Ready to break up with your Bank of America account? Whether you're moving to a new bank, consolidating your finances, or simply looking for a change, closing an account requires a bit of preparation to ensure a smooth transition and avoid any unexpected hiccups. Don't worry, we're here to guide you through every step of the process! Let's dive in!
How to Shut Down Your Bank of America Account: A Comprehensive Guide
Closing a bank account might seem daunting, but by following a clear, step-by-step approach, you can complete the process efficiently and avoid any lingering issues.
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| How To Shut Down Bank Of America Account |
Step 1: Prepare for the Big Move – Setting Up Your New Financial Home
Before you even think about saying goodbye to Bank of America, the absolute first and most crucial step is to establish your new banking relationship. Imagine moving out of your old house without a new one to move into – it just wouldn't work!
1.1 Open a New Bank Account
- Why this is important: You need a secure place to transfer your funds and manage your incoming and outgoing payments. Trying to close your Bank of America account without a new one ready can lead to significant financial inconvenience.
- What to look for in a new bank: Consider factors like:
- Fees: Look for accounts with no monthly maintenance fees or easy ways to waive them.
- ATM access: Do they have a good network of ATMs near you?
- Online and mobile banking: Is their digital platform user-friendly and robust?
- Customer service: How accessible and helpful are their support channels?
- Specific features: Do you need particular features like high-yield savings, investment options, or specific loan products?
1.2 Fund Your New Account
- Once your new account is open, make an initial deposit. This allows you to activate your new debit card, set up online banking, and start familiarizing yourself with your new bank's services.
- It's a good idea to leave a small buffer in your Bank of America account for a short period, just in case any unexpected debits come through while you're transitioning your automatic payments.
Step 2: Detach and Redirect – Managing Your Money Flows
This is where the real legwork begins. You need to identify and redirect all money flowing into and out of your Bank of America account.
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2.1 Identify All Automatic Payments and Subscriptions
- The Sneaky Culprits: Think about everything that automatically debits from your Bank of America account. This includes:
- Utility bills (electricity, water, gas, internet)
- Loan payments (car, student, personal)
- Mortgage or rent payments
- Subscription services (Netflix, Spotify, gym memberships, software subscriptions)
- Insurance premiums
- Credit card payments
- Any recurring charitable donations
- How to find them: The easiest way to get a comprehensive list is to:
- Review your Bank of America statements: Go through at least the last 6-12 months of statements (both checking and savings, if applicable) to catch all recurring transactions.
- Check your online banking: Look for "Scheduled Payments" or "Bill Pay" sections in your Bank of America online portal.
- Consult your personal budget/finance apps: If you use budgeting software, it can often highlight recurring transactions.
2.2 Redirect Automatic Payments
- Contact each payee directly: For each automatic payment or subscription you identified, you'll need to contact the company or service provider to update your payment information with your new bank account details.
- Set reminders: It's easy to miss one! Set reminders to double-check that the new payment methods are working after a month or two.
- Important Note: Simply canceling the automatic payment at Bank of America does not cancel your underlying obligation to pay for the service. You still owe the money; you're just changing how you pay it.
2.3 Reroute Direct Deposits
- Your Paycheck: If your salary or other income (e.g., social security, pension) is directly deposited into your Bank of America account, you must update this with your employer or the paying institution.
- How to do it:
- Employer: Contact your HR or payroll department and fill out a new direct deposit form with your new bank's routing and account numbers.
- Government benefits: For Social Security or other government benefits, you'll need to update your direct deposit information through the relevant government agency.
- Allow time: Direct deposit changes can sometimes take one or two pay cycles to fully process. Keep your Bank of America account open and funded during this transition period.
Step 3: Clear the Decks – Emptying Your Bank of America Account
Once all your new payments and deposits are set up and confirmed, it's time to zero out your Bank of America account.
3.1 Transfer Remaining Funds
- Safest Method: The best way to transfer your remaining funds is typically through an electronic transfer (ACH) from your Bank of America account to your new bank account. Most banks allow you to initiate these transfers online or through their mobile app.
- Alternative methods:
- Withdraw cash: You can withdraw all remaining funds as cash and deposit it into your new account.
- Cashier's check: Request a cashier's check from Bank of America for the remaining balance, payable to yourself, and then deposit it into your new account. Note that there might be a fee for a cashier's check.
- Leave a Penny, Take a Penny? No! Make sure the balance is exactly zero, or even better, slightly over so that any small, unexpected fees don't put you into a negative balance. A negative balance could result in fees and prevent the account from closing.
