You can close a Bank of America business account online through Online Banking, but only if you meet certain conditions first
Bank of America lets you close a business checking or savings account through Online Banking if your account has a zero balance and no outstanding transactions pending. If your account has a balance, you must withdraw or transfer the money first. If you have checks still in circulation, credit card payments scheduled, or automatic transfers set up, you need to cancel those before closure. The online closure process takes a few minutes once these conditions are met, and the account closes immediately.
If your account does not meet these conditions, or if you prefer to close it by phone or in person, Bank of America offers those routes as well. Closing over the phone takes longer because a representative must verify your identity and review your account history. Closing in person at a branch is the slowest option but gives you a chance to ask questions about your account status before you finalize the closure.
Key Takeaways
- Your account must have a zero balance and no pending transactions before you can close it online through Bank of America Online Banking.
- You must cancel all automatic payments, scheduled transfers, and outstanding checks before closure is possible.
- If your account does not meet these conditions, you can close it by calling Bank of America's business customer service line or visiting a branch in person.
- Closing online is immediate, but closing by phone or in person may take one to three business days to process.
- You should request written confirmation of closure and keep it for your records.
Steps to close your account online through Online Banking
Log into Bank of America Online Banking with your business username and password. Navigate to the account you want to close. Look for a settings or account management section—this is usually found under "Account Services" or a gear icon. Select the option to close the account.
Bank of America will show you a checklist of requirements before you can proceed. Verify that your balance is zero, that no checks are outstanding, and that no automatic payments or transfers are scheduled. If any of these items show as incomplete, you cannot close the account online and must use the phone or branch method instead. Once all requirements are met, confirm the closure. The account closes immediately, and you will receive an on-screen confirmation.
Save or print this confirmation for your records. Bank of America will also send a written confirmation to the address on file within five to seven business days. If you do not receive written confirmation within two weeks, contact Bank of America to request it.
What you must do before closing: clearing your balance and stopping payments
Before you can close your account, withdraw or transfer any remaining balance to another account. You can do this through Online Banking, at an ATM, or at a branch. If you have a small balance and want to close the account quickly, transferring to your personal Bank of America account or another bank takes one to two business days.
Cancel all automatic bill payments and recurring transfers. Log into Online Banking and go to the bill pay or transfer section. Look for any payments or transfers scheduled to leave your account in the future and cancel each one. This includes payroll deposits, vendor payments, loan payments, and transfers to other accounts. If you are unsure whether you have any scheduled payments, call Bank of America's business customer service line at the number on the back of your card—a representative can review your account and tell you what is active.
Stop any outstanding checks. If you have written checks that have not yet cleared, contact Bank of America to place a stop payment on each check. There is usually a fee per check (typically $25 to $35), but this is necessary to prevent the check from clearing after you close the account. If you are not sure which checks are still outstanding, ask your bank for a list of recent check activity.
Closing your account by phone if online closure is not an option
Call Bank of America's business customer service line at the number on the back of your business debit card or on your most recent statement. Have your account number and tax ID or Social Security number ready. A representative will verify your identity by asking security questions about your account.
Tell the representative you want to close the account. They will review your account to confirm there is no balance, no pending transactions, and no outstanding checks. If everything is clear, they will process the closure over the phone. This usually takes five to ten minutes. The representative will give you a confirmation number—write this down and ask for it to be sent to your email as well.
Closing by phone does not close the account immediately. It typically takes one to three business days for the closure to process. During this time, do not attempt to use the account. You will receive written confirmation in the mail within five to seven business days.
Closing your account in person at a Bank of America branch
Visit a Bank of America branch that handles business accounts. Bring your business debit card and a government-issued ID. Tell the representative you want to close your business account. They will pull up your account and verify that your balance is zero and that there are no pending transactions.
If your account meets the requirements, the representative will process the closure. This takes about ten to fifteen minutes. You will receive a receipt with a confirmation number. Ask the representative to note in the system that you requested closure in person, so there is a record if questions come up later.
Like phone closure, in-person closure does not take effect immediately. It typically takes one to three business days for the closure to show in the system. You will receive written confirmation in the mail.
What happens to your account after closure
Once your account is closed, you cannot use your debit card, write checks, or access the account through Online Banking. Any checks you wrote before closure that have not yet cleared will bounce unless you placed a stop payment on them. If a check bounces, the payee may charge you a fee, and the person or business you owed money to will know the payment failed.
Bank of America will keep records of your closed account for at least five years. If you need a statement or transaction history after closure, you can request it by calling business customer service or visiting a branch. There is usually no fee for this.
If you had a business credit card attached to this account, closing the checking or savings account does not close the credit card. You must close the credit card separately if you want to do so.
Frequently Asked Questions
What if I have a small balance left in the account—can I just close it anyway?
No. Bank of America requires a zero balance before closure. You must withdraw or transfer the remaining money first. If the balance is very small (under $10), you can withdraw it at an ATM or ask a branch representative to help you close it out before you initiate closure.
How long does it take to close a business account online?
The online closure process itself takes a few minutes. The account closes immediately once you confirm. You will receive written confirmation in the mail within five to seven business days. Phone and in-person closures take one to three business days to process.
Can I reopen a closed Bank of America business account?
Bank of America does not automatically reopen closed accounts. If you want to use Bank of America again, you would need to open a new business account. This requires a new application and may take one to two weeks to process.
What if I closed my account but still see it in Online Banking?
Closed accounts sometimes remain visible in Online Banking for a few days or weeks after closure. This is normal. If it is still showing after two weeks, or if you see any transactions posted to it after closure, contact Bank of America immediately to report it.
Do I need to close my business credit card when I close my checking account?
No. Your business credit card and your business checking account are separate products. Closing one does not close the other. If you want to close your credit card, you must request that separately.