The Ultimate Guide to Closing Your Bank of America Account
Thinking about closing your Bank of America account? Whether you're moving, switching banks, or simply consolidating your finances, this guide will walk you through every step of the process. It's not as daunting as it might seem, but there are crucial steps to take to ensure a smooth transition and avoid any unexpected issues.
So, you've decided to close your Bank of America account? Excellent! Let's get started on making this process as easy and stress-free as possible.
Step 1: Prepare for the Transition – Your Financial Pre-Flight Checklist
Before you even think about contacting Bank of America, it's essential to lay the groundwork. This preparation phase is vital to prevent any financial disruptions.
Sub-heading: Open and Fund a New Bank Account
This is paramount. You wouldn't jump out of a plane without a parachute, right? Similarly, don't close your current account without having a new one ready to catch your funds.
- Research New Banks: Explore options that better suit your current needs. Look for banks with competitive interest rates, low or no fees, convenient online and mobile banking, and branch access if that's important to you.
- Open the New Account: Once you've chosen a new bank, open your checking and/or savings accounts. Many banks offer online account opening, making it a quick and straightforward process.
- Fund Your New Account: Deposit enough money into your new account to cover your expenses for at least a month or two. This buffer will give you peace of mind while you transition direct deposits and automatic payments.
Sub-heading: Update All Recurring Payments and Direct Deposits
This is where many people run into trouble. Imagine missing a bill payment or not receiving your paycheck! Avoid this by being meticulous.
- Identify All Recurring Payments:
- Review your Bank of America statements for the past 6-12 months. Look for automatic bill payments (utilities, rent/mortgage, insurance), subscriptions (streaming services, gym memberships), and any other recurring debits.
- Make a comprehensive list of all these payments, including the payee, amount, and payment date.
- Transfer Recurring Payments to Your New Account:
- Contact each service provider directly and update your payment information with your new bank account details. Do not rely on Bank of America to simply stop these payments.
- Consider setting up new automatic payments or bill pay services through your new bank.
- Redirect Direct Deposits:
- Notify your employer, government agencies (for Social Security or other benefits), or any other source of direct deposits about your new bank account information. You'll likely need to fill out a new direct deposit form.
- Allow ample time for these changes to process, usually at least one to two pay cycles.
Sub-heading: Close or Transfer Associated Accounts
Do you have other accounts linked to your Bank of America checking or savings, such as:
- Joint Accounts? Discuss with the co-owner how you wish to proceed. You may need to open a new joint account elsewhere or transfer funds to one of your individual accounts.
- Savings Accounts? Transfer the funds to your new bank.
- Investment Accounts (e.g., Merrill Edge)? These may require a separate process. Contact Merrill directly to inquire about transferring your investments to another brokerage or closing the account.
- Money Transfer Services (e.g., Zelle, PayPal)? Disconnect your Bank of America account from these services and link your new bank account.
Sub-heading: Download and Save Your Statements
Once your account is closed, accessing past statements can be a hassle.
- Log in to Bank of America Online Banking: Download and save all your statements for at least the past 5-7 years (or as long as you deem necessary for tax or personal records).
- It's a good idea to save them in a secure, easily accessible location on your computer or a cloud service.
Sub-heading: Bring Your Bank of America Account Balance to Zero (or Positive)
This is a crucial step for a seamless closure.
- Transfer Remaining Funds: Once all direct deposits and automatic payments have been redirected, transfer the remaining balance from your Bank of America account to your new account.
- Ensure a Zero or Positive Balance: Bank of America will not close an account with a negative balance. If you have any outstanding fees or overdrawn amounts, you'll need to pay them off first.
- Leave a small buffer (e.g., $5-$10) in the Bank of America account for a few days after you've transferred the main balance, just in case any small, unexpected transactions clear.
Step 2: Choose Your Closing Method
Bank of America offers a few ways to close your account. Unfortunately, closing your account entirely online is not an option.
Option 2.1: In-Person at a Financial Center (Recommended for Simplicity)
This is often the most straightforward and quickest way to close your account, as you can speak directly with a representative.
- Locate a Branch: Find your nearest Bank of America financial center. You can use their online branch locator.
- Gather Required Documents: Bring the following:
- Valid, government-issued photo ID (e.g., driver's license, passport).
- Your account number(s).
- Your Social Security Number (SSN).
- Any unused checks and your debit card associated with the account (you'll be asked to destroy them).
- Speak with a Personal Banker: Inform them you wish to close your account. They will guide you through the necessary paperwork.
- Verify Identity and Sign Forms: You'll need to verify your identity and sign an account closure request form.
- Confirm Account Closure: Ask for a written confirmation that your account has been closed.
Option 2.2: Over the Phone (Convenient for Remote Closures)
If visiting a branch isn't feasible, closing your account by phone is a viable alternative.
