"Merging" two Bank of America accounts isn't quite like combining two separate entities into one new one. Instead, it typically refers to a process of consolidating your finances by closing one account and transferring its funds and activities to another existing account, or opening a new account to serve as the primary one. Bank of America usually "links" accounts under a single Online Banking ID, which gives you a consolidated view, but it doesn't merge them in the sense of making them a single account number.
This guide will walk you through the steps to effectively "merge" your Bank of America accounts by consolidating them, ensuring a smooth transition and helping you streamline your financial management.
Are You Ready to Simplify Your Banking? Let's Get Started!
Feeling overwhelmed with multiple bank accounts? Want to streamline your finances, reduce fees, or just make managing your money simpler? You've come to the right place! This comprehensive guide will help you understand how to effectively "merge" your Bank of America accounts by consolidating them into a more manageable structure. Let's begin!
Step 1: Define Your "Merge" Goal and Account Status
Before you start moving money around, it's crucial to understand what you're trying to achieve and what kind of accounts you have. This will dictate the best approach.
1.1. Why Do You Want to Merge?
- Simplify Management: Are you tired of logging into multiple accounts or tracking different balances?
- Reduce Fees: Do some of your accounts incur monthly maintenance fees that you could avoid by consolidating?
- Better Interest Rates: Could consolidating funds into one account help you meet minimum balance requirements for higher interest rates or other benefits?
- Financial Control: Do you want a clearer picture of your overall financial standing?
1.2. What Accounts Do You Have?
Identify the specific Bank of America accounts you want to "merge":
- Checking Accounts: Do you have more than one checking account?
- Savings Accounts: Are you looking to combine multiple savings accounts?
- Checking and Savings: Do you want to consolidate a checking and a savings account into one primary checking or savings account?
- Joint vs. Individual Accounts: Are these individual accounts, or are any of them joint accounts? The process for joint accounts often requires all account holders' consent and presence.
1.3. Gather Your Account Information
Have the following details handy for all accounts involved:
- Account Numbers: The full account numbers for each account.
- Routing Numbers: While less critical for internal transfers, it's good to know.
- User IDs and Passwords: For Online Banking access.
- Personal Identification: Driver's license, state ID, or passport (especially if you'll be visiting a financial center).
Step 2: Preparing the Account You Plan to Close (The "Source" Account)
This is a critical step to ensure a smooth transition and avoid any disruptions to your financial life.
2.1. Update Direct Deposits
- Identify All Direct Deposits: This includes your salary, government benefits, retirement payments, etc.
- Change to the "Target" Account: Contact your employer, benefits providers, or any other source of direct deposits and provide them with the account number and routing number of the Bank of America account you intend to keep (your "target" account).
- Allow Ample Time: This process can take one or two pay cycles to fully implement. Do not close your old account until all direct deposits are redirected.
2.2. Redirect Automatic Payments and Subscriptions
- Review Your Statements: Go through at least the last 6-12 months of statements for the account you plan to close. Look for recurring debits, automatic bill payments, and subscription services (e.g., Netflix, gym memberships, utility bills, loan payments).
- Update Payment Information: Log in to each service's website or contact the companies directly to update your payment method to your "target" Bank of America account.
- Set Reminders: It can be easy to miss one! Consider making a spreadsheet or checklist.
2.3. Transfer Remaining Funds
- Internal Transfers are Easiest: Bank of America makes it easy to transfer money between your own linked accounts online or via their mobile app.
- Online Banking: Log in, navigate to "Transfers" or "Move Money," and select the accounts you wish to transfer between.
- Mobile App: Similarly, the mobile app offers a straightforward "Transfer" option.
- ATM or Teller: You can also transfer funds at a Bank of America ATM or by visiting a financial center.
- Leave a Small Buffer (Initially): Consider leaving a small amount (e.g., $50-$100) in the account you plan to close for a few weeks. This acts as a buffer in case any last-minute, forgotten transactions or direct debits come through. You can transfer this remaining balance once you are absolutely certain all activity has ceased.
2.4. Clear Outstanding Checks and Pending Transactions
- Wait for Checks to Clear: If you've written any checks from the account you're closing, ensure they have all cleared before proceeding.
- Monitor Pending Transactions: Check for any pending debit card transactions or electronic payments. Wait for these to post to your account before initiating the closure.
Step 3: Closing the "Source" Account
Once you're confident all activity has been redirected and the balance is zero (or near zero), you can proceed with closing the account.
3.1. Choose Your Closure Method
Bank of America offers a few ways to close an account:
- In Person (Recommended for Simplicity and Verification):
- Schedule an Appointment: It's often best to schedule an appointment with a personal banker at your local Bank of America financial center. This ensures dedicated time and assistance.
- Bring Required Documents: Have your valid government-issued photo ID and the account number(s) you wish to close. If it's a joint account, all account holders will typically need to be present and provide ID.
- Confirm Zero Balance: The banker will help you verify the account balance is zero and assist with any final transfers if needed. They can also ensure all linked services are unlinked from this account.
- By Phone (Convenient if You Can't Visit a Branch):
- Call Customer Service: Dial Bank of America's customer service number (usually 1-800-432-1000 for consumer accounts).
