How to Close a Bank of America Account - Tips, Tricks and More

You can close your Bank of America account by visiting a branch, calling the helpdesk or by mailing in a closure request.

So you’ve made the decision to close your Bank of America account. By this point, you’ve probably realized that their rosy promises of free checking accounts and high-yield savings accounts were just leading you into a labyrinth of

hidden fees and charges

. Minimum balance requirements. Monthly service fees. Overdraft penalties. Ridiculous wire transfer fees. And to add insult to injury, an interest rate that hovers between 0 and 0.01%; making you effectively zero income on your precious deposits.

Ever heard the phrase, “your money should generate returns as you sleep"?. This is clearly not the case when you bank with America’s most illustrious financial institutions. At some point in the distant past, large banks ganged up to charge you over

$329 a year

just for the privilege of using your own hard earned money.

But let bygones be bygones. You’re moving on to better things. As with any break up, this may seem like an anxiety-inducing uphill battle. But as always, we’re here to help. Let's understand how to close your Bank of America account.

Things To Do Before you Close your Bank of America Account

1. This may seem obvious, but make sure you have a new bank account set up before you close your Bank of America account.

2. Review your most recent monthly statement for any recurring charges like water, electricity, gas and rental bills. Make sure that you transfer over all these essential charges to your new account at least 15 days before they are due.

3. Take note off all your online subscriptions like Netflix, Apple Music and Spotify and transfer them over to your new account.

4. Highlight any annual or semi-annual recurring charges that may not be reflected on the monthly statement and transfer them as well. This is an essential step to complete before you close your Bank of America account.

5. If your salary's direct deposit is attached to your Bank of America Checking account, transfer it to your new bank at least a full working week before it is expected.

6. Check for any recurring or overdue bank fees and resolve them. This is essential to protect your credit score (explained later).

7. Transfer any remaining balances over to your new account and go make that evening margarita. You're now ready to close your account.

How To Close a Bank of America Checking or Savings Account

Unfortunately, you cannot close a Bank of America account online. It can only be done by the following three routes.

1. If you want to close your Bank of America account in-person, visit a nearby branch and speak to an account executive. You will need to provide identity proof, so carry along your social security number, valid ID, address details, pin numbers etc. You can find the branch closest to you on this

online locator

2. If you don't have access to a local branch, call the support center at 800.432.1000 and request the customer care executive to close your account.

3. You can also submit your request in writing to

Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118

. Be sure to have all account owners sign the letter and mention how you would like to receive your balance, if any.<

Will My Credit Score Be Affected if I Close My Bank of America Checking Account?

No, it won't! Credit bureaus are not privy to your bank account information and hence cannot report your transactional activity to the credit bureau. The only case where your credit score might be affected is if you have negative overdraft balance and haven't repaid in a long time. Banks will pass on the overdue amount to collection agencies, who can report to credit bureaus, thus affecting your credit score.

This is why it is essential that you clear all bank dues before you close your Bank of America account.