How To Close Account Of Bank Of America

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Do you feel like it's time to part ways with your Bank of America account? Perhaps you've found a new bank that better suits your needs, or maybe you're simplifying your finances. Whatever the reason, closing a bank account requires a bit of planning to ensure a smooth transition and avoid any unexpected fees or complications. Don't worry, you're not alone in this, and we're here to guide you through every single step.

This comprehensive guide will walk you through the process of closing your Bank of America account, from preparation to final confirmation. Let's get started!

A Step-by-Step Guide to Closing Your Bank of America Account

Closing a bank account isn't as simple as just emptying it. There are several crucial steps to take beforehand to prevent issues like missed payments, direct deposit disruptions, or even negative impacts on your credit.

Step 1: Prepare for Departure – The Essential Pre-Closure Checklist

Before you even think about initiating the closure, it's vital to get your financial ducks in a row. This preparatory phase is the most critical to avoid headaches down the line.

Sub-heading 1.1: Open a New Account (If You Haven't Already!)

This might seem obvious, but it's often overlooked in the rush to close an old account. You need a new home for your money!

  • Research and Choose: Take your time to research and select a new bank or credit union that aligns with your banking preferences. Consider factors like:
    • Fees: Are there monthly maintenance fees? ATM fees?
    • Features: Do they offer online banking, mobile deposit, Zelle, or other services you use?
    • Convenience: Are there branches or ATMs conveniently located for you?
    • Interest Rates: If it's a savings account, what are the interest rates like?
  • Fund It: Once you've opened your new account, ensure you deposit enough funds to cover your immediate expenses. This will prevent any hiccups while you transition your automatic payments and direct deposits.

Sub-heading 1.2: Update All Automatic Payments and Subscriptions

This is arguably the most important part of the preparation. Imagine your Netflix subscription or utility bill bouncing because your old account is closed!

  • Create a List: Go through your Bank of America statements (online or paper) from the last 6-12 months. Make a detailed list of every single recurring payment, subscription, and bill pay you have set up. Don't forget:
    • Utility bills (electricity, water, gas, internet)
    • Loan payments (car loans, student loans, mortgages)
    • Credit card payments
    • Subscription services (streaming, gym memberships, software)
    • Rent or mortgage payments
    • Insurance premiums
  • Redirect Payments: Contact each company individually and update your payment information with your new bank account details. Do this well in advance of your intended closure date. Some services allow you to update this online, while others may require a phone call or even a mailed form. Keep track of when each change will take effect.

Sub-heading 1.3: Reroute All Direct Deposits

If your paycheck, Social Security benefits, or any other regular income is directly deposited into your Bank of America account, you need to change this ASAP.

  • Contact Your Employer/Payer: Reach out to your employer's HR or payroll department and provide them with your new bank account and routing numbers. They will likely require you to fill out a new direct deposit form.
  • Government Benefits: For Social Security or other government benefits, visit the relevant agency's website or contact them directly to update your banking information.
  • Allow Time: Direct deposit changes can take one or two pay cycles to fully process, so initiate this change as early as possible.

Sub-heading 1.4: Transfer Remaining Funds

Once you're confident all automatic payments and direct deposits have been successfully redirected, it's time to move your money.

  • Electronic Transfer (Recommended): The easiest and often quickest way is to transfer funds electronically from your Bank of America account to your new bank account. You can typically do this through online banking or your new bank's platform via an external transfer or ACH transfer.
  • Wire Transfer: For very large sums, a wire transfer might be an option, though these usually come with fees.
  • Withdraw Cash/Cashier's Check: You can withdraw the remaining balance in cash (if it's a small amount) or request a cashier's check from Bank of America payable to yourself. If you choose a cashier's check, deposit it into your new account promptly.
  • Leave a Small Buffer: Consider leaving a small amount (e.g., $50-$100) in your Bank of America account until you're absolutely certain all outstanding checks or unexpected debits have cleared. This prevents your account from going negative and incurring fees right before closure.

Sub-heading 1.5: Close or Transfer Associated Accounts

Do you have other Bank of America products linked to your checking or savings account?

  • Joint Accounts: If it's a joint account, all account holders typically need to consent to the closure. Discuss this with the other account holder(s).
  • Savings/Money Market Accounts: Close these separately or transfer the funds to your new bank.
  • Investment Accounts (Merrill Edge/Merrill Lynch): These are separate entities, but if they were linked for certain benefits or transfers, you'll need to address them independently.
  • Credit Cards: Your Bank of America credit cards are separate products and will not be closed automatically when you close your deposit account. If you wish to close a credit card, you'll need to do so separately.

Sub-heading 1.6: Update Contact Information

Ensure your contact information (phone number, mailing address, email address) is up-to-date with Bank of America. This ensures you receive any final notices or statements regarding your account closure.

Step 2: Choose Your Closure Method

Bank of America offers a few ways to close your account, as online closure isn't currently an option. Each method has its pros and cons.

Sub-heading 2.1: In Person at a Financial Center (Recommended for Most)

This is often the most straightforward and secure method, especially if you have any questions or complex account structures.

