How to Close Your Bank of America Account
Complete guide to closing your Bank of America account safely and efficiently.
Closing a bank account may seem complicated, but Bank of America makes the process relatively straightforward. Whether you’re switching to another financial institution, consolidating accounts, or simply no longer need your Bank of America account, understanding the closure process will help ensure a smooth transition. This comprehensive guide walks you through everything you need to know about closing your Bank of America account, including preparation steps, available methods, and important considerations.
Preparing to Close Your Bank of America Account
Before you initiate the account closure process, several preparatory steps are essential to ensure a smooth experience and protect your finances. Taking time to prepare prevents complications and ensures no funds or obligations are left unresolved.
Transfer Your Funds
The first and most critical step in closing your Bank of America account is transferring all remaining funds to another account. This ensures your money remains secure and accessible throughout the closure process. You have several options for transferring funds, including online transfers, wire transfers, cashier’s checks, money orders, or money transfer services. If you’re transferring large amounts, verify that all funds have been successfully transferred before proceeding with closure. Keep documentation of these transfers for your records, as this protects you should any discrepancies arise during the account closure process.
Open a New Account First
It’s highly recommended that you open an account with your new financial institution before closing your Bank of America account. Having an active account elsewhere provides a seamless transition point for your funds and ensures you maintain continuous banking services. This is particularly important if you have direct deposit set up or regular payments linked to your current account. An active backup account prevents any gaps in your banking services and makes the fund transfer process more efficient.
Download Your Account Statements
Before closing your account, log into your Bank of America online account and download all monthly statements from your account. Having a complete record of your account history is invaluable for tax purposes, dispute resolution, or simply maintaining financial records. Many people find that obtaining closed account statements after the fact becomes unnecessarily complicated, so gathering this information beforehand prevents future headaches.
Handle Associated Accounts and Services
Bank of America accounts often connect to various other services and accounts. Before closure, you must address all connected accounts including joint accounts, savings accounts, investment accounts, money market accounts, or credit cards. Each linked service must either be closed or transferred to your new financial institution. Contact Bank of America directly to understand all accounts and services connected to your primary account.
Cancel Recurring Payments and Subscriptions
Review all recurring payments and automatic withdrawals linked to your Bank of America account. This includes subscriptions, utility bills, loan payments, insurance premiums, and any other regular charges. Update each service to charge your new account instead, or cancel the service entirely if you no longer need it. Failing to address these payments can result in failed transactions or overdraft fees on your closed account.
Update Direct Deposit Information
If you have direct deposit set up through your employer, you must notify them before closing your account. Contact your employer’s payroll department and provide them with your new bank account information along with a completed direct deposit authorization form. Ensure this change is processed well before your next scheduled payday to avoid payment delays.
Update Your Contact Information
Before initiating closure, verify that your contact information with Bank of America is current and accurate. This includes your phone number, mailing address, and email address. Maintaining accurate contact information ensures you receive important notifications from Bank of America regarding your account closure and any final communications.
Methods for Closing Your Bank of America Account
Bank of America provides three convenient methods for closing your account, each offering distinct advantages depending on your preference and circumstances.
Closing Your Account In Person
Visiting your local Bank of America branch is the most straightforward method for closing your account. You can schedule an appointment online or simply visit during business hours. When you arrive, inform the banker that you wish to close your account. You’ll need to provide a valid government-issued ID and verify your identity. The banker will ask for your Social Security number, address, birthday, and other identifying information. After providing this information, you’ll complete the account closing form and submit it to the banker. The representative will process your account closure on the spot, though the actual closure typically takes two to three business days to complete in the system.
Closing Your Account Over the Phone
If visiting a branch is inconvenient, closing your account by phone offers a flexible alternative. Bank of America’s customer service representatives are available 24/7 to assist you. Call the customer service line at 1-800-432-1000 and explain that you wish to close your account. Have your account number readily available. The representative will verify your identity by asking security questions and confirming your personal information. Be prepared that representatives may attempt to convince you to keep your account open or offer incentives to stay—remain firm in your decision if closure is your goal. After confirming all necessary information, the representative will process your account closure request.
Closing Your Account Through Written Request
For those who prefer written documentation, you can close your account by mail. Prepare a letter that includes your full name, address, account number, and the specific account type you’re closing. All account owners must sign the letter. Include information about how you plan to transfer or settle any remaining balance on the account. Important note: accounts with balances exceeding $25,000 require notarization by a notary public. Mail your request to Bank of America’s main office at the following address: Bank of America FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118. Keep a copy of your letter and mailing receipt for your records.
