How to Close Your Bank of America Account: A Comprehensive, Step-by-Step Guide
Thinking about closing your Bank of America account? Whether you're moving to a new bank, consolidating finances, or simply looking for a change, the process can seem a bit daunting. But don't worry, it's a manageable task if you approach it systematically.
Ready to get started? Let's dive in!
Step 1: Evaluate Your Banking Needs and Choose a New Bank (or Plan for Alternatives)
Before you even think about closing your Bank of America account, the absolute first thing you need to do is figure out where your money will go next. Are you opening an account with a new financial institution, or do you have another existing account where you'll consolidate your funds?
Sub-heading: Why This Step is Crucial
This step is foundational. Without a clear destination for your funds, you risk being in a financial limbo, potentially missing payments or direct deposits. It's like moving out of an old house without having a new one lined up – chaotic!
Sub-heading: Considerations for Your New Bank
- Fees: Look for lower or no monthly maintenance fees.
- ATM Access: Does the new bank have a widespread ATM network or offer fee reimbursements?
- Online and Mobile Banking: Is their digital platform user-friendly and robust?
- Interest Rates: If it's a savings account, compare interest rates.
- Customer Service: Read reviews or try contacting their customer service to gauge their responsiveness.
Once you have a new account established and ready to use, you can move forward with confidence.
Step 2: Update All Recurring Payments and Direct Deposits
This is perhaps the most critical administrative step in closing your account. Forgetting to update just one recurring payment can lead to late fees, service interruptions, and a lot of unnecessary hassle.
Sub-heading: What to Look For
- Direct Deposits: This includes your salary from your employer, government benefits (Social Security, veteran's benefits), or any other regular income. You'll need to provide your new account and routing numbers to your employer or the relevant agency.
- Automatic Payments/Bill Pay: Think about your utilities (electricity, water, gas), internet, phone, streaming services, loan payments (mortgage, car, student), credit card bills, and subscriptions (gym memberships, software subscriptions). Log into each service and update your payment information with your new bank account details.
- Linked Accounts: If your Bank of America account is linked to services like Zelle, Venmo, PayPal, or investment platforms (like Merrill Edge, which is part of Bank of America, or external brokerage accounts), you'll need to delink it and connect your new account.
Sub-heading: How to Approach This
- Review your statements: Go through your last 6-12 months of Bank of America statements (online or paper) to identify all incoming direct deposits and outgoing automatic payments.
- Create a checklist: Make a comprehensive list of every single service that debits or credits your Bank of America account.
- Update systematically: Contact each service provider individually to update your payment information. Be proactive; don't wait for a payment to bounce!
Step 3: Transfer Remaining Funds and Zero Out Your Account
Before officially requesting closure, your Bank of America account needs to have a zero balance. If there's an overdraft or a negative balance, they will not close the account until it's resolved.
Sub-heading: Methods for Fund Transfer
- Electronic Transfer (ACH): This is often the easiest and most common method. You can usually initiate this from your new bank's online banking platform by linking your Bank of America account.
- Wire Transfer: For larger sums, a wire transfer offers same-day (or next-day) availability, but typically incurs a fee.
- Cash Withdrawal: You can withdraw all funds at a Bank of America ATM or teller. Be mindful of daily ATM withdrawal limits.
- Cashier's Check: You can request a cashier's check for the remaining balance. There might be a fee for this.
Sub-heading: Essential Tips
- Leave a small buffer: It's often recommended to leave a small amount (e.g., $5-$10) in the account for a few days after updating everything, just in case a stray debit or credit comes through. You can transfer this small amount out just before closing.
- Confirm all transfers: Double-check that all funds have successfully moved to your new account before proceeding.
Step 4: Download and Save Account Statements
Once your account is closed, accessing past statements can be a hassle. It's good practice to have a complete record for your financial history, tax purposes, or future reference.
Sub-heading: How to Do It
- Online Banking: Log into your Bank of America online banking portal and download all available statements as PDFs. This typically goes back several years.
- Request by Mail: If you prefer physical copies or need statements from further back, you can request them directly from Bank of America.
Step 5: Choose Your Account Closure Method
Bank of America offers a few ways to close your account. While online closure isn't an option, you can choose the method that's most convenient for you.
Sub-heading: Option A: In-Person at a Financial Center (Recommended for Simplicity)
This is often the easiest and most direct way to close your account, especially if you have complex issues or prefer speaking to someone face-to-face.
- What to Bring:
- 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 associated with the account (they will likely be cut up).
- Checkbooks associated with the account.
- The Process:
- Find a Bank of America financial center near you using their
branch locator - Speak to a banker and inform them you wish to close your account.
- They will verify your identity and ask for personal details like your birthday and address.
