How Do You Close Bank Of America Account? (All You Need To Know!)

Well, closing your account with the bank of America doesn’t have only one method involved. There are three suitable ways in which this can be done successfully. You can either go to the bank, place a call, or send a mail to the bank. 

The bank of America is known to be the largest bank in the United States. It isn’t the largest because of the buildings or anything like that but its amount of assets is like no other bank. This is the biggest bank in the United States. But why would anyone want to close an account with this bank?

One of the major reasons why people want to close this account is the fees that their clients pay, it doesn’t matter where you are, these fees are a must pay. They are paid every month too. Well, that aside, let’s get back to how this account can be terminated. 

The Best And Reliable Ways To Close Your Account With The Bank Of America

At this point, there is no stopping you, all you want to do is close this account. You are getting exhausted. Here is what you can do, you can either go to the bank office, send a mail, or call them on your telephone. These are the three methods that are well involved in closing your account. It cannot be done online, guess they do not allow it. 

1. Go To The Bank Directly 

This should be the most obvious method for any kind of transaction, going to the bank yourself is the most common way to get this done. Here, you have to visit a bank of America branch and then explain or tell them what you want to do, they might ask a few questions and try a little to persuade you not to, you can still decide to close it if you want to. 

All you have to do is hold something to verify your identification with, an ID card or whatever. Walk up to the customer care service provider and they would direct you to whoever is closing your account for you. Just state your request and the manager there would take care of the necessary procedures. 

Sometimes you might not have cleared out the account, you still have some funds there, the manager would prepare a cashier’s check for you and make sure you get whatever is remaining inside the account. 

2. Place A Phone Call To The Bank

This is a comfortable method, who wouldn’t want to sit at home and get things done without stressing much. Calling the bank for account closure is also very effective and comfortable. This method is just very nice, they have a customer care line that you can call a customer that needs caring. You might go through a little delay before you get a representative of the bank to take care of you and take care of your situation. 

This method happens to be free too, all you have to do is answer trivia questions that would help the bank representative confirm your identity before closing the account. These questions must not be answered wrongly because they need it for confirmation. 

3. Send A Mail To The Bank

This might be a rather tedious method with a lot of time being wasted, but it is definitely one of the ways to close the account. What you do here is write a letter to the bank of America, the letter has to be signed by you too. The letter has to be a request to close your bank account, it has to be sent to the bank address. 

It isn’t hard to write a letter for most people but the time it takes to reach the bank and then get picked up by the representatives in the bank is what makes it a rather slow method. Anyhow, some people prefer this method and if this method is also what you have chosen to use, then you have to get the bank of America address. 

Things That You Shouldn’t Forget To Take Care Of Before Closing The Account

Firstly, we should say that before closing a bank account, as a human being, you would need another account ready to replace the other one. What this means is that it isn’t ideal to have one account closed without having the other account ready to replace it. Everyone needs an account. Apart from the fact that having an account is useful in life, you also need this new account because your remaining funds in the bank of America might need a place to be transferred to. This might be another reason to think about opening an account first. 

This might not be too necessary but another thing that has to be done is go to your account and download all the payment details that you have made in the bank. It might not be necessary but sometimes, these bank statements might come in handy for a particular situation. 

A Table Showing Things That Must Be Done Before Closing Your Bank Of America Account

Things to be done	Why it is necessary
Account shouldn’t be overdrawn	The bank of America won’t allow any customer to close an account that has a negative value. The account must be on the positive side or be at a neutral stage(zero).
Check the auto payment and deposit information and upgrade it	This is something that has to be done because this can cause an overdraw of the account. Ensure you take care of the automatic transfers you have placed on the account. Things like utility bills and the rest. Make sure you have a new account where those are all transferred to.
Download the old statements	This could be a little stressful but all your monthly statements of this account should be downloaded and kept in a safe place because they could come in handy later on. Whenever a statement for a closed account is being requested, it takes a lot of time before it is successfully brought out.

Can A Bank Of America Account Be Closed?

As we have established so far, it can be done, it can be done without going through too much stress as it stands. The bank of America doesn’t allow online account closure so the methods listed above are the only possible methods, the website doesn’t have an option for account closure. All these are safety measures because the smartphone app also doesn’t have a closing option. 

Will The Closing Of This Bank Account Do Anything To Your Credit Score?

Your credit score is not affected because you closed the account, an overdraft balance in the account can affect your credit score though. This isn’t because of the account closure so it is safe to close your account without stress. The information of your bank doesn’t concern the credit agencies. Although there are some instances where the credit agency and your bank have to work together, it isn’t because of a closed account. 

Conclusion

The bank of America probably gets as many clients opening accounts with them to be the same as the number of clients closing the accounts. It is a big firm. Well, these are the three acceptable methods to close your account with bank of America. 

References:

1. https://www.bankofamerica.com/deposits/account-information-and-access-faqs/
2. https://www.stilt.com/blog/2020/10/how-to-close-bank-of-america-account/
3. https://onjuno.com/blog/how-to-close-a-bank-of-america-account-tips-tricks-and-more

Last Updated on February 8, 2022 by