Closing a bank account can feel like a daunting task, especially with a large institution like Bank of America. But don't worry, it's entirely manageable with the right approach and a clear understanding of the steps involved. This comprehensive guide will walk you through everything you need to know to close your Bank of America account smoothly and without any hitches.
So, are you ready to take control of your finances and make this move? Let's get started!
A Step-by-Step Guide to Closing Your Bank of America Account
Closing your account isn't just about telling the bank you're leaving. It involves several crucial preparatory steps to ensure a seamless transition and prevent any financial disruptions.
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| How To Close A Bank Account Bank Of America |
Step 1: Prepare for the Transition (The Most Crucial Phase!)
This is where you lay the groundwork for a stress-free account closure. Do not skip this step!
1.1 Open a New Bank Account (If You Haven't Already!)
Before you even think about closing your Bank of America account, you absolutely need to have a new banking home for your funds. This could be with a different bank, a credit union, or even another account within Bank of America if you're consolidating. Make sure your new account is fully set up and operational, including receiving your new debit card, setting up online banking, and verifying all functionalities.
1.2 Update All Direct Deposits
This is a critical step. Think about every source of income that flows into your Bank of America account. This includes:
QuickTip: Slowing down makes content clearer.
- Your Salary/Wages: Contact your employer's HR or payroll department and provide them with the new routing and account numbers for your new bank.
- Government Benefits: If you receive Social Security, veteran's benefits, or other government payments, you'll need to update your direct deposit information with the relevant agency.
- Other Recurring Income: This could include freelance payments, rental income, or any other regular deposits.
Ensure these changes are processed and confirmed before moving on. It's a good idea to let at least one direct deposit hit your new account to ensure everything is working correctly.
1.3 Change All Automatic Payments and Subscriptions
This is another area where many people encounter problems. Go through your bank statements for the last 6-12 months and identify all recurring payments and subscriptions linked to your Bank of America account or debit card. This can include:
- Utility Bills: Electricity, water, gas, internet, phone.
- Loan Payments: Mortgages, car loans, student loans.
- Credit Card Payments: If you have automatic payments set up from this account.
- Insurance Premiums: Auto, health, home insurance.
- Subscription Services: Netflix, Spotify, gym memberships, software subscriptions, etc.
- Automated Transfers: Any transfers you have set up to savings accounts or investment platforms.
For each of these, contact the service provider directly and update your payment information to your new bank account or a different payment method. Do not rely on Bank of America to automatically cancel these.
1.4 Transfer Remaining Funds
Once all your direct deposits and automatic payments are re-routed, it's time to move the money out. Transfer the bulk of your funds from your Bank of America account to your new account. You can do this via:
- Online Transfer: If both banks support external transfers.
- Wire Transfer: A faster option, but usually incurs a fee.
- Writing a Check: Write a check from your Bank of America account to yourself and deposit it into your new account.
- Cash Withdrawal: For smaller amounts, you can withdraw cash.
Leave a small balance in the account (a few dollars) initially. This is a precautionary measure in case any small, unexpected transactions clear before the final closure.
QuickTip: Reread tricky spots right away.
1.5 Consider Linked Accounts
Do you have any other Bank of America accounts linked to the one you want to close? This could include savings accounts, joint accounts, or even credit cards where payments are drawn from the account you're closing. Ensure you address these connections as well. You might need to close or transfer these linked accounts, or simply re-route their functions to your new primary bank.
Step 2: Choose Your Closure Method
Bank of America does not allow you to close a personal checking or savings account online. You have three primary options:
2.1 In Person (Recommended for Simplicity and Confirmation)
This is often the easiest and most secure way to close your account. You get immediate confirmation and can ask any questions directly.
- Sub-heading: What to Bring:
- Valid Government-Issued Photo ID: Driver's license, passport, or state ID.
- Your Bank of America Debit Card(s) and Checkbook(s): The bank will likely shred these for security.
- Account Number: Though they can look it up with your ID.
- A Zero Balance (or Very Close to It): Ideally, your balance should be $0 before you go to the branch. If there's a small residual amount, they can issue it to you as cash or a cashier's check.
- Sub-heading: The Process:
- Visit any Bank of America financial center. You don't have to go to the branch where you opened the account.
- Inform a teller or customer service representative that you wish to close your account.
- Provide your ID for verification.
- The representative will guide you through any necessary forms.
- Confirm the account balance is zero. If there's a small positive balance, they'll disburse it to you. If there's a negative balance, you'll need to pay it off.
- Crucially, get written confirmation that your account has been closed. This could be a printout or an email. Keep this for your records.
2.2 By Phone (Convenient, But Requires Verification)
This is a good option if you can't easily get to a branch.
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- Sub-heading: Contact Number:
- Call Bank of America Customer Service at 1-800-432-1000.
- If you're calling from outside the US, the international collect number is 1-315-724-4022.
- Sub-heading: What to Have Ready:
- Your Bank of America account number.
