How to Close a Bank of America Account: A Complete Guide

How to Close a Bank of America Account: A Complete Guide


Bank of America is one of the largest and most popular banks in the United States, offering a variety of products and services to its customers. However, there may be various reasons why you may want to close your Bank of America account, such as switching to another bank, moving abroad, or avoiding fees and charges.



Closing a Bank of America account is not a complicated process, but it does require some preparation and steps to follow. In this article, we will guide you through the options and tips on how to close your Bank of America account smoothly and securely.



A Bank of America branch with a red X sign on it



A checklist with items such as zero balance, payment information, statements, and another account


Before You Close Your Bank of America Account


Before you proceed with closing your account, there are some things you need to do to avoid any issues or complications.


Zero out your balance: You cannot close your account if it has a negative or positive balance. You need to either withdraw all your funds, transfer them to another account, or request a cashier’s check from the bank. If your account is overdrawn, you need to pay off the overdraft fees and charges before closing it.


Update your payment information: If you have any recurring payments or deposits linked to your account, such as utility bills, car loans, salary, etc., you need to notify the payees or payers and provide them with your new account information. You should also cancel any pending transactions or checks that may post to your account after you close it.


Download your statements: It is advisable to download and save all your monthly statements from your online banking for future reference. You may need them for tax purposes, proof of payment, or dispute resolution. Once you close your account, you may not be able to access them easily or without a fee.


Have another account ready: Before you close your Bank of America account, you should have another checking or savings account opened with another bank or financial institution. This will help you transfer your funds, manage your finances, and avoid any disruptions in your cash flow.


A person talking to a banker at a desk with a sign that says account closure


How to Close Your Bank of America Account?


Once you have completed the above steps, you are ready to close your Bank of America account. You have three options to do so:


Visit a local branch: You can go to any Bank of America financial center near you and speak with a banker. They can close your account on the spot and provide you with a confirmation letter. You may need to bring your ID and account number with you.


Call customer service: You can call Bank of America’s customer service line at 800-432-1000 and request an account closure. You may need to answer some security questions and provide your account number and personal information. The representative will guide you through the process and confirm the closure.


Mail a written request: You can also mail a signed written request to Bank of America with the details of your account closure. You should include your name, address, phone number, account number, balance forwarding information (such as another account number or cashier’s check), and signature of all account owners. You can send the request to: Bank of America FL1-300-01-29 PO Box 25118 Tampa, FL 33622-5118.


Frequently Asked Questions


A person holding a smartphone and showing a Wise app screen


Can I close my Bank of America account online?


No, you cannot close your Bank of America account online through their website or mobile app. You need to use one of the other methods mentioned above.


How to close Bank of America account online?


You cannot close Bank of America account online directly, but you can use online banking to transfer your funds, update your payment information, download your statements, and prepare for the closure.


Is there a fee for closing a Bank of America account?


No, there is no fee for closing a Bank of America account. However, you may incur some fees or charges if you have an overdraft balance, outstanding transactions or checks, early closure penalty (if applicable), or request a cashier’s check.


Can I keep my Bank of America account if I move abroad?


Yes, you can keep your Bank of America account if you move abroad, but you may face some challenges and limitations in accessing and managing it. For example, you may not be able to use online banking from certain countries due to security restrictions, incur foreign transaction fees when using your debit or credit card overseas, or have difficulty contacting customer service from abroad. You may also have tax implications depending on your residency status and income sources.


How to close Bank of America account on the App?


You cannot close Bank of America account on the app directly. You need to use one of the other methods mentioned above.


Bank of America close account fee?


There is no fee for closing a Bank of America account. However, you may incur some fees or charges if you have an overdraft balance, outstanding transactions or checks, early closure penalty (if applicable), or request a cashier’s check.


Bank of America closed my account with money in it?


If Bank of America closed your account with money in it without your request or consent, it may be due to various reasons such as fraud prevention, inactivity, violation of terms and conditions, or legal action. You should contact the bank as soon as possible to find out why they closed your account and how you can retrieve your funds.


Cashier’s check Bank of America?


A cashier’s check is a type of check that is issued by the bank and guaranteed by its funds. You can request a cashier’s check from Bank of America by visiting a branch, calling customer service, or using online banking (if eligible). You may need to pay a fee for this service, which varies depending on your account type and status.


How to change Bank of America account type online?


You can change your Bank of America account type online by logging into online banking and selecting Change Account Type under Account Services. You can choose from different types of checking and savings accounts that suit your needs and preferences. You may need to meet certain eligibility criteria and agree to new terms and conditions to complete the change.


Can we close Bank of America account from India?


Yes, you can close Bank of America account from India by calling customer service at 800-432-1000 or mailing a written request to the address mentioned above. However, you may face some challenges and limitations in doing so, such as time difference, international calling charges, mail delivery delays, or currency conversion fees. You may also need to provide additional documentation or verification to confirm your identity and request.


Conclusion


Closing a Bank of America account is not difficult, but it does require some preparation and steps to ensure a smooth and secure process. You should zero out your balance, update your payment information, download your statements, and have another account ready before closing your account. You can choose from three options to close your account: visiting a branch, calling customer service, or mailing a written request. You should also be aware of some common questions and answers related to closing a Bank of America account, such as fees, reasons for closure, cashier’s checks, account types, and international issues.


We hope this article has helped you understand how to close a Bank of America account. If you are looking for an alternative bank that offers low fees, transparent rates, and global access, you may want to consider Wise. With Wise, you can hold more than 55 currencies in one multi-currency account and send money overseas using the mid-market rate plus a small fee. No hidden charges, no markup rates – it’s all clear and simple. And it takes just a few minutes to get a free Wise account online.

Next Post Previous Post
No Comment
Add Comment
comment url