What happens when you close a Bank of America account
Closing a Bank of America account stops all activity on that account and returns any remaining balance to you. Bank of America does not charge a fee to close an account, and you can do it in person at a branch, by phone, or online depending on the account type. The process itself takes minutes, but the actual closure—when the account stops existing in their system—can take several business days.
Before you close, you need to handle three things: move any money out, set up direct deposits and bill payments elsewhere if you have them, and make sure any pending checks have cleared. If you close while money is still coming in or going out, Bank of America will either reject the transaction or hold the funds until you contact them.
The account type matters. Checking and savings accounts close the same way. Investment accounts, retirement accounts, and credit cards follow different paths and have their own rules about what happens to your money.
Key Takeaways
- You must withdraw or transfer all money from the account before closing it, or Bank of America will hold the remaining balance and you will have to contact them to retrieve it.
- Change the bank information for any direct deposits (paychecks, benefits) and automatic bill payments before you close, or those transactions will fail.
- Wait for any checks you have written to clear, which can take up to two weeks, before you close the account.
- You can close most accounts by phone at 1-800-432-1000, in person at any branch, or online through your account settings if you have online banking set up.
- Retirement accounts and investment accounts cannot be closed the same way as checking accounts and may require you to transfer holdings or take a distribution.
Steps to close a checking or savings account
Start by moving your money. Withdraw cash, transfer the balance to another bank, or leave it in the account if you plan to close it in person and take the money with you. Bank of America will not close an account with a balance, so this step is mandatory.
Next, change your direct deposits. Log into your Bank of America account online or call the organization sending the deposit (your employer, Social Security, unemployment office) and update the account number and routing number to point to your new bank. This usually takes one to two business days to take effect. If a deposit arrives after you close the account, Bank of America will return it to the sender, and you will have to contact them to resend it.
Update automatic bill payments. Log into each biller's website or call them directly and change the bank account information. This includes utilities, insurance, loan payments, subscriptions, and any other recurring charges. Do this at least a week before you plan to close the account.
Wait for checks to clear. If you have written checks from this account, wait until they appear in your transaction history as posted before you close. Checks can take up to two weeks to clear, depending on who you wrote them to.
Close the account. You have three options: call Bank of America at 1-800-432-1000 and ask to close the account, visit a branch in person with your ID, or use online banking if the option is available in your account settings. The phone and in-person routes are most reliable. Have your account number ready.
Closing the account by phone
Call 1-800-432-1000 and tell the representative you want to close your account. They will ask you to confirm your identity using your Social Security number, date of birth, or other information on file. They will verify that the account balance is zero and that there are no pending transactions.
The representative will confirm the mailing address where Bank of America should send any final statements or tax documents. If you have a remaining balance for any reason, they will ask how you want it sent—by check, transfer to another account, or cash if you are at a branch. Once you confirm, the account closes when ready in their system, though it may take a few business days to fully disappear from your online banking.
Ask the representative for a confirmation number. Write it down. If you need proof that you closed the account, you will have this number to reference.
Closing the account in person at a branch
Bring your ID and go to any Bank of America branch during business hours. Tell the teller you want to close your account. They will pull up your account, confirm the balance is zero, and process the closure on the spot. If there is a remaining balance, they can give you cash or a cashier's check.
The in-person route is fastest if you have a balance you want to take with you when ready. It also creates a paper trail—the teller will give you a receipt showing the account closure date and any funds distributed.
What to do if you have a negative balance
If your account is overdrawn—meaning you owe Bank of America money—you cannot close it until you pay the negative balance. The amount owed includes any overdraft fees that have been charged. Pay the balance by transferring money from another account, depositing cash at a branch, or using a debit card to pay online through your Bank of America account.
Once the balance is zero or positive, you can proceed with closing. If you close an account with a negative balance without paying it, Bank of America will pursue collection, which can affect your credit and banking history.
Closing retirement and investment accounts
Retirement accounts (IRAs, SEP-IRAs, Roth IRAs) and brokerage accounts cannot be closed the same way as checking accounts. You must either transfer the holdings to another financial institution or take a distribution, which means withdrawing the money.
For a transfer, contact the new bank or brokerage and ask them to initiate an ACAT (Automated Customer Account Transfer) or similar transfer process. They will request your holdings from Bank of America, and the transfer usually takes five to ten business days. Once the transfer is complete, Bank of America will close the account automatically.
For a distribution, call Bank of America and ask how to withdraw your holdings. The process and tax consequences depend on the account type. Withdrawing from a traditional IRA before age 59½ typically triggers a 10% early withdrawal penalty plus income tax. Roth IRAs have different rules. Ask Bank of America about the tax implications before you proceed.
What happens after you close the account
Bank of America will send you a final statement showing all activity up to the closure date. This arrives by mail within one to two weeks. Keep this statement for your records.
If you set up online banking, your access to the closed account will disappear from your dashboard within a few business days. You will not be able to view old transactions through Bank of America's system after that, so read or screenshot anything you need to keep.
If Bank of America owes you money—from a pending refund, a deposit that arrived after closure, or an error—they will contact you using the address on file. This can take several weeks. If you do not hear from them and you believe money is owed, call 1-800-432-1000 and reference your closure confirmation number.
Frequently Asked Questions
Can I reopen a Bank of America account after I close it?
Yes. You can open a new account at any time. However, if you closed the account due to a negative balance or fraud dispute, Bank of America may flag your Social Security number in their system, and opening a new account could be delayed or denied. Call ahead to ask if there are any restrictions on your profile.
What if I have a pending check that has not cleared yet?
Wait until the check appears as posted in your transaction history before closing. If you close before it clears and the check arrives after closure, Bank of America will return it to the person who wrote it, and they will have to reissue it. This can take weeks to resolve.
Do I need to close my account in person or can I do it all by phone?
You can close most checking and savings accounts entirely by phone. In-person closure is faster if you have a remaining balance you want as cash, but it is not required. Retirement and investment accounts may require more documentation, so ask Bank of America whether phone closure is an option for your specific account type.
What if I forgot to change my direct deposit before closing?
Contact the organization sending the deposit (your employer, benefits office) when ready and provide your new bank information. Bank of America will return the deposit to the sender, and the sender will reissue it once you give them the correct account details. This process can take one to two pay cycles.
Will closing my account hurt my credit score?
Closing a checking or savings account does not affect your credit score. Bank of America does not report deposit account closures to credit bureaus. However, closing a credit card or line of credit can affect your score by changing your available credit and credit utilization ratio.