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Feeling a shift in your financial landscape and ready to say goodbye to your Bank of America account? Whether you're moving to a new bank, consolidating your finances, or simply looking for a change, closing a bank account requires a bit of planning to ensure a smooth transition. Let's walk through the process step-by-step to avoid any unexpected hiccups.
Step 1: Get Ready to Make the Move!
Alright, before we even think about calling Bank of America or walking into a branch, let's prepare! This initial phase is crucial for a seamless account closure and to prevent any financial disruption. Think of it as packing your bags before you move to a new home.
1.1 Open a New Account (If You Haven't Already!)
- This is arguably the most important first action. You absolutely do not want to close your existing Bank of America account without having a new one ready and fully functional elsewhere. This ensures you have a place for your funds, direct deposits, and automatic payments to land.
- Research and choose a financial institution that aligns with your current needs. Consider factors like fees, ATM access, online banking features, customer service, and any specific services you require.
1.2 Transfer Your Funds (Strategically!)
- Once your new account is open and active, begin the process of transferring the bulk of your funds from your Bank of America account to your new one.
- You can typically do this through an ACH transfer (Automated Clearing House), which is often free. You'll need your new bank's routing and account numbers.
- Leave a small buffer amount in your Bank of America account. This is a vital tip! It will cover any lingering automatic payments or checks that might still clear after you initiate the closure process. You don't want your account to go into a negative balance.
1.3 Update All Recurring Payments and Direct Deposits
- This is where attention to detail pays off. Go through your recent Bank of America statements (at least the last 3-6 months) to identify every single recurring payment, subscription, and direct deposit linked to your account.
- Common culprits include:
- Utility bills (electricity, gas, water, internet)
- Loan payments (car, student, personal)
- Streaming services (Netflix, Spotify, Hulu)
- Gym memberships
- Insurance premiums
- Rent/Mortgage payments
- Payroll direct deposits from your employer
- Government benefits (Social Security, unemployment)
- Contact each of these entities individually to update your payment or direct deposit information with your new bank account details. Do this well in advance of closing your Bank of America account to avoid missed payments or disruptions to your income.
1.4 Close or Transfer Associated Accounts
- Do you have any joint accounts, savings accounts, investment accounts, or even credit cards linked to your Bank of America checking or savings account that you also wish to close or move? Address these separately.
- For investment accounts (like Merrill Edge or Merrill Lynch), you'll likely need to contact your financial advisor or their specific customer service line.
1.5 Download or Request Account Statements
- Before closing, it's a very good idea to download and save digital copies of your Bank of America statements for your records. Most banks allow you to access several years of statements online.
- Having these records can be helpful for tax purposes, budgeting, or simply for your personal financial history. Obtaining statements after an account is closed can sometimes be a hassle.
1.6 Ensure a Zero or Positive Balance
- Bank of America will not allow you to close an account that has a negative balance or is overdrawn. Make sure any outstanding fees or charges are settled before proceeding.
Step 2: Choose Your Closure Method
Bank of America offers a few ways to close your account. Unfortunately, closing your Bank of America account entirely online is generally not an option for security reasons. Here are the primary methods:
2.1 In-Person at a Bank of America Financial Center (Recommended for most cases)
- Why it's good: This is often the most straightforward and quickest method. You can speak directly with a banker, ask questions, and resolve any issues on the spot.
- What to bring:
- A valid government-issued photo ID (e.g., driver's license, passport).
- Your Social Security number (SSN).
- Your Bank of America account number(s).
- Your debit card (if applicable).
- Any remaining checks or debit cards associated with the account.
- The process:
- Inform the banker that you wish to close your account(s).
- They will verify your identity.
- You'll likely be asked to fill out a brief account closure form.
- If there's a remaining balance, you can request a cashier's check for the funds or have them transferred to your new bank account (if you've provided the details).
- The banker will confirm the closure and provide you with a written confirmation.
- Tip: Consider scheduling an appointment in advance through the Bank of America website to minimize wait times.
2.2 Over the Phone
- Why it's good: Convenient if you don't live near a branch or prefer to handle things remotely.
- What to have ready:
- Your Bank of America account number(s).
- Your personal identifying information (SSN, date of birth, address) for verification.
- Details of your new bank account for transferring remaining funds.
- The process:
- Call Bank of America's customer service line at 1-800-432-1000.
- Clearly state that you want to close your account.
- The representative will guide you through the identity verification process.
- They will confirm your account details and the reason for closure.
- Discuss how you want to receive any remaining funds (e.g., direct transfer to your new account, a check mailed to you).
- Important: Ask for a confirmation number or a written confirmation of the closure to be mailed to you.
