Free, helpful information about Card Guides and related Close Bank Of America Account topics.
Get clear and easy-to-understand details about Close Bank Of America Account topics and resources.
Answer a few optional questions to receive offers or information related to Card Guides. The survey is optional and not required to access your free guide.
Closing a Bank of America account is straightforward, but the right timing and method depend on your financial situation and what you're trying to accomplish. Understanding the process and potential implications helps you avoid unnecessary fees or complications.
People close accounts for different reasons—switching to another bank, consolidating multiple accounts, or moving away from the institution. Your reason matters because it may affect which closure method makes sense and what you should do beforehand.
If you're unhappy with fees, service, or features, closing might be the right choice for your profile. If you're simply consolidating, you might have other options to explore first.
Stop using the account immediately. Set up any automatic deposits or payments to redirect elsewhere before you initiate closure. Pending transactions can complicate the process.
Pay off any outstanding balances. If you have a negative balance (you owe the bank money), you'll need to settle it. If you have a positive balance, the bank will return it to you—typically via check or transfer to another account you designate.
Gather important documents. You may need account information, identification, and details about where funds should be sent.
You have three primary options:
Visit a branch in person. Bring your ID and speak directly with a representative. This is often the clearest method because they can answer questions about your specific account on the spot and process the closure immediately.
Call customer service. Bank of America's phone line can initiate account closure. You'll verify your identity and provide instructions for where remaining funds should go. Confirm the closure in writing afterward.
Use online or mobile banking. Some account types allow you to request closure through your digital account portal, though complex accounts may require a phone call or branch visit.
The closure typically takes a few business days to fully process. Any funds remaining in the account will be sent via the method you specify—usually a check mailed to your address on file or a transfer to another account.
Once closed, the account number becomes inactive. You won't be able to reopen it under the same number, though you could open a new account later if you change your mind.
Outstanding checks or automatic payments that post after you've requested closure can cause delays. Make sure everything has cleared or been redirected.
Credit reporting is generally not affected by closing a deposit account (checking or savings), unlike closing a credit card, which can impact credit scores. However, closing credit products through Bank of America carries different considerations.
Fees may apply in some cases—for example, early closure fees on certain savings products. Ask about this when you initiate closure.
| Factor | How It Matters |
|---|---|
| Account type | Checking and savings close simply; investment or specialty accounts may require more steps |
| Account history | Long-standing accounts with no issues usually close without friction |
| Outstanding transactions | Pending deposits or charges can delay closure |
| Remaining balance | Positive balances must be claimed; you decide how funds are returned |
| Linked products | Credit cards, loans, or other accounts tied to this one may need separate handling |
Before closing, consider whether you're truly dissatisfied with the bank or just a specific product. Sometimes switching to a different account type within Bank of America solves the problem without the hassle of starting over elsewhere.
If you're switching banks entirely, confirm your new institution is set up and working before fully closing the old account. This prevents gaps in access to funds or payment processing.
If you have automatic bill payments tied to the account, update them with your new bank information to avoid missed payments or returned transactions.
Closing an account is reversible only to a limited degree—you can usually reopen one within a short window, but the specifics vary. Contact Bank of America directly to understand what applies to your account type if you think you might reconsider.
