You can close a Bank of America savings account by phone, in person, or online, but the method depends on your account type and whether you have a balance
The fastest way is to call Bank of America at 1-800-432-1000 and ask to close your savings account. Have your account number ready. The representative will confirm your identity, check for any pending transactions, move any remaining balance to another account (or issue a check), and close the account on the spot. The whole call usually takes 10 to 15 minutes.
If you prefer to do it in person, visit any Bank of America branch with your ID and ask a teller to close the account. They will handle the same steps as the phone representative. If you have money in the account, you can transfer it to another Bank of America account, withdraw it in cash, or request a check mailed to you.
Online closure is available through the Bank of America mobile app or website, but only for certain account types and only if your balance is zero. If you have this option, you can initiate closure from your account settings, though you will still need to move your money first.
Key Takeaways
- Call 1-800-432-1000 to close your account by phone; have your account number and ID information ready.
- You must have a zero balance before closing, so transfer or withdraw any remaining money first.
- Bank of America will not charge you a fee to close a savings account.
- Closing takes effect immediately by phone or in person, though it may take one to two business days to process completely.
- If you have automatic payments or direct deposits linked to the account, update those before you close it.
What happens to your money when you close
Bank of America will not close your account if there is a balance remaining. Before you initiate closure, you must move all money out. You have three options: transfer the balance to another Bank of America account you own, withdraw it as cash at a branch or ATM, or ask the bank to mail you a check.
If you choose the check option, tell the representative you want the check mailed to your address on file. The check usually arrives within five to seven business days. Write down the check number and amount for your records.
If your account is overdrawn (you owe the bank money), you must pay the negative balance before closure. The representative will tell you the exact amount owed.
Stop automatic payments and direct deposits before closing
If you have automatic bill payments, recurring transfers, or direct deposits set up on this savings account, change them to a different account before you close it. Bank of America will not automatically redirect these payments.
Log into your account online or call the bank to review what is linked to the account. For direct deposits (paychecks, benefits, tax refunds), contact your employer or the agency sending the money and provide them with your new account number. For automatic payments to creditors or utilities, log into those companies' websites and update your payment method.
If you close the account without updating these, payments will fail, and you may face late fees or service interruptions. Give yourself at least one to two weeks to make these changes before you close the account.
Closing by phone versus in person
Phone closure is faster if you do not need to withdraw cash or handle the account in person. You can call from anywhere during business hours (typically 8 a.m. to 9 p.m. Eastern time, seven days a week). The representative will verify your identity by asking security questions or confirming information from your account.
In-person closure at a branch gives you the option to withdraw cash immediately and speak face-to-face with a representative if you have questions. It also creates a paper trail if you want a receipt or written confirmation. Bring your ID and have your account number available.
Online closure through the app or website is the most convenient if your account balance is already zero, but not all account types support this method. If the option does not appear in your account settings, you will need to use phone or in-person closure instead.
What to do if you have a linked checking account or credit card
Closing a savings account does not affect a checking account or credit card you hold with Bank of America, even if they are linked. However, if you have set up transfers between the savings account and another account, those transfers will stop working once the savings account closes.
If you use the savings account as a backup for overdraft protection on your checking account, that protection will end. Contact Bank of America to set up overdraft protection on a different savings account or to remove the feature entirely.
Timeline and confirmation after closure
Closure takes effect immediately when you close by phone or in person. However, it can take one to two business days for the closure to fully process in Bank of America's system. During this time, the account will show as closed, but any pending transactions may still post.
You will receive a confirmation email or letter from Bank of America within a few days. Keep this for your records. If you requested a check for your remaining balance, note that the check is separate from the closure confirmation and will arrive on its own timeline.
If you do not receive confirmation within a week, call 1-800-432-1000 to verify the account is closed and ask for written confirmation to be sent to you.
Frequently Asked Questions
Will Bank of America charge me to close my savings account?
No. Bank of America does not charge a fee to close a savings account. However, if your account is overdrawn, you must pay the negative balance before closure.
Can I reopen the account after I close it?
You can open a new savings account with Bank of America at any time, but you cannot reopen the exact same closed account. The old account number will not be reused.
What if I have a pending deposit or check that has not cleared yet?
Wait for all pending transactions to clear before you close the account. If you close while a deposit is pending, it may fail or be returned. Call the bank to check your pending transactions before initiating closure.
Do I need to close the account in person if I have a large balance?
No. You can transfer a large balance by phone or online to another account, or request a check by phone. You do not need to visit a branch unless you want to withdraw cash.
What happens to my debit card linked to this savings account?
If you have a debit card tied only to this savings account, it will stop working once the account closes. If the card is linked to a checking account as well, it will continue to work on the checking account.