How to Close Your Bank of America Account: A Comprehensive Guide
So, you've decided it's time to part ways with your Bank of America account. Maybe you're moving, found a new bank with better perks, or simply want to consolidate your finances. Whatever your reason, closing a bank account requires a methodical approach to ensure a smooth transition and avoid any unexpected fees or complications.
Before we dive into the step-by-step process, let me ask you: Have you already opened a new bank account? If not, that's truly the first crucial step. You'll need a new home for your funds before you can officially sever ties with Bank of America.
Closing a Bank of America account can't be done entirely online, but you have a few convenient options: in-person, over the phone, or by mail. We'll explore each of these in detail.
The Essential Pre-Closure Checklist: Don't Skip These Steps!
Before you even think about contacting Bank of America, there are several vital actions you need to take. Neglecting these could lead to headaches, lost funds, or even impact your credit score.
Step 1: Open a New Bank Account
This is paramount. You need a safe and accessible place for your money before you pull it out of Bank of America.
- Research and Choose Wisely: Look for a new bank that aligns with your financial needs. Consider factors like:
- Monthly fees and minimum balance requirements
- ATM access and branch locations
- Online and mobile banking features
- Interest rates on savings accounts
- Customer service reputation
- Fund Your New Account: Once you've opened your new account, transfer enough funds into it to cover your immediate expenses and any upcoming bills. It's always a good idea to have a buffer.
Step 2: Transfer All Funds Out of Your Bank of America Account
This is where the money moves! You want your Bank of America account balance to be as close to zero as possible before closing it.
- Digital Transfers: The easiest way to move most of your funds is typically through online transfers from your Bank of America account to your new account.
- Withdraw Cash: For smaller amounts or if you prefer cash, you can withdraw funds from an ATM or visit a Bank of America branch.
- Write a Check to Yourself: You can also write a check from your Bank of America account to yourself and deposit it into your new bank account. Just ensure the check clears before proceeding.
- Leave a Small Balance (Optional): Some people prefer to leave a very small amount (e.g., $1-$5) in the account until it's officially closed, just in case there are any lingering small transactions. This can help prevent the account from going into a negative balance if an unexpected charge comes through. However, be aware of any minimum balance fees that might apply.
Step 3: Update All Direct Deposits
This is a critical step to ensure your income continues uninterrupted.
- Notify Your Employer: If you have direct deposit for your paycheck, contact your employer's payroll department immediately. Provide them with the routing and account numbers for your new bank account. They will likely have a form you need to fill out.
- Government Benefits: If you receive Social Security, VA benefits, or other government payments, you'll need to update your direct deposit information with the relevant agency. You can often do this online or by phone.
- For Social Security: Visit www.godirect.gov/gpw/ or call the U.S. Treasury at 800-333-1795.
- Allow Ample Time: Direct deposit changes can take one or two pay cycles to fully process. Do not close your Bank of America account until you've confirmed that your direct deposits are successfully routing to your new account.
Step 4: Cancel and Reroute All Automatic Payments and Subscriptions
This is where many people run into issues. Automatic payments tied to your old account will fail if you close it without updating them.
- Review Your Bank Statements: Go through your Bank of America statements for the last 6-12 months. This will help you identify all recurring payments, such as:
- Utility bills (electricity, water, gas, internet)
- Mortgage or rent payments
- Loan payments (student, auto, personal)
- Insurance premiums
- Subscription services (Netflix, Spotify, gym memberships, streaming services)
- Credit card payments
- Contact Each Biller: For each automatic payment, contact the service provider directly. Update your payment method with your new bank account information or a new credit card.
- Cancel Old Automatic Transfers: If you had any automatic transfers set up within Bank of America (e.g., transfers to a savings account or another linked account), make sure to cancel those.
- Consider a Transition Period: It might be wise to keep your Bank of America account open for a week or two after you've updated everything, just to catch any forgotten recurring payments that might come through.
Step 5: Close or Transfer Associated Bank of America Accounts
Do you have other accounts linked to your primary Bank of America checking or savings account?
- Joint Accounts: If it's a joint account, all account holders may need to be present or provide consent for closure.