- You may need to fill out a brief account closure form.
- Confirm that the account balance is zero. If there's a small positive balance, they can typically issue it to you as cash or a cashier's check.
- Ask for a confirmation of closure in writing.
- Find a Bank of America financial center near you using their
Sub-heading: Option B: Over the Phone (Convenient for Remote Closure)
This is a good option if you don't live near a Bank of America branch or prefer handling things from home.
- What to Have Ready:
- Your Bank of America account number(s).
- Your Social Security Number.
- Be prepared to verify your identity through a series of security questions.
- The Process:
- Call Bank of America Customer Service at 1-800-432-1000.
- Clearly state that you want to close your account.
- Follow the prompts and answer the security questions to verify your identity.
- The representative will guide you through the process.
- Request a confirmation of closure be mailed to you.
Sub-heading: Option C: By Mail (Least Recommended, but an Option)
While possible, this method is slower and less direct, making it prone to delays or miscommunication. It's generally only recommended if the other two options are not feasible for you.
- What to Include in Your Letter:
- Your full name as it appears on the account.
- Your current address.
- The account type (e.g., checking, savings).
- The full account number you wish to close.
- A clear statement requesting the closure of the account.
- Instructions on how to transfer any remaining funds (e.g., mail a cashier's check to your address, transfer to a specific external account number if possible).
- Your signature(s) – all account holders must sign the letter for joint accounts.
- Mailing Address: Bank of America PO Box 25118 Tampa, FL 33622-5118
- Important Considerations:
- Send the letter via certified mail with a return receipt requested to have proof of delivery.
- It may take several business days or even weeks for the closure to be processed.
Step 6: Confirm Account Closure
Don't assume your account is closed just because you've made the request. Follow up to ensure everything has been processed correctly.
Sub-heading: How to Confirm
- Online Banking: Try to log into your Bank of America online banking account a few business days after your request. If the account is closed, you typically won't be able to access it or it will show as closed.
- Call Customer Service: Call 1-800-432-1000 again and explicitly ask for confirmation that your account has been closed.
- Check Mail/Email: Look for a formal confirmation letter or email from Bank of America.
Step 7: Destroy Old Cards and Checks
Once you have received confirmation that your account is officially closed, it's time to safely dispose of your old banking materials.
Sub-heading: Proper Disposal
- Debit Cards: Cut them up into several pieces, paying special attention to the magnetic strip and the chip, to prevent unauthorized use.
- Checks: Shred any unused checks. Do not simply throw them away.
Frequently Asked Questions (FAQs)
How to check if my Bank of America account has fees for closing?
Generally, Bank of America does not charge fees for closing a checking or savings account, provided the account has a zero or positive balance. However, if you're closing a credit card or other specialized accounts, there might be specific terms or fees associated with that product, so it's always best to confirm with a representative.
How to transfer funds from my Bank of America account before closing?
You can transfer funds electronically via ACH to a new bank account, initiate a wire transfer, withdraw cash at an ATM or branch, or request a cashier's check for the remaining balance. The easiest way is often an electronic transfer initiated from your new bank.
How to update my direct deposit with my employer after closing my Bank of America account?
You'll need to contact your employer's HR or payroll department and provide them with the new routing and account numbers for your new bank. They will usually have a form you need to fill out.
How to cancel recurring payments linked to my Bank of America account?
You must contact each individual service provider (e.g., utility company, streaming service, credit card company) and update your payment method to your new bank account. Simply closing the Bank of America account will not automatically cancel these payments.
How to close a joint Bank of America account?
For a joint account, all account holders typically need to consent to the closure. This usually means all owners must be present if closing in person, or all must sign the written request if closing by mail. Over the phone, identity verification for all owners might be required.
How to get a confirmation of account closure from Bank of America?
When closing your account, always request a confirmation of closure. If closing in person, ask for a printed statement. If by phone, request a confirmation letter be mailed to you. For mail-in requests, keep a copy of your letter and the certified mail receipt.
How to close my Bank of America account if I am outside the US?
If you're outside the U.S., calling Bank of America's international customer service line (+1-315-724-4022) is your best option. You can call collect. Alternatively, you could send a signed written request via international mail, but expect delays.
How to find a Bank of America branch near me?
You can easily find a Bank of America financial center by using their online branch locator tool on their official website (bankofamerica.com) or their mobile banking app.
How to retrieve old Bank of America statements after closing my account?
It's best to download all statements before closing your account. If you've already closed it, you might still be able to request them by calling customer service, but it could be a more involved process and may incur fees.
How to reactivate a closed Bank of America account?
Generally, a closed account cannot be simply "reactivated." If you wish to bank with Bank of America again after closing an account, you will typically need to open a brand new account with them.