- Your Social Security Number (SSN) or Taxpayer Identification Number (TIN).
- Personal identifying information (address, date of birth, mother's maiden name, etc.) for verification purposes.
- Details of your new bank account for any remaining funds transfer.
- Sub-heading: The Process:
- Call the customer service number. Be prepared for automated menus and potentially a wait time.
- Clearly state your intention to close your account.
- The representative will go through a security verification process to confirm your identity.
- They will confirm your account balance. If there's a positive balance, they'll ask how you want the funds transferred (e.g., to your new bank via ACH, or a check mailed to you).
- Ask for written confirmation of the account closure to be mailed or emailed to you.
- Note down the date and time of your call, and the name/ID of the representative you spoke with. This is vital for your records.
2.3 By Mail (Least Recommended, Slower Process)
While an option, this method is generally less secure and takes longer to process. It's best used if the other two options are truly not feasible.
QuickTip: Note key words you want to remember.
- Sub-heading: What to Include in Your Letter:
- Your full legal name.
- Your Bank of America account number(s) you wish to close.
- Your current address and contact phone number.
- A clear statement that you wish to close the specified account(s).
- Instructions on where to send any remaining funds (e.g., new bank account details for ACH transfer, or a mailing address for a check).
- Your signature (this is crucial!).
- Optional but recommended: A copy of your government-issued ID.
- Sub-heading: Mailing Address:
- Bank of America PO Box 25118 Tampa, FL 33622-5118
- Sub-heading: Important Considerations:
- Send the letter via certified mail with a return receipt requested. This provides proof that your letter was received.
- Ensure your account balance is zero before mailing the request to avoid any complications.
- Be prepared for a longer processing time and potential follow-up calls or correspondence from the bank.
Step 3: Final Verification and Monitoring
Once you've initiated the closure, your work isn't quite done.
3.1 Monitor Your Old Account
For a few weeks after the closure request, keep an eye on your old Bank of America account (if online access remains) or any statements you might still receive. Ensure that:
- No new transactions are posting.
- The balance remains at zero (or is fully disbursed).
- You don't incur any unexpected fees.
3.2 Confirm Account Closure
Once you receive the written confirmation from Bank of America (via mail or email) stating your account is closed, keep it in a safe place. This is your proof of closure. If you don't receive it within a reasonable timeframe (usually a week or two), follow up with Bank of America.
Important Considerations When Closing Your Account
- No Fees for Closing: Generally, Bank of America does not charge a fee to close a checking or savings account. However, ensure there are no outstanding fees or negative balances, as these will need to be settled.
- Impact on Credit Score: Closing a checking or savings account typically has no impact on your credit score, as these are not credit products.
- Joint Accounts: If it's a joint account, all account holders usually need to authorize the closure. Check with Bank of America for specific requirements.
- Safe Deposit Boxes: If you have a safe deposit box linked to this account, you'll need to empty it and close it separately.
- Outstanding Checks/Transactions: Make sure all checks you've written have cleared and all pending transactions have settled before you initiate the closure.
- Overdraft Protection: If your Bank of America account was linked to another account for overdraft protection, ensure this linkage is broken and updated with your new bank if needed.
10 Related FAQ Questions
How to transfer money out of my Bank of America account before closing?
You can transfer funds via online banking (external transfer), wire transfer, writing a check to yourself and depositing it into your new bank, or withdrawing cash at an ATM or branch.
How to update my direct deposit information for my new bank account?
Contact your employer's payroll department or the relevant government agency (e.g., Social Security Administration) and provide them with the routing and account numbers for your new bank.
Tip: Skim once, study twice.
How to cancel automatic payments linked to my Bank of America account?
You must contact each service provider individually (utilities, subscriptions, loan companies, etc.) and update your payment method to your new bank account or a different card.
How to find my Bank of America account number and routing number?
You can find these on your checks, monthly statements, or by logging into your Bank of America online banking account.
How to close a Bank of America account if I am overseas?
You can close your account by calling their international customer service line (1-315-724-4022) or by sending a written, signed request via certified mail.
How to ensure all my checks have cleared before closing my account?
Check your online banking transaction history or your latest statement to ensure all checks you've written have been processed and debited from your account.
How to get a confirmation of account closure from Bank of America?
When closing in person or by phone, explicitly request a written confirmation (printout or email) that your account has been closed. If by mail, they should send one automatically.
How to deal with a small remaining balance when closing my account?
If there's a small positive balance, the bank can typically disburse it to you as cash, a cashier's check, or transfer it to your new account.
How to know if there are any fees associated with closing my Bank of America account?
Generally, there are no fees for closing a checking or savings account, but always confirm with the bank representative and ensure no outstanding negative balances exist.
How to handle joint accounts when one owner wants to close it?
Typically, all account holders must authorize the closure of a joint account. It's best for all parties to be present or to provide written consent as required by Bank of America.
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