How To Close A Checking Account At Bank Of America

Quick answer

• Gather your account information and identify the account you wish to close.
• Ensure all outstanding checks have cleared and direct deposits are rerouted.
• Decide on how to receive your remaining balance (cash, check, or transfer).
• Contact Bank of America via phone, in-person, or secure message to initiate the closure.
• Follow the representative’s instructions and confirm closure in writing.
• Monitor your statements for any residual fees or activity.

Who this is for

• Bank of America customers who no longer need their checking account.
• Individuals looking to consolidate their banking or switch to a different financial institution.
• Those who have found a better-suited account elsewhere and want to close their current one efficiently.

What to check first (before you act)

Goal and timeline

Before closing your Bank of America checking account, clearly define why you are doing so. Are you moving to a different bank with better features, consolidating accounts, or simply no longer need the account? Knowing your “why” helps ensure you don’t create new problems. Also, consider your timeline. Do you need the account closed by a specific date? This will help you plan the necessary steps and avoid rushing.

Current cash flow

Review your recent account activity to understand your typical inflow and outflow of funds. This is crucial to ensure no automatic payments or recurring transactions are scheduled to hit the account after you intend to close it. Mismanaging this can lead to overdraft fees or missed payments, impacting your financial health and credit.

Emergency fund or safety buffer

If this checking account also serves as your primary transaction account, ensure you have sufficient funds elsewhere to cover your immediate needs. You don’t want to close an account and then find yourself without access to funds for daily expenses or unexpected emergencies. Consider transferring your emergency fund to another accessible account before initiating closure.

Debt and interest rates

If you have any outstanding debts linked to this account, such as an overdraft line of credit, ensure these are settled. Also, if you use this account for any direct debits related to loans or credit cards, make sure those payments will be rerouted to a new account to avoid late fees or negative impacts on your credit score.

Credit impact

Closing a checking account typically has no direct negative impact on your credit score. However, if you have any linked credit products with Bank of America that you are also closing, or if closing this account causes you to miss payments on other debts due to poor planning, that could indirectly affect your credit.

Step-by-step (simple workflow)

1. Identify the Account:

• What to do: Locate your Bank of America checking account number and any associated debit card or online banking credentials.
• What “good” looks like: You have the specific account number ready and can easily access your online banking portal.
• Common mistake: Not knowing the exact account number or having trouble logging into online banking.
• How to avoid it: Before starting the closure process, ensure you have your account details handy and can log in to your online profile.

2. Review Account Activity:

• What to do: Log in to your Bank of America online banking or review recent statements to check for any pending transactions, outstanding checks, or automatic payments.
• What “good” looks like: You have a clear understanding of all transactions that have occurred or are scheduled to occur soon.
• Common mistake: Forgetting about a recurring bill or a check that hasn’t cleared yet.
• How to avoid it: Take at least 5-10 minutes to meticulously scan your transaction history for the past 30-60 days.

3. Redirect Direct Deposits:

• What to do: If you receive direct deposits (e.g., salary, government benefits), contact the payer to update your banking information to a new, active account.
• What “good” looks like: Your employer or benefit provider has confirmed the change in banking details.
• Common mistake: Assuming direct deposits will automatically transfer or not updating them in time.
• How to avoid it: Initiate this process well in advance of your desired closure date, as it can take a few payroll cycles to update.

4. Stop Automatic Payments:

• What to do: Identify any bills or subscriptions that are automatically debited from this account (e.g., utilities, streaming services, loan payments) and update their payment information with your new account.
• What “good” looks like: All automatic payments are successfully rerouted to your new account, and you have confirmation from the service providers.
• Common mistake: Overlooking subscriptions or services that have infrequent charges.
• How to avoid it: Create a comprehensive list of all automatic payments and systematically update each one.

5. Withdraw or Transfer Remaining Balance:

• What to do: Decide how you want to receive any funds left in the account. Options typically include a cashier’s check, a wire transfer, or transferring the funds to another Bank of America account or an external account.
• What “good” looks like: You have a plan to access your remaining funds without incurring unnecessary fees.
• Common mistake: Leaving a small balance in the account, which could lead to dormancy fees or future issues.
• How to avoid it: Aim to bring the balance to zero or a very small amount that can be easily handled by the chosen withdrawal method.

6. Contact Bank of America:

• What to do: Initiate the closure process by contacting Bank of America. You can typically do this by calling their customer service line, visiting a local branch, or sending a secure message through your online banking portal.
• What “good” looks like: You are speaking with a representative who can guide you through the closure steps.
• Common mistake: Trying to close the account online without success or not knowing who to contact.
• How to avoid it: Have your account number and personal identification ready before you call or visit.

7. Follow Representative’s Instructions:

• What to do: The bank representative will guide you through specific questions and procedures. Be prepared to verify your identity and confirm your intent to close the account.
• What “good” looks like: You understand and agree to all the steps the representative outlines.
• Common mistake: Not listening carefully to the instructions or agreeing to something you don’t fully understand.
• How to avoid it: Ask clarifying questions if anything is unclear and confirm the process before ending the conversation.

