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While Bank Of America accounts offer a variety of options for users, sometimes it's time to say goodbye. Suppose you want to close your Bank Of America account quickly and complete it in minutes. In that case, it's a good idea to familiarize yourself with the necessary conditions and procedures before closing your bank account.
So, we've given you the relevant information you need, along with a step-by-step procedure in case you decide to shut your Bank of America account.
Ways To Close A Bank Of America Checking Account
There are various ways you can close your Bank of America checking account.
- In-person at Bank Of America Branch: you may close your account offline, meaning that you visit the bank in person to be taken through the process. Make an appointment and schedule a convenient time before visiting the bank. Also, visit the nearest Bank of America financial center.
- Over the phone: you can close your Bank of America checking account over the phone, but make sure to prepare all documents and details needed (more about it in the next section)
- Online (By Email): This is possibly the most practical choice, as you may make a closure request via email by visiting the “Contact Us” area of the Bank Of America website. However, you'll probably need to talk to a customer service over the phone to complete the process.
5 Steps To Close a Bank Of America Account
Here are the main steps to close your Bank of America checking account online:
1. Review Your Details And Ensure Zero Balance
Before starting the closing process, you need to make sure your personal details are updated and your account doesn't have a negative balance:
This is an important step since the bank will email you to alert you when they have officially closed your checking account. Besides, the bank will send you a mail of your final statement.
Therefore, making sure that your email and mailing information is the latest can help avoid your final statement and notification of the completion of closing your account being sent to an invalid address.
The good news is that you can review and update your checking account details online. Log in to online banking to update your mailing and email address information.
Closing your account may take some time to complete. Thus, it is wise to bring your checking account balance to zero by transferring it to another account. Having your money in another account helps you access the money for your daily expenditure.
Remember to transfer the money some days before closing your account to cover expenses such as monthly maintenance fees or even an overdraft fee charged by Bank Of America. If you have a negative balance in your checking account, pay the full amount or talk with the bank before they can close it.
2. Do Not Make New Transactions And Cancel Recurring Payments
When you close your Bank Of America account, it means the bank will reject any type of transaction, whether you get money or make a payment. To avoid such issues, do the following:
- Ensure that all your transactions have been posted and there are no pending transactions before requesting the bank close your account.
- In case you have any outstanding check(s), ensure payees know that your checking account is closed.
- In case you use your checking account for recurring payments like subscriptions and internet access, cancel such payments and contact the providers to let them know your account is closed. Also, you might make alternative payment arrangements for such services.
- Make alternative arrangements for direct deposits since the bank will no longer receive Bank Of America direct deposits into your checking account.
- In the case of business accounts and you have a Remote Deposit Online linked to your checking account, contact the Remote Deposit Online help desk before the account is closed. Also, for a Merchant Services account linked to the checking account, let the Merchant Services team know that you're closing the account.
- Deactivate any features you may use, including Balance Connect for your overdraft protection and Keep the Change.
3. Download Bank Account Statements, Cut Cards & Checks
You will not access your checking account after the bank officially closes it. Hence, download any statement you might need for records.
It can now be possible to close your Bank of America checking account after the above five steps. You can call the bank to close the account officially. Besides, you might send a written request to Bank of America to close your account. For the mailed request, ensure your name, address, and account number are on the letter.
For any debit cards or checks linked to the account, destroy them since someone might use your personal information on the card to commit identity fraud.
4. Prepare Documents
Before closing, you must gather personal details about your Bank Of America account, such as your most current bank statement and any outstanding fees that might be associated with the account.
One or more of the papers might be:
- Latest bank statement
- Some personal information that you provided at the time of opening the account. This is usually required to ensure your authenticity.
- Details on any unpaid fees that might be associated with the account.
You will also be required to supply information about yourself, such as your name and address, as well as the name and contact details of any other individuals, if appropriate.
5. Contact Bank Of America For Closing
When you have acquired all the required data and paperwork, you can start the account closure procedure on Bank Of America's website, get in touch with customer care or visit a branch.
Prior to taking any remaining money out of your account or creating a new account somewhere else after your account has been formally closed, it's crucial to verify this status with the bank.
To confirm that all transactions have been completed and that you are no longer liable for any fees or responsibilities associated with the closed account, you may need to personally contact customer support or check the status of your account online.
How To Close A Bank Of America Joint Bank Account?
The Bank Of America account closing procedure will be a little more difficult if you and another person jointly own the account. Bank Of America needs to speak with both of you, either by phone or in a branch, in order to close your account because they require both account holders to give their consent.
You can still close your account by following the actions listed above after this point. It will still be your responsibility to make sure everything is transferred to your new account
How To Close A Bank Of America Savings Bank Account?
Closing your Bank of America savings account depends on your preferred way. Like closing a checking account, you can close your account in person through a phone call or mail.
You should always check that your savings account is in good standing and that no maintenance fees or other penalties are owed. The remaining funds may be transferred to the chosen account, and a closure request may be made after the account balance reaches zero.
What Happens If Bank Of America Closes Your Account?
The Bank of America will send you a message on your email address once it officially closes your account. This implies that you might no longer use the account.
Any transactions through the bank account, including direct deposit or paying your subscription through your account, will not be possible. Your account will be non-existent in Bank of America's active accounts.
Your relationship, particularly as a Bank of America customer, might end. Also, you'll receive a final statement from Bank of America to confirm any unexpected transactions, if any, through such a statement. Thus, if some transactions don't match, contact the bank immediately.
You can close your Bank of America after getting the promotional bonus. There is no mention of considering a promotional bonus while closing your account. Hence, closing your Bank of America account might be possible after getting the promotional bonus.
Yes, this is possible if you have a Bank Of America checking account. If not, you can close your Bank of America saving account in three ways:
First is closing the account in person, where you visit the bank in a financial center close to you. Here, the bank employee will walk you through the process. The second way is through a phone call, and the third is sending a written mail to the bank to close the account.
Bank of America might close your account if there is a suspected fraud or you're a victim of identity theft. This can help prevent the further perpetration of fraudulent activity through your account. The bank might also close your account if you break the account or bank policy.
You can visit a financial center near you to speak with Bank of America's banker to help close your account. Besides contacting a personal banker, you close your credit card account by submitting a request in writing to the bank to close the account or call the bank at 800-732-9194.
It might not be possible to reopen a closed account. Bank of America advises its customers to speak with them first to address any issues regarding their accounts before closing them. Also, the bank asks if you might be interested in converting your account to a different Bank of America account.
You can open a new Bank of America or convert your existing account to a different account. Thus, you may not reopen a closed Bank of America bank account. Thus, you can check the account with features that suit your need to open another account with Bank of America or elsewhere.
The bank will send you a message in your email to let you know that they have officially closed your account. Also, you might know if your bank account is closed when you can no longer receive payment or pay your subscription or other bills through the bank account.
Usually, banks take note of inactive accounts for some time. Thus, if there is no activity in your account for a while, the bank can notify you that the account is inactive. They may close the inactive account if you do not transact with the account.
No, you can't close Bank Of America account through its mobile app. You can visit the bank to close the account in person, as the bank's banker might walk you through the process. Also, you can send the bank a letter asking them to close your account. Calling the bank is the other way to close your account.