It's time for a change, isn't it? Whether you're moving to a new bank, consolidating your finances, or simply downsizing, closing a Bank of America account requires a few strategic steps to ensure a smooth transition and avoid any unexpected hitches. This comprehensive guide will walk you through the entire process, making it as painless as possible.
The Definitive Guide to Closing Your Bank of America Account
Closing a bank account isn't as simple as just withdrawing your money and walking away. There are several crucial things to consider beforehand to prevent future complications, such as missed payments, lost funds, or even negative impacts on your financial standing. Let's dive in!
Step 1: Prepare for the Grand Exit – The Essential Pre-Closure Checklist
Before you even think about contacting Bank of America, it's paramount to get your ducks in a row. This preparation phase is the most critical to avoid any post-closure headaches.
Sub-heading: Open and Fund Your New Account
Ready for a fresh start? The very first thing you should do is open a new bank account at a different financial institution. This provides you with a new home for your funds and a seamless transition for your financial life. Once opened, begin transferring some funds into this new account. You don't need to empty your Bank of America account just yet, but having some money in your new account allows you to start setting up new direct deposits and automatic payments.
Sub-heading: Update All Recurring Payments and Direct Deposits
This is where most people encounter issues. Think about every automated transaction associated with your Bank of America account.
- Direct Deposits: This includes your paycheck, Social Security benefits, pension, or any other regular income. You'll need to notify your employer or the relevant agency and provide them with the new routing and account numbers for your new bank. It's wise to keep your Bank of America account active with some funds until at least one new direct deposit has successfully landed in your new account.
- Automatic Payments/Bill Pay: List all your recurring bills and subscriptions linked to your Bank of America account. This could include:
- Utility bills (electricity, water, gas)
- Mortgage or rent payments
- Loan payments (car, student, personal)
- Credit card payments
- Streaming services (Netflix, Spotify, Hulu)
- Gym memberships
- Insurance premiums
- Subscription boxes
- It is crucial to update these with each individual vendor. Don't rely on the bank to reroute them.
Sub-heading: Transfer or Close Associated Accounts
Do you have other accounts linked to your Bank of America checking or savings account? This could include:
- Joint Accounts: If you share an account with someone, discuss the closure with them and ensure they are aware of the process and any necessary steps on their end.
- Savings Accounts: Transfer funds from any linked Bank of America savings accounts to your new institution.
- Investment Accounts: If you have Merrill Lynch or other investment accounts linked to your Bank of America banking, consider how those will be managed. You may need to transfer them to a new brokerage or consolidate them elsewhere.
- Credit Cards: While closing a checking/savings account doesn't automatically close your Bank of America credit card, be mindful of how you pay your credit card bill. Ensure your credit card payments are now linked to your new bank account.
- Money Transfer Services: If you use services like Zelle, Venmo, or PayPal connected to your Bank of America account, update your banking information within those platforms.
Sub-heading: Drain the Account (Carefully!)
Once all your direct deposits and automatic payments are successfully rerouted, you can start to draw down the balance in your Bank of America account.
- Leave a small buffer: It's often recommended to leave a small amount (e.g., $10-$50) in the account until the final closure to cover any unforeseen small transactions that might still clear.
- Transfer remaining funds: You can transfer the bulk of your funds to your new account via an electronic transfer (ACH), wire transfer (though this usually incurs a fee), or by withdrawing cash and depositing it into your new bank. A cashier's check can also be an option for a larger sum.
Sub-heading: Update Your Contact Information (Just in Case)
Ensure your contact information (mailing address, phone number, email) is up-to-date with Bank of America. This ensures you receive any final statements or communications regarding the account closure.
Step 2: Choose Your Closure Method – How to Contact Bank of America
Bank of America does not currently offer an online option to close an account. However, you have a few convenient ways to initiate the closure.
Sub-heading: Option A: In-Person at a Financial Center (Recommended for Clarity)
This is often the most straightforward and recommended method, especially if you have any complexities or questions.
- Gather Your Documents:
- Valid Government-Issued Photo ID: Driver's license, passport, state ID.
- Social Security Number (SSN): You'll need this for verification.
- Bank of America Account Number(s): Have these handy for all accounts you wish to close.
- Debit Card(s) and Unused Checks: While not strictly "documents," bring them as they will need to be shredded or deactivated.
- Schedule an Appointment (Optional but Recommended): While you can often walk into a branch, scheduling an appointment can save you wait time and ensure a specialist is available to assist you. You can usually do this through the Bank of America website or mobile app.
- Visit the Branch: Inform the bank representative that you wish to close your account(s). They will guide you through the process, confirm your identity, and provide you with any necessary forms.
- Confirm Remaining Balance and Fund Transfer: The representative will confirm the final balance. Discuss how you want the remaining funds disbursed (e.g., transferred to your new account, a cashier's check issued).
- Obtain Confirmation: Crucially, ask for written confirmation that your account has been closed. This could be a letter or a printout of the account status. This is your proof of closure.
Sub-heading: Option B: Over the Phone (Convenient and Quick)
Closing your account over the phone is a popular choice for its convenience.
- Prepare Your Information:
- Bank of America Account Number(s)
- Personal Identifiable Information (PII): Be prepared to answer security questions to verify your identity (e.g., date of birth, address, last four of SSN).
