Closing a bank account may seem a daunting task to many. However, if you have the right information, it shouldn’t take that long.
Let’s guide you through the process of how to close the Bank of America account.
Important Steps to Consider Before You Close a Bank of America Account
Consider these important steps before processing an application to close a Bank of America account.
Verify Email Address
You’ll need a valid email address as well as a mailing address to receive confirmation from the bank. So, check your bank account details first.
You can confirm your contact details, email, and mailing address through online/mobile banking channels. Alternatively, visit a branch to confirm these details.
Once your account is closed, the bank will send you a confirmation and final bank statement.
Bring Account Balance to Zero
You must withdraw any available cash in your checking or savings account with Bank of America. Once your account is closed, you’ll not be able to make any transactions.
Officially, the bank will transfer any remaining amount in your account to any other account you have with Bank of America. Else, they’ll make a pay order by your name.
However, you should withdraw all money before closing the account to avoid any inconvenience.
Check Auto Payments
Verify that your bank account is not linked to a credit card. Also, stop any recurring payments through the auto payment setup if you had earlier created any.
Ensure not to issue new paper checks or schedule any future transactions through this account to avoid inconvenience.
Destroy Paper Checks and Cards
Although it’s not an official bank requirement, consider destroying debit cards and paper checks linked to your bank account.
It will ensure unauthorized use of the debit card or paper checks for your bank account.
Verify Credit Card Details
You may have a credit card linked to your bank account. Verify the card and other credit instruments linked to your bank account before closing it.
Also, make sure to provide an alternative bank account for your mortgage, rental, and auto loan payments if you have any.
How to Close a Bank of America Account?
The general process to close a bank account with the Bank of America is the same. All you need is to talk to a bank representative and follow the instructions.
You can close a Bank of America account in the following few ways.
At a Branch
The easiest option for you is to visit a Bank of America branch. Reach out to the customer services representative and ask for help.
The customer service agent will provide you with an application or fill it out manually with a digital version for you. Once your account closing application is filled out, sign it and hand it back to the agent.
Your bank account closing process should take a few minutes provided there are no liabilities on your side for the account.
A convenient but slower method to close your Bank of America account is to send the application by mail. You can download the closing account application online from the bank’s website easily or ask them to send it by email.
You can then print out and fill up the application and send it to Bank of America.
This method may take a few business days to process your application.
Another convenient option is to talk to a bank representative on phone. You can call the bank helpline at 800.432.1000 and ask the representative to close your account.
Make sure to provide the account details and identity information to process the application.
Unfortunately, you cannot close a Bank of America account using online or mobile banking. The bank does not allow customers to close a bank account online for security reasons.
A Step-by-Step Guide to Close a Bank of America Account
Follow these simple steps to close your bank account officially and avoid any inconvenience.
- Confirm your account balance and withdraw any amount available.
- Choose one of the methods listed above to proceed with your application.
- Fill out and sign the closing account form.
- If your bank balance is above $25,000, notarize the account closing application.
- Submit your request to the bank.
- Receive a confirmation for bank account closing from the bank.
If you close a bank account by visiting the branch, the customer services agent will guide you through the process.
Follow these instructions if you are using a phone or mail service.
Closing a Checking/Savings Account
Call Bank of America to close a checking/savings account at 800.432.1000.
Mail your application to the bank at:
|Bank of America FL1-300-03-15 PO Box 25118 Tampa, FL 33622-5118||Bank of America National Service and Solutions FL1-300-03-15 4909 Savarese Circle Tampa, FL 33634-2413|
Closing a CD or IRA Account
You can close a CD or IRA account by visiting a branch. Alternatively, you can call a bank representative at 888-827-1812.
Once the bank processes your account closing application, you’ll receive confirmation of account closing in an email with the last bank statement.
Closed Bank Accounts v Dormant Bank Accounts
Dormant bank accounts are inactive accounts for a specific period. If there is no transaction in a bank account statement for a certain period, the bank will deactivate the account temporarily.
The account holder can reactivate a dormant account by contacting the bank and providing renewed identity information.
Closed bank accounts cannot be reactivated or retrieved once they are processed. Also, closing a bank account is instructional either from the bank or the account holder.
How to Switch a Bank Account to a New Bank?
If you have an outstanding balance for a credit card, personal loan, mortgage, or any other financing, you may consider switching to a bank account rather than closing it.
First, you’ll need to open a new account in another bank. Then, obtain necessary account items like ATM cards, credit cards, checks, and others.
Withdraw or transfer money from your Bank of America account to the new account. Then, proceed with the account closing application.
You can follow the same steps to close a bank account in any other bank and open a new one with the Bank of America.
FAQs About Bank of America Account Closing Process
Let us briefly answer a few frequently asked questions about the account closing process.
What Information Do I Need to Close a Bank Account?
You need to visit a branch with your identity or provide it on the phone helpline. You’ll need to send the application if you close the account by mail.
Can I Transfer My Account to Another Branch?
Accountholders do not need to transfer their accounts to other branches of Bank of America as they can access the account from any branch.
What are the Charges to Close a Bank Account?
There are no charges to close a Bank of America account unless there is a negative balance or pending fees for other transactions.
Can I Close a Bank Account Online?
No, the Bank of America does not allow closing a bank account through online or mobile banking methods.
Can I Close a Bank Account if I Have a Personal Loan?
You can close a bank account but you’ll need to provide an alternative account to make loan installments to the bank.
What Happens to My Credit Card if I Close My Bank Account?
You can still keep the credit card as closing it is a separate process. However, you must update and link the new account to your credit card.
How Can I Contact Bank of America Customer Services?
You can call the Bank of America helpline at 800.432.1000.