Feeling like your Bank of America account isn't quite hitting the mark anymore? Maybe your spending habits have shifted, or you're ready to start building up some serious savings. Whatever the reason, you've landed in the right place! Changing your account type at Bank of America isn't as daunting as it might seem. This comprehensive guide will walk you through every step, ensuring a smooth transition to an account that better suits your financial goals.
Let's dive in and get that account working for you!
Understanding Bank of America Account Types
Before you make any changes, it's a good idea to familiarize yourself with the various account options Bank of America offers. This will help you choose the best fit for your needs.
Checking Account Options
- Bank of America Advantage Banking: This is their primary checking suite with different tiers (e.g., Advantage Plus, Advantage Relationship, Advantage SafeBalance Banking) that offer varying features, fees, and ways to waive those fees.
- Student Banking: Designed for students, often with lower or no monthly fees and specific benefits for younger account holders.
- Business Checking: If you're a business owner, these accounts are tailored to manage business finances.
Savings Account Options
- Bank of America Advantage Savings: A standard savings account that can be linked to your checking for overdraft protection and offers interest.
- Certificates of Deposit (CDs): Savings accounts that offer higher interest rates for money you commit to keeping in the account for a fixed period.
- IRAs (Individual Retirement Accounts): For long-term savings specifically for retirement.
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| How To Change Account Type Bank Of America |
Step 1: Assess Your Current Financial Needs and Goals
Alright, let's kick things off with some introspection! Before you even think about calling Bank of America or visiting a branch, take a moment to honestly evaluate your current financial situation and what you hope to achieve with a different account.
Sub-heading: What's Your "Why"?
- Are you looking to save more consistently? Perhaps a dedicated savings account with automatic transfers would be beneficial.
- Are you tired of monthly fees on your checking account? Explore options with easier fee waivers or no monthly fees.
- Do you need better features for budgeting or tracking spending? Some accounts offer advanced digital tools.
- Is your current account simply not providing enough benefits for your usage patterns? For instance, if you rarely use checks, a check-free account might be better.
Sub-heading: Analyze Your Transaction Habits
Look at your past few bank statements.
- How many transactions do you typically make per month?
- Do you frequently use your debit card?
- Are you making a lot of ATM withdrawals (and are they in-network)?
- Do you receive direct deposits?
- What is your average daily balance? This is crucial for meeting minimum balance requirements to waive fees.
Understanding your habits will help you pinpoint which account features are most important to you.
Step 2: Research Potential Bank of America Account Alternatives
Now that you know what you need, it's time to see what Bank of America has to offer that aligns with those needs.
QuickTip: Look for repeated words — they signal importance.
Sub-heading: Explore Bank of America's Website
Head to the Bank of America website (bankofamerica.com). Look for sections on "Checking Accounts" and "Savings Accounts."
- Compare Features: Pay close attention to the features of each account type. Does it offer online bill pay? Mobile check deposit? Overdraft protection options?
- Understand Fee Structures: This is critical. Read the "Personal Schedule of Fees" document for each account you're considering. Understand how monthly maintenance fees are charged and, more importantly, how they can be waived. Many accounts waive fees if you maintain a certain minimum balance, have qualifying direct deposits, or are a Preferred Rewards member.
- Identify Benefits: Some accounts offer benefits like interest earnings, cash back rewards (if linked to certain cards), or access to financial planning tools.
Sub-heading: Consider "Preferred Rewards"
If you have a significant balance across your Bank of America and Merrill accounts (checking, savings, investments), you might be eligible for their Preferred Rewards program. This program offers a variety of benefits, including:
- Increased interest rates on savings accounts.
- Waivers on certain banking fees.
- Credit card rewards bonuses.
If you qualify, this could significantly impact which account type is most advantageous for you.
Step 3: Gather Necessary Documentation
While changing an account type within Bank of America is generally simpler than opening a new account at a different bank, you'll still need to be prepared.
