How to Close your Bank of America Account: Options and Tips!
Having a bank account with one of the big banks might be reassuring. However, dealing with large banks can often result in hefty fees or other complications, which can be difficult to resolve without visiting a branch in person – which can take time.
We’ll show you how to close your Bank of America account if you’ve made up your mind and are looking for something else.
Before you close your Bank of America account
Closing a Bank of America checking or savings account is a simple and straightforward process, but there are a few things to remember before you do so.
To close the account, you must have a zero or positive bank account balance. They won’t allow you to close the account until the balance is zeroed out if it has a negative balance or is overdrawn.
It’s critical to alert or amend payment information on any auto drafts you’ve set up on your current account, such as utility payments, automobile payments, and so on, before closing the account. Another situation where having a fresh account set up is beneficial is in this case. If you receive an auto-deposit on your salary, make sure to inform your employer of the new account number.
Then, on the Bank of America website, log in to your account and download all of your monthly statements. Because acquiring closed account statements might be a pain, having a record of the accounts is highly handy if you need them in the future.
If you close a bank account, make sure you open a new or backup account with a different financial institution. If you want to open a new bank account somewhere else, you should do so before canceling your Bank of America account. Because you may simply move the funds to another account, it’s quite useful during the closure procedure. Withdrawing cash or requesting a cashier’s check are the other possibilities.
How to close your Bank of America account?
With your balance in good standing, auto drafts and payments updated, and your statements downloaded, you can now close the account. Currently, these are the available account closure options:
- Go to a local Bank of America financial center and speak with a banker. They can close the account on the spot.
- Call Bank of America’s customer service line at 800-432-1000. Input your account information and follow the instructions to speak with a banker.
- Submit a written request to Bank of America with the signatures of all account owners and balance forwarding information to: Bank of America FL1-300-01-29, PO Box 25118 Tampa, FL 33622-5118.
How much is it to close a Bank of America account?
A Bank of America account can be closed for no cost. Again, there must be no outstanding balances or unpaid membership fees on your account, and you must follow the processes outlined in the section above.
It is not possible to close a Bank of America account via the internet. If you want to do everything from the comfort of your own home, this is an important point to consider before creating a Bank of America account. So, how about an option where you may open your account online?
How to Close your Bank of America Account.
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