Do you find yourself wondering, "How do I finally get rid of my Bank of America savings account?" Perhaps you're tired of fees, looking for better interest rates, or simply consolidating your finances. Whatever your reason, closing a bank account, especially a savings account, requires a thoughtful, step-by-step approach to avoid any unpleasant surprises.
This comprehensive guide will walk you through the entire process of closing your Bank of America savings account, ensuring a smooth transition and no loose ends. Ready to take control of your financial future? Let's dive in!
Step 1: Assess Your Account and Plan Your Next Move
Before you do anything, it's crucial to understand the ins and outs of your current Bank of America savings account and where you want your money to go next. This initial assessment will save you a lot of hassle down the line.
Sub-heading: Understanding Your Bank of America Savings Account
- Check your balance: First things first, know exactly how much money is in your savings account. This will determine how you transfer the funds.
- Review your statements: Go through your recent statements (physical or online). Look for any recurring deposits (like direct deposits from your employer) or automatic withdrawals (like linked bill payments or transfers to other accounts). Make a detailed list of these. This is incredibly important to prevent missed payments or issues with your income.
- Identify linked accounts: Is your savings account linked to a checking account, a credit card, or any investment accounts with Bank of America? Do you have any overdraft protection tied to this savings account? You'll need to address these connections.
- Understand fees and minimums: Bank of America's Advantage Savings accounts may have an $8 monthly maintenance fee, which can be waived by maintaining a minimum daily balance of $500 or linking it to an eligible checking account. Ensure you understand any potential fees for having a low balance or for early closure, though generally, there are no fees for simply closing an account.
Sub-heading: Choosing Your New Financial Home
- Research alternative banks/credit unions: Don't jump from one bank to another without doing your homework. Look for institutions that offer:
- Higher interest rates on savings.
- Lower or no monthly fees.
- Convenient branch locations (if you prefer in-person banking).
- Excellent online and mobile banking features.
- Customer service that aligns with your needs.
- Open your new account: Once you've chosen your new bank, open your new savings and/or checking accounts. Ensure these accounts are fully set up and ready to receive funds before you proceed with closing your Bank of America account. It's wise to have both accounts open simultaneously for a period to ensure a smooth transition.
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| How To Get Rid Of Savings Account Bank Of America |
Step 2: Transferring Funds and Updating Automatic Transactions
This is where the real work begins. Meticulously moving your money and updating all your automatic transactions is key to avoiding financial headaches.
Sub-heading: Moving Your Funds Out
- Internal transfers: If you've opened a new account at Bank of America and simply want to consolidate, you can easily transfer funds between your BoA accounts online, through the mobile app, or at an ATM.
- External transfers (ACH): The most common way to transfer a large sum to an external bank is via an Automated Clearing House (ACH) transfer. You can usually initiate this from your new bank's online banking platform by linking your Bank of America account. Alternatively, you can initiate a transfer from your Bank of America account to your new bank. ACH transfers are often free but can take 1-3 business days to process.
- Wire transfers: For very large sums or if you need the money to arrive very quickly, a wire transfer is an option. Be aware that Bank of America may charge a fee for outbound wire transfers.
- Cash withdrawal/Cashier's Check: For smaller balances, you might simply withdraw the remaining cash at an ATM or a branch. For larger sums you prefer not to transfer electronically, you can request a cashier's check from Bank of America. Be aware that Bank of America may charge a fee for a cashier's check.
Sub-heading: Updating Direct Deposits and Automatic Payments
This is arguably the most critical step to prevent disruptions to your finances.
QuickTip: Reading twice makes retention stronger.
- Direct Deposits:
- For employment paychecks: Contact your employer's HR or payroll department and provide them with the new routing and account numbers for your new bank account. You'll likely need to fill out a new direct deposit form.
- For government benefits (e.g., Social Security): Contact the relevant agency to update your direct deposit information.
- Automatic Payments/Bill Pay:
- Online bill pay: If you use Bank of America's online bill pay service, log in and cancel all scheduled payments.
- Vendor payments: Go through your list of recurring debits (subscriptions, utilities, loan payments, insurance, etc.). For each one, log into the vendor's website or contact them directly to update your payment method with your new bank account information. Do not rely solely on canceling payments through Bank of America's bill pay service, as some vendors may have direct debit agreements.
- Linked services (Zelle, PayPal, etc.): If your Bank of America savings account is linked to payment apps like Zelle, PayPal, or Venmo, update your preferred bank account within these applications to your new bank.
Step 3: Allow for Overlap and Monitor Transactions
Patience is a virtue when closing a bank account. Don't rush to close your Bank of America account immediately after transferring funds.
- Maintain a small balance: It's a good idea to leave a small amount of money (e.g., $50-$100) in your Bank of America savings account for at least a few weeks, or even a month or two, after you've moved most of your funds and updated transactions. This buffer will cover any lingering small debits or unexpected deposits that might still come through.