- Have Information Ready: Be prepared to provide your account number(s) and verify your identity through security questions.
- Discuss Final Balance: If there's a remaining balance, they'll ask how you'd like it transferred (to another Bank of America account or mailed as a check). If the balance is substantial (e.g., over $25,000), they might require additional steps like a notarized letter for mail requests, so phone is generally better for clarity.
- By Mail (Least Recommended Due to Processing Time):
- Write a Formal Request: Include your name, address, and the account number(s) you wish to close.
- Signatures Required: All account owners must sign the letter.
- Specify Fund Transfer: Clearly state where you want any remaining balance transferred (another Bank of America account or a cashier's check mailed to you).
- Notarization (if applicable): If your account balance is more than $25,000, your letter will likely need to be notarized.
- Mail To: Bank of America FL1-300-03-15 PO Box 25118 Tampa, FL 33622-5118
- Expect Delays: Mail requests can take longer to process and you won't have immediate confirmation.
3.2. Important Considerations During Closure
- Destroy Cards and Checks: Once the account is officially closed, shred any associated debit cards and checks.
- Download Statements: Download and save any past statements you might need for your records, as you may lose access to them online once the account is closed.
- Confirmation: Ask for a written confirmation of the account closure, whether it's an email confirmation or a letter.
Step 4: Managing Your Consolidated Finances
Now that you've successfully "merged" your accounts by consolidating them, it's time to optimize your new streamlined setup.
4.1. Monitor Your "Target" Account
- Review Transactions: Keep a close eye on your statements for the next few months to ensure all direct deposits are coming in and all automatic payments are going out as expected from your designated "target" account.
- Set Up Alerts: Utilize Bank of America's online and mobile banking alerts for low balance, large transactions, or direct deposit notifications. This helps you stay on top of your finances.
4.2. Take Advantage of Linked Accounts and Features
- Online Banking Consolidation: Bank of America automatically links eligible accounts under a single User ID for Online Banking. This allows you to view all your checking, savings, credit cards, and even Merrill Edge investment accounts in one place, providing a holistic financial overview.
- Preferred Rewards Program: If consolidating your assets helps you meet certain balance thresholds, explore Bank of America's Preferred Rewards program. This can offer benefits like interest rate boosts on savings, credit card rewards bonuses, and other perks.
- Budgeting Tools: Utilize Bank of America's built-in budgeting tools (like Life Plan or Spending & Budgeting) available through Online Banking or the mobile app to track your spending and manage your new, simplified finances more effectively.
- Internal Transfers: Continue to leverage the easy internal transfer options between your remaining Bank of America accounts for managing your money, e.g., moving funds from checking to savings for specific goals.
Step 5: Ongoing Review and Maintenance
Consolidating is a great first step, but ongoing maintenance is key to long-term financial health.
5.1. Regular Financial Health Checks
- Monthly Reconciliation: Continue to reconcile your bank statements regularly to catch any errors or unauthorized transactions.
- Budget Review: Periodically review your budget and spending habits to ensure they align with your financial goals.
- Savings Goals: With a clearer financial picture, it's easier to set and achieve savings goals.
5.2. Seek Professional Guidance (Optional)
- If you have complex financial situations or are unsure about certain aspects of consolidating accounts, consider speaking with a Bank of America financial specialist or a certified financial advisor. They can offer personalized advice based on your unique circumstances.
Frequently Asked Questions (FAQs) - How To Merge Bank of America Accounts
Here are 10 common questions related to merging or consolidating Bank of America accounts, with quick answers:
How to transfer money between two Bank of America accounts?
You can easily transfer money between your linked Bank of America accounts online, through the mobile app, at an ATM, or by visiting a financial center.
How to close a Bank of America checking or savings account?
You can close a Bank of America checking or savings account in person at a financial center, by calling customer service (1-800-432-1000), or by sending a written request via mail.
How to change direct deposit information for a Bank of America account?
To change direct deposit information, you'll need to contact the source of the deposit (e.g., your employer, benefits provider) and provide them with the new account and routing numbers for your desired Bank of America account.
How to update automatic payments linked to a Bank of America account?
You'll need to contact each company or service that processes an automatic payment and update your payment method directly with them to your new primary Bank of America account.
How to find my Bank of America account and routing numbers?
You can find your account and routing numbers on your checks, bank statements, or by logging into your Bank of America Online Banking or mobile app.
How to schedule an appointment with a Bank of America financial specialist?
You can schedule an appointment with a Bank of America financial specialist through their website or by calling their customer service number.
How to access Bank of America's online banking?
You can access Bank of America's online banking by visiting
How to download past statements from my Bank of America account?
You can usually download past statements from your Bank of America Online Banking portal by navigating to the "Statements & Documents" section.
How to avoid monthly maintenance fees on Bank of America accounts?
Bank of America offers various ways to waive monthly maintenance fees, such as maintaining a minimum daily balance, having eligible direct deposits, or being enrolled in Preferred Rewards. Check their Personal Schedule of Fees for details specific to your account type.
How to get a consolidated view of all my Bank of America accounts?
Once you enroll in Bank of America Online Banking, all your eligible checking, savings, credit card, and Merrill Edge investment accounts will automatically be linked under one User ID, providing you with a consolidated view.
