People are currently reading this guide.
You've decided to close your Bank of America account. Whether it's to simplify your finances, switch banks, or for any other reason, it's a process that requires a few careful steps to ensure a smooth transition and avoid any unexpected issues. Don't worry, we'll guide you through it!
How Can I Close My Bank of America Account? A Comprehensive Step-by-Step Guide
Closing a bank account might seem like a daunting task, but with proper planning and execution, it can be quite straightforward. Let's get started on how to close your Bank of America account with confidence.
Step 1: Engage and Plan Your Exit Strategy!
Before you do anything else, let's think about why you're closing this account and what your banking needs will be moving forward. Are you opening a new account with a different bank? Do you need to ensure uninterrupted direct deposits or bill payments? Understanding your reasons and future plans will help you prepare thoroughly and avoid any financial hiccups.
- Why are you closing the account? This helps determine the urgency and what precautions you need to take.
- Where will your money go? Having a new account set up and ready to receive funds is crucial.
- What recurring transactions are linked? This is perhaps the most critical part of your planning!
Step 2: Open a New Bank Account (if applicable)
If you're closing your Bank of America account because you're moving to a new financial institution, this is your first practical step. Do not close your old account until your new one is fully operational and you've transferred your funds.
- Research New Banks: Look for a bank that better suits your current financial needs, offers competitive interest rates, lower fees, or better customer service.
- Complete the Application: Gather necessary documents like your photo ID, Social Security number, and initial deposit funds.
- Fund Your New Account: Make an initial deposit to activate your new account.
Step 3: Transfer All Funds Out of Your Bank of America Account
This is where you start moving your money. You want to ensure your Bank of America account has a zero or near-zero balance before initiating the closure.
- Transfer to Your New Account: The most common method is an electronic transfer (ACH) from your Bank of America account to your new bank account. This can often be initiated through your new bank's online banking portal or by providing your Bank of America account and routing numbers to your new bank.
- Be mindful of transfer limits and processing times. Large transfers might take a few business days to clear.
- Withdraw Cash: If you prefer cash, you can withdraw funds from a Bank of America ATM (up to your daily limit) or visit a branch for a larger withdrawal.
- Write a Check: You can write a check from your Bank of America account to yourself and deposit it into your new account.
- Wire Transfer (for large sums or urgent transfers): While more expensive, a wire transfer offers a faster way to move large amounts of money. Discuss fees with Bank of America beforehand.
Step 4: Update All Direct Deposits and Automatic Payments
This is an incredibly important step that many people overlook, leading to bounced payments and frustration. Make a comprehensive list of everything linked to your Bank of America account.
- Identify All Direct Deposits:
- Your Salary/Payroll: Contact your employer's HR or payroll department and provide them with your new bank account and routing numbers. You'll likely need to fill out a new direct deposit form.
- Government Benefits (Social Security, VA benefits, etc.): Contact the relevant government agency to update your banking information.
- Other Income Sources: Any other regular income, like dividends, rental income, or recurring payments from clients, needs to be updated.
- Identify All Automatic Payments/Bill Pays:
- Utility Bills (electricity, water, gas): Log into each utility provider's online portal or call their customer service to update your payment method.
- Loan Payments (mortgage, car loan, student loan): Update your payment details with your loan providers.
- Subscription Services (Netflix, Spotify, gym memberships): Go through your online subscriptions and change the linked bank account or debit card.
- Credit Card Payments: If your Bank of America account automatically pays your credit card bills, update these settings.
- Online Bill Pay Services: If you use Bank of America's Bill Pay feature for scheduled payments, cancel all existing payments and set them up with your new bank.
- It's a good idea to review your bank statements from the last 6-12 months to ensure you don't miss any recurring charges.
Step 5: Consider Associated Accounts and Services
Your Bank of America checking or savings account might be linked to other Bank of America products or services.
- Linked Bank of America Accounts: If you have other Bank of America accounts (e.g., a savings account linked for overdraft protection, a money market account, or a joint account), decide if you want to close those too or transfer them. If you keep them, ensure they are no longer linked to the account you wish to close.
- Bank of America Credit Cards: If you have a Bank of America credit card, closing your checking/savings account does not automatically close your credit card. You'll need to manage your credit card payments separately.
- Zelle and Other Payment Services: If your Bank of America account is linked to Zelle or similar peer-to-peer payment services, unlink it and connect your new account.
Step 6: How to Officially Close Your Bank of America Account
Once you've ensured all funds are transferred and all recurring transactions are updated, you can proceed with the official closure. Bank of America offers a few methods, but cannot be closed entirely online.
Sub-heading: Method 1: In Person (Recommended for a Smooth Process)
Visiting a Bank of America financial center is often the most straightforward way to close your account, especially if you have any lingering questions or complex situations.
- Schedule an Appointment: While not strictly necessary, scheduling an appointment can save you wait time.
- Gather Required Documents: Bring a government-issued photo ID (e.g., driver's license, passport) and your Social Security number. Having your account number(s) handy will also expedite the process.
- Visit a Financial Center: Speak with a bank representative and clearly state that you wish to close your account(s).