- Monitor both accounts: Continuously monitor both your old Bank of America account and your new account. Look for any pending transactions on your Bank of America account that haven't cleared yet. Ensure all your direct deposits are going to your new account and all automatic payments are successfully drawing from your new account.
- Download statements: Before you close your account, download and save at least a year's worth of statements for your records. This can be helpful for tax purposes or if you ever need to reference past transactions.
Step 4: Formal Account Closure
Once you are confident that all funds have been transferred and all recurring transactions have been successfully moved to your new bank, it's time to formally close your Bank of America savings account. You cannot close a Bank of America account online.
Sub-heading: Options for Closing Your Account
Bank of America offers a few ways to close your account:
- In-Person at a Financial Center (Recommended for clarity and proof):
- Visit any Bank of America branch. You don't necessarily have to go to the branch where you opened the account.
- Bring required identification: You will need a valid government-issued photo ID (like a driver's license or passport) and your Social Security number to verify your identity.
- Inform the banker: Tell the bank representative you wish to close your savings account.
- Confirm zero balance: Ensure the account balance is exactly zero. If there's a small residual amount, the banker can either give it to you in cash or transfer it to another Bank of America account (if you have one). If you have a negative balance, you will need to settle it first.
- Get confirmation: Crucially, ask for a written confirmation that your account has been closed and the date of closure. This is your proof.
- Over the Phone:
- Call Bank of America Customer Service: Dial 1-800-432-1000.
- Identity verification: Be prepared to answer security questions to verify your identity. You will likely need your account number.
- Request closure: Clearly state that you want to close your savings account.
- Confirm process: Ask about the timeline for closure and if there are any further steps you need to take.
- Request confirmation: Ask if they can send you a written confirmation of closure via mail or email.
- By Mail (Least Recommended):
- This method is generally not recommended due to potential delays and lack of immediate confirmation.
- Write a formal letter: Include your full name, account number, address, and a clear request to close the savings account.
- All account owners must sign: If it's a joint account, all account holders must sign the letter.
- Specify fund disposition: If there's a remaining balance, specify how you want the funds transferred (e.g., to an external bank account, or request a cashier's check).
- Send to the main office: Mail your request to: Bank of America FL1-300-01-29 PO Box 25118 Tampa, FL 33622-5118
- Consider certified mail: To have proof of delivery, send the letter via certified mail with a return receipt requested.
Step 5: Final Checks and Record Keeping
Even after the formal closure, a few final checks are necessary to ensure everything is truly wrapped up.
QuickTip: Keep going — the next point may connect.
- Verify closure: After the stated closure period (usually 2-3 business days), try to log into your Bank of America online banking. The closed account should no longer appear. If you closed it by phone or mail, you might need to call customer service again to confirm.
- Shred old cards and checks: Once you're certain the account is closed, shred any debit cards, ATM cards, and unused checks associated with that Bank of America savings account.
- Keep your records: Store all your confirmation documents, downloaded statements, and any communication with Bank of America in a safe place for several years. This includes the written confirmation of closure.
10 Related FAQ Questions
Here are some frequently asked questions about closing a Bank of America savings account, with quick answers:
How to know if my Bank of America savings account has a monthly fee?
Bank of America Advantage Savings accounts typically have an $8 monthly maintenance fee, which can be waived if you maintain a minimum daily balance of $500 or link it to an eligible checking account.
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How to transfer money from my Bank of America savings account to another bank?
You can transfer money via ACH transfer (online banking or through your new bank), wire transfer (for a fee), or by requesting a cashier's check or withdrawing cash at a branch.
How to update my direct deposit after closing my Bank of America savings account?
Contact your employer's payroll department or the relevant government agency and provide them with the new routing and account numbers for your new bank account.
QuickTip: Return to sections that felt unclear.
How to stop automatic payments linked to my Bank of America savings account?
Cancel any scheduled payments through Bank of America's online bill pay and directly update your payment method with each individual vendor or service provider.
How to close my Bank of America savings account if I have a negative balance?
You must settle any negative balance before the account can be closed. This usually requires depositing funds to bring the balance to zero or positive.
How to get a confirmation that my Bank of America savings account is closed?
When closing in person, ask for a written confirmation. If closing by phone or mail, inquire if a confirmation can be sent to you.
How to handle interest earned on my Bank of America savings account when closing?
Any interest accrued up to the point of closure should be credited to your account. However, banks generally don't pay interest for partial periods if closed before the regular interest posting date, so it's best to confirm with a representative.
Tip: Keep your attention on the main thread.
How to close a Bank of America savings account online?
You cannot close a Bank of America savings account online. You must do so in person, by phone, or by mail.
How to contact Bank of America customer service for account closure?
You can call Bank of America's customer service line at 1-800-432-1000.
How to find out what documents are needed to close a Bank of America account in person?
You will typically need a valid government-issued photo ID (driver's license, passport) and your Social Security number.
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