Deciding to close a bank account is a significant financial decision, and it's essential to approach it with careful planning to avoid any unexpected issues. If you're looking to close your Bank of America account, this comprehensive, step-by-step guide will walk you through the entire process, ensuring a smooth transition.
Are you ready to take control of your financial journey and make a change? Let's dive in!
Step 1: Prepare for Closure – The Crucial Pre-Closing Checklist
Before you even think about contacting Bank of America, there are several vital steps you must take to safeguard your funds and ensure a seamless closure. Skipping these steps can lead to inconveniences, missed payments, or even negative impacts on your financial standing.
Sub-heading 1.1: Open a New Account (If You Haven't Already!)
This is perhaps the most important preliminary step. You need a new home for your money before you cut ties with Bank of America. Whether it's another traditional bank, a credit union, or an online-only bank, make sure your new account is fully set up, active, and ready to receive funds.
Sub-heading 1.2: Transfer All Funds Out
Ensure your Bank of America account has a zero or positive balance. You can transfer funds in several ways:
- Electronic Transfer (ACH): This is often the easiest method, transferring funds directly to your new bank account. Be aware that ACH transfers can take 1-3 business days to clear.
- Wire Transfer: For larger amounts or if you need the funds quickly, a wire transfer is faster but typically incurs a fee.
- Withdraw Cash: You can withdraw all your remaining funds as cash from an ATM (up to daily limits) or by visiting a branch.
- Cashier's Check: Request a cashier's check for the remaining balance. This is a secure way to transfer a larger sum.
Important Note: If your account has a negative balance or is overdrawn, you will not be able to close it until that balance is cleared.
Sub-heading 1.3: Update All Recurring Payments and Direct Deposits
This is where many people encounter problems. Think about everything connected to your Bank of America account:
- Direct Deposits: Notify your employer, Social Security, or any other source of direct deposit about your new bank account details. You'll likely need to fill out a new direct deposit form.
- Automatic Bill Payments: Go through all your recurring bills (utilities, rent/mortgage, subscriptions, loan payments, credit cards, insurance, etc.) and update them with your new bank account information.
- Linked Services: If you use services like Zelle, PayPal, Venmo, or other money transfer apps that are linked to your Bank of America account, disconnect them and link your new account.
- Investment Accounts: If you have investment accounts linked to your Bank of America checking or savings for transfers, update those linkages.
It's highly recommended to keep your Bank of America account open for a few weeks after updating these to ensure all old payments and deposits have rerouted successfully.
Sub-heading 1.4: Download and Save Statements
Before your account is officially closed, download all your past statements. You might need these for tax purposes, budgeting, or simply for your personal records. Bank of America's online banking platform allows you to access and download several years of statements. Obtaining statements after an account is closed can be a hassle.
Sub-heading 1.5: Close or Transfer Associated Accounts
Do you have any other Bank of America accounts, such as:
- Joint accounts?
- Savings accounts linked to your checking?
- Investment accounts (Merrill Lynch)?
- Credit cards?
Decide if you want to close or transfer these as well. The process for closing investment accounts might be different and require additional documentation.
Step 2: Choose Your Closure Method – How to Inform Bank of America
Bank of America offers a few ways to close your account. Unfortunately, you cannot close a Bank of America account online. You'll need to choose from the following options:
Sub-heading 2.1: In Person at a Financial Center (Recommended for Simplicity)
This is often the most straightforward and quickest method, especially if you have a complex situation or prefer direct interaction.
- What to Bring:
- Valid Government-Issued Photo ID: Driver's license, passport, etc.
- Social Security Number: For identity verification.
- Account Number(s): Of the account(s) you wish to close.
- Debit Card and Checks (Optional but Recommended): You may be asked to surrender or destroy these.
- The Process:
- Locate a Branch: Use the Bank of America branch locator on their website to find the nearest financial center.
- Make an Appointment (Optional but Recommended): You can often schedule an appointment online or by phone to avoid long wait times.
- Speak to a Banker: Inform them you wish to close your account(s).
- Verify Your Identity: Provide your ID and answer any security questions.
- Complete the Form: The banker will provide an account closure form. Fill it out completely and accurately, including how you want any remaining (small) balance handled (e.g., a cashier's check mailed to you).
- Confirm Closure: Get a confirmation of the closure, ideally in writing. Ask for the banker's business card in case you have follow-up questions.
Sub-heading 2.2: Over the Phone
This is a convenient option if you don't live near a branch or prefer to handle it remotely.
- Contact Number: Call Bank of America customer service at 1-800-432-1000.