8. Confirm Closure in Writing:

• What to do: Request a written confirmation of the account closure. This could be an email, a letter, or a confirmation within your online banking message history.
• What “good” looks like: You have a tangible record that the account has been officially closed by the bank.
• Common mistake: Relying solely on a verbal confirmation.
• How to avoid it: Always ask for written proof of closure for your records.

9. Monitor Statements:

• What to do: Review your final bank statement and any subsequent correspondence from Bank of America for a few months after closure.
• What “good” looks like: The statement shows a zero balance and confirms the account is closed, with no unexpected fees.
• Common mistake: Disregarding final statements, which might reveal residual fees or errors.
• How to avoid it: Keep these final statements in a safe place for at least a year.

Common mistakes (and what happens if you ignore them)

Mistake	What it causes	Fix
Not clearing outstanding checks	Checks could be cashed after closure, leading to issues with the bank or payee.	Ensure all issued checks have cleared before initiating closure.
Forgetting about automatic payments	Missed payments for bills, subscriptions, or loans, resulting in late fees and credit damage.	Thoroughly review and update all automatic payment details to a new account.
Not rerouting direct deposits	Your salary or benefits won’t arrive, causing financial hardship.	Contact your employer or benefit provider to update your banking information promptly.
Leaving a small balance in the account	Can lead to dormancy fees or the account remaining open and subject to other charges.	Bring the account balance to zero or the minimum amount needed for closure, then transfer it.
Closing the account too quickly	Transactions might still be pending, causing complications and potential fees.	Allow ample time for all transactions to clear before contacting the bank.
Not getting written confirmation	Lack of proof can lead to disputes or confusion about the account’s status.	Always request and retain a written confirmation of account closure from the bank.
Not checking for linked services or fees	You might still be charged for services or face fees you weren’t aware of.	Inquire about any associated fees or services linked to the account before closing.
Closing your primary transaction account	You could be left without immediate access to funds for daily expenses.	Ensure you have an alternative, active account ready to use before closing your primary one.
Not understanding the closure process	You might miss crucial steps, leading to delays or unintended consequences.	Familiarize yourself with the bank’s specific closure procedure beforehand.
Assuming the account is closed immediately	The bank may have a processing period, during which the account is still active.	Confirm the exact date of closure and understand any post-closure processing time.

Decision rules (simple if/then)

• If you have recurring automatic payments linked to the account, then you must update them to a new account before closing, because missed payments can incur fees and damage your credit.
• If you receive direct deposits into this account, then you must inform the payer to reroute them to a different account before closing, because failure to do so will result in missed income.
• If there are outstanding checks written against the account, then you must wait for them to clear or contact the payee to cancel and reissue before closing, because they could still be cashed and cause overdrafts.
• If you are closing your only checking account, then ensure you have an alternative active account ready to use, because you need immediate access to funds for daily transactions.
• If the account has a low balance, then aim to bring it to zero or transfer the exact amount to avoid potential dormancy fees, because even small balances can accrue charges over time.
• If you are unsure about the closure process, then contact Bank of America customer service directly, because they can provide accurate, bank-specific instructions.
• If you have any linked credit products or loans with Bank of America, then understand how closing this checking account might affect them, because some products may be bundled or have specific requirements.
• If you receive a written confirmation of closure, then save it in a secure place, because it serves as proof of your actions and can resolve future disputes.
• If you are closing the account due to dissatisfaction with Bank of America’s services, then consider informing them of your reasons, because this feedback can help them improve.
• If you have a debit card linked to the account, then destroy it after confirming closure, because it should no longer be active.

FAQ

How long does it take to close a Bank of America checking account?

The process can vary, but typically initiating the closure takes one conversation or visit. The account itself may take a few business days to be fully processed and closed by the bank.

Can I close a Bank of America checking account online?

While you can often manage many aspects of your account online, closing a checking account usually requires direct contact. You may need to call customer service, visit a branch, or use the secure messaging system.

What happens to my direct deposits if I close my account?

Direct deposits will likely be rejected and returned to the sender if the account is already closed. It is crucial to update your banking information with the payer before closing the account.

Will closing my Bank of America checking account affect my credit score?

Generally, closing a checking account has no direct impact on your credit score. However, if closing it leads to missed payments on other debts or causes issues with linked credit products, it could indirectly affect your credit.

What if I have an overdraft on my account when I try to close it?

You will need to pay off any outstanding overdraft balance before Bank of America will allow you to close the account. Any associated fees will also need to be settled.

Can I close an account for someone else?

You can only close an account for someone else if you have legal authority, such as a power of attorney, or if you are a joint account holder and have the other holder’s consent or they are deceased.

What should I do with my debit card after closing the account?

Once you have confirmed the account is officially closed, you should destroy your debit card by cutting it into pieces, especially through the magnetic stripe and chip.

What this page does NOT cover (and where to go next)

• Opening a new checking account: This guide focuses solely on closure. You may need to research different account types and features at other financial institutions.
• Specific fees associated with account closure: While general fee possibilities are mentioned, exact fee structures can vary. Consult Bank of America directly for precise details.
• International banking requirements for closure: This guide is for US-based accounts. International customers may face different procedures.
• Managing joint accounts or business accounts: The process for these types of accounts can have additional steps and requirements.
• Disputing past account fees: If you have issues with fees charged before closure, you may need to follow a separate dispute resolution process with the bank.