Sub-heading: Essential Documents
- Government-Issued Photo ID: This is paramount. A driver's license, state ID, or passport are usually accepted. Ensure it's current and clearly shows your name and photo.
- Existing Bank of America Account Information: Have your current account number(s) and any associated debit cards readily available.
- Proof of Address (if recently changed or requested): A utility bill, lease agreement, or other official mail with your current address might be requested, especially if your ID doesn't reflect your current address.
- Social Security Number (SSN): This is almost always required for any banking transaction.
Sub-heading: Specific Scenarios (Less Common but Good to Know)
- If you're changing a name on the account: You'll need legal documentation like a marriage certificate, divorce decree, or court order.
- If you're adding or removing an owner: All parties involved typically need to be present and provide their identification.
Step 4: Initiate the Account Type Change
Now for the action! Bank of America generally offers a few ways to change your account type. While online options are limited for a full account type change (like checking to savings), they do allow switching between tiers of the same account type (e.g., Advantage Plus to Advantage Relationship). For a complete change, an in-person visit or phone call is usually required.
Option A: Visit a Bank of America Financial Center (Recommended for Full Changes)
This is often the most straightforward and comprehensive method for changing your account type.
Tip: Focus on clarity, not speed.
- Schedule an Appointment: While walk-ins are sometimes possible, scheduling an appointment online or through the Bank of America app is highly recommended. This ensures you'll have a dedicated personal banker available to assist you without a long wait. When scheduling, you can often specify the reason for your visit (e.g., "Discuss account options" or "Change account type").
- Explain Your Needs: Clearly articulate to the personal banker what you're looking to achieve. For example, "I'd like to convert my Advantage Plus checking to an Advantage Savings account" or "I want to switch from my current checking to the Advantage Relationship tier."
- Review New Account Details: The banker will present the options that best fit your needs. Pay close attention to:
- Fees: Confirm the monthly fees and how to waive them.
- Features: Ensure the new account offers what you need (e.g., debit card access, online banking, check-writing privileges).
- Interest Rates (for savings): Understand how interest is calculated and paid.
- Minimum Balance Requirements: Be clear on what you need to maintain to avoid fees.
- Sign Necessary Paperwork: You'll likely need to sign forms acknowledging the change in account type, new terms and conditions, and disclosures.
- Confirm the Change: Ask the banker for confirmation that the change has been initiated and when it is expected to be fully processed. Get any new account numbers or details you might need.
Option B: Call Bank of America Customer Service
If visiting a financial center isn't feasible, you can call Bank of America customer service.
- Locate the Correct Number: The general customer service number for Bank of America is 1-800-432-1000. Have your account information ready when you call.
- Navigate the Phone Menu: You'll likely need to follow prompts to reach the correct department for account services or personal banking. Be prepared for some waiting time.
- Clearly State Your Request: Once you connect with a representative, explain that you wish to change your account type.
- Provide Verification: You'll need to verify your identity, likely by providing your account number, SSN, and answering security questions.
- Discuss Options and Confirm: The representative will guide you through the available options and explain the terms and conditions. Make sure you understand everything before proceeding.
- Confirm Processing: Ask about the timeline for the change to take effect and if there are any immediate actions you need to take.
Option C: Online Banking (Limited for Full Type Changes)
While you generally cannot convert a checking account directly to a savings account (or vice-versa) entirely online, Bank of America does allow you to switch between different Advantage Banking tiers (e.g., from Advantage Plus to Advantage Relationship) through your online banking portal.
- Log In to Online Banking: Access your Bank of America online banking account.
- Navigate to Account Management: Look for sections like "Manage Accounts," "Account Services," or "Change Account Settings."
- Explore Available Options: If a tier change is available for your account, you should see an option to upgrade or downgrade your Advantage Banking setting.
- Review and Confirm: Read all the details of the new tier, including fees and benefits, before confirming the change.
