How to Close a Bank of America Savings Account 💳

Closing a savings account at Bank of America is straightforward, but the process and any consequences depend on your account status and what you do with remaining funds. Here's what you need to know before you take action.

Why People Close Savings Accounts

People close accounts for different reasons: switching to another bank, consolidating accounts, or simply no longer needing the account. Understanding your motivation helps you plan the right sequence of steps, especially if you want to avoid fees or preserve your banking relationship.

The Basic Steps to Close Your Account

Contact Bank of America directly. You can close a savings account through:

• In-branch visit — Walk into any Bank of America location with your ID and account information. This is often the clearest option because staff can confirm the closure immediately and answer questions about your specific account.
• Phone — Call the number on your account statement or Bank of America's general customer service line.
• Online or mobile app — Some account closures can be initiated digitally, though availability varies by account type.

Ask the representative to confirm the closure date and ensure any pending transactions have cleared.

What to Do With Your Remaining Balance

Move your money before closing. Bank of America will not close an account with a positive balance sitting in it during the closure request—you must decide where the funds go. Your options include:

• Transfer to another Bank of America account you own
• Move the money to an external bank account (via ACH transfer or other means)
• Request a check be mailed to you
• Withdraw cash in-branch

Each method takes different amounts of time. An ACH transfer typically takes 1–3 business days, while a mailed check could take a week or more. Plan accordingly if you need immediate access to the funds.

Potential Fees and Account Requirements

Bank of America savings accounts may have monthly maintenance fees depending on the account tier and balance requirements. If your account has been assessed a fee in the months before closure, closing the account won't reverse those charges. Some accounts also require a minimum balance—if your balance falls below that threshold, you may face a fee. Confirm whether any fees apply to your specific account type before initiating closure.

Important Considerations Before You Close

Check for automatic payments or transfers. If any recurring transfers, bill payments, or direct deposits are linked to this account, update them with your new financial institution or payment method. Closing the account won't stop these automatically—they'll simply fail, which could trigger overdraft or returned-payment fees at the receiving institution.

Account history and credit. Closing the account itself doesn't affect your credit score, but closing accounts can affect factors lenders consider. This varies by situation, so factor this into your decision if you're concerned about credit implications.

Relationship with the bank. If you maintain other accounts at Bank of America (checking, credit cards, loans), closing one savings account typically has no impact on those relationships. However, if this is your only account, closing it might affect your status with the bank.

Confirm the Closure

Once your account balance is zero and the closure is processed, request written confirmation that your account has been closed. This documentation is useful if you ever need to dispute charges or verify closure status. Keep records for your files for at least one year.

The entire process typically takes a few business days to a week, depending on pending transactions and how you move your funds. Your timeline will depend on when you initiate the closure and whether any transactions are still clearing.