The steps to close a Bank of America savings account

You can close a Bank of America savings account in three ways: by phone, in person at a branch, or by mail. The fastest route is calling Bank of America at 1-800-432-1000 and asking to speak with an account specialist. Have your account number ready. They will confirm your identity, ask why you are closing the account, and process the closure on the call. Any remaining balance will be sent to you by check or transferred to another account you specify.

If you prefer to close the account in person, visit your local Bank of America branch with a photo ID and your account number. A banker will process the closure and handle your remaining balance the same way. This takes about 10 to 15 minutes. For mail, you can write to Bank of America requesting closure, include your account number and signature, and send it to the address on your statement. This method takes longer — typically one to two weeks — because the bank must receive and process your letter.

Before you close, make sure any automatic deposits or payments linked to the account are moved to another account. If you have pending transactions, wait for them to clear first. The bank will not close an account with outstanding checks or pending charges.

Key Takeaways

  • Phone closure is the fastest method: call 1-800-432-1000, confirm your identity, and the account closes during the call.
  • In-person closure at a branch takes 10 to 15 minutes and requires a photo ID and your account number.
  • Redirect any automatic deposits, bill payments, or direct deposits to another account before closing to avoid missed payments or lost deposits.
  • Your remaining balance will be mailed as a check or transferred to another account, depending on what you request.
  • Wait for all pending transactions to clear before closing, or the bank will not process the closure request.

What happens to your remaining balance

Bank of America will not simply delete money in your account. When you close, any balance remaining goes to you. During the phone call or in-person visit, tell the representative how you want the money sent. The two most common options are a check mailed to your address on file, or an electronic transfer to another bank account you own.

If you choose a check, it typically arrives within five to seven business days. If you choose a transfer, it usually posts within one to two business days. Make sure the receiving account information is correct before you confirm the closure, because correcting a mistake after the fact requires calling the bank again.

Preparing your account before closure

The most common reason a closure request fails is that automatic transactions are still linked to the account. Before you call or visit, log into your Bank of America online account and review the last 30 days of activity. Look for any recurring deposits (paychecks, government benefits, transfers from another account) or recurring payments (insurance, subscriptions, utilities, loan payments).

For each recurring transaction, update it to point to your new account. If the deposit or payment is set up through your employer or a government agency, you will need to contact them directly to change the account number. If it is set up through Bank of America's bill pay or transfer tools, you can change it yourself in the online banking portal under "Transfers" or "Bill Pay." Allow a few days for changes to take effect before you close the account.

Also check for pending transactions — charges that have been authorized but not yet posted. These can prevent closure. Wait until they clear, which usually takes one to three business days depending on the merchant.

Closing a joint account

If the savings account is held jointly with another person, both account holders must consent to closure. Bank of America will not close a joint account based on one person's request alone. If you are calling, the bank will ask whether the other owner agrees. If they do not, the closure cannot proceed.

If you and the other owner disagree about closing, you have limited options. You can ask the bank to remove yourself as an owner and transfer your share of the balance to a separate account, but this requires the other owner's signature on a form. Alternatively, you can simply stop using the account and let it sit inactive, though Bank of America may eventually close it due to inactivity and send any balance to the state unclaimed property program.

Timing and what to expect after closure

Once you close the account by phone or in person, the closure is immediate. You will no longer be able to use the debit card, make transfers, or deposit checks to that account. If you close by mail, the bank will send you a confirmation letter once the closure is processed, which takes one to two weeks.

After closure, keep any confirmation documents the bank provides. If a payment or deposit tries to post to the closed account, the bank will reject it and send it back to the sender. This is why redirecting automatic transactions beforehand is so important — a rejected paycheck or bill payment can create problems with your employer or creditors.

Reasons to keep the account open instead

Before you close, consider whether you actually need to. If the account has a monthly fee, you may be able to remove it by switching to a different Bank of America savings product that has no fee, rather than closing entirely. Bank of America offers a basic savings account with no monthly maintenance fee if you maintain a minimum balance or set up a monthly direct deposit.

If you are closing because of poor customer service or a dispute, contact Bank of America's customer relations department at 1-800-432-1000 and ask to speak with a supervisor. Many issues can be resolved without closing. If you are closing to move your money to a different bank, you can keep the Bank of America account open and inactive — it will not hurt your credit or finances to have it sitting unused.

Frequently Asked Questions

Will closing my savings account hurt my credit score?

No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts like credit cards, loans, and lines of credit appear on your credit report. Closing a savings account has no impact on your creditworthiness.

What if I have a negative balance when I try to close?

Bank of America will not close an account with a negative balance. You must pay the overdraft amount first. Call the bank or visit a branch, pay the negative balance in full, and then request closure. If you do not pay it, the bank may send the debt to a collection agency.

Can I reopen a closed Bank of America savings account?

Yes, but only within a certain window. If you close the account and change your mind within 30 days, you can call the bank and ask to reopen it. After 30 days, the account is permanently closed and you would need to open a new account instead. A new account will have a different account number.

Do I need to close the account if I am moving to another bank?

No. You can open a new account at another bank and leave your Bank of America account open but unused. There is no penalty for having multiple savings accounts at different banks. However, if the account has a monthly fee and you will not use it, closing makes sense to avoid unnecessary charges.

How long does it take to receive my balance after closing?

If you request a check, it typically arrives within five to seven business days. If you request a transfer to another account, it usually posts within one to two business days. The exact timing depends on your bank and the postal service if a check is involved.