Closing a savings account might seem like a simple task, but with banks like Bank of America, it’s best to follow the right steps to avoid fees or missed payments. Whether you're moving your money elsewhere or consolidating accounts, the process is straightforward—once you know what to do. Here’s how to close your Bank of America savings account smoothly and without hassle.
Make Sure Your Account Balance Is Zero or Positive
Before you start the closing process, check your savings account balance. Bank of America won’t let you close an account with a negative balance or any outstanding fees.
- Deposit any remaining funds into another account.
- Clear any pending transactions before closure.
- If there are automatic payments or direct deposits linked, update those ahead of time to avoid missed bills or paycheck issues.
This small step saves you from complications later.
Update Your Automatic Payments and Direct Deposits
Many people forget this part. If your paycheck, utility bill, or any other payment is coming in or going out through this savings account, switch those details over before closing.
- Contact your employer to change direct deposit information.
- Update utility providers or any companies where you have automatic payments set up.
- Keep a list to track all linked transactions.
This helps prevent late fees or lost payments after your account is closed.
Choose How to Close the Account: In Person, By Phone, or By Mail
Bank of America does not support closing savings accounts online. You’ll need to close your account through one of the following options:
1. Visit a Local Branch
The fastest and most reliable way is to go to your nearest Bank of America branch. A banker can close the account on the spot. Bring a valid ID, and ensure your balance is zero.
2. Call Customer Service
Dial 800-432-1000 and speak with a representative. Tell them you want to close your savings account. They’ll guide you through the process, which might include mailing or faxing a signed form.
3. Submit a Written Request
Download or request an Account Closing Request form. Fill it out with all your account details, sign it, and send it via mail to the Bank of America address given on their official site.
The form usually asks for:
- Your account number
- Type of account (savings)
- Signatures of all account holders
- Forwarding address for any leftover balance
Withdraw or Transfer Your Money Before Closing
You can’t leave money sitting in the account expecting a check later. Bank of America requires you to either:
- Transfer funds electronically to another bank account.
- Withdraw funds in cash or through a cashier’s check at the branch.
Having an alternate account ready will make transferring funds easier.
Keep Account Statements for Your Records
Once the account is closed, you might lose access to your statements and transaction history. Download or print:
- Recent monthly statements
- Any tax documents or interest earned reports
This documentation might come in handy when filing taxes or tracking old transactions.
Photo by maitree rimthong
Avoid Surprises: Understand the Fees and Timing
Closing an account usually doesn't have fees if you:
- Zero out your balance
- Don't have outstanding fees
- Follow the bank’s steps
Keep in mind:
- Closing may take a few business days, especially if done by phone or mail.
- If you have linked accounts or products, like credit cards or loans, confirm closing your savings account won’t affect them.
What Happens After You Close Your Savings Account?
After closure:
- Your account will be permanently closed.
- Any automatic deposits or withdrawals linked to the account will stop.
- You will no longer earn interest on this account.
If you need savings space somewhere else, consider opening a new account with another bank or a newer type of account with Bank of America.
Closing a Bank of America savings account doesn't have to be a headache. Follow these clear steps to avoid delays, extra fees, or missed payments. And be sure to update all your payment info ahead of time so you don’t miss a beat. Your money deserves smooth handling from start to finish.