Frequently Asked Questions

At Truity, we strive to keep members for life. We understand it is sometimes necessary to close your account. This action can be completed in a branch with any member consultant, through secure messaging in Digital Banking or by calling 1.800.897.6991. If you have a joint account, be sure to get the consent of all the account holders before you close the account. If there are outstanding loans, they must be paid in full with guaranteed funds and closed before the Primary Share can be closed.

Here are some other things to consider when closing your account:

• Your credit score. Closing your account can have a small impact on your credit score because your credit score is based on several factors, including your payment history, debt-to-credit ratio, and the length of your credit history. Closing an account can reduce the size of your credit history, slightly lowering your score. However, the impact is usually minor and temporary.
• Your direct deposits and bill payments. If you have any direct deposits or bill payments set up for your account, you must update them before you close the account. Truity can no longer process these payments once the account is closed.
• Your financial aid. You may need to keep your Truity account open if you receive financial assistance, such as student loans or grants. This is because your financial aid provider may require you to have your account to receive your funds.
• Your tax refund. You should keep your account open if you expect a tax refund. This is because the IRS will deposit your refund into the same account previously used until you’ve updated your bank information with the IRS.

If you have any questions or would like to explore other options, please do not hesitate to contact us.