It's time for a change! Deciding to close a bank account, especially one you've had for a while like a Bank of America savings account, can feel a bit daunting. But don't worry, this comprehensive guide will walk you through every step of the process, ensuring a smooth and stress-free transition.
How to Close Your Bank of America Savings Account: A Complete Guide
Step 1: Engage and Prepare for Your Financial Future!
Before you even think about closing your Bank of America savings account, let's get you excited about your next financial chapter! Are you moving to a new bank with better interest rates? Are you consolidating accounts to simplify your finances? Whatever your reason, envision the positive impact this change will have!
Now, let's get down to the practical preparation. This initial phase is crucial to avoid any hiccups during the closure process.
Sub-heading 1.1: Open a New Account (If You Haven't Already!)
This is arguably the most important first step. You don't want to be left without a place to park your hard-earned money.
- Research and Choose Wisely: Take your time to explore other banks or credit unions. Look for features that align with your financial goals, such as:
- Higher interest rates on savings accounts.
- Lower or no monthly maintenance fees.
- Convenient branch locations or robust online/mobile banking tools.
- Excellent customer service ratings.
- Open and Fund Your New Account: Once you've made your choice, open your new checking and/or savings account. Fund it with a sufficient amount to cover your initial expenses and transfers. Many new digital banking options offer ACH transfers for free, making this process easy.
Sub-heading 1.2: Gather Essential Information and Documents
Having everything at your fingertips will make the closure process much smoother.
- Bank of America Account Details:
- Your full account number (for the savings account you wish to close).
- Your Social Security Number (SSN).
- Any associated debit cards or checks linked to the savings account.
- Personal Identification:
- Valid government-issued photo ID (e.g., driver's license, passport).
- Proof of address (if your current address isn't on your ID).
- New Bank Account Information:
- New account number(s).
- Routing number(s) for your new bank.
- Recent Statements: Download or print your recent Bank of America savings account statements. These can be useful for tracking recurring payments and for your own records, as obtaining statements for closed accounts can be a hassle.
Step 2: De-link and Re-route Your Financial Connections
Your savings account might be more intertwined with your financial life than you realize. This step focuses on disconnecting all those links to prevent missed payments or disruptions.
Sub-heading 2.1: Update All Recurring Payments and Subscriptions
This is a critical step to avoid late fees or service interruptions.
- Make a Comprehensive List: Review your past Bank of America statements (from Step 1) to identify all automatic payments, direct debits, and subscriptions linked to your savings account. This could include:
- Utility bills (electricity, water, gas, internet).
- Loan payments (mortgage, car, student loans).
- Credit card payments.
- Subscription services (Netflix, Spotify, gym memberships).
- Insurance premiums.
- Contact Each Service Provider: Reach out to each company individually and update your payment information to your new bank account. Do this at least 15 days before your next payment is due to ensure a smooth transition. Keep records of these updates.
Sub-heading 2.2: Redirect Direct Deposits
If your salary or any other regular income (like Social Security benefits, pension) is deposited directly into your Bank of America savings account, you need to change this.
- Inform Your Employer/Payer: Contact your employer's HR or payroll department and provide them with your new bank account and routing numbers. You will likely need to fill out a new direct deposit form.
- Allow Time for Processing: It can take one or two pay cycles for direct deposit changes to take effect. Do not close your Bank of America account until you confirm that your direct deposits are successfully landing in your new account.
Sub-heading 2.3: Transfer Remaining Funds
Once all recurring payments and direct deposits are rerouted, it's time to move the bulk of your savings.
- Initiate the Transfer: Transfer the remaining balance from your Bank of America savings account to your new bank account. This can often be done through an ACH transfer, which is usually free.
- Leave a Small Buffer (Optional but Recommended): Consider leaving a small amount (e.g., $10-$20) in your Bank of America account for a few extra days. This acts as a buffer in case any unexpected small debits or pending transactions clear.
Sub-heading 2.4: Close or Transfer Associated Accounts (If Applicable)
Do you have other Bank of America accounts linked to your savings, such as a joint account, a money market account, or even a credit card that draws from your savings for overdraft protection?
- Review Linked Accounts: Identify any accounts that are tied to your savings.
- Decide on Their Fate: You'll need to decide whether to close these linked accounts as well or transfer their association to your new bank account (if possible). Contact Bank of America directly for guidance on this.
- Disable Overdraft Protection: If your savings account was used for overdraft protection on a checking account, be sure to disable this feature or link your new checking account for protection.
Step 3: The Grand Finale: Officially Closing Your Account
With all your ducks in a row, you're ready for the final step. Bank of America does not allow online closure of savings accounts, but you have three convenient options.
Sub-heading 3.1: Option 1: In-Person at a Financial Center (Recommended for Quick Resolution)
This is often the quickest and most straightforward method, allowing for immediate confirmation.
- Locate a Branch: Use the Bank of America website or mobile app to find a financial center near you.
- Schedule an Appointment (Optional but Recommended): While not always necessary, scheduling an appointment can save you time and ensure a banker is available to assist you.
- What to Bring:
- Valid government-issued photo ID.