- Availability: Check their operating hours (typically Monday-Friday 7 a.m.-10 p.m. ET or Saturday-Sunday 8 a.m.-5 p.m. ET).
- What to Have Ready: Your account number and be prepared to answer security questions to verify your identity.
- The Process:
- Dial the Number: Navigate through the automated system to reach a representative who can assist with account closures.
- State Your Request: Clearly state that you wish to close your account(s).
- Identity Verification: The representative will ask for personal details to confirm your identity.
- Balance Confirmation: They will confirm your account balance. If there's a remaining balance, they'll ask how you'd like it disbursed (e.g., mailed check).
- Confirmation: Ask for a confirmation number or email verifying the closure.
Sub-heading 2.3: By Mail (Least Recommended for Speed)
While an option, this method is generally the slowest and offers less immediate confirmation.
- What to Include in Your Letter:
- Full Name(s) of All Account Holders
- Account Type(s) and Number(s) to be Closed
- Current Address
- Clear Statement: "I/We hereby request the closure of the above-referenced Bank of America account(s)."
- Instructions for Remaining Funds: Specify how you want any remaining balance handled (e.g., "Please issue a cashier's check for the remaining balance and mail it to the address provided above").
- Signatures: All account holders must sign the letter.
- Mailing Address: Bank of America PO Box 25118 Tampa, FL 33622-5118
- Recommendations:
- Send the letter via certified mail with a return receipt so you have proof of delivery.
- Keep a copy of the letter for your records.
- It might take several business days or even weeks for the bank to process a mailed request.
Step 3: Monitor and Confirm Closure – The Final Checks
Even after you've submitted your request, it's wise to keep an eye on things for a short period.
Sub-heading 3.1: Check for Final Transactions
Allow a few business days (or longer if closing by mail) for the closure to process. Periodically check your Bank of America online banking (if still accessible) or statements for any lingering transactions. Sometimes, a stray automatic payment or deposit might still attempt to go through. If this happens, it could prevent the account from fully closing or even cause an overdraft.
Sub-heading 3.2: Verify Zero Balance
Confirm that the account balance is indeed zero. If a small balance was mailed to you, ensure you receive the check.
Sub-heading 3.3: Get Written Confirmation
Ideally, Bank of America will send you a written confirmation that your account has been successfully closed. If you don't receive one within a reasonable timeframe (e.g., 10-14 business days), follow up with their customer service.
Congratulations! You've successfully navigated the process of closing your Bank of America account.
10 Related FAQ Questions
Here are some common questions you might have about closing your Bank of America account:
How to prepare my Bank of America account for closure?
To prepare, open a new bank account, transfer all funds out of your Bank of America account, update all direct deposits and automatic payments to your new account, download all your statements, and consider closing or transferring any associated Bank of America accounts.
How to check if my Bank of America account has a negative balance?
You can check your balance through online banking, the Bank of America mobile app, by calling customer service, or by visiting a financial center. If it's negative, you'll need to deposit funds to bring it to zero or positive before closing.
How to transfer funds from Bank of America to another bank?
You can transfer funds via electronic (ACH) transfer through online banking, by initiating a wire transfer, withdrawing cash, or requesting a cashier's check for the remaining balance.
How to update my direct deposit information with my employer?
Contact your employer's HR or payroll department. They will typically require you to fill out a new direct deposit authorization form with your new bank's routing and account numbers.
How to cancel recurring payments linked to my Bank of America account?
You must contact each service provider or vendor directly (e.g., utility companies, subscription services) and update your payment method to your new bank account or credit card. Do not rely on Bank of America to cancel these for you.
How to get a written confirmation of account closure from Bank of America?
When closing in person, ask the banker for a printed confirmation. When closing by phone, request an email or mailed letter of confirmation. If mailing a request, keep a copy of your letter and send it via certified mail with a return receipt.
How to close a joint Bank of America account?
For joint accounts, all account holders typically need to agree to and sign the closure request, whether in person, by phone (all parties on the call), or by mail.
How to close a Bank of America account if I am overseas?
If you are overseas, your best options are usually to close the account over the phone (using their international number if applicable, or a VoIP service) or by sending a written request via international certified mail.
How to avoid fees when closing a Bank of America account?
Bank of America generally does not charge a fee to close a checking or savings account, provided the account has a zero or positive balance. Ensure all recurring fees or outstanding charges are paid before closing.
How to re-open a Bank of America account after it's been closed?
Once an account is formally closed, it cannot typically be "re-opened." You would need to apply for a new account with Bank of America if you wish to bank with them again in the future.