Ready to break up with your Bank of America account? Whether you're moving to a new bank, consolidating your finances, or simply looking for a change, closing an account requires a systematic approach to ensure a smooth transition and avoid any unexpected fees or complications. Don'
Let's dive into the detailed, step-by-step guide on how to close your Bank of America account with confidence.
How to Close an Account with Bank of America: A Comprehensive Guide
Closing a bank account isn't as simple as just withdrawing all your money. There are crucial steps to take before you even contact the bank to ensure all your financial ties are severed cleanly. Skipping these steps can lead to bounced payments, unexpected fees, and even damage to your credit.
Step 1: Prepare for Departure – The Crucial Pre-Closure Checklist
Hey there! Are you ready to take control of your banking future? The first and most important step is setting yourself up for success before you even think about calling Bank of America. This preparation phase is often overlooked, but it's absolutely vital.
1.1 Open a New Bank Account (If You Haven't Already!)
This is non-negotiable. Before you close your Bank of America account, you must have a new banking home for your funds. Choose a bank that aligns with your current financial needs, offers competitive features, and has excellent customer service. * Pro Tip: Look for banks with no monthly maintenance fees, easy online banking, and convenient ATM access.
1.2 Transfer Funds to Your New Account
Once your new account is open and ready, begin transferring your funds from Bank of America. * Electronic Transfers (ACH): This is usually the easiest and most cost-effective method. Initiate a transfer from your new bank to pull funds from your Bank of America account. Be aware that ACH transfers can take a few business days to clear. * Wire Transfers: For larger sums or urgent transfers, a wire transfer can be faster, but usually comes with a fee. * Check or Cash Withdrawal: You can also write a check from your Bank of America account to deposit into your new account, or withdraw cash (be mindful of withdrawal limits and safety). * Important: Leave a small buffer amount in your Bank of America account for a short period (a few weeks to a month) to cover any lingering debits that might hit unexpectedly. You don't want your account to go negative after you think it's closed!
1.3 Update All Automatic Payments and Direct Deposits
This is where many people run into trouble. Imagine your rent payment bouncing because you forgot to update your direct deposit! * Make a Comprehensive List: Go through your Bank of America statements for the last 6-12 months. List every single recurring payment (utilities, subscriptions, loan payments, insurance, gym memberships, etc.) and direct deposit (paycheck, government benefits, etc.). * Contact Each Payer/Payee: Individually update your banking information for each item on your list. Many companies allow you to do this online, while others may require a phone call or a new form. * Don't Forget: Check any linked services like Zelle, PayPal, or other money transfer apps. You'll need to update your linked bank account there too.
1.4 Close or Transfer Associated Accounts
Do you have a Bank of America savings account, money market account, investment account (Merrill Lynch), or even a joint account linked to the one you're closing? * Identify All Linked Accounts: Ensure you know which accounts are connected. * Take Action: Either close these associated accounts or transfer them to another financial institution. This might require separate processes and documentation.
1.5 Notify Your Employer
If your paycheck is directly deposited into your Bank of America account, you must inform your employer and provide them with your new bank account details. They will likely require you to fill out a new direct deposit form.
1.6 Update Your Contact Information
Before closing, ensure your contact information (mailing address, phone number, email) on file with Bank of America is accurate and up-to-date. This ensures you receive any final notifications or correspondence regarding your account closure.
Step 2: Choose Your Closure Method
Bank of America offers a few ways to close your account. Unfortunately, you cannot close a Bank of America account online. However, you have three primary options:
2.1 In Person at a Financial Center (Recommended for Complex Situations)
Visiting a branch offers the most direct interaction and can be beneficial if you have multiple accounts to close or complex circumstances. * Schedule an Appointment: While not always required, it's a good idea to schedule an appointment online or by phone to avoid long waits and ensure a banker is available to assist you. * Gather Your Documents: * Valid Government-Issued Photo ID: Driver's license, passport, etc. * Social Security Number: You'll likely need this for verification. * Account Number(s): Have all relevant account numbers readily available. * Debit Card/Checks: It's good practice to bring these, though they may not be strictly required for closure if your balance is zero. * Speak to a Banker: Inform them you wish to close your account(s). They will guide you through the necessary forms and identity verification. * Receive Confirmation: Request written confirmation that your account has been closed.
2.2 By Phone (Most Convenient for Simple Closures)
For straightforward checking or savings account closures, calling customer service is often the quickest and easiest method. * Dial the Number: Call Bank of America customer service at 1-800-432-1000. * Have Information Ready: Be prepared to provide: * Your Account Number(s) * Personal Information: Name, address, date of birth, Social Security Number, and any other details for identity verification. * State Your Intent: Clearly state that you wish to close your account. * Follow Prompts: The representative will guide you through the process, which will involve verifying your identity and confirming the account closure. * Confirm Balance & Final Transfer: If there's a remaining balance, they will confirm how you'd like it disbursed (e.g., mailed check to your updated address). * Request Confirmation: Ask for a confirmation number or for a confirmation letter to be mailed to you.