Step 5: Manage Your Finances During and After the Transition
Changing an account type, even within the same bank, requires some proactive management to avoid hiccups.
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Sub-heading: Update Direct Deposits and Automatic Payments
This is crucial. If your account number changes (which is likely if you're going from checking to savings or a completely different product), you must update all your direct deposits and automatic payments.
- Direct Deposits: Contact your employer's HR or payroll department and provide them with the new account information (routing and account number).
- Automatic Payments/Bill Pay: Log into any services or companies that automatically debit your old account (e.g., utility companies, streaming services, loan payments) and update your payment information with the new account details. This is especially important for checks that might be linked to your old account number.
Sub-heading: Monitor Your Accounts
- Check Balances Regularly: Keep a close eye on both your old (if it's still active for a short period) and new accounts to ensure all transactions are posting correctly.
- Review Statements: Once the change is complete, carefully review your first few statements from the new account to confirm everything is accurate and that no unexpected fees are being charged.
Sub-heading: Transfer Funds (If Applicable)
If you've opened a new account and your old one is being closed or remains a different type, ensure you transfer all necessary funds.
- Confirm all outstanding transactions have cleared before moving a large sum.
- You can typically transfer funds easily between Bank of America accounts via online banking, the mobile app, or by visiting a financial center.
Step 6: Confirm Closure (If Applicable)
If your intention was to replace your old account entirely with the new account type, ensure the old one is properly closed.
QuickTip: Don’t just consume — reflect.
- Verify Zero Balance: Make sure the old account has a zero balance before requesting closure.
- Request Confirmation: Ask Bank of America for a written confirmation that the old account has been closed. This can help prevent any future issues.
- Destroy Old Cards and Checks: Once confirmed closed, destroy any debit cards and unused checks associated with the old account.
Frequently Asked Questions (FAQs)
Here are 10 related FAQ questions to help you navigate changing your account type at Bank of America:
How to change a Bank of America checking account to a savings account?
You typically cannot directly convert a checking account to a savings account online. You'll usually need to open a new savings account and then transfer funds and close your old checking account, or visit a financial center to discuss conversion options.
How to change a Bank of America savings account to a checking account?
Similar to the above, a direct online conversion from savings to checking is generally not available. You would typically open a new checking account, transfer funds, and then close your old savings account, or consult with a banker at a financial center.
How to find Bank of America financial centers near me for an account change?
You can find the nearest Bank of America financial center by using the "Locations" or "Find a financial center" tool on the Bank of America website or mobile app.
How to schedule an appointment with a Bank of America personal banker?
You can schedule an appointment online through the Bank of America website by navigating to the "Help" or "Contact Us" section, or directly from the financial center locator tool.
How to waive monthly maintenance fees on a Bank of America account?
Fee waivers vary by account type, but common methods include maintaining a minimum daily balance, having qualifying direct deposits, or being enrolled in the Preferred Rewards program. Refer to your account's "Personal Schedule of Fees" for specifics.
QuickTip: Look for patterns as you read.
How to update direct deposits after changing my Bank of America account?
Contact your employer's HR or payroll department and provide them with your new account's routing and account numbers. You may need to fill out a new direct deposit form.
How to update automatic bill payments after changing my Bank of America account?
Log in to each service or company (e.g., utility providers, subscription services) that automatically debits your old account and update your payment information with the new account number and routing number.
How to check if my Bank of America account type change was successful?
After the expected processing time, log in to your online banking, check your account summary, and review recent statements to confirm the new account type and any associated changes in fees or features.
How to close my old Bank of America account after getting a new type?
Ensure the old account has a zero balance, and then contact Bank of America customer service or visit a financial center to request its closure. Ask for a written confirmation of closure.
How to get assistance if I encounter issues changing my Bank of America account type?
If you face any difficulties, contact Bank of America customer service at 1-800-432-1000 or visit your local financial center for in-person assistance. Be prepared with your account details and any relevant documents.
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