You can close most Bank of America accounts online through your account settings, but some account types require a phone call or branch visit

Bank of America lets you close checking and savings accounts through their website or mobile app without going to a branch. The process takes a few minutes: you log in, find the account closure option in settings, confirm you want to close it, and submit. However, if you have a credit card, investment account, or certain specialty accounts, you'll need to call or visit a branch instead — the online option only works for deposit accounts like checking and savings.

Before you close, make sure your account balance is zero or positive (no overdraft), all pending transactions have cleared, and you've set up direct deposit elsewhere if you need it. Bank of America doesn't charge a fee to close an account, but they will report the closure to ChexSystems, which other banks see when you try to open a new account.

Key Takeaways

  • Checking and savings accounts can be closed online through your Bank of America account settings or mobile app in a few minutes.
  • Credit cards, investment accounts, and money market accounts must be closed by phone at 1-800-432-1000 or at a branch.
  • Your account balance must be zero or positive before closure, and all pending transactions should have cleared.
  • Bank of America reports the closure to ChexSystems, which may affect your ability to open accounts at other banks for a period of time.
  • If you've had recent overdrafts or disputes, the bank may require you to call instead of closing online.

Steps to close a checking or savings account online

Log into your Bank of America account on their website or open the mobile app. Go to the account you want to close and look for the settings or account options menu — this is usually a gear icon or three-line menu button. Select "Close Account" or "Account Services," then follow the prompts to confirm the closure.

The system will ask you to confirm your identity and may ask why you're closing. You don't have to answer the "why" question if you don't want to. Once you submit, you'll get a confirmation number. The account closes when ready, though it may take a few business days for the closure to show in your account history.

If the online option doesn't appear or is grayed out, your account may have a balance, pending transactions, or a hold on it. Check your balance first and make sure no checks or transfers are still processing. If everything looks clear and the option is still unavailable, you'll need to call or visit a branch.

When you must close by phone or in person

Bank of America requires a phone call or branch visit to close credit cards, investment accounts, brokerage accounts, and money market accounts. For credit cards, call 1-800-432-1000 and have your card number ready. The representative will confirm your identity, check that your balance is paid in full, and process the closure. Credit card closures take effect when ready, but the account may show as "closed by customer" for several months on your credit report.

If you have a Bank of America investment or brokerage account, you'll need to call the investment services line at 1-800-832-2726. These accounts often have holdings that need to be liquidated or transferred before closure, so the process may take longer than a straightforward deposit account closure.

You can also close any account type by visiting a Bank of America branch in person. Bring a photo ID and your account number. The teller can close checking, savings, and credit card accounts on the spot. For investment accounts, they may refer you to a specialist or direct you to call.

What happens to your money when you close

If your account has a positive balance, you need to decide where that money goes before you close. You can transfer it to another Bank of America account you own, transfer it to an account at a different bank, or request a check. If you choose a check, it will be mailed to the address on file — this usually takes five to ten business days.

If you have pending direct deposits or automatic payments set up, they will fail once the account closes. Update your direct deposit information with your employer or benefit provider before closing, and cancel or redirect any automatic payments. If a payment tries to go through after closure, it will be rejected and may trigger a fee from the other party.

If your account has a negative balance (you owe money), you cannot close it online. You must call or visit a branch to settle the overdraft first. Bank of America may also hold your account open if there's an active dispute or fraud investigation.

How account closure affects your banking history

When you close a Bank of America account, the bank reports it to ChexSystems, a banking history database that other banks check when you try to open a new account. The closure itself doesn't hurt your ability to open accounts elsewhere, but if you closed the account due to overdrafts, disputes, or fraud, that history stays on your ChexSystems report for five years.

Some banks use ChexSystems reports to decide whether to open accounts for you. If your report shows multiple closures due to overdrafts or disputes, you may have trouble opening a checking account at another bank, or you may be required to use a second-chance checking account with higher fees. You can request a free copy of your ChexSystems report at www.chexsystems.com to see what's being reported.

Closing a credit card account also affects your credit score, though the impact is usually small. Your available credit decreases, which can raise your credit utilization ratio (the amount of credit you're using compared to your total available credit). If you're closing a card because you're paying it off, the short-term score dip is usually worth it.

What to do before you close your account

Make a list of all automatic payments and recurring charges tied to the account — subscriptions, insurance, utilities, loan payments, anything that comes out automatically. Contact each company and update your payment method to a new account or card before you close. If you miss this step, payments will fail and you may face late fees or service interruptions.

Check your recent statements for any pending transactions that haven't cleared yet. Transfers, checks, and debit card charges can take several days to process. Wait until they show as complete before closing, or the transaction may be rejected.

If you receive direct deposit (paychecks, benefits, tax refunds), update your direct deposit information with your employer or the agency sending the money. Provide them with your new account number at least a week before your old account closes. If a direct deposit hits a closed account, it will be returned to the sender, and you may have to wait for a reissue.

Consider keeping the account open for 30 days after you've moved everything, just in case a delayed transaction or payment comes through. Once you're confident nothing else is coming, you can close it.

If you can't close your account online

If the online closure option doesn't work, first check that your balance is exactly zero and no transactions are pending. Log out and log back in to refresh your account view. If the option still doesn't appear, your account may have a hold, an active dispute, or an overdraft.

Call Bank of America at 1-800-432-1000 to find out why you can't close online. A representative can tell you what's blocking the closure and help you resolve it. If there's a hold due to fraud or a dispute, they'll explain how long it will take to clear. If there's an overdraft, they'll tell you the amount you owe.

You can also visit a Bank of America branch in person. Bring your ID and account number. The teller can see any notes on your account that might explain why online closure isn't available and can often close the account for you right away, even if there are complications.

Frequently Asked Questions

Does Bank of America charge a fee to close an account?

No, Bank of America does not charge a fee to close a checking, savings, or credit card account. However, if your account has an overdraft balance when you try to close, you must pay that amount before the closure can be processed.

How long does it take for my account to fully close?

The closure is when ready when you submit it online or in person, and you'll get a confirmation number right away. However, it may take a few business days for the closure to appear in your full account history and for any pending transactions to fully clear.

Can I reopen a Bank of America account I just closed?

Yes, you can reopen a closed account by visiting a branch or calling 1-800-432-1000, usually within 30 days of closure. After 30 days, you would need to open a new account instead. The bank may ask why you closed it and why you want to reopen it.

What if I closed my account but a check or payment still comes through?

Transactions sent to a closed account will be rejected and returned to the sender. If it's a check, it will be returned to the person who wrote it. If it's a direct deposit or automatic payment, it will bounce back to the source. Contact the sender and provide your new account information so they can resend it.

Will closing my Bank of America account hurt my credit score?

Closing a checking or savings account does not affect your credit score because these accounts don't appear on your credit report. Closing a credit card can lower your score slightly because it reduces your available credit, but the impact is usually temporary and small.