- Savings Accounts: If you have a separate savings account with Bank of America, decide if you want to close it or keep it open.
- Investment Accounts (Merrill): If you have Merrill accounts linked, these generally require separate procedures. Contact Merrill Lynch directly.
- Credit Cards: Closing your checking or savings account does not automatically close your Bank of America credit card. If you wish to close a credit card, you'll need to do so separately.
Step 6: Update Your Contact Information (Just in Case)
While you're leaving, it's good practice to ensure Bank of America has your most current contact information. This ensures you receive any final statements or important notices regarding your account closure.
- Review your mailing address, phone number, and email address on file with Bank of America. You can usually do this through online banking or by calling customer service.
The Account Closure Process: Your Options
Once you've completed all the pre-closure steps, you're ready to officially close your Bank of America account. As mentioned, online closure isn't an option. Here are the methods available:
Step 7: Choose Your Closure Method
Option 1: In-Person at a Bank of America Financial Center (Recommended for clarity and immediate confirmation)
This is often the most straightforward and secure way to close your account, especially if you have a remaining balance you want to withdraw or need to confirm details directly.
- Find a Branch: Use the Bank of America website or mobile app to locate the nearest financial center.
- Schedule an Appointment (Optional but Recommended): While walk-ins are usually accepted, scheduling an appointment can save you wait time and ensure a specialist is available to assist you.
- What to Bring:
- Valid Government-Issued Photo ID: This is essential for identity verification (e.g., driver's license, passport).
- Your Bank of America Debit Card(s): The banker will likely cut them up or deactivate them.
- Your Bank of America Account Number(s): Have these handy.
- Social Security Number: You may be asked for it for verification.
- Proof of New Account (Optional, but helpful): Having your new bank's routing and account number can be useful if there are any final transfers needed.
- The Process:
- Inform the Banker: Clearly state that you wish to close your Bank of America checking and/or savings account(s).
- Identity Verification: The banker will verify your identity using your ID and by asking security questions.
- Review Account Activity: They will check your account for any pending transactions or a remaining balance.
- Handle Remaining Funds: If there's a small positive balance, you can request it in cash or have it transferred to your new account. If there's a negative balance, you'll need to settle it before closure.
- Sign Closure Forms: You will be asked to sign documentation confirming your request to close the account.
- Get Confirmation: Request a written confirmation of the account closure before you leave. This is your proof that the account is officially closed.
Option 2: Over the Phone (Convenient for those who can't visit a branch)
Closing your account by phone can be a good option if you don't live near a branch or prefer to handle it remotely.
- Call Bank of America Customer Service: Dial 1-800-432-1000.
- Be prepared for automated menus. Navigate to the option for "account information" or "closing an account."
- Operating Hours: Be aware of their customer service hours (typically Mon-Fri 7 a.m.-10 p.m. ET, Sat-Sun 8 a.m.-5 p.m. ET).
- Information You'll Need:
- Your Bank of America Account Number(s).
- Personal Information for Verification: Be ready to provide your full name, address, date of birth, Social Security Number, and possibly answers to security questions.
- The Process:
- Explain Your Request: Clearly state to the representative that you wish to close your account(s).
- Identity Verification: They will ask you a series of questions to confirm your identity.
- Account Review: The representative will check for any pending transactions or remaining balances.
- Handle Remaining Funds: Discuss how any remaining funds will be disbursed (e.g., mailed check to your new address, transfer to a linked external account).
- Confirmation: Ask for a confirmation number or request a written confirmation be mailed or emailed to you. This is crucial for your records.
Option 3: By Mail (Least Recommended, but an option if others aren't feasible)
This method is generally slower and offers less immediate confirmation, but it's an option if you cannot use the other two. This is typically only recommended for accounts with a zero balance.
- Write a Formal Letter: Your letter should be clear and concise. Include the following:
- Your Full Name (as it appears on the account)
- Your Current Address
- Your Bank of America Account Number(s) for the accounts you wish to close
- The Type of Account (e.g., checking, savings)
- A Clear Statement: "I hereby request to close the above-referenced account(s)."
- Instructions for Remaining Funds (if any): Clearly state how you want any remaining balance disbursed (e.g., "Please mail a cashier's check for any remaining balance to the address listed above," or "Please transfer any remaining balance to [Your New Bank Name, Routing Number, Account Number]").
