Learn How to Close Your Bank of America Account

Understanding Why You Might Close Your Bank of America Account

People close bank accounts for many different reasons. Some customers decide to switch to a different bank because they found better interest rates elsewhere or prefer the services offered by another financial institution. Others may be relocating to an area where Bank of America has fewer branches that are convenient for them. Some account holders close accounts due to dissatisfaction with fees, customer service experiences, or specific account features that no longer meet their needs.

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According to the Federal Reserve's 2023 Survey of Household Economics and Decisionmaking, approximately 5.4% of American adults have had a bank account closed by their financial institution in the past five years, while many others choose to close accounts on their own terms. Understanding your reasons for closing can help you determine whether this is the right decision or whether adjusting your current account might better serve your situation.

Before taking action, it's worth reviewing your account statements and transaction history. Check whether you have any pending deposits or automatic payments tied to this account. Consider whether you use any Bank of America services beyond basic checking or savings, such as credit cards, loans, or investment products. Some customers maintain a Bank of America account specifically to avoid fees on other products they use with the bank.

It's also important to understand that closing an account is different from simply not using it. An inactive account may still incur monthly maintenance fees depending on your account type and the terms you agreed to when opening it. Some Bank of America accounts charge between $12 and $25 monthly if the balance falls below certain minimums or if specific conditions aren't met.

Practical Takeaway: Before closing your account, review your current account agreement and statement to understand any fees you're paying, confirm you have no outstanding checks or automatic payments scheduled, and determine whether your reasons for closing warrant the effort of switching banks.

Steps to Close Your Bank of America Account in Person

The most straightforward way to close a Bank of America account is to visit a local branch in person. This method allows you to speak directly with a banker who can answer questions and guide you through the closure process. To do this, locate your nearest Bank of America branch using their branch locator tool on their website or by calling their customer service line at 1-800-432-1000.

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When you visit the branch, bring valid government-issued photo identification such as a driver's license or passport. You should also bring your debit card or account number so the representative can quickly pull up your account information. If you have checks linked to this account, bring any remaining checks with you, or be prepared to discuss what you'd like to do with them.

At the branch, let the banker know that you want to close your account. They will review your account to confirm you have no outstanding transactions or issues. If you have a balance in the account, the banker will inform you of your options for receiving those funds. Typically, you can receive the balance through a check, transfer to another account at Bank of America, or a transfer to another bank account if you provide routing and account information.

The banker will explain any remaining steps, such as what happens to direct deposits or automatic payments. They may also ask whether you'd like to provide feedback about your experience or reasons for leaving. Be honest but respectful in your responses. The banker will then process the closure and provide you with confirmation documentation showing the account has been closed.

Closing an account in person typically takes 15 to 30 minutes. Some account types or those with complications may take longer. If your account has linked products—like a connected credit card—closing the checking or savings account won't close those other products. You'll need to address them separately.

Practical Takeaway: Visiting a branch in person provides immediate confirmation that your account is closed and allows you to handle the disposition of your remaining balance on the spot, making it the fastest method for most customers.

Closing Your Account by Phone

If you're unable to visit a branch in person, you can close your Bank of America account by phone. Contact their customer service department at 1-800-432-1000. This line is available Monday through Friday from 8 a.m. to 9 p.m. Eastern Time and Saturday from 9 a.m. to 5 p.m. Eastern Time. Have your account number, Social Security Number, and a government-issued ID available before calling.

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When you reach a representative, explain that you want to close your account. The representative will verify your identity by asking security questions about your account and recent transactions. Be prepared to answer questions such as the date you opened the account, recent deposit amounts, or other account details. This verification process protects your account from unauthorized closure.

The representative will then review your account balance, any pending transactions, and your account history. If you have a positive balance, the representative will explain how you can receive those funds. Some customers request a check be mailed to their address on file, while others request a transfer to another account. The representative will walk you through each option and help you choose the method that works best for you.

During the phone call, the representative may ask about your reasons for closing or whether there's anything Bank of America could do to retain your business. This is your opportunity to provide feedback if you wish, though it's not required. Many customers appreciate the chance to explain their concerns, as this information helps the bank improve its services.

After the call concludes, request written confirmation of the closure. The bank should mail this to you within one to two weeks. Keep this documentation for your records. Phone closures may take slightly longer to process than in-person closures, so plan accordingly if you have time-sensitive needs related to your account status.

Practical Takeaway: Phone closure is a convenient option if you can't visit a branch, but make sure to request written confirmation and follow up if you don't receive it within two weeks.

What Happens to Your Money and Connected Services

When you close your Bank of America account, your remaining balance must go somewhere. Bank of America doesn't keep unclaimed funds—they must be returned to you. If your account holds money, the bank will inform you of several options during the closure process. You can request a check be mailed to your address on file, which typically arrives within 5 to 10 business days. Alternatively, you can request the funds be transferred electronically to another bank account, which may happen within 1 to 2 business days if you provide the routing and account number.

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If you've written checks against your account that haven't yet cleared, the bank will let you know how many outstanding checks exist. Checks can take time to clear—sometimes several weeks after you've written them. The bank will hold the funds necessary to cover these checks until they clear. This is why timing matters: if you close your account while checks are still outstanding, the closure may be delayed or the account may remain open until those checks process.

Direct deposits and automatic payments linked to your account need your attention before closure. Any recurring payments set to withdraw from this account—such as utility bills, insurance premiums, loan payments, or gym memberships—will stop working once the account closes. You'll need to update your payment information with each of these providers before you close the account. Failing to do so may result in missed payments, late fees, or service interruptions.

If you receive direct deposits such as paychecks, Social Security, or benefits through this account, you'll need to update your employer, the Social Security Administration, or other payers with information for your new account. Contact each payer to change your banking information. This typically takes one to two pay periods to take effect.

Connected products like credit cards, mortgages, auto loans, or investment accounts remain separate from your checking or savings account. Closing a checking account doesn't close these products. If you want to close those as well, you'll need to address each one separately. For example, closing a credit card requires contacting the credit card department specifically.

Practical Takeaway: Before closing your account, redirect all direct deposits and automatic payments to your new account, and allow outstanding checks time to clear to avoid complications in the closure process.

Important Considerations Before Finalizing Closure

Closing a bank account affects your financial history and should be done thoughtfully. When you close an account, Bank of America reports this activity to ChexSystems, a consumer reporting agency that tracks banking and checking account history. This information remains on your record, though it doesn't appear on your credit report. However, other banks may review your Chex

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