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Hey there! Thinking about making a change to your Bank of America account? Whether your financial goals have shifted, you're looking for different features, or simply want to optimize your banking experience, changing your account type can be a smart move. Let's walk through the process together, step by step, so you can confidently navigate this journey.
Understanding Your Options: What's Available at Bank of America?
Before you dive into changing your account, it's crucial to understand what types of accounts Bank of America offers. They generally categorize their personal deposit accounts into a few key types, each with different features, fees, and benefits.
Tip: Slow down when you hit important details.
Checking Accounts: Your Everyday Hub
- Bank of America Advantage SafeBalance Banking: This account is designed to help you stay within your balance and avoid overdraft fees. It doesn't allow checks, relying on debit card, Zelle, and digital banking for transactions. It has a monthly fee that can be waived if you meet certain criteria (e.g., maintaining a minimum daily balance or being under age 25).
- Bank of America Advantage Plus Banking: A more traditional checking account that allows for debit card, Zelle, digital banking, and checks. It also offers overdraft protection options. This account has a monthly fee that can be waived by maintaining a minimum daily balance, having qualifying direct deposits, or being enrolled in Preferred Rewards.
- Bank of America Advantage Relationship Banking: This account generally offers more benefits, potentially including higher interest rates (though still quite low compared to high-yield savings accounts elsewhere) and fee waivers based on higher combined balances across eligible Bank of America accounts. It's often suited for those with a larger financial relationship with the bank.
Savings Accounts: Building Your Future
- Bank of America Advantage Savings: This is their primary personal savings account. It earns interest, and similar to checking accounts, it has a monthly maintenance fee that can be waived by meeting certain conditions (e.g., maintaining a minimum daily balance, linking to a qualifying checking account, or being under age 25). Interest rates are generally very low compared to online-only banks.
- Certificates of Deposit (CDs): These offer a fixed interest rate for a set period. They generally offer slightly higher rates than standard savings accounts but limit your access to funds until the term ends without penalty.
- Individual Retirement Accounts (IRAs): These are long-term savings accounts with tax advantages, designed specifically for retirement planning.
Now that you have a general idea of the account types, let's get into the how-to!
QuickTip: Reflect before moving to the next part.
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| How To Change My Bank Of America Account Type |
Step 1: Self-Assessment – What Do You Need from Your Bank Account?
Before you even think about contacting Bank of America, take a moment to honestly assess your current financial habits and future goals. This is the most crucial first step, as it will guide your decision.
QuickTip: Pause when something clicks.
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Sub-heading: Analyze Your Spending and Saving Patterns:
- Do you frequently use your debit card for everyday purchases, or do you prefer to pay with cash or credit?
- How often do you write checks?
- Are you prone to accidental overdrafts, or are you diligent about keeping a buffer in your account?
- Are you actively saving for a specific goal, or do you just need a place to hold emergency funds?
- Do you want to earn interest on your checking or savings? (Keep in mind BofA's rates are typically low.)
- Think about your monthly cash flow. Do you have regular direct deposits that could help waive fees?
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Sub-heading: Consider Your Relationship with Bank of America:
- Do you have other accounts with Bank of America (e.g., credit cards, investments, mortgage)? Being a Preferred Rewards member can significantly impact fee waivers and benefits across accounts.
- How much money do you typically keep in your accounts? This will influence which accounts waive fees.
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Sub-heading: Research Bank of America's Current Offerings:
- Visit the Bank of America website or speak with a representative to get the most up-to-date information on their checking and savings account options, including current interest rates, monthly maintenance fees, and how to waive those fees. This information can change, so always verify.
Step 2: Gather Your Information and Documents
Once you have a clear idea of what kind of account you want to switch to, it's time to prepare. Having everything ready will make the process smoother and faster.
Tip: Read aloud to improve understanding.
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Sub-heading: Essential Information You'll Likely Need:
- Your existing Bank of America account number(s).
- Your government-issued photo ID (e.g., driver's license, passport).
- Your Social Security number.
- If you're adding or removing an owner, or changing a legal name, additional documentation will be required. For example, a marriage certificate for a name change, or all account owners present with valid IDs for adding/removing an owner.
- Any specific details about the new account type you're interested in.
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Sub-heading: Preparing for Potential Changes:
- If you have automatic payments or direct deposits linked to your current account, make a list of them. While Bank of America states that if you switch an Advantage Banking Checking account to another "setting" (e.g., from SafeBalance to Advantage Plus), you may keep the same account number and debit card, it's always wise to be prepared to update these if a new account number is issued. Always confirm this with the bank representative.
- Consider your current account balance. If you're completely closing an old account and opening a brand new one (rather than just changing settings on an existing one), you'll need to transfer funds.
Step 3: Choose Your Preferred Method of Contact
Bank of America offers a few ways to initiate an account type change. Each has its pros and cons.
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Sub-heading: Option A: Visit a Financial Center (Highly Recommended)
- Why it's often the best option: This is generally the most straightforward and recommended method for changing your account type. You can speak directly with a personal banker who can explain all your options, answer your questions, and guide you through the process in real-time. They can also help with any specific documentation requirements or complex situations.
- How to do it:
- Locate your nearest Bank of America financial center. You can use their online locator tool.
- Schedule an appointment. While walk-ins are possible, scheduling an appointment ensures you'll be seen promptly and have dedicated time with a specialist. You can usually do this online or by calling customer service.
- Bring all your prepared documents and information (from Step 2).
