You can close a Bank of America savings account in person, by phone, or by mail, but you must withdraw or transfer your balance first and settle any outstanding fees.
Bank of America does not charge a fee to close a savings account, but the process requires you to move your money out before the account officially closes. You have three main routes: visit a branch in person with your ID, call the customer service number on your card, or send a written request by mail. The fastest method is usually in-person, which takes minutes. Phone and mail closures typically take five to ten business days to complete after Bank of America receives your request.
Before you close the account, check your balance, review recent statements for any pending transactions, and confirm you have received all interest payments or tax documents you need. If you have direct deposits or automatic payments tied to this account, update those with your new account information first—otherwise payments may fail or be delayed.
Key Takeaways
- You must withdraw your full balance or transfer it to another account before Bank of America will close the savings account.
- In-person closure at a branch is the fastest method and takes only a few minutes with your ID.
- Phone closure requires calling the number on the back of your debit card or 1-800-432-1000, and takes five to ten business days.
- Mail closure requires a signed letter requesting closure and takes longer, but works if you cannot visit a branch or call.
- Check for outstanding fees, pending transactions, and tax documents before you close, and update any direct deposits or automatic payments first.
Closing in person at a Bank of America branch
Bring your ID and visit any Bank of America branch during business hours. Tell the teller you want to close your savings account. They will confirm your balance, process any final withdrawals, and close the account on the spot. If your balance is zero and there are no holds or pending items, the account closes when ready.
If you have a small balance, the teller can withdraw it in cash or transfer it to another account you own at Bank of America. If the balance is large, ask whether they can process a wire transfer or cashier's check. Bring documentation of where you want the money to go if you are transferring to another bank.
The teller will give you a confirmation that the account is closed. Keep this receipt. If you receive statements or notices about the account after closure, you can reference the confirmation number.
Closing by phone
Call 1-800-432-1000 and say you want to close your savings account. Have your account number and ID ready. The representative will verify your identity, confirm your balance, and discuss how you want to move your money. You can request a check, a transfer to another account, or a wire transfer depending on the amount.
The representative will process the closure request and give you a confirmation number. Write down the date, time, and representative's name. Bank of America will mail you a confirmation letter within five to ten business days. The account will close once your balance reaches zero and any pending transactions clear.
If you have questions about the closure after you hang up, reference your confirmation number when you call back. Keep the number until you receive the written confirmation.
Closing by mail
Write a letter to Bank of America requesting closure of your savings account. Include your full name, account number, the date, and a clear statement that you want to close the account. Sign the letter and mail it to the address on your statement or to Bank of America's general correspondence address.
Before you mail the letter, withdraw your balance in person or by phone, or request a transfer. Bank of America will not close an account with a remaining balance. Include a note in your letter confirming that you have withdrawn the funds or requesting that they transfer the balance to a specific account you own.
Mail closure takes longer than in-person or phone closure because Bank of America must receive the letter, process it, and send you confirmation. Plan for ten to fifteen business days from the date you mail it. If you do not receive confirmation within three weeks, call customer service to confirm the account is closed.
What to do before you close
Check your most recent statement and confirm the balance. Look for any pending deposits or withdrawals that have not cleared yet. If you have automatic transfers set up—such as a monthly savings sweep from checking—cancel those before you close, or they may fail and trigger overdraft fees on your checking account.
Review whether you are expecting any tax documents. Bank of America sends 1099-INT forms for interest earned in the prior year, usually by January 31. If you close the account before receiving the form, update your address with Bank of America so the form reaches you, or request a duplicate copy online or by phone.
Check whether you have any outstanding fees on the account. Bank of America may charge fees for overdrafts, returned deposits, or other reasons. These must be paid before closure. If you dispute a fee, resolve it before you close, because it becomes harder to contest after the account is gone.
What happens to direct deposits and automatic payments
If you have direct deposits going to this savings account—such as payroll, benefits, or regular transfers—update your employer or the paying organization with your new account number before you close. Direct deposits sent to a closed account may be returned to the sender, and you may miss a payment.
If you have automatic bill payments or transfers set up from this account, update those with your new account information or cancel them. Payments sent to a closed account will fail, and you may incur late fees or service interruptions with the company you owe.
Give yourself at least one week after updating direct deposits and payments before you close the account, to make sure everything has switched over correctly.
If you have a linked checking account
Closing a savings account does not affect your checking account. They are separate accounts with separate account numbers. However, if you have set up transfers between them—such as automatic savings sweeps—those will stop working once the savings account closes. Update or cancel those transfers before closure.
If you have overdraft protection linked to this savings account, closing it may remove that protection from your checking account. Call Bank of America before you close to confirm whether your checking account will still have overdraft coverage, and set up a replacement method if needed.
Frequently Asked Questions
Can I close my savings account if it has a negative balance?
No. You must pay any negative balance (overdraft) before Bank of America will close the account. The amount owed will be deducted from another account you own at Bank of America, or you can pay it by phone or in person at a branch.
What if I have a pending deposit that has not cleared yet?
Wait for the deposit to clear before you close the account. If you close before it clears, the deposit may be returned to the sender. Check your statement to see when pending items are expected to post, then close a few days after.
Will closing my savings account affect my credit score?
No. Closing a savings account does not appear on your credit report and does not affect your credit score. Credit reports track credit accounts like credit cards and loans, not deposit accounts.
How long does it take to close a Bank of America savings account?
In person: a few minutes. By phone: five to ten business days. By mail: ten to fifteen business days. The timeline depends on when your balance reaches zero and any pending transactions clear.
Can I reopen a Bank of America savings account after I close it?
Yes. You can open a new savings account at any time. However, if you closed the account due to a dispute or problem, contact Bank of America first to understand what happened and whether the issue has been resolved.