You can close a Bank of America savings account by visiting a branch, calling customer service, or using online banking—the fastest route depends on whether you have outstanding issues like negative balances or fraud holds.
Bank of America does not charge a fee to close a savings account. You can initiate the closure in person at any branch, by phone at 1-800-432-1000, or through the mobile app or website. The account closes within one to three business days once you have withdrawn or transferred out your remaining balance and resolved any holds or pending transactions.
Before you close, check your account for the following: pending deposits or withdrawals, automatic payments or transfers linked to the account, fraud holds that prevent withdrawal, and any minimum balance requirements you may have missed. If your account is overdrawn, you must pay the negative balance before closure. If you have questions about why a hold is in place, the branch or phone line can explain it, but you will need to resolve it before the account can close.
Key Takeaways
- You can close your account at a branch, by phone at 1-800-432-1000, or through online banking without paying a closure fee.
- Withdraw or transfer your full balance before closing, and check for pending transactions, automatic payments, or fraud holds that could delay the process.
- If your account is overdrawn, you must pay the negative balance in full before Bank of America will close it.
- Closure typically takes one to three business days once all conditions are met, and you will receive written confirmation by mail.
Closing in person at a Bank of America branch
Bring your ID and debit card to any Bank of America branch. Tell the representative you want to close your savings account. They will review your account for pending transactions, automatic payments, and any holds. If your balance is positive, they can issue you a check, transfer the funds to another account, or give you cash on the spot.
If your account has a negative balance, the representative will tell you the amount owed and accept payment by debit card, check, or cash. Once paid, the account closes when ready in their system, though it may take one to three business days to fully process. You will receive a confirmation letter in the mail within 7 to 10 business days.
In-person closure is the fastest option if you need to resolve a hold or negative balance, because the representative can see the full account status and explain any blocks to withdrawal. Bring documentation of any recent deposits or transfers if you believe a hold is in error.
Closing by phone or through online banking
Call 1-800-432-1000 and select the option for account services. Have your account number and ID ready. The representative will confirm your identity, review your balance, and ask where you want remaining funds sent. If you choose a check, it will arrive in 7 to 10 business days. If you choose a transfer to another bank, provide the routing and account number.
You can also close through the Bank of America mobile app or website if your account has a zero balance and no holds. Log in, navigate to your savings account, and look for the account settings or "close account" option. The system will walk you through the steps and confirm closure within one to three business days.
Phone and online closure work well if your account is in good standing with no pending issues. If there is a hold, fraud alert, or negative balance, you will need to call or visit a branch to resolve it first—the online system will not let you proceed.
What to do if your account has a negative balance
A negative balance means you owe Bank of America money. This happens when withdrawals exceed your balance, overdraft fees accumulate, or a transaction posts after you thought the account was empty. You cannot close the account until you pay this balance in full.
Call 1-800-432-1000 or visit a branch to find out the exact amount owed. Ask whether any of the overdraft fees can be waived—Bank of America sometimes reverses one or two fees if you have a good account history or if the overdraft was caused by a system error. Once you pay the balance, the account can close when ready.
If you do not pay the negative balance, Bank of America will eventually charge off the account and may report it to a collection agency. This harms your credit score and can result in calls from debt collectors. Paying the balance before closure avoids this outcome.
Understanding holds and why they prevent closure
A hold is a temporary block on your account, usually placed by Bank of America's fraud team or by law enforcement. Common reasons include a large deposit that has not cleared, suspicious activity flagged by the bank's system, a dispute with another bank, or a legal freeze related to a court order or investigation.
You cannot withdraw funds or close the account while a hold is in place. Call 1-800-432-1000 and ask the representative why the hold exists and when it will be lifted. If the hold is due to a pending deposit, it usually clears within one to three business days. If it is due to fraud investigation, it may take longer—the bank will contact you with updates.
If you believe the hold is in error, ask the representative to escalate your case to the fraud department or the branch manager. Bring documentation of the transaction in question—a receipt, email confirmation, or statement from the other party. The bank will review and either lift the hold or explain why it must remain.
What happens to automatic payments and transfers after closure
Before you close, review your account for any automatic payments, bill pay arrangements, or recurring transfers linked to the savings account. Bank of America will not automatically cancel these—you must do it yourself. If you do not, payments will fail and may trigger overdraft fees or late-payment penalties from the companies you owe.
Log into your account online or call 1-800-432-1000 to cancel each automatic payment. The representative can show you which payments are active and help you cancel them. Allow two to three business days for cancellations to take effect. Once the account closes, any remaining automatic payments will be rejected, but it is cleaner to cancel them first.
If you are closing this savings account but keeping a checking account with Bank of America, make sure you update any transfers or payments to use the checking account instead. This prevents service interruptions.
Timeline and what to expect after closure
Once you have resolved all holds, paid any negative balance, and withdrawn or transferred your remaining funds, the account closes within one to three business days. You will receive a written confirmation letter from Bank of America within 7 to 10 business days. Keep this letter for your records.
After closure, the account number becomes inactive and cannot be used. If you receive a statement or notice for the account after closure, it is usually a final statement showing the closure date and any remaining activity. If you receive bills or collection notices after closure, contact the creditor directly to update your account information.
Your savings account history will remain on your credit report and in Bank of America's records for seven years. This does not harm your credit score—closed accounts in good standing actually help it by showing responsible account management.
Frequently Asked Questions
Can I close my savings account if I have a pending direct deposit?
No. If a direct deposit is scheduled to post within the next few business days, wait for it to clear before closing. Once it posts, you can withdraw or transfer the funds and then close. If you close before the deposit clears, it will be rejected and returned to the sender, which may delay your paycheck or benefit payment.
What if I closed my account but still owe a negative balance?
Contact Bank of America when ready at 1-800-432-1000 to pay the balance. If the account has already closed, the bank will direct you to the collections department or provide a mailing address for payment. Paying quickly prevents the debt from being reported to a collection agency.
Do I need to close my savings account in person, or can I do it entirely by phone?
You can close by phone if your account has a zero balance and no holds. If there is a negative balance, fraud hold, or pending issue, you will need to visit a branch or resolve the problem by phone first. In-person closure is faster if you need to pay a balance or discuss a hold with a representative.
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score. Only credit accounts like credit cards, loans, and lines of credit appear on your credit report. Savings accounts are deposit accounts and do not factor into credit scoring.
How long does it take to receive a check after I close my account?
If you request a check for your remaining balance, it will arrive within 7 to 10 business days. If you need the funds faster, ask the branch representative or phone representative to transfer the money to another bank account instead—transfers usually post within one to three business days.