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 guide will walk you through every step, ensuring a smooth transition.
Ready to say goodbye to your Bank of America account? Let's make sure you do it right!
Closing a bank account might seem daunting, but with the proper preparation, it can be a surprisingly straightforward process. This guide is designed to help you navigate each stage, from pre-closure checks to the final confirmation.
 |
| How To Delete Bank Of America Account |
Step 1: Pre-Closure Preparations – The Essential Groundwork
Before you even think about initiating the closure request, a few critical steps will save you a lot of hassle. Think of this as decluttering your financial life before moving out!
Sub-heading 1.1: Open a New Account (and Fund It!)
This is arguably the most crucial first step. Do NOT close your existing Bank of America account until you have a new banking relationship established and funded elsewhere.
- Research New Banks/Credit Unions: Explore different financial institutions that align with your needs. Consider factors like:
- Monthly maintenance fees (or lack thereof)
- ATM access
- Online and mobile banking features
- Interest rates on savings
- Customer service reputation
- Open the New Account: Once you've chosen, open your new checking and/or savings account. Many banks offer convenient online account opening processes that can be completed in minutes.
- Fund the New Account: Transfer a sufficient amount of money into your new account. This ensures you have funds available for immediate use and to cover any recurring payments you'll be transferring. It's wise to leave some buffer in your Bank of America account for a short period to cover any lingering debits.
Sub-heading 1.2: Update All Recurring Payments and Direct Deposits
This is where many people run into problems. You likely have numerous automated transactions linked to your Bank of America account.
Tip: Don’t skip the small notes — they often matter.
- Review Your Statements: Go through your recent Bank of America statements (at least the last 3-6 months). Make a comprehensive list of all:
- Direct Deposits: Your salary, pension, government benefits, etc.
- Automated Bill Payments: Utilities, rent/mortgage, loan payments, credit card payments, insurance premiums.
- Subscription Services: Netflix, Spotify, gym memberships, online software, streaming services.
- Automatic Transfers: Any recurring transfers you've set up to other accounts (e.g., savings, investment accounts).
- Update Payment Information: Contact each company or service provider and update your payment method to your new bank account. For direct deposits, you'll need to provide your employer or payer with the new bank details (account number and routing number). Allow ample time for these changes to take effect. It's a good idea to keep your Bank of America account active for at least one full billing cycle after updating all information to catch any overlooked transactions.
Sub-heading 1.3: Bring Your Bank of America Account Balance to Zero (or Positive)
Bank of America will generally not close an account with a negative balance.
- Transfer Funds Out: Once all recurring payments are shifted, transfer the remaining funds from your Bank of America account to your new account. You can typically do this via an ACH transfer (often free), wire transfer (may incur a fee), or by writing a check to yourself from your Bank of America account and depositing it into your new account.
- Address Negative Balances: If your account has an overdraft or a negative balance, you must clear it before the bank will process your closure request. Pay off any outstanding amounts immediately.
Sub-heading 1.4: Download and Save Statements
Once your account is closed, accessing past statements can become a hassle.
- Digital Copies: Log into your Bank of America online banking and download all your past statements, tax documents, and any other important financial records. Save them securely on your computer or cloud storage.
- Physical Copies (Optional): If you prefer, you can print out key statements for your records.
Sub-heading 1.5: Destroy Debit Cards and Unused Checks
To prevent any accidental use or fraud, it's crucial to properly dispose of your Bank of America debit card(s) and any unused checks.
- Debit Cards: Cut your debit card(s) into several pieces, ensuring the chip and magnetic stripe are thoroughly damaged.
- Checks: Shred any unused checks.
Step 2: Initiating the Account Closure Request
Once you've completed all the preparatory steps, you're ready to formally request the closure of your Bank of America account. Bank of America offers a few methods for this.
Tip: Take your time with each sentence.
Sub-heading 2.1: Closing Your Account In Person
This is often the most direct and recommended method, especially if you have a complex account or want immediate confirmation.
- Locate a Financial Center: Use the Bank of America website or app to find a financial center near you.
- Gather Required Documents: Bring the following with you:
- Government-issued photo ID (e.g., driver's license, passport)
- Your Social Security Number
- Your Bank of America account number(s)
- Any debit cards or unused checks associated with the account (though you should have already destroyed them, the banker might ask).
- Speak with a Personal Banker: Inform them that you wish to close your account(s). They will guide you through the necessary paperwork.
- Confirm Zero Balance: The banker will verify your account balance is zero. If there's a small positive balance, they can typically issue you a cashier's check or transfer it to your new account (ensure you have the routing and account number for your new bank).
- Obtain Written Confirmation: Always ask for written confirmation that your account has been closed. This document is crucial for your records.
Sub-heading 2.2: Closing Your Account Over the Phone
This is a convenient option if you don't live near a branch or prefer to handle it remotely.
- Call Bank of America Customer Service: Dial 1-800-432-1000.
- Prepare Information: Have your account number(s) and personal identifying information (e.g., Social Security Number, date of birth, address) ready for verification.
- State Your Intent: Clearly inform the customer service representative that you wish to close your account(s).
