What happens when you close a Bank of America savings account
When you close a savings account at Bank of America, the bank freezes the account so no more deposits or withdrawals can happen, then sends you any remaining balance. The process takes a few days to a week depending on how you close it and whether there are pending transactions. You will not lose money by closing — Bank of America will return every cent in the account — but you do need to handle any automatic transfers or direct deposits that feed into it, because those will fail once the account is gone.
Bank of America does not charge a fee to close a savings account. The account straightforward stops existing after the closure is complete. If you have a linked checking account, closing the savings account does not affect it unless you specifically ask the bank to close both.
Key Takeaways
- You can close a Bank of America savings account in person at any branch, by phone at 1-800-432-1000, or through the mobile app without paying a fee.
- Before closing, redirect any automatic transfers or direct deposits that go into the savings account, because those payments will fail once the account closes.
- Bank of America will mail a check for your remaining balance if you do not have another account to transfer it to, or you can move the money to a different account before closing.
- The account closure takes effect when ready when you close it in person or through the app, but phone closures may take one to two business days to process.
- If you have a savings account linked to a checking account for overdraft protection, closing the savings account removes that protection.
Closing your account in person at a Bank of America branch
Walk into any Bank of America branch with a government-issued ID and ask to close your savings account. A teller will pull up your account, confirm the balance, and ask where you want the money to go. If you have another Bank of America account, they can transfer the balance there when ready. If you want the money sent elsewhere or mailed as a check, tell them that now.
The teller will print a closure form for you to sign. This form confirms the account number, the final balance, and where the money is going. Once you sign, the account closes on the spot. You will receive a confirmation receipt. If the account has pending transactions — a check that has not cleared, a debit card charge that is still processing — the bank may ask you to wait a few days before closing, or they will hold the account open until those clear.
Closing your account by phone
Call Bank of America at 1-800-432-1000 and tell the representative you want to close your savings account. Have your account number ready, though the bank can look it up by your Social Security number and date of birth. The representative will confirm your identity, tell you the current balance, and ask where you want the money sent.
Phone closures take one to two business days to complete because the bank processes them in batches. You will not get an when ready confirmation that the account is closed — the bank will send you a letter in the mail within a week confirming the closure and showing where your final balance went. If you need to close the account faster, closing in person at a branch is the quickest route.
Closing your account through the Bank of America mobile app
Open the Bank of America app, go to your savings account, and look for a menu option labeled "Close Account" or "Account Services." The app will walk you through confirming your identity and choosing where your remaining balance should go. You can transfer it to another Bank of America account you own, or request a check be mailed to you.
App closures take effect when ready, though the actual transfer of your balance may take one to three business days depending on where it is going. You will receive a digital confirmation in the app and an email receipt. This method works well if you are closing during hours when branches are not open or if you do not have a branch nearby.
What to do with automatic payments and direct deposits before closing
Before you close the account, check whether any automatic transfers, direct deposits, or bill payments are connected to it. Log into your Bank of America account online or through the app and look at your recent transactions to see what money regularly flows in or out. Common examples are paycheck direct deposits, automatic transfers to a checking account, or recurring bill payments.
For each automatic payment or deposit, change the destination to a different account — either another Bank of America account you own or an account at a different bank. If you are moving money to a different bank, you will need that bank's routing number and your account number there. Make these changes at least three to five business days before you close the savings account, so the next scheduled payment goes to the right place. If a payment tries to go into a closed account, it will bounce and may trigger a late fee or missed payment on your end.
What happens to your remaining balance
Bank of America will not keep any money in a closed account. You must tell the bank where to send it. Your options are: transfer it to another Bank of America account you own (the fastest option, usually when ready or next business day), transfer it to an account at a different bank (takes three to five business days), or receive a check mailed to your address on file (takes five to ten business days).
If you do not specify where the money should go, Bank of America will mail you a check. The check will be sent to the mailing address on your account. If you have moved and the address is outdated, update it before closing the account. If a check is mailed and you do not cash it within a certain period, the funds may be turned over to your state's unclaimed property program — you can still recover them, but it requires extra steps.
Timing and what to expect after closure
In-person closures at a branch take effect the same day. Phone and app closures take one to two business days. Once the account is closed, you cannot reopen it under the same account number — if you change your mind, you would have to open a new savings account, which gets a new number.
You will receive written confirmation of the closure by mail within one to two weeks. Keep this letter for your records. If you had a debit card linked to the savings account, that card will stop working for withdrawals from that account (though it may still work for your checking account if you have one). Any pending checks or automatic payments tied to the savings account will fail, so make sure you have redirected everything before closing.
Frequently Asked Questions
Can I close my savings account if I have a negative balance?
No. You must bring the account to zero or positive before closing. If the account is overdrawn, pay the negative amount first. Bank of America will not close an account with a balance owed.
What if I have a savings account linked to my checking account for overdraft protection?
Closing the savings account removes the overdraft protection. Your checking account will no longer be able to pull from the savings account if it goes negative. If you rely on this protection, set up a different overdraft option before closing, or make sure your checking account has enough cushion.
Can I close the account if there are pending transactions?
The bank may ask you to wait until pending transactions clear before closing. If you close while transactions are still processing, the bank will hold the account open until they settle, which can take several days. Ask the teller or representative how long you should wait.
Do I need to close my checking account too?
No. Closing a savings account does not affect a checking account. They are separate. You can close just the savings account and keep the checking account open, or close both if you want.
What if I never received my final balance check?
Contact Bank of America at 1-800-432-1000 with your account closure date and the amount that was supposed to be mailed. The bank can issue a replacement check or investigate whether it was lost in the mail. Keep the closure confirmation letter handy when you call.