeit some or all of the interest. The terms vary depending on the specific money market product you hold—some accounts have no early closure penalty, while others may reduce your interest rate retroactively.

Check your account agreement or call Truist to confirm whether closing will affect your interest. If you are within a promotional rate period, closing early may end that rate immediately. Ask the representative what interest you will receive on your final balance before you proceed.

Closing a joint money market account

If the money market account is held jointly with another person, both account holders should be present or consent to the closure. If you close in person, bring the other owner with you, or have them sign a power of attorney form authorizing you to close on their behalf. If you close by phone, Truist may require both owners to be on the call to verify consent.

When a joint account closes, the remaining balance is typically split equally between the owners unless you specify otherwise. Discuss with the other owner how to divide the funds before you contact Truist. If there is a dispute over the balance, Truist will not close the account until both owners agree in writing.

What to do if you cannot visit or call

If you are unable to visit a branch or make a phone call, you may be able to close the account through a power of attorney or by mail. A power of attorney is a legal document that authorizes someone else to act on your behalf. The person you authorize can visit a Truist branch with the signed power of attorney and your account number to close the account.

Closing by mail is slower and less common. Contact Truist to ask whether they accept written closure requests, and what documentation they require. You will likely need to provide a signed letter requesting closure, your account number, and identification. Mail it to the address Truist provides and allow two to four weeks for processing.

After your account is closed

Once Truist closes the account, you will no longer earn interest on that money. If you transferred the balance to another account, check that the funds arrived within one business day. If you withdrew the funds, keep your receipt or the cancelled check for your records.

Your closed account will remain visible in your Truist online banking and mobile app for a limited time—usually 12 to 24 months—before it disappears from your account list. You can still view the transaction history and final statement during this period. If you need to reference the account later, you can request a copy of the final statement from Truist customer service.

Frequently Asked Questions

Can I reopen a money market account after I close it?

Yes. You can open a new Truist money market account at any time by visiting a branch, calling customer service, or applying online. The new account will have a new account number and will not be linked to the closed account. You will start earning interest from the date the new account opens.

What if I have a check that hasn't cleared yet when I close the account?

Do not close the account until all outstanding checks have cleared. If a check is still pending, contact the person or company you wrote it to and ask them to cash it before you close. If a check arrives after closure, Truist will reject it and return it unpaid, which may result in a fee from the check writer.

Will closing my money market account affect my credit score?

No. Closing a savings or money market account does not appear on your credit report and does not affect your credit score. Only credit accounts—credit cards, loans, and lines of credit—impact your credit history.

Do I need to close the account in person, or can I do it over the phone?

You can close over the phone by calling 1-800-872-2657. In-person closure at a branch is also available during business hours. Both methods are equally valid. Choose whichever is more convenient for you.

What if there is a hold on my money market account?

If Truist has placed a hold on your account—for example, due to a dispute or investigation—you cannot close it until the hold is lifted. Contact Truist to find out why the hold is in place and what steps are needed to remove it. Once the hold is released, you can proceed with closure.