How to Close Bank of America Account
Posted by Frank Gogol
Updated on April 25, 2022
Disclosure: Stilt is a lending company. Nonetheless, we are committed to providing our users with high-quality resources and accurate information about immigration and finance.
Considering it’s the biggest bank in the United States, it’s not a surprise that Bank of America has more than $2 trillion in assets. Although it feels great to have an account at this bank, the fee you’re charged every month may make you want to close your account and open a different one with another bank. Fees are an issue for both citizens and non-US citizens.
So, how do you close a Bank of America account when you no longer need it? Find out what you have to do by reading the next paragraphs.
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Is It Possible to Close a Bank of America Account?
Yes, it is possible to close your account, but it depends on the method you prefer. For instance, if you wish to close it online, this won’t be possible. At the moment, there isn’t any option that allows you to close your account using their website. You can’t do it through their smartphone app either. It may not be too convenient that you cannot do this, but at the same time, it’s probably a safety measure taken so no third party could close your account without your consent.
However, there are other methods that you could use if you want to close your Bank of America account.
What to Do Before You Close Your Account
Before closing your Bank of America account, you should make sure that you have your new bank account ready. If you were already intending to open a bank account with another financial institution, you should do it before your current one is closed. Having a new account will be more useful than you think because you can just transfer the balance from the Bank of America account to the new bank account. So, ensure that you do that first.
Then, after the balance in your Bank of America account goes to $0, you should update the payment information on file with all your utility companies, lenders, creditors, and other such companies. If you have companies that you have to pay automatically from your bank account monthly, you have to let them know about your situation. This ensures there won’t be anything else linked to your old account, and there will be no money on it that can be withdrawn.
What you should do afterward is go to the website of the bank, and download all the monthly bank statements from the old account. You may find yourself in situations where the statements will come in handy in the future. Close account statements may be difficult to obtain later, which is why you should make sure to get these while you still have the account open.
3 Ways to Close a Bank of America Account
So, you’ve made up your mind and you’re sure that you would like to close your Bank of America account. Now what? Well, you must know how to close your account, as there are a few methods available. We’ve established that closing your account online is not possible, so how can you do it? Here are the available methods:
Going to a Local Bank
One of the obvious methods is by going to a physical bank, of course. You have to go to a branch of the Bank of America. Once you’re there, you will tell them that you wish to close your existing account.
To close your account, you will need to:
- Request an account closure
- Verify your identity (address, SSN, birthday, etc)
From here, the teller or bank manager will do the rest. If you haven’t already transferred your funds, the banker will make out a cashier’s check for the account balance.
Calling the Bank
The quickest and easiest method to close your account is by calling the bank. This is a nice method in case you want to do everything from the comfort of your own home. Just call their customer support service at 1-800-432-1000 and one of the bank representatives will take care of the situation.
The customer support service is toll-free, and you will easily go through a few steps that will help you close your account.
Doing It via the Mail
Closing the account is also possible by mailing a signed written account closure request to the Bank of America address. This may be easy, but it can be time-consuming as you have to wait until your signed written account closure request reaches them. But if you want to use this method, then mail them the document at the following address:
Bank of America
PO Box 25118
Tampa, FL 33622-5118
Does Closing a Bank Account Affect Your Credit Score?
When you close your account, your credit won’t be affected directly. However, it may create some issues and affect the score in case you have an overdraft balance.
Your bank account information is not being sent to any credit reporting agencies by your bank or credit union. Therefore, it doesn’t end up being listed on your credit report. But although the actual account closure is not going to ruin your credit, an overdraft balance will affect it when you close the account on it.
If you don’t repay the debt on time before you close your account, then the credit union or bank will send it to a collection agency, and they will then send it to credit bureaus. As a result, this will affect your credit score and will stay on your credit report for 7 years since the incident happened.
This is why you should pay off the overdraft balance before you close your account. You’re going to regret it otherwise.
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