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Closing a Bank of America account is a straightforward process, but it's worth understanding what happens before, during, and after so you can avoid surprises or unintended consequences. Whether you're consolidating accounts, switching banks, or just cleaning up, here's what you need to know.
People close accounts for many reasons: they've found a bank with better terms, they want fewer accounts to manage, they're moving and prefer a local institution, or they're unhappy with fees or service. Understanding your own motivation can help you decide whether closing is the right move or whether modifying the account might solve the problem instead.
Redirect direct deposits and automatic payments. This is the most critical step. If your paycheck, benefits, or bills are tied to this account, you need to update those instructions weeks before closing. Missing this can cause payments to fail or direct deposits to bounce.
Withdraw or transfer remaining funds. Move any balance to another account. Some banks allow you to close an account online while funds are still present, but others require a zero balance first—check with your specific branch or account type.
Review your account history. If you need past statements for taxes, records, or disputes, download or request them before closing. You can typically access these online, but having them secured beforehand prevents complications.
Online or mobile app: Many Bank of America customers can initiate closure through their online banking dashboard or mobile app. Look for account settings or "close account" options. This is the fastest route if available for your account type.
Phone: Call the customer service number on the back of your card or statement. A representative can walk you through the process and answer questions specific to your account.
In-person at a branch: Visit any Bank of America location with valid ID. This option is useful if you have questions, multiple accounts to manage, or prefer face-to-face confirmation.
By mail: Some account types allow closure via written request, though this is less common for deposits accounts.
The steps and restrictions vary by account type:
| Account Type | Closure Method | Key Considerations |
|---|---|---|
| Checking | Online, phone, or branch | Easiest to close; lowest friction |
| Savings | Online, phone, or branch | May have withdrawal limits before closure |
| Money Market | Phone or branch | Often requires minimum balance or notice period |
| CDs | Phone or branch | Early withdrawal penalties apply; cannot close before maturity unless willing to pay |
Checking and savings accounts typically close within days. CDs and money market accounts may have specific rules tied to their terms.
Your account is deactivated. You won't be able to access it or make transactions. Any linked debit cards become inactive.
Your credit is unaffected. Closing a deposit account does not impact your credit score because it's not a credit product. (This is different from closing a credit card, which can affect your credit profile.)
You may receive a final statement. This confirms the closure and shows any remaining activity or fees.
Outstanding checks or transfers may clear after closure. If checks were written before you closed the account, they can still clear afterward. Bank of America will typically honor them if funds were available at the time of closure.
Your account standing: If your account is in good standing with no overdrafts or disputes, closure is routine. If there are issues, the bank may ask questions or delay.
Account age: Very new accounts may have restrictions on closure, though this is uncommon.
Outstanding issues: Pending disputes, fraud investigations, or liens can prevent immediate closure.
Multiple accounts: If you have several accounts at Bank of America, closing one doesn't affect the others unless you specify otherwise.
Before closing, confirm:
Every account situation is slightly different, so a five-minute call to confirm these details can save frustration later.
Closing a Bank of America account is designed to be simple, but the preparation work—redirecting payments and withdrawing funds—is what makes the actual closure seamless. Take your time with those steps, and the closure itself will be straightforward.