- Follow Instructions: They will guide you through the verification process and the steps to close your account.
- Request Confirmation: Ask the representative to send you a written confirmation of the account closure via email or mail. This is vital for your records.
Sub-heading 2.3: Closing Your Account by Mail
While less common and slower, this is an option if other methods are not feasible.
 |
- Write a Formal Request Letter: The letter should be clear and concise. Include the following information:
- Your full name(s) as they appear on the account
- Your current address
- Your Bank of America account number(s)
- The type of account(s) you wish to close (e.g., checking, savings)
- A clear statement requesting the closure of the account(s)
- Instructions on how to disburse any remaining positive balance (e.g., "Please send a cashier's check for the remaining balance to the address listed above," or provide new bank details for transfer).
- Signatures of All Account Holders: Crucially, if it's a joint account, all account holders must sign the letter.
- For balances exceeding $25,000, your letter may need to be notarized.
- Mail the Letter To: Bank of America FL1-300-03-15 PO Box 25118 Tampa, FL 33622-5118
- Consider Certified Mail: For your peace of mind, send the letter via certified mail with a return receipt requested. This provides proof of delivery.
- Allow Time for Processing: This method will take longer than in-person or phone closures.
Step 3: Post-Closure Follow-Up
Your work isn't quite done even after you've submitted the closure request.
QuickTip: A slow read reveals hidden insights.
Sub-heading 3.1: Monitor Your New Account and Confirm Transfers
- Verify Transfers: Keep a close eye on your new bank account to ensure all direct deposits and recurring payments are successfully redirecting there.
- Check for Old Debits: For a month or two, occasionally review your old Bank of America account (if still accessible online for a short period) or check your mail for any unexpected statements or notices. You might receive a final statement confirming a zero balance.
Sub-heading 3.2: Confirm Account Closure
- Check for Confirmation: Wait for the written confirmation from Bank of America that your account has been officially closed. This might come via email or physical mail.
- Contact Bank of America if No Confirmation: If you don't receive confirmation within the expected timeframe (a few business days for phone/in-person, longer for mail), follow up with Bank of America customer service.
Important Considerations:
- Fees: Generally, Bank of America does not charge a fee to close a checking or savings account, provided the account is in good standing and has a zero or positive balance. However, ensure you've settled any outstanding fees before initiating closure.
- Linked Accounts: If you have other Bank of America products linked to the account you're closing (e.g., a credit card, mortgage, investment account, or even overdraft protection services like Balance Connect™ or Keep the Change), these may need separate attention. Discuss this with the bank representative.
- Business Accounts: The process for closing business accounts may have additional requirements. Contact Bank of America's business banking services for specific guidance.
- Inactive Accounts and Escheatment: Be aware that if an account remains inactive for an extended period (typically 3-5 years, depending on state law), banks are required to turn over the funds to the state as "unclaimed property" through a process called escheatment. Closing your account properly prevents this.
Frequently Asked Questions (FAQs)
How to prepare my Bank of America account before closing it?
Before closing, open a new bank account and fund it, update all direct deposits and recurring payments to the new account, bring your Bank of America account balance to zero, download and save all your statements, and destroy any associated debit cards and unused checks.
How to close my Bank of America account in person?
Visit a Bank of America financial center with a government-issued ID, your Social Security Number, and your account number. A personal banker will assist you with the paperwork and provide immediate confirmation of closure.
How to close my Bank of America account over the phone?
Call Bank of America customer service at 1-800-432-1000. Have your account number and personal identifying information ready for verification. Request written confirmation of the closure.
How to close my Bank of America account by mail?
Send a signed formal request letter including your name, address, account number, account type, and instructions for any remaining balance to Bank of America, FL1-300-03-15, PO Box 25118, Tampa, FL 33622-5118. Consider using certified mail for tracking.
QuickTip: A quick skim can reveal the main idea fast.
How to check if my Bank of America account has a negative balance?
You can check your account balance by logging into your Bank of America online banking, using their mobile app, or calling customer service. Any negative balance must be resolved before closure.
How to transfer funds from my Bank of America account before closing?
You can transfer funds via ACH transfer to your new bank account, request a wire transfer (fees may apply), or write a check to yourself from your Bank of America account and deposit it into your new account.
How to ensure all recurring payments are updated to my new bank?
Review your Bank of America statements for the past several months to identify all recurring debits and direct deposits. Contact each company or payer individually to update your banking information.
How to get a confirmation of account closure from Bank of America?
When closing in person, ask the banker for a written confirmation. If closing by phone, request that a confirmation be mailed or emailed to you. For mail requests, you'll likely receive a final statement with a zero balance.
How to handle linked accounts or services when closing my Bank of America account?
Discuss any linked accounts (e.g., credit cards, loans, investment accounts, overdraft protection) with the Bank of America representative. They will advise on the specific steps needed for those products.
How to avoid fees when closing a Bank of America account?
Ensure your account balance is zero or positive and that all outstanding fees have been paid. Generally, Bank of America does not charge a fee to close a checking or savings account that meets these criteria.
 |