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Sub-heading: Option B: Call Customer Service
- Convenience at your fingertips: For simpler changes, calling customer service can be a convenient option, especially if you can't easily visit a branch.
- How to do it:
- Dial Bank of America's customer service number: 1-800-432-1000 (for checking and savings accounts).
- Be prepared to verify your identity with your account number or debit card number and other personal information.
- Clearly explain that you're interested in changing your account type and specify which new account you're considering.
- Ask about any necessary steps, documentation, or potential impacts on your account number or debit card.
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Sub-heading: Option C: Online Banking (Limited for Account Type Changes)
- While online banking is great for managing your existing accounts, updating contact information, and transferring funds, it's generally not the primary method for changing your fundamental account type. Bank of America's FAQs suggest contacting a specialist or calling. However, it's worth checking your online banking portal to see if any specific "settings" changes are available for Advantage Banking accounts, as some information suggests this might be an option for certain transitions.
Step 4: The Conversation and Execution
This is where the actual change happens.
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Sub-heading: Be Clear and Concise:
- Clearly state your intention: "I'd like to explore changing my current [Current Account Type] to a [Desired Account Type]."
- Ask questions! Don't hesitate to inquire about:
- Any associated fees with the new account type.
- How to waive those fees.
- Whether your account number or debit card will change.
- The timeframe for the change to take effect.
- If there are any implications for linked services (e.g., overdraft protection, Zelle).
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Sub-heading: Review and Confirm:
- Before any changes are finalized, the representative should provide you with detailed information about the new account, including the terms and conditions. Read them carefully.
- Confirm all the details, especially the effective date of the change and any immediate impacts.
- Get a confirmation number or a written record of the change, if possible.
Step 5: Post-Change Management (Crucial Follow-Up!)
The process isn't over once the change is made. Follow-up is key to a smooth transition.
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Sub-heading: Verify the Change:
- Within a few business days (or as specified by the representative), log in to your online banking or mobile app to confirm that your account type has indeed been updated.
- Check your first statement after the change to ensure everything is correct and that any new fees or waivers are applied as expected.
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Sub-heading: Update Linked Services (If Necessary):
- If your account number or debit card changed, immediately update any automatic bill payments, direct deposits from your employer, or linked third-party apps (like budgeting tools or payment services). This will prevent missed payments or disruptions to your income.
- Consider using Bank of America's online bill pay service to manage your outgoing payments, as this can often be easier to update within the bank's ecosystem.
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Sub-heading: Monitor for a Few Cycles:
- Keep a close eye on your account activity for the first few statement cycles to ensure no unexpected issues arise.
- If you notice any discrepancies, contact Bank of America customer service immediately.
Important Considerations and Pro Tips:
- Preferred Rewards Program: If you have a significant balance across your Bank of America and Merrill Lynch accounts, explore their Preferred Rewards program. Membership can offer substantial benefits, including waived monthly maintenance fees on certain checking and savings accounts, credit card bonuses, and lending discounts. This could make a higher-tier account much more appealing.
- Minor Changes vs. Major Overhauls: Switching between Advantage Banking checking "settings" (e.g., SafeBalance to Plus) might be simpler and potentially allow you to keep the same account number. However, changing from a checking to a savings account (or vice versa, or opening an entirely different product like a CD) will likely involve opening a new account and potentially closing the old one. Always clarify this with the representative.
- Fees Can Add Up: Be aware of monthly maintenance fees. While often waivable, they can chip away at your balance if you don't meet the requirements.
- Digital Tools: Bank of America's online and mobile banking platforms are robust. Familiarize yourself with them to manage your account, set up alerts, and track your spending.
10 Related FAQ Questions
Here are 10 "How to" questions related to changing your Bank of America account type, with quick answers:
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How to find out my current Bank of America account type?
- You can find your account type by logging into your Bank of America online banking or mobile app, or by checking your monthly statements.
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How to know which Bank of America account type is right for me?
- Assess your typical spending habits (e.g., checks vs. debit card), how much you keep in your account, and if you have direct deposits. Review Bank of America's website for features and fee waivers for each account type (SafeBalance, Advantage Plus, Advantage Relationship).
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How to waive the monthly maintenance fees on Bank of America accounts?
- Fee waivers vary by account but often include maintaining a minimum daily balance, having qualifying direct deposits, or being enrolled in the Preferred Rewards program. Check the specific account's terms for details.
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How to schedule an appointment at a Bank of America financial center?
- You can schedule an appointment online through the Bank of America website or by calling their customer service line at 1-800-432-1000.
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How to confirm if my account number will change when I change my Bank of America account type?
- For existing Advantage Banking Checking accounts switching between "settings," you may keep the same account number. For other changes, you might receive a new account number. Always confirm directly with a Bank of America representative during the process.
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How to update my direct deposits after changing my Bank of America account?
- If your account number changes, you'll need to directly contact your employer or any other source of direct deposits to provide them with your new account information.
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How to update automatic bill payments linked to my old Bank of America account?
- If your account number changes, you'll need to log into each biller's website or contact them directly to update your payment information with your new Bank of America account details.
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How to close an old Bank of America account if I open a new one?
- You can close an account by visiting a financial center, calling customer service at 1-800-432-1000, or in some cases, by sending a written request. Ensure the balance is zero before closing.
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How to check the current interest rates for Bank of America savings accounts?
- You can find the most up-to-date interest rates on the Bank of America website under their savings account product pages or by speaking with a banker.
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How to contact Bank of America customer service for account changes?
- The primary number for checking and savings account customer service is 1-800-432-1000. You can also visit a financial center for in-person assistance.
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