How To Close The Bank Of America Account

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Is it time to say goodbye to your Bank of America account? Whether you're moving, switching banks for better rates, or simply consolidating your finances, closing a bank account requires a bit of preparation to ensure a smooth transition. Don't worry, it's not as daunting as it might seem! This comprehensive guide will walk you through every step, helping you avoid common pitfalls and make the process as easy as possible.

The Ultimate Guide to Closing Your Bank of America Account

Closing a bank account involves more than just emptying it out. To prevent unexpected fees, missed payments, or even negative impacts on your financial standing, it's crucial to follow a systematic approach. Let's get started!

Step 1: Are You Truly Ready to Bid Adieu? Evaluate Your Banking Needs

Before you even think about notifying Bank of America, the very first step is to assess your current and future banking needs. Are you opening a new account elsewhere? If so, ensure that the new account is fully set up and ready to receive funds and handle your transactions. This is the foundation of a seamless transition.

  • Consider Your Reasons: Why are you closing this account? Is it due to fees, customer service issues, or simply no longer needing it? Understanding your reasons can help you choose a better banking partner if you're switching.
  • New Bank, New Start: If you're moving your funds to another institution, make sure you've researched and opened a new account that fits your lifestyle. Get your new account number and routing number handy.

Step 2: Tie Up All Loose Ends: The Pre-Closure Checklist

This is perhaps the most critical stage. Many issues arise from not properly preparing your account for closure.

2.1. Update Direct Deposits and Automatic Payments

Imagine your paycheck going into a closed account, or missing a crucial bill payment! This is where most people face problems.

  • Direct Deposits: Contact your employer's payroll department, government agencies (for Social Security, pension, etc.), or any other source of direct deposits. Provide them with the new account information well in advance. It's a good idea to keep your Bank of America account open for at least one or two pay cycles after updating, just to be sure everything redirects correctly.
  • Automatic Payments/Bill Pay: Review all automatic bill payments, recurring transfers, and subscriptions linked to your Bank of America account. This includes:
    • Utility bills (electricity, water, internet)
    • Loan payments (mortgage, car, student loans)
    • Credit card payments (especially if you have a Bank of America credit card linked to this checking account)
    • Streaming services (Netflix, Spotify, etc.)
    • Gym memberships
    • Subscription boxes
    • Any other automated debits Manually change these payment methods to your new account. You can usually do this through the biller's website or by contacting their customer service.

2.2. Transfer Remaining Funds

You'll need to move all the money out of your Bank of America account before closing it.

  • Online Transfer: The easiest way is usually to initiate an online transfer from your Bank of America account to your new bank account. This can take a few business days.
  • Wire Transfer: For larger sums or urgent transfers, a wire transfer might be an option, though fees typically apply.
  • Withdraw Cash: You can withdraw your remaining balance in cash from an ATM (up to your daily limit) or at a Bank of America branch.
  • Certified Check/Cashier's Check: You can request a certified check or cashier's check for the remaining balance. Be aware of any fees associated with these.

2.3. Empty Your Safe Deposit Box (If Applicable)

If you have a safe deposit box associated with your Bank of America account, you must empty it and officially close it out at a branch before closing your bank account. This is a separate process.

2.4. Close or Transfer Associated Accounts

Do you have other Bank of America accounts linked to the one you're closing? This could include:

  • Savings accounts
  • Joint accounts
  • Investment accounts (e.g., Merrill Edge)
  • Credit cards with overdraft protection from the checking account

Ensure these are either closed or properly transferred/delinked from the account you intend to close. For joint accounts, all account holders usually need to be present or provide their consent for closure.

2.5. Clear All Pending Transactions

Wait for all outstanding checks to clear and any recent debit card transactions to post. Closing an account with pending transactions can cause issues and potentially lead to fees. Give it a few extra days after your last transaction to be safe.

Step 3: The Final Act: Officially Closing Your Account

Once all your preparations are complete, you can proceed with the actual closure. Bank of America offers a few methods, but online closure is generally not an option for checking and savings accounts.

3.1. Option 1: In-Person at a Bank of America Branch (Recommended for Speed and Clarity)

This is often the most straightforward and quickest way to close your account, especially if you have a zero balance.

  • Schedule an Appointment: It's highly recommended to schedule an appointment with a banker beforehand to minimize wait times. You can typically do this through the Bank of America website or mobile app.
  • Bring Required Documents:
    • Valid government-issued photo ID (e.g., driver's license, passport)
    • Your Bank of America account number(s)
    • Your debit card(s) associated with the account
    • Your Social Security Number (SSN) may be requested for verification
  • Speak to a Banker: Inform them you wish to close your account. They will guide you through the necessary paperwork.
  • Verify Identity: You will need to verify your identity with your ID and possibly by answering security questions.
  • Request Written Confirmation: Always ask for written confirmation that your account has been closed and the effective date. This is your proof in case any issues arise later.
  • Handling Remaining Funds (if any): If there's a small balance remaining that you couldn't transfer, the banker can usually provide it to you in cash or a cashier's check.