- Verify Your Identity: The representative will ask for your ID and other personal details (like your birthday and address) to verify your identity.
- Complete the Closing Form: You'll be provided with a form to complete. Ensure all details are accurate, including how any remaining small balance should be disbursed (e.g., a check mailed to you).
- Obtain Confirmation: Request a written confirmation of the account closure for your records.
Sub-heading: Method 2: By Phone (Convenient Option)
Calling customer service is a convenient alternative if you cannot visit a branch.
- Have Your Account Information Ready: Before calling, have your account number, Social Security number, and other identifying information ready for verification.
- Call Bank of America Customer Service: Dial 1-800-432-1000.
- State Your Intent: Inform the representative that you wish to close your account.
- Identity Verification: Be prepared to answer security questions to verify your identity.
- Confirm Remaining Balance and Disbursement: Discuss how any remaining balance will be handled (e.g., check mailed).
- Request Confirmation: Ask the representative for a confirmation number or for a written confirmation to be mailed to you.
Sub-heading: Method 3: By Mail (Least Recommended, but an Option)
While possible, closing an account by mail is generally the slowest and least secure method. It's usually only recommended if the other options are unavailable to you.
- Draft a Formal Letter: Your letter should include:
- Your full name
- Your current address
- The account number(s) you wish to close
- The type of account(s) (e.g., checking, savings)
- A clear statement requesting the closure of the account(s)
- Instructions on how to disburse any remaining funds (e.g., "Please mail a check for the remaining balance to the address listed above.")
- Your signature(s). Crucially, if it's a joint account, all account holders may need to sign.
- If your balance exceeds $25,000, your request may need to be notarized.
- Send to the Bank's Main Office: Mail your letter to Bank of America's main office. You might want to use certified mail with a return receipt requested for proof of delivery.
- General Mailing Address (verify with Bank of America if unsure): Bank of America PO Box 31655 Tampa, FL 33631-1655
- Allow Ample Time: This method can take significantly longer for processing.
Step 7: Monitor Your Account and Records
After you've submitted your closure request, it's not quite over.
- Allow Time for Processing: Bank of America typically takes 2 to 3 business days to fully process an account closure request.
- Check for Final Statements: You may receive a final statement confirming the closure and showing a zero balance.
- Keep Records: Retain any confirmation numbers, forms, or written confirmations you received. This is your proof of closure.
- Monitor Your New Account: Ensure all direct deposits and automatic payments are successfully redirecting to your new account.
10 Related FAQ Questions
Here are some frequently asked questions about closing your Bank of America account:
How to ensure all my direct deposits switch over to my new account?
- Quick Answer: Contact your employer's HR/payroll department and any other direct deposit sources (e.g., government benefits) directly. Fill out new direct deposit forms with your new bank's routing and account numbers well in advance of closing your Bank of America account.
How to manage recurring payments linked to my old Bank of America account?
- Quick Answer: Make a comprehensive list of all automatic payments (utility bills, subscriptions, loan payments). Log into each service provider's website or call their customer service to update your payment information with your new bank account or debit card details before closing your old account.
How to check if my Bank of America account has any outstanding balances or pending transactions?
- Quick Answer: Log into your Bank of America online banking or mobile app, or call customer service. Review your recent transactions and pending activities to ensure there are no uncleared checks or outstanding debits. It's best to have a zero balance before closing.
How to transfer remaining funds from my Bank of America account before closing?
- Quick Answer: You can initiate an electronic transfer (ACH) to your new bank, withdraw cash at an ATM or branch, or write a check to yourself and deposit it into your new account. For large sums, a wire transfer is an option (fees may apply).
How to close a joint Bank of America account?
- Quick Answer: Typically, all account holders must be present (in person) or provide their signatures (for mailed requests) and verification to close a joint account. It's best to call Bank of America customer service or visit a branch with all account holders to confirm the exact requirements.
How to handle linked Bank of America credit cards when closing a checking/savings account?
- Quick Answer: Closing your checking or savings account does not automatically close your Bank of America credit card. You will need to manage your credit card payments separately and ensure they are not linked to the account you are closing.
How to get confirmation that my Bank of America account is officially closed?
- Quick Answer: When closing in person, request a written confirmation. If closing by phone, ask for a confirmation number and request a written confirmation be mailed to you. For mailed requests, use certified mail with a return receipt. You may also receive a final statement showing a zero balance.
How to avoid fees when closing my Bank of America account?
- Quick Answer: Bank of America typically does not charge a fee to close a checking or savings account. However, ensure there are no outstanding negative balances or uncleared transactions that could incur fees. If you recently opened the account, check if there's an early closure fee mentioned in your account agreement.
How to address direct deposits that accidentally go to a closed Bank of America account?
- Quick Answer: If a direct deposit goes to a closed account, the funds are usually returned to the sender. Immediately contact your employer or the source of the deposit to inform them of the error and provide your new banking details. The funds may take several days to be reissued to your correct account.
How to find Bank of America customer service for account closure inquiries?
- Quick Answer: You can call Bank of America customer service at 1-800-432-1000. Alternatively, use their online "Find a Financial Center" tool to locate a branch near you to close the account in person.