- Your Signature: All account holders must sign the letter.
- Date the Letter.
- Send to the Correct Address:
- Mail your request to: Bank of America PO Box 25118 Tampa, FL 33622-5118
- Consider Certified Mail: For your peace of mind and proof of delivery, send the letter via certified mail with a return receipt requested.
- Follow Up: After a week or two, follow up with Bank of America customer service by phone to confirm receipt of your letter and the status of your account closure request.
- Note on Large Balances: If your account has a balance exceeding USD $25,000, Bank of America may require your mailed request to be notarized.
Step 8: Confirm Account Closure
Regardless of the method you choose, do not assume your account is closed until you receive official confirmation from Bank of America.
- Check Your Mail/Email: Look for a closure confirmation statement.
- Attempt Online Login (After a few days): Try logging into your Bank of America online banking. If the account is closed, you should no longer be able to access it or it will show as closed.
- Make a Small Test Deposit (Optional): If you're still unsure, you could try making a very small deposit to the account (e.g., $1). If it bounces back, the account is closed.
Step 9: Shred Old Documents and Cards
Once you have confirmed your account is successfully closed, it's time for a little spring cleaning.
- Shred Your Debit Card(s): Cut up your Bank of America debit card(s) into multiple pieces to protect your information.
- Shred Old Checks and Statements: Properly dispose of any unused checks and old bank statements to prevent identity theft.
Important Considerations
- No Fees for Closure: Generally, Bank of America does not charge a fee to close a checking or savings account. However, ensure you don't have any negative balances or outstanding fees that could prevent closure or incur charges.
- Credit Score Impact: Closing a checking or savings account typically does not affect your credit score. Your credit score is tied to credit products like credit cards and loans, not deposit accounts.
- Timing: The closure process itself, once you've initiated it, usually takes 2-3 business days. However, the entire process, including updating direct deposits and automatic payments, can take several weeks.
- Outstanding Checks: If you've written any checks that haven't cleared yet, ensure there are sufficient funds in your Bank of America account to cover them before initiating closure. It's best to wait until all outstanding checks have cleared.
10 Related FAQ Questions
How to Check My Bank of America Account Balance Before Closing?
You can easily check your Bank of America account balance through online banking, the mobile app, by calling customer service, or by visiting an ATM.
How to Transfer Funds from Bank of America to Another Bank?
You can transfer funds via online banking (external transfers), wire transfers (fees may apply), by writing a check to yourself and depositing it, or by withdrawing cash from a branch or ATM.
How to Change Direct Deposit Information for My Paycheck?
Contact your employer's payroll department and provide them with the new routing and account numbers for your new bank. They will likely have a form you need to complete.
How to Cancel Automatic Bill Payments Linked to My Bank of America Account?
Review your Bank of America statements to identify all recurring payments, then contact each service provider directly to update your payment method with your new bank account or credit card details.
How to Find My Bank of America Account Number and Routing Number?
Your account number and routing number can be found on your checks, bank statements, and often within your online banking portal or mobile app.
How to Close a Bank of America Account if I'm Overseas?
If you're overseas, the most feasible options are to call Bank of America's international customer service line (you may need to use your country's operator to call collect) or send a formal letter by mail (preferably certified mail).
How to Know if My Bank of America Account is Truly Closed?
Look for a confirmation statement from Bank of America in the mail or email. You can also try logging into your online banking; if the account is closed, you won't be able to access it.
How to Handle a Negative Balance When Closing a Bank of America Account?
You must settle any negative balance or outstanding fees before Bank of America will fully close your account. You can typically do this by depositing funds into the account or paying the amount directly to the bank.
How to Reopen a Closed Bank of America Account?
Once an account is officially closed, it generally cannot be reopened. You would need to apply for a new account with Bank of America if you wish to bank with them again in the future.
How to Avoid Fees When Closing My Bank of America Account?
Ensure your account balance is zero or positive, and that all pending transactions have cleared. Bank of America typically doesn't charge closure fees, but maintaining a negative balance or having insufficient funds for final transactions could lead to charges.