3.2. Option 2: Over the Phone (Convenient for Remote Closures)

If you cannot visit a branch, calling customer service is the next best option.

  • Call Bank of America Customer Service: Dial 1-800-432-1000.
  • Be Prepared for Verification: The representative will need to verify your identity thoroughly. Have your account number, personal details (like date of birth, address), and possibly your SSN ready.
  • Clearly State Your Intent: Inform the representative that you wish to close your checking/savings account.
  • Discuss Remaining Balance: If there's a balance, they will explain your options for receiving the funds (e.g., mail a check to your address on file, transfer to another linked Bank of America account if applicable).
  • Request Confirmation: Ask for a confirmation number for your request and inquire about how you will receive written confirmation of the closure.

3.3. Option 3: By Mail (Least Recommended Due to Time and Verification)

While possible, closing an account by mail can be a lengthy process and may involve additional steps for verification. It's generally advised only if the other two options are not feasible.

  • Write a Formal Letter: Include the following essential information:
    • Your full name(s) as they appear on the account
    • Your current address
    • The specific account number(s) you wish to close
    • The type of account (e.g., checking, savings)
    • A clear statement requesting account closure
    • Instructions on how you wish to receive any remaining funds (e.g., send a check to your address on file)
    • Your signature(s) – ALL account holders must sign for joint accounts.
  • Send to the Correct Address: Mail your request to: Bank of America PO Box 25118 Tampa, FL 33622-5118
  • Consider Certified Mail: Send the letter via certified mail with a return receipt requested. This provides proof that your letter was received.
  • Follow Up: It's wise to follow up with a phone call to customer service a week or two after mailing to ensure your request was received and is being processed.

Step 4: Post-Closure Vigilance: What to Do After Closing

Your job isn't quite done yet! A little post-closure monitoring can prevent future headaches.

  • Monitor Your New Account: Keep a close eye on your new bank account to ensure all direct deposits and automatic payments are redirecting properly.
  • Check for Any Unexpected Activity: For a few months, occasionally check your old Bank of America account through online banking (if still accessible) or contact customer service to ensure no unexpected charges or lingering activity occurs. If you find any, contact Bank of America immediately.
  • Keep Records: Retain all closure confirmations, correspondence, and notes from your interactions with Bank of America. This documentation is invaluable if any discrepancies arise.
  • Shred Old Documents: Once you're confident the account is fully closed and all funds are settled, shred any old checks, debit cards, and account statements related to the closed Bank of America account.

By diligently following these steps, you can ensure a smooth and stress-free closure of your Bank of America account. Remember, preparation is key!


10 Related FAQ Questions

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

How to avoid fees when closing a Bank of America account? To avoid potential fees, ensure your account has a zero balance, and there are no pending transactions or outstanding checks. Bank of America generally does not charge a fee for closing a standard checking or savings account, but leaving a negative balance can lead to collections.

How to close a joint Bank of America account? For joint accounts, all account holders typically need to provide their consent for closure. This often means all parties must be present if closing in person, or all signatures are required on a mailed request.

How to close a Bank of America business account? Closing a business account usually follows similar procedures to personal accounts (in-person, phone, or mail), but may require additional documentation like a business resolution or specific authorized signer verification. It's best to consult Bank of America's business banking services directly.

How to transfer money out of a Bank of America account before closing? You can transfer funds via online transfer to an external account, wire transfer (may incur fees), withdraw cash at a branch or ATM, or request a cashier's check for the balance.

How to update direct deposits before closing Bank of America account? Contact your employer's payroll department, government agencies, and any other direct deposit sources directly and provide them with your new bank account and routing numbers. Allow sufficient time for the change to take effect.

How to cancel automatic payments before closing Bank of America account? Access your online bill pay or contact each biller directly to update your payment method to your new bank account. Ensure all recurring payments are rerouted before closing your Bank of America account.

How to find my Bank of America account number and routing number? You can find your account number on your checks, statements, or by logging into your online banking account. Routing numbers are typically found on checks or by searching Bank of America's website for your region.

How to know if my Bank of America account is fully closed? Request a written confirmation of closure from Bank of America. You can also try logging into online banking; once truly closed, you usually won't be able to access it, or it will show as closed.

How to close a Bank of America credit card linked to my checking account? A Bank of America credit card is a separate product. If your checking account provides overdraft protection for the credit card, you'll need to remove that linkage. To close the credit card itself, you'll need to contact Bank of America Credit Card Services directly and pay off any outstanding balance.

How to get written confirmation of Bank of America account closure? When closing in person, ask the banker for a printed confirmation. If closing by phone or mail, explicitly request that a written confirmation of the account closure be mailed to your address on file.

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