- Call Customer Service: Dial Bank of America's customer service line. For general inquiries, the number is 1-800-432-1000. If you have a specific type of account (e.g., Merrill Lynch), you might need to use a different number (check the back of your card or Bank of America's contact us page).
- State Your Intent: Clearly inform the representative that you wish to close your account(s).
- Identity Verification: The representative will ask you security questions to confirm your identity.
- Discuss Remaining Funds: You'll need to specify how you want any remaining balance disbursed. This can typically be transferred to another bank account (provide routing and account number) or sent via a cashier's check.
- Request Confirmation: Ask the representative to send you written confirmation of the account closure to your mailing address or via secure email. Note the date and time of your call, and the name or ID of the representative you spoke with.
Sub-heading: Option C: By Mail (For Those Who Prefer Written Correspondence)
While less common for everyday closures, sending a written request is an option, especially if you're not near a branch or prefer a paper trail.
- Draft Your Letter: Your letter should be formal and include the following details:
- Your Full Name
- Your Current Address
- Your Bank of America Account Number(s) for the account(s) you wish to close
- The type of account(s) (e.g., checking, savings)
- A clear statement requesting the closure of the specified account(s).
- Instructions for remaining funds: Clearly state how you want any remaining balance disbursed (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 Number], Account Number [Account Number]").
- Your Signature(s): All account holders must sign the letter.
- Date
- Consider Notarization: For accounts with a significant balance (e.g., over $25,000), Bank of America may require the letter to be notarized. It's best to confirm this by calling customer service beforehand.
- Mail the Letter: Send your letter via certified mail with a return receipt requested. This provides proof that your letter was sent and received.
- Bank of America Mailing Address: Bank of America FL1-300-02-07 PO Box 25118 Tampa, FL 33622-5118
- Follow Up: After a reasonable amount of time (e.g., 7-10 business days), follow up with Bank of America customer service by phone to confirm receipt of your request and the status of the closure.
Step 3: The Final Chapter – Post-Closure Verification
Even after you've made the request, your job isn't quite done.
Sub-heading: Verify Account Closure
Once you receive confirmation from Bank of America (via mail or email), double-check your online banking or call customer service one last time to confirm the account shows as closed. Sometimes it can take a few business days for the closure to fully process.
Sub-heading: Monitor Statements (Even if Zero)
For a few months, keep an eye on any statements you might still receive from Bank of America, even if they show a zero balance. This helps ensure no lingering issues or unexpected transactions.
Sub-heading: Shred Sensitive Documents
Once you're absolutely certain the account is closed and all funds are transferred, securely shred any old checks, debit cards, and banking documents related to your closed Bank of America account.
Important Considerations:
- Fees: Generally, Bank of America does not charge a fee for closing a checking or savings account. However, if you're closing an account very soon after opening it (e.g., within 90 or 180 days), there might be an early closure fee. Check your account agreement or ask a representative.
- Overdrafts: Ensure there are no pending transactions or potential overdrafts on the account before closing. Any overdraft fees accumulated before closure will need to be settled.
- Dormant Accounts: If your account has been inactive for a very long time, it might be considered "dormant" and the funds escheated (turned over) to the state. In such cases, you would need to contact the state's unclaimed property division to reclaim your funds.
10 Related FAQ Questions
Here are some frequently asked questions about closing a Bank of America account, with quick answers:
How to know if my Bank of America account is truly closed?
You can confirm account closure by logging into your online banking (the account should no longer appear or show a closed status), or by calling Bank of America customer service directly and asking for confirmation.
How to transfer funds from my Bank of America account before closing?
You can transfer funds via ACH transfer to your new bank account (usually free), a wire transfer (may incur a fee), by withdrawing cash, or by requesting a cashier's check for the remaining balance.
How to stop direct deposits to my Bank of America account?
You must contact the originator of the direct deposit (e.g., your employer, Social Security Administration) and provide them with your new bank account details. Do not rely on Bank of America to reroute these.
How to cancel recurring payments linked to my Bank of America account?
You need to individually contact each company or service provider that has recurring payments linked to your Bank of America account and update your payment information with your new bank.
How to close a Bank of America account with a negative balance?
You must first bring the account balance to zero or positive. Pay off any negative balance and associated fees before Bank of America will process the closure request.
How to get a final statement after closing my Bank of America account?
Bank of America will typically mail you a final statement. You can also request one when you close the account or via customer service.
How to dispose of my Bank of America debit card and checks after closing?
Once the account is confirmed closed, securely shred your debit card and any unused checks to prevent fraud.
How to close a joint Bank of America account?
All account holders typically need to agree to and participate in the closure process. It's best for all parties to be present if closing in person, or for all to sign a written request.
How to reopen a Bank of America account that was recently closed?
In most cases, a closed account cannot be reopened. You would likely need to apply for a new account. It's always best to be sure you want to close an account before proceeding.
How to avoid fees when closing my Bank of America account?
Ensure all direct deposits and automatic payments are rerouted before initiating closure to avoid bounced transaction fees. Also, check if an early closure fee applies to your account type if you opened it recently. Generally, there are no fees if you've held the account for a reasonable period.