3.2 Destroy Old Cards and Checks
- Physical Security: Once you've transferred funds and confirmed no more activity, physically destroy your Bank of America debit card and any unused checks. Shred them thoroughly to prevent any fraudulent use.
Step 4: The Final Act – Officially Closing the Account
Now that all the preliminary steps are complete, you can formally request the closure of your Bank of America account. There are a few ways to do this, but online closure is generally not an option for Bank of America checking and savings accounts.
4.1 Choose Your Closure Method
- In-Person (Recommended for Complex Situations):
- Visit a Bank of America branch: This is often the most straightforward method, especially if you have complex accounts or prefer face-to-face interaction.
- What to bring: Bring a valid government-issued photo ID (driver's license, passport), your Social Security number, and potentially your debit card and checkbook.
- Process: A bank representative will assist you in filling out the necessary account closure forms. Ensure you receive a confirmation of closure in writing.
- By Phone (Convenient Option):
- Call Bank of America Customer Service: You can call their main customer service line at 1-800-432-1000.
- Identity Verification: Be prepared to verify your identity with personal details.
- Request Closure: Clearly state that you wish to close your account(s).
- Confirmation: Request a written confirmation of the account closure to be mailed to you.
- By Mail (Least Recommended Due to Time):
- Send a written request: If in-person or phone options are not feasible, you can mail a signed letter to Bank of America's main office.
- What to include: Your full name, account number(s) to be closed, current address, and a clear statement requesting account closure.
- Signatures: Ensure all account holders sign the letter.
- Proof of mailing: Send it via certified mail with a return receipt requested so you have proof of delivery.
4.2 Confirm Account Closure
- Patience is Key: Account closures typically take a few business days (2-3 days is common).
- Monitor for a While: Even after you receive confirmation, it's highly advisable to monitor your new account and your old Bank of America account (if possible, through online banking for a short period) to ensure no unexpected transactions occur. If any transactions hit the old account, it could put you in a negative balance and prevent closure.
- Retain Documentation: Keep any confirmation numbers, forms, or letters related to the account closure for your records.
Step 5: Post-Closure Checks
You're almost there! A few final checks can save you headaches down the road.
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5.1 Review Credit Report (Optional, but Recommended)
- Occasionally, old bank accounts might show up on credit reports, even if closed. It's a good practice to check your credit report a few months after closure to ensure everything is accurately reflected. This usually doesn't affect your credit score, but accuracy is important.
5.2 Update Other Linked Services
- Did you link your Bank of America account to any third-party payment apps (e.g., Zelle, PayPal, Venmo, Cash App)? Make sure you've updated those with your new banking information.
10 Related FAQ Questions
How to check my Bank of America account balance before closing?
You can check your Bank of America account balance through online banking, the Bank of America mobile app, by calling customer service, or by visiting an ATM or financial center.
How to transfer money out of my Bank of America account to another bank?
You can transfer money via ACH transfer through online banking (either from Bank of America or initiated by your new bank), by wire transfer (may incur fees), or by withdrawing cash and depositing it into your new account.
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How to stop direct deposits to my Bank of America account?
To stop direct deposits, you must contact the source of the deposit (your employer's HR/payroll department, or the government agency for benefits) and provide them with the new routing and account numbers for your new bank.
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How to cancel automatic payments from my Bank of America account?
You should contact each company or service provider that has an automatic payment set up and provide them with your new payment information. You can also sometimes cancel these within Bank of America's online bill pay portal.
How to get a final statement from Bank of America after closing?
You can typically request a final statement from Bank of America by calling their customer service or by visiting a financial center. Many banks also provide access to past statements online even after closure for a certain period.
How to ensure all outstanding checks clear before closing my Bank of America account?
It's crucial to ensure all outstanding checks have cleared. Wait until all checks you've written have been presented and paid before initiating the closure. You can monitor this through your online banking.
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How to handle a negative balance when closing a Bank of America account?
You must bring your account balance to $0 or a positive amount before Bank of America will allow you to close it. Deposit enough funds to cover any negative balance and any potential outstanding fees.
How to confirm my Bank of America account is fully closed?
After your request, you can call Bank of America customer service after a few business days to confirm the account is officially closed. You should also request a written confirmation of closure for your records.
How to close a joint Bank of America account?
For a joint account, all account holders typically need to be present (if closing in-person) or provide their consent (if closing by phone or mail) to authorize the closure. Ensure all parties are in agreement and follow the same steps.
How to retrieve forgotten funds from a closed Bank of America account?
If funds remained in an account that was closed due to inactivity (escheatment), Bank of America will turn those funds over to your state's unclaimed property division. You would then need to contact your state's unclaimed property office to claim the funds.
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