- Call Bank of America Customer Service: Dial their main customer service line: 1-800-432-1000.
- Have Account Information Ready: Be prepared to provide your account number, personal details for verification (like your name, address, and SSN), and possibly your online banking credentials.
- State Your Intention: Clearly state that you wish to close your account.
- Follow Instructions: The representative will guide you through the process, which may involve further identity verification questions.
- Request Confirmation: Ask for a confirmation number or for a written confirmation of closure to be mailed or emailed to you.
Option 2.3: By Mail (For Those Who Prefer Written Communication)
While less common, you can also send a written request to close your account. This method can take longer.
- Draft a Formal Letter: Your letter should include:
- Your full name (as it appears on the account).
- Your current address.
- The account number(s) you wish to close.
- The type of account (checking, savings, etc.).
- A clear statement that you are requesting to close the account.
- Instructions on where to send any remaining funds (e.g., a check to your new address or a transfer to a specified account at another bank – provide routing and account numbers for transfers).
- Your signature. If it's a joint account, all account holders must sign the letter.
- Important Note: If your account balance is substantial (e.g., over $25,000 as per some sources), Bank of America might require the letter to be notarized. Confirm this with their customer service beforehand.
- Mail the Letter To: Bank of America FL1-300-03-15 PO Box 25118 Tampa, FL 33622-5118 (For overnight delivery, you may need a different address; confirm with customer service.)
- Keep Records: Make a copy of the letter for your records before mailing it. Consider sending it via certified mail with a return receipt requested for proof of delivery.
Step 3: Post-Closure Checks and What to Expect
You've done the hard work, but a few final steps are necessary to ensure everything is truly wrapped up.
Sub-heading: Monitor Your New Account
- Verify Deposits and Payments: Over the next few weeks, closely monitor your new bank account to ensure all direct deposits are coming through correctly and all automatic payments are being debited from the new account.
- Keep an eye out for any unexpected activity on your old Bank of America account (though ideally, it should be closed and inactive).
Sub-heading: Look for Final Confirmation
- Email Confirmation: If you have an email address on file, Bank of America should send you an email confirming the account has been officially closed.
- Final Statement: You will receive a final statement in the mail. Review it carefully to ensure there are no lingering transactions or fees. If you see anything amiss, contact Bank of America immediately.
Sub-heading: Destroy Old Cards and Checks
- Once you've confirmed the account is closed, shred or cut up your old Bank of America debit card and any unused checks to prevent unauthorized use.
Important Considerations and Potential Pitfalls
- Overdrafts: Ensure your account has no negative balance or pending transactions. Overdrafts can prevent closure.
- Holds on Funds: If you've recently deposited a large check, there might be a hold on the funds. Wait until these funds are fully cleared before attempting to close the account.
- Credit Score Impact: Closing a checking or savings account generally does not impact your credit score. This is only relevant for credit card accounts.
- Fees: Bank of America typically does not charge a fee to close a checking or savings account, provided it's in good standing with a zero or positive balance. However, if you're closing a CD before its maturity date, you might incur penalties.
10 Related FAQ Questions
How to check my Bank of America account balance before closing?
You can check your Bank of America account balance by logging into your online banking portal, using the mobile app, calling customer service, or visiting an ATM.
How to transfer funds from my Bank of America account to another bank?
You can transfer funds via an ACH transfer (online or through your new bank), wire transfer (may incur fees), or by withdrawing cash and depositing it into your new account.
How to stop recurring payments linked to my Bank of America account?
You must contact each service provider or merchant directly to update your payment method to your new bank account. Do not rely on closing the account to stop these.
How to get a final statement after closing my Bank of America account?
Bank of America will typically mail you a final statement after your account is officially closed. You can also download statements from online banking before closing the account.
How to close a joint Bank of America account?
All account holders typically need to be present (if closing in person) or sign the written request to close a joint account. Discuss with the co-owner beforehand.
How to close a Bank of America credit card account?
Closing a credit card is a different process. You'll typically need to call the credit card customer service line, pay off any outstanding balance, and confirm the closure.
How to avoid fees when closing my Bank of America account?
Ensure your account balance is zero or positive and there are no outstanding transactions or overdrafts. There are generally no fees for closing a standard checking or savings account.
How to get proof that my Bank of America account is closed?
When closing in person, ask for a written confirmation. If closing by phone, request a confirmation number or a mailed/emailed confirmation. For mail, use certified mail with a return receipt.
How to close a Bank of America account if I am overseas?
You can close your account by phone from overseas (international collect calls may apply) or by sending a written request via mail. Ensure you have all necessary identification for verification.
How to handle direct deposits after closing my Bank of America account?
Before closing, you must update your direct deposit information with your employer or any other payer to your new bank account. Any deposits sent to a closed account will likely be returned.
