You can close your Advantage Savings account by phone, in person, or through the mail, but you need to move your money first and understand what happens to any remaining balance

Bank of America does not let you close a savings account online through their website or mobile app. You have three routes: call the customer service number on the back of your card, visit a branch in person, or send a written request by mail. The process itself takes a few minutes, but you should plan ahead because the bank will not close the account until your balance is zero or you have arranged what happens to any remaining funds.

Before you start, withdraw or transfer your money out. If you have a balance when the account closes, the bank will either hold it or send it to you by check, depending on the amount and your instructions. Some people discover months later that a small balance was sitting in a closed account, so being explicit about what you want is worth the extra step.

Key Takeaways

  • Bank of America will not let you close a savings account through their website or app—you must call, visit a branch, or send a written request.
  • Move your money out of the account before closing, or tell the representative exactly what you want done with any remaining balance.
  • Closing takes a few minutes on the call or in person, but the account may take several business days to fully close in their system.
  • If you have a negative balance or outstanding holds, the bank may delay closing until those are resolved.

Closing by phone

Call the customer service number on the back of your debit card or on your account statement. Have your account number and Social Security number ready. Tell the representative you want to close your Advantage Savings account. They will ask whether you want to transfer any remaining balance to another account (yours or someone else's), receive a check, or leave instructions for what to do with small amounts.

The representative will confirm the account is empty or that you have given instructions for the balance. They will then process the closure. The account will show as closed in your online banking within a few hours, but it may take three to five business days for the closure to fully process in Bank of America's system. You will not be able to use the account during this time.

Closing in person at a branch

Walk into any Bank of America branch with your ID and debit card. Tell a representative you want to close your Advantage Savings account. They will pull up your account, confirm the balance, and ask what you want done with it. If the account has money in it, you can withdraw it in cash on the spot, transfer it to another account, or ask them to mail you a check.

The branch representative will process the closure when ready. Your account will show as closed in online banking within a few hours. This route is fastest if you want to withdraw cash or if you prefer to handle it face-to-face, but it requires a trip to a branch during business hours.

Closing by mail

Write a letter to Bank of America requesting closure of your Advantage Savings account. Include your full name, account number, the account type (Advantage Savings), and your signature. State what you want done with any remaining balance—transfer to another account, send a check, or hold for pickup. Mail the letter to the address on your statement or to Bank of America's general correspondence address.

This route takes longer because the bank must receive your letter, process it, and send you confirmation. Plan for two to three weeks from the time you mail it. If you have a balance, include instructions for how you want it handled, or the bank may hold it and contact you. Keep a copy of your letter for your records.

What happens to money still in the account

If your Advantage Savings account has a balance when it closes, you must tell the bank what to do with it. Your options are to transfer it to another Bank of America account you own, transfer it to an account at another bank (you will need to provide routing and account numbers), receive a check by mail, or withdraw it in cash at a branch.

If you do not give instructions and the balance is small, the bank may send you a check automatically. If the balance is larger or if there is any confusion, Bank of America may hold the money and contact you. Do not assume the money will disappear—it will not. But leaving it unaddressed can create a delay of several weeks while the bank tries to reach you.

Fees and penalties to know about

Bank of America charges a monthly maintenance fee on Advantage Savings accounts. If you close the account mid-month, you will still owe the fee for that month. The bank will deduct it from your balance before closing, or charge it to another account you have with them.

If your account is overdrawn (negative balance), the bank will not close it until the overdraft is paid. You will need to deposit money to bring the balance to zero, or the bank will deduct the overdraft amount from another account. Some overdraft situations can take several days to resolve, so plan accordingly.

What to do if you cannot reach customer service

If you call and wait times are long, try calling early in the morning on a weekday. Bank of America's phone lines are typically less busy before 10 a.m. Eastern time. You can also visit a branch—no appointment is needed for account closures, though wait times vary by location.

If you have a complaint about the closure process or believe the bank made an error, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) through their website. Bank of America is required to respond to CFPB complaints within 15 business days.

Frequently Asked Questions

Can I close my Advantage Savings account if I have a negative balance?

No. You must bring the balance to zero first by depositing money or allowing the bank to deduct the overdraft from another account you have with them. Once the negative balance is resolved, you can proceed with closure.

Will closing my savings account affect my checking account?

No. Closing one account does not affect any other accounts you have. Your checking account will remain open and active unless you separately request to close it.

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

The account will show as closed in your online banking within a few hours of the closure request. Full processing in Bank of America's system typically takes three to five business days. During this time, you cannot use the account.

What if I close the account and then realize I need it again?

You can open a new Advantage Savings account at any time by visiting a branch, calling customer service, or using the Bank of America website. There is no penalty for closing and reopening accounts, though a new account will have its own opening date and fee structure.

Do I need to close the account in person, or can someone else do it for me?

Bank of America requires the account holder to request closure. If you are unable to call or visit a branch, you can send a written request by mail with your signature. A representative cannot close the account on your behalf without your direct authorization.