- Note: For accounts with a balance exceeding $25,000, you might need to send a written request even if you initiate the process by phone.
2.3 By Mail (Least Recommended)
- Why it's sometimes used: If you're unable to visit a branch or call, this is an option, but it's the slowest and least interactive.
- What to include in your letter:
- Your full name(s) as they appear on the account.
- Your current mailing address.
- Your Bank of America account number(s) and account type (checking, savings, etc.).
- A clear statement that you wish to close the account(s).
- Instructions on how to disburse any remaining funds (e.g., "Please issue a cashier's check payable to [Your Name] and mail it to [Your Address]," or "Please transfer the remaining balance to [New Bank Name], Routing Number [Routing #], Account Number [Account #]").
- Your signature(s). All account holders must sign the letter if it's a joint account.
- If your account balance is substantial (e.g., over $25,000), you may need to have your signature notarized.
- Where to send it:
- Bank of America FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118.
- Tip: Send the letter via certified mail with a return receipt requested to have proof that Bank of America received your request.
Step 3: Confirm and Monitor
After you've initiated the closure, your work isn't quite done.
3.1 Confirmation from Bank of America
- Regardless of the method you choose, Bank of America typically takes 2-3 business days to process an account closure.
- You should receive a confirmation either verbally (if closing in person or by phone) or in writing (if by mail). Keep this confirmation for your records.
3.2 Monitor Your New and Old Accounts
- Keep a close eye on your new bank account to ensure all direct deposits and automatic payments are now successfully routing there.
- Periodically check your Bank of America account online (if you still have access) for a few weeks to ensure no unexpected transactions occur and that the balance truly reaches zero. If you had left a buffer, ensure it's been disbursed or a check has arrived.
Step 4: Shred Your Old Account Materials
Once you've confirmed the account is officially closed and all funds are transferred, it's time for a little spring cleaning!
4.1 Destroy Old Cards and Checks
- Shred or cut up your old Bank of America debit cards and any unused checks. Do not just throw them in the trash. This protects you from potential fraud.
4.2 Delete Online Banking Access
- Once you're absolutely certain the account is closed and you have no further need to log in, you can typically remove or disable your online banking access for that specific account.
Important Considerations:
- No Fees for Closing: Bank of America does not typically charge a fee to close a checking or savings account, provided you have a zero or positive balance.
- Impact on Credit Score: Closing a checking or savings account does not affect your credit score. This is unlike closing a credit card, which can sometimes have an impact.
- Dormant Accounts: Be aware that if your Bank of America account becomes dormant (no activity for an extended period, typically 3 years or more), Bank of America may consider it abandoned and eventually turn the funds over to your state's unclaimed property division under escheatment laws. This is why it's always best to actively close an account you no longer need.
10 Related FAQ Questions
Here are some quick answers to common questions about closing a Bank of America account:
How to ensure all my direct deposits are moved to my new account before closing my Bank of America account?
- Contact your employer, benefit providers, or any other source of direct deposits well in advance of your closure date. Provide them with your new bank's routing and account numbers, and ask for confirmation of the updated information.
How to stop automatic payments linked to my Bank of America account?
- Go through your statements, list all automatic payments, and contact each service provider or merchant directly to update your payment method to your new bank account.
How to get my remaining balance from Bank of America after closing my account?
- You can typically request a cashier's check to be mailed to you, or have the funds directly transferred via ACH to your new bank account. If you close in person, you might also receive cash.
How to find my Bank of America account number for closure?
- Your account number is usually found on your checks, debit card, online banking portal, or on your monthly statements.
How to close a Bank of America joint account?
- For joint accounts, all account holders must typically be present if closing in person, or all must sign the written request if closing by mail. If closing by phone, ensure all account holders are verified.
How to get proof that my Bank of America account is closed?
- When closing in person or by phone, ask for a written confirmation or a confirmation number. If closing by mail, keep a copy of your letter and send it via certified mail with a return receipt requested.
How to handle pending transactions when closing a Bank of America account?
- Ensure all pending transactions have cleared before initiating the closure. Leaving a small buffer in the account can help cover any last-minute debits that may still process.
How to dispose of my Bank of America debit card and checks properly?
- Once the account is confirmed closed, shred or cut up your debit card and any unused checks to prevent unauthorized use and protect your personal information.
How to re-open a closed Bank of America account if I change my mind?
- Reopening a closed account is usually not possible. You would typically need to apply for a new account altogether if you wish to bank with Bank of America again.
How to avoid any hidden fees when closing my Bank of America account?
- Ensure your account balance is positive and covers any potential outstanding fees or minimum balance requirements for the period leading up to closure. Bank of America generally does not charge a fee for closing standard checking or savings accounts.