2.3 By Mail (Least Recommended, but an Option)
Sending a written request is an option, but it's generally slower and less immediate. * Write a Formal Letter: Include the following essential information: * Your Full Name * Your Current Address * Your Bank of America Account Number(s) and Account Type(s) (e.g., Checking, Savings) * A Clear Statement: "I wish to close the above-referenced account(s)." * Instructions for Remaining Funds: Specify how you want any remaining balance disbursed (e.g., "Please mail a check for the remaining balance to the address listed above," or "Please transfer the remaining balance to [New Bank Name], Account Number [New Account Number], Routing Number [New Routing Number]"). * Your Signature: This is crucial for verification. If it's a joint account, all account holders must sign the letter. * Mail to: Bank of America PO Box 25118 Tampa, FL 33622-5118 * Send Certified Mail with Return Receipt: This provides proof that your letter was received. * Follow Up: Call customer service a few weeks after mailing to confirm receipt and inquire about the closure status.
Step 3: The Waiting Game and Final Verification
Once you've initiated the closure process, it's time for a bit of patience and diligence.
3.1 Monitor Your Account(s)
Keep an eye on your Bank of America account (if you still have online access) and your new bank account for a few weeks after the closure request. * Why? To ensure no unexpected transactions hit the old account and to confirm the final balance transfer. * Heads Up: If any transactions do hit the old account, it could prevent the closure or even lead to overdrafts if the balance is too low. You'll need to address these immediately with the bank.
3.2 Confirm Closure
Bank of America typically closes accounts within 2-3 business days after the request, assuming all conditions are met (e.g., zero balance, identity verified). * Check Online Banking: Once the account is formally closed, you may no longer be able to log in or see the account in your online banking portal. * Look for Written Confirmation: If you requested it, wait for a confirmation letter to arrive by mail. * Call Customer Service: If you haven't received confirmation after a reasonable period, call Bank of America to verify the account closure status.
3.3 Shred Old Documents
Once you've confirmed the account is truly closed, shred any old checks, debit cards, and statements associated with the Bank of America account to prevent fraud.
Step 4: What to Consider Post-Closure
Closing a bank account is a significant financial step. Here are some final thoughts:
4.1 Credit Score Impact
Closing a checking or savings account does not impact your credit score. These types of accounts are not reported to credit bureaus.
4.2 Fees
Generally, Bank of America does not charge a fee to close a checking or savings account, provided there's no negative balance. However, if your account has a negative balance due to outstanding fees or transactions, you'll need to clear that before the account can be closed.
4.3 Abandoned Accounts (Escheatment)
If an account remains inactive for an extended period (typically 3-5 years, depending on state laws), banks are required to turn over the funds to the state's unclaimed property division. This process is called escheatment. By actively closing your account, you avoid this scenario.
10 Related FAQ Questions:
Here are some common questions you might have about closing your Bank of America account:
How to transfer money out of my Bank of America account before closing?
You can transfer funds electronically via ACH to another bank, initiate a wire transfer (fees may apply), write a check to deposit into your new account, or withdraw cash at an ATM or branch.
How to ensure all my automatic payments are switched over?
Review your Bank of America statements for the past 6-12 months to identify all recurring debits. Then, individually contact each biller or service provider to update your payment method to your new bank account.
How to handle direct deposits when closing my account?
Notify your employer or any other direct deposit sources (e.g., government benefits) about your new bank account details and fill out any necessary forms they require to update your direct deposit information.
How to close a joint Bank of America account?
For joint accounts, typically all account holders must agree to and sign the closure request, whether it's done in person, over the phone (with both parties on the line), or by mail.
How to get a final statement after closing my account?
You can usually request a final statement when you close the account, or access it through your online banking if it remains active for a short period after closure. If you don't have online access, Bank of America may mail it to your updated address.
How to know if my Bank of America account is truly closed?
You can verify closure by attempting to log into your online banking (it should no longer appear or be accessible), waiting for a confirmation letter from Bank of America, or calling customer service to inquire about the account status.
How to avoid fees when closing my Bank of America account?
Ensure your account has a zero or positive balance before requesting closure. Bank of America generally does not charge a fee for closing a standard checking or savings account.
How to deal with uncashed checks written from my Bank of America account?
It's best to confirm that all checks you've written have cleared before closing your account. If there are outstanding checks, you may need to wait for them to clear or contact the payee to re-issue payment from your new account.
How to get my remaining balance if I close my account by phone or mail?
Bank of America will typically mail a check for any remaining balance to your address on file. You can confirm this preferred method during your phone call or specify it in your mailed request.
How to find my Bank of America account number?
You can find your account number on your monthly statements, by logging into your online banking account, or by calling Bank of America customer service.
