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Closing a Bank of America account is straightforward, but the method available to you depends on the account type and your circumstances. Understanding your options—and what happens before, during, and after closure—helps you avoid surprises.
Bank of America allows online closure for most deposit accounts (checking, savings, money market), but the specific steps vary. You'll typically log into your online banking portal or mobile app, navigate to account settings, and initiate the closure request. However, some account types or situations may require a phone call or in-person visit.
Before attempting online closure, verify that:
Deposit accounts (checking and savings) are generally the easiest to close online. Credit card accounts follow different rules—you can't close them through standard banking portals; instead, you'll typically call the credit card customer service line or use the card-specific portal.
Investment or brokerage accounts linked to your Bank of America profile may require additional documentation or a phone conversation. Retirement accounts (IRAs, etc.) have special rules around closures and may trigger tax events.
Transfer your remaining balance. Moving money out is your responsibility. Bank of America will not issue a check for leftover funds automatically.
Redirect automatic deposits and payments. Update your direct deposit with your employer to point to your new bank. Contact any creditors, employers, or services that pull payments from this account, and provide your new banking information.
Review pending transactions. Checks you've written, pending bill payments, or transfers in process may still post after closure. If the account is closed but a transaction comes through, it could trigger an overdraft or failure notice.
Save statements and records. Download or print statements for tax, audit, or record-keeping purposes. Closed accounts become harder to access later.
Once you initiate closure online or by phone, Bank of America typically processes the request within a few business days, though the exact timeframe isn't guaranteed. During this window, the account transitions to a "closing" status—you can still access it, but new activity is restricted.
After closure is complete, the account stops functioning. Direct deposits will be rejected. Debit card transactions will decline. Any outstanding checks or recurring payments will fail. You won't receive statements for a closed account, so keep your final statement for records.
Closing a deposit account doesn't affect your credit score—deposit accounts don't appear on credit reports. However, closing a credit card account can impact your credit, because it reduces your available credit and may change your credit utilization ratio. This is an important distinction that many people overlook.
If you're closing a credit card and credit health matters to you, understand this trade-off before proceeding. The impact varies by individual profile and existing credit history.
If you can't close online—or if the process stalls—you can:
Each method takes roughly the same amount of time but offers a record of your request.
Your closure process depends on whether you have outstanding transactions, linked accounts, automatic payments, or multiple products with Bank of America. It also depends on whether you're closing a personal deposit account versus a credit product or business account. These factors determine how smooth the process is and how long it takes.
The right closure approach for your situation depends on what accounts you're closing and what's connected to them. Use the checklist above to prepare, and don't assume online closure will work for every product you hold.