Important Considerations When Closing Your Account
Settlement of Outstanding Balances
Any outstanding balances on your account must be settled before closure can be completed. This includes overdrafts, fees, or any amounts owed to the bank. If there are funds remaining in the account after all obligations are met, these will be returned to you. If there is an outstanding balance, you’ll need to resolve it before the account can be officially closed.
Credit Score Impact
Closing a checking or savings account does not negatively impact your credit score, as these accounts are not reported to credit bureaus. However, if you have credit cards or lines of credit through Bank of America that you’re also closing, there may be minor credit score implications. Generally, account closures have minimal credit impact compared to other financial activities.
Timeline for Account Closure
Regardless of which closure method you choose, expect the process to take two to three business days from the time you submit your closure request. This timeframe includes processing the paperwork, transferring any remaining funds, and officially marking the account as closed in Bank of America’s system. During this period, it’s best to avoid making any transactions on the account.
No Closure Fees
Bank of America does not charge fees for closing checking or savings accounts. The account closure process is provided at no cost to customers.
After Your Account Is Closed
Once your Bank of America account is officially closed, several follow-up steps ensure a complete transition to your new banking situation.
Notify Linked Companies and Services
Contact any companies or services previously linked to your Bank of America account. This includes credit card companies, loan servicers, insurance providers, and any other financial entities that may have had access to your account information. Inform them of your account closure and provide updated payment information if necessary.
Monitor for Residual Issues
For the first few weeks after closure, monitor your new account and watch for any delayed transactions or payments that may have been pending at the time of closure. While rare, occasionally payments may still attempt to process against a closed account. Having awareness of this possibility allows you to address any issues promptly.
Retain Documentation
Keep all account closing documentation, statement records, and correspondence for at least several years. This provides proof of account closure and serves as valuable documentation should any disputes or questions arise later.
Frequently Asked Questions About Closing a Bank of America Account
Q: Can I close my Bank of America account online?
A: Unfortunately, Bank of America does not currently offer the ability to close your account online. You must close your account either in person at a branch, by phone at 1-800-432-1000, or through a written request mailed to their main office.
Q: How long does it take to close a Bank of America account?
A: The account closure process typically takes two to three business days from the time you submit your closure request. This timeline includes processing the paperwork and transferring any remaining funds.
Q: What documents do I need to close my Bank of America account?
A: You’ll need to provide your name, address, and account number. A valid government-issued ID is required for in-person closures. For written requests, all account owners must sign the letter. Accounts with balances exceeding $25,000 require notarization.
Q: Will closing my Bank of America account affect my credit score?
A: Closing a checking or savings account will not affect your credit score, as these accounts are not reported to credit bureaus. Only credit-related accounts like credit cards or lines of credit may have minor credit implications.
Q: What happens to my money if my account has a balance when I close it?
A: Any remaining balance in your account will be returned to you. You can have these funds transferred to your new account, receive a cashier’s check, or request another payment method.
Q: Is there a fee for closing my Bank of America account?
A: No, Bank of America does not charge any fees for closing checking or savings accounts. The closure process is provided at no cost.
Q: What should I do about automatic payments before closing my account?
A: You should cancel or update all recurring payments and automatic withdrawals linked to your Bank of America account. Contact each service provider and update your payment information to your new account to prevent payment failures.
Q: Do I need to close joint accounts separately?
A: Yes, any joint accounts or associated accounts must be addressed separately. You can either close them or transfer them to another financial institution. Contact Bank of America to understand all connected accounts and their closure procedures.
References
- How to close a checking/savings account — Bank of America. https://www.bankofamerica.com/help/account-information-faqs/
- Account Closing Request Form — Bank of America. https://www.bankofamerica.com/content/documents/deposits/service/pdf/switch_account_closing.pdf
- Account Access and Information FAQs — Bank of America. https://www.bankofamerica.com/deposits/account-information-and-access-faqs/
- How to Close Bank of America Account — Wise. https://wise.com/us/blog/how-to-close-bank-of-america-account
- How to close Bank of America account — Xe Blog. https://www.xe.com/blog/personal-finance/how-to-close-bank-of-america-account/
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