You can close a Bank of America savings account in person, by phone, or online, depending on what works for you
Closing a savings account at Bank of America takes about 15 minutes if you do it in person, or a few minutes by phone. The bank will ask what you want to do with any money still in the account — you can transfer it to another account, get a check, or receive cash. After that, the account closes and you stop paying any monthly fees.
The main thing to know before you start: make sure you have moved any automatic deposits or payments away from this account first. If your paycheck or a bill payment is still set to use this account after it closes, that transaction will fail.
Key Takeaways
- You can close your account at any Bank of America branch, by calling 1-800-432-1000, or through your online banking portal if you have one set up.
- Move any money out of the account before closing — the bank will ask where you want it to go, but it is your responsibility to decide.
- Stop any automatic deposits, paycheck direct deposits, or bill payments from using this account at least a few days before you close it.
- If you have a negative balance (you owe the bank money), you must pay that before the account can close.
Closing in person at a Bank of America branch
Walk into any Bank of America branch with your ID and ask to close your savings account. A teller will pull up your account, show you the current balance, and ask what you want to do with the money. You can transfer it to another Bank of America account you own, move it to an account at a different bank, take it as a check, or withdraw it in cash on the spot.
The whole process takes about 10 to 15 minutes. The teller will confirm the account is closed before you leave. If you have a debit card tied to this account, it will stop working once the account closes — the teller can tell you whether you need to do anything else with that card.
Closing by phone
Call Bank of America customer service at 1-800-432-1000 and tell them you want to close your savings account. Have your account number ready — you can find it on a statement, your debit card, or in your online banking portal. The representative will verify your identity by asking security questions, then walk you through where your remaining balance should go.
Over the phone, your options are more limited than in person. You can transfer money to another Bank of America account or to an external bank account, but you cannot withdraw cash. If you want cash, you will need to withdraw the money first, then call to close the empty account. The phone line is usually open Monday through Friday during business hours, and some weekend hours — check the Bank of America website for current times.
Closing through your online banking portal
Log into your Bank of America online account and look for a "Close Account" or "Account Services" option. Not all accounts can be closed online — if you do not see the option, you will need to use the phone or visit a branch. If the option is there, the system will walk you through confirming your identity and choosing what to do with your balance.
Online closure is fastest if your account is may be able to access, but you lose the chance to ask questions in real time. If anything is unclear during the process, stop and call instead — a representative can explain your options.
What to do with the money in your account
Bank of America will not close your account until you have decided where the money goes. You have four main choices: transfer it to another Bank of America account you own, transfer it to an account at a different bank, receive a check in the mail, or withdraw it in cash (in person only).
If you are moving the money to another bank, have that account number and routing number ready. The routing number is a nine-digit code that identifies your bank — you can find it on a check, in your online banking portal, or by calling that bank. Transfers between banks usually take one to three business days.
Stopping automatic payments and deposits before you close
Before you close the account, log into your online banking portal or call to check whether any automatic payments or deposits are still using this account. Common ones are paychecks, Social Security deposits, insurance payments, utility bills, or subscription services. You need to change these to a different account at least a few days before the account closes.
If a payment tries to go through after the account is closed, it will fail. Your employer or the company trying to charge you will get a rejection notice, which can delay your paycheck or cause a late fee on a bill. The safest approach is to change these payments a week before you plan to close the account, then wait a few days to make sure everything went through smoothly before you close.
If your account has a negative balance
A negative balance means you owe Bank of America money — usually because a check bounced, a payment failed, or you withdrew more than you had. The bank will not close the account until you pay what you owe. You can pay by transferring money from another account, depositing cash at a branch, or having the bank take the payment from another account you own.
Ask the teller or representative exactly how much you owe and what fees are included. Once you pay, the account can close when ready.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit products like credit cards, loans, and lines of credit show up on your credit report.
What happens to my debit card if it is linked to this savings account?
The debit card will stop working once the account closes. If you have another Bank of America account, you can ask the teller to link the card to that account instead. Otherwise, the bank can deactivate the card, and you can request a new one if you need it.
How long does it take for the account to actually close after I request it?
In person or by phone, the account closes the same day. Online, it may take one to two business days. You will receive a confirmation email or letter once it is closed.
Can I reopen the account if I change my mind?
You can open a new savings account at any time, but you cannot reopen the exact same closed account. The old account number will not work again. Opening a new account takes about 10 minutes in person or online.
Do I have to close the account in person, or can I do it remotely?
You can close by phone or online if your account is may be able to access for online closure. In-person closure is not required, though some people prefer it because they can withdraw cash and ask questions face-to-face.