You can close a Bank of America savings account in person, by phone, or by mail, but you need to empty it first and settle any outstanding fees
Bank of America does not charge a fee to close a savings account, but you must withdraw or transfer all remaining funds before the account closes. If your account has a negative balance due to overdraft fees or other charges, you will need to pay that amount before closure. The process itself takes a few minutes if you go in person, or about 15 minutes on the phone.
The method you choose depends on whether you want to keep your other Bank of America accounts open and how quickly you need the account closed. If you have direct deposits or automatic payments tied to this account, you will need to update those before you close it, or they will fail.
Key Takeaways
- You must have a zero or positive balance in the account before Bank of America will close it; withdraw or transfer all money first.
- The three ways to close are in person at a branch, by phone at 1-800-432-1000, or by mail with a written request and your account number.
- If you have pending transactions, automatic payments, or direct deposits linked to this account, cancel or redirect them before you close it.
- Bank of America will send a confirmation letter to your mailing address within 7 to 10 business days after the account closes.
Close your account in person at a Bank of America branch
This is the fastest method if you have a branch nearby. Bring your ID and your debit card or account number. Tell the representative you want to close your savings account. They will verify the current balance on screen, confirm there are no pending transactions, and process the closure on the spot.
If the account has a positive balance, ask whether you want the funds transferred to another account you hold at Bank of America or withdrawn as cash. If you want cash, the representative will give it to you when ready. If you want a transfer, it posts within one business day.
The representative will give you a receipt showing the account is closed. Keep this for your records. You will also receive a written confirmation in the mail within 7 to 10 business days.
Close your account by phone
Call Bank of America customer service at 1-800-432-1000. Have your account number and ID ready. Tell the representative you want to close your savings account. They will ask you to verify your identity by answering security questions or providing your Social Security number.
The representative will check the balance and confirm there are no pending transactions. If there is money in the account, they will ask how you want it handled: transferred to another Bank of America account, mailed to you as a check, or transferred to an external bank account. A check takes 7 to 10 business days to arrive. A transfer to another Bank of America account posts within one business day. A transfer to an external account takes 1 to 3 business days depending on your bank.
Ask the representative to email or mail you a confirmation of the closure. Write down the date and time of the call and the representative's name in case you need to reference it later.
Close your account by mail
Write a letter to Bank of America requesting closure of your savings account. Include your full name, account number, the date, and your signature. Keep the letter brief and clear: "I request that my Bank of America savings account [account number] be closed effective when ready."
Mail the letter to Bank of America's customer service address. You can find the correct mailing address by calling 1-800-432-1000 or visiting the Bank of America website. Send it via certified mail with return receipt so you have proof it was delivered.
Before you mail the letter, withdraw or transfer all funds from the account. Bank of America will not close an account with a balance or outstanding fees. The closure process by mail takes 2 to 3 weeks from the date they receive your letter.
What to do before you close the account
Check whether you have any automatic payments, recurring transfers, or direct deposits set to this account. Log into your Bank of America online account or call 1-800-432-1000 to review recent activity. If you find automatic payments, cancel them or redirect them to another account at least one week before you close the savings account.
If you receive direct deposits (paychecks, government benefits, tax refunds), update your employer or the paying agency with your new account number before the account closes. Deposits to a closed account will be rejected and may be returned to the sender, which can delay your money by several weeks.
Withdraw or transfer all remaining funds. You can transfer money to another Bank of America account online, by phone, or in person. You can also withdraw cash at any Bank of America ATM or branch. Make sure the balance is zero before you request closure.
What happens after the account closes
Bank of America will send a written confirmation to the address on file within 7 to 10 business days. This letter will show the final balance and the closure date. Keep this letter for your records, especially if you had any pending transactions or disputes.
If you later discover a charge or transaction you did not authorize, you can still dispute it within 60 days of the statement date, even though the account is closed. Contact Bank of America customer service with the details and your confirmation letter.
Your account number will not be reused for at least one year. If you want to open a new savings account with Bank of America later, you can do so at any time.
Frequently Asked Questions
Can I close my savings account if it has a negative balance?
No. You must pay the negative balance first. This usually happens when overdraft fees or other charges exceed your account balance. Call 1-800-432-1000 to find out the exact amount owed, then deposit that amount or pay it from another account before you request closure.
What if I have a pending direct deposit that has not posted yet?
Wait for the deposit to post and clear before you close the account. If you close the account before it posts, the deposit will be rejected and returned to the sender, which can take 5 to 10 business days. Once the deposit clears, you can withdraw or transfer the funds and then close the account.
Do I lose access to my online banking if I close my savings account?
Only if the savings account is your only account with Bank of America. If you have a checking account or other accounts, your online access stays active. If the savings account is your only account, your online login will be disabled once the account closes.
Can I reopen the account after I close it?
Yes, but Bank of America treats it as a new account. You will need to go through the account opening process again, which includes identity verification and an initial deposit. There is no penalty for reopening, but it takes the same time as opening any new account.
What if I close the account but then realize I need it?
If you close the account and change your mind within a few days, call 1-800-432-1000 when ready. Bank of America may be able to reopen it if the closure has not fully processed. After the closure is complete, you will need to open a new account instead.