You can close a Bank of America savings account in person, by phone, or by mail, but you must withdraw or transfer your balance first and settle any outstanding fees
Bank of America does not charge a fee to close a savings account. The process itself takes minutes if you do it in a branch, or a few business days if you do it by phone or mail. The main requirement is that your account balance must be zero — you cannot close an account with money still in it. If you have a linked checking account or other products, closing the savings account does not affect them.
The fastest way is to visit a branch in person with your ID. A teller will help you transfer or withdraw your remaining balance, confirm there are no pending transactions or fees, and close the account on the spot. If you cannot visit a branch, you can call Bank of America's customer service line or send a written request by mail, though both routes take longer because the bank needs to verify your identity and process the request through their system.
Key Takeaways
- Your savings account balance must be zero before Bank of America will close the account — transfer or withdraw all remaining money first.
- Closing the account in a branch is the fastest method and takes only a few minutes with your ID.
- If you close by phone or mail, allow three to five business days for the bank to process the closure after your balance reaches zero.
- Any outstanding fees or pending transactions must be settled before closure; the bank will not close an account with unresolved charges.
- Closing a savings account does not affect any other accounts you hold at Bank of America, such as a checking account or credit card.
Closing Your Account in a Bank of America Branch
Visit any Bank of America branch with a valid government-issued ID — a driver's license, passport, or state ID card will work. Tell the teller you want to close your savings account. They will pull up your account, show you the current balance, and ask how you want to handle the money. You can withdraw it in cash, transfer it to another account at Bank of America, or transfer it to an account at a different bank.
If you choose to transfer to another bank, have that account's routing number and your account number ready. The teller will initiate the transfer, which usually takes one to three business days to complete. Once your balance is zero and any pending fees are resolved, the teller will close the account and give you a confirmation. Keep this confirmation for your records.
Closing Your Account by Phone
Call Bank of America's customer service line at 1-800-432-1000. Have your account number and a form of ID ready. The representative will verify your identity by asking security questions based on your account history. Once verified, they will review your balance and any outstanding fees with you.
If your balance is not zero, the representative will walk you through transferring or withdrawing the money. You can authorize a transfer to another bank account over the phone if you have the routing and account numbers available. After your balance reaches zero, the representative will submit a closure request. The account will close within three to five business days. The bank will send you a written confirmation in the mail.
Closing Your Account by Mail
Write a letter to Bank of America requesting account closure. Include your full name, account number, the savings account type, and your signature. Mail it to the address on your most recent statement or to Bank of America's general correspondence address, which you can find on their website.
Before you mail the letter, make sure your account balance is zero. You can do this by visiting a branch or calling customer service to transfer or withdraw your balance. The bank will not close an account with a remaining balance, so your letter alone is not enough. Once the bank receives your letter and confirms your balance is zero, closure takes five to seven business days. You will receive written confirmation by mail.
What Happens to Your Money Before Closure
You have three options for the money in your account: withdraw it as cash, transfer it to another Bank of America account you own, or transfer it to an account at a different bank. If you withdraw cash, do it before you close the account — you cannot withdraw from a closed account. If you transfer to another Bank of America account, the transfer is when ready if both accounts are in your name. If you transfer to a different bank, provide the receiving bank's routing number and your account number at that bank; the transfer takes one to three business days.
If your account has a negative balance — meaning you owe the bank money — you must pay that amount before closure. This can happen if fees were charged and your balance went below zero. The bank will not close the account until the debt is settled. You can pay by transferring funds from another account, making a deposit at a branch, or authorizing a payment over the phone.
Fees and Charges to Settle Before Closing
Bank of America may charge fees for things like overdrafts, low balance maintenance, or returned deposits. These fees must be paid before the account closes. When you contact the bank to close your account, ask the representative to review any outstanding charges. If there are fees, you can pay them from your savings account balance, from another account, or by making a deposit.
Some fees may be pending — meaning they have been incurred but not yet posted to your account. The bank will tell you about these when you request closure. Do not assume your account is fee-free just because you do not see charges listed; ask the representative directly. Once all fees are paid and your balance is zero, closure can proceed.
After Your Account Is Closed
Once closed, you cannot use the account. Any automatic transfers or bill payments linked to that savings account will fail. If you have set up direct deposit or other recurring transfers to this account, update those arrangements before closure or they will be rejected. The bank will keep records of the closed account for your file, and you can request a statement or history if needed.
If you closed the account by mistake or change your mind shortly after closure, contact Bank of America when ready. The bank may be able to reopen the account within a short window, usually a few days. After that window closes, reopening is not possible, and you would have to open a new account instead.
Frequently Asked Questions
Do I lose my debit card when I close my savings account?
If your debit card is linked only to the savings account you are closing, you will no longer be able to use it. If the card is linked to a checking account or other account you are keeping open, the card will continue to work. Contact Bank of America if you are unsure which accounts your card is linked to.
What if I have pending transactions on the account?
Pending transactions must clear before the account closes. A pending transaction is money that has been authorized but not yet posted — for example, a debit card charge that has not fully processed. Wait for pending transactions to clear, then close the account. If a transaction is stuck in pending status, call customer service to investigate.
Can I close the account if I have a negative balance?
No. You must pay off any negative balance before closure. A negative balance means you owe the bank money, usually from fees or overdrafts. Pay the amount owed from another account or by making a deposit, then the account can close.
How long does it take to close a savings account?
In a branch, closure is when ready — it takes a few minutes. By phone or mail, allow three to seven business days after your balance reaches zero. The exact timing depends on whether there are pending transactions or fees to resolve.
Will closing my savings account hurt my credit score?
Closing a savings account does not affect your credit score. Credit scores are based on credit history — loans, credit cards, and payment behavior. Savings accounts are not reported to credit bureaus, so opening or closing one has no impact on your credit.