- Your Bank of America savings account number.
- Your Social Security Number.
- Any debit cards or unused checks associated with the account (which you should destroy in front of the banker or yourself).
- Speak with a Banker: Inform them you wish to close your savings account. They will verify your identity, provide a closure form, and guide you through the process. Ensure your account balance is zero or positive before initiating the closure. If there's a remaining balance, you can typically request a cashier's check (a fee may apply unless you are a Preferred Rewards customer) or a direct transfer to your new account.
- Get Confirmation: Crucially, ask for written confirmation that your account has been closed. This could be a dated and signed letter or a printout confirming the closure.
Sub-heading 3.2: Option 2: Over the Phone (Convenient for Remote Closure)
If visiting a branch isn't feasible, closing your account by phone is a good alternative.
- Call Customer Service: Dial Bank of America's customer service line: 1-800-432-1000.
- Identity Verification: Be prepared to answer security questions to verify your identity. Have your account number and personal details (like your date of birth and address) ready.
- State Your Intent: Clearly inform the representative that you wish to close your Bank of America savings account.
- Remaining Funds: Discuss how you want any remaining funds disbursed. You can typically have them transferred to another account or a check mailed to you.
- Request Confirmation: Ask the representative for an email or mailed letter confirming the account closure. Note the date and time of your call, and the name of the representative you spoke with.
Sub-heading 3.3: Option 3: By Mail (For Those Who Prefer Written Correspondence)
While less common, you can send a written request to close your account. This method generally takes longer.
-
Draft a Formal Letter: Your letter should include:
- Your full name.
- Your Bank of America savings account number.
- Your current address.
- A clear statement that you wish to close the account.
- Instructions on how to disburse any remaining funds (e.g., "Please transfer the balance to [Your New Bank Name, Account Number, and Routing Number]" or "Please mail a cashier's check for the remaining balance to the address listed above").
- Your signature.
- If your account balance is more than $25,000, your letter will also need to be notarized by a notary.
-
Mail Your Request to: Bank of America FL1-300-03-15 PO Box 25118 Tampa, FL 33622-5118
For overnight delivery, use: Bank of America National Service and Solutions FL1-300-03-15 4909 Savarese Circle Tampa, FL 33634-2413
-
Keep Records: Send the letter via certified mail with a return receipt requested to ensure proof of delivery. Keep a copy of the letter for your records.
Step 4: Post-Closure Checks and Peace of Mind
Even after you've submitted your request, a few final checks will ensure everything is in order.
- Monitor Your New Account: Keep a close eye on your new bank account to ensure all direct deposits are coming in and all recurring payments are being made successfully.
- Check for Final Statement: You should receive a final statement from Bank of America in the mail after your account is officially closed. Review it for any unexpected transactions.
- Destroy Old Cards and Checks: Once you've confirmed closure and transferred all funds, securely destroy your Bank of America debit card (cut it up) and any unused checks.
Important Considerations:
- Negative Balance: You cannot close an account with a negative balance. You'll need to deposit funds to bring the balance to zero or positive before it can be closed.
- Fees: Generally, there are no fees to close a Bank of America savings account, as long as it has a zero or positive balance. However, if you request a cashier's check for remaining funds, a fee might apply (waived for Preferred Rewards customers).
- Credit Score Impact: Closing a savings account typically does not affect your credit score.
10 Related FAQ Questions
Here are some quick answers to common questions about closing a Bank of America savings account:
How to know if my Bank of America savings account is truly closed?
You will typically receive an email confirmation (if you have an email address on file) and a final statement in the mail from Bank of America once your account is officially closed. You can also try logging into online banking; if the account is no longer visible, it's likely closed.
How to transfer money out of my Bank of America savings account before closing?
You can transfer money via ACH transfer to your new bank account, withdraw cash at an ATM or branch, or request a cashier's check (fees may apply).
How to find my Bank of America savings account number?
Your account number is typically found on your monthly statements, in your online banking portal, or on your debit card.
How to update my direct deposit information with my employer?
Contact your employer's HR or payroll department. They will usually provide a form to update your direct deposit details, requiring your new bank's routing and account numbers.
How to cancel recurring payments linked to my Bank of America savings account?
Contact each individual service provider or company directly and provide them with your new payment information.
How to destroy my Bank of America debit card and checks safely?
Cut your debit card into several pieces, making sure to cut through the chip and magnetic stripe. Shred any unused checks.
How to get a cashier's check for my remaining balance?
You can request a cashier's check when closing your account in person or over the phone. Be aware that a fee might apply, unless you are a Bank of America Preferred Rewards customer.
How to close a Bank of America savings account if I live overseas?
The best options for overseas customers are typically to call Bank of America customer service or send a written, notarized request by mail.
How to avoid fees when closing my Bank of America savings account?
Ensure your account balance is at zero (or positive) before initiating closure. There are generally no closure fees, but fees might apply if you request a cashier's check for remaining funds.
How to re-open a Bank of America savings account after closing it?
Once an account is closed, it cannot be simply "re-opened." You would need to go through the process of applying for a new account with Bank of America if you wished to bank with them again.