  • Schedule an Appointment: It's highly recommended to schedule an appointment online or by calling Bank of America customer service to ensure a banker is available to assist you.
  • Gather Documents: Bring the following with you:
    • Valid government-issued photo ID (e.g., driver's license, passport)
    • Your Bank of America account number(s)
    • Your Social Security number
    • Any debit cards or unused checks associated with the account (they will likely be shredded)
  • Speak with a Banker: Inform the banker that you wish to close your account(s). They will guide you through the necessary forms and procedures. Be prepared to answer identity verification questions.
  • Get Confirmation: Crucially, request a written confirmation of your account closure before you leave the branch. This document is your proof that the account has been officially shut down.

Sub-heading 2.2: Over the Phone

This can be a convenient option if you can't easily visit a branch.

  • Call Customer Service: Dial Bank of America's customer service number: 1-800-432-1000.
  • Have Information Ready: Be prepared to provide your account number, Social Security number, and other personal details for identity verification.
  • State Your Intent: Clearly state that you wish to close your checking and/or savings account(s).
  • Follow Instructions: The representative will walk you through the process. They may ask for a reason for closing the account, but you are not obligated to provide a detailed explanation.
  • Confirm Closure: Ask for a confirmation number or, even better, request that a written confirmation of the account closure be mailed to you.

Sub-heading 2.3: By Mail (Least Recommended)

While an option, closing an account by mail can be slower and less secure, and typically only recommended if other options are not feasible.

  • Draft a Letter: Your letter should be formal and include:
    • Your full name
    • Your current address
    • The specific Bank of America account number(s) you wish to close
    • The type of account (checking, savings)
    • A clear statement that you are requesting the closure of the account(s)
    • Instructions on how to disburse any remaining funds (e.g., mail a check to your new address, transfer to a specific account you provide)
    • Your signature(s) – all account holders must sign if it's a joint account.
    • Note: If the remaining balance exceeds $25,000, your request might need to be notarized.
  • Mail to: Bank of America FL1-300-02-07 PO Box 25118 Tampa, FL 33622-5118
  • Send Certified Mail: It is highly advisable to send your letter via certified mail with a return receipt requested. This provides proof that your letter was sent and received.
  • Allow Ample Time: This method can take longer to process compared to in-person or phone closures.

Step 3: Finalize and Monitor

Even after you've submitted your request, your work isn't quite done.

Sub-heading 3.1: Verify Zero Balance

Before the official closure, ensure your account balance is at $0. If you left a small buffer, transfer it out once you're certain no more transactions will hit the account. If there's a negative balance, you'll need to deposit funds to bring it to zero before closure. Bank of America will not close an account with a negative balance.

Sub-heading 3.2: Confirm Account Closure

This is a critical step.

  • Wait for Confirmation: Bank of America typically closes accounts within 2-3 business days of receiving your request.
  • Check for Final Statements: You may receive a final statement in the mail confirming the closure.
  • Attempt Online Login (Optional but Recommended): After a few business 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 see its details.
  • Contact Bank Again if Needed: If you don't receive confirmation or can still access your account after a reasonable amount of time (e.g., 5-7 business days), contact Bank of America customer service again to follow up. Have your confirmation number ready if you received one.

Sub-heading 3.3: Shred Old Cards and Documents

Once you have confirmed the account is officially closed, securely shred your old Bank of America debit cards and any unused checks. Do not just throw them in the trash.

Step 4: Ongoing Vigilance

Even after closure, it's wise to remain vigilant for a few months.

Sub-heading 4.1: Monitor Your New Account

Keep a close eye on your new bank account to ensure all your direct deposits and automatic payments are flowing correctly.

Sub-heading 4.2: Review Credit Report (Optional, but Good Practice)

While closing a checking or savings account doesn't directly impact your credit score, it's always a good practice to periodically review your credit report for any inaccuracies or unexpected activity.

Frequently Asked Questions (FAQs)

Here are 10 common questions about closing a Bank of America account, with quick answers:

How to transfer funds out of my Bank of America account before closing?

You can transfer funds electronically via online banking (ACH transfer to your new bank), initiate a wire transfer (fees may apply), or withdraw cash/request a cashier's check at a branch.

How to find my Bank of America account number?

Your account number can be found on your checks, monthly statements, or by logging into your Bank of America online banking or mobile app.

How to close a Bank of America account online?

Currently, you cannot close a Bank of America checking or savings account online. You must do so in person, by phone, or by mail.

How to avoid fees when closing a Bank of America account?

Ensure your account balance is at $0 or positive before closure, and make sure all recurring payments and direct deposits have been successfully moved to your new bank to prevent any unexpected charges. Generally, Bank of America does not charge a fee for closing a checking or savings account.

How to close a joint Bank of America account?

For joint accounts, all account holders typically need to be present (if closing in person) or sign the closure request (if by mail). On the phone, all account holders may need to be on the call or provide consent.

How to get a final statement after closing my Bank of America account?

Bank of America will typically mail you a final statement confirming the closure. If you don't receive one, you can request it by calling customer service.

How to update direct deposit with my employer?

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.

How to ensure all automatic payments are transferred?

Review your past Bank of America statements to list all recurring payments. Contact each payee directly to update your payment information with your new bank account details.

How to know if my Bank of America account is officially closed?

You'll typically receive a confirmation letter or email from Bank of America. 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 deposit funds to bring your account balance to zero or positive before Bank of America will close the account. They will not close an account with a negative balance.

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