Call Bank of America or visit a branch to close your account
The fastest way to close a Bank of America savings account is to call their customer service line at 1-800-432-1000 or walk into a local branch with your ID. You can also close the account online through your Bank of America login if you have no outstanding holds or pending transactions. Bank of America does not charge a fee to close a savings account, but you must withdraw or transfer any remaining balance before the account officially closes.
The process takes a few minutes over the phone or in person. A representative will confirm your identity, check for any pending deposits or withdrawals, and process the closure. If you close online, the account typically closes within one business day. If you close by phone or in branch, closure is usually immediate, though it may take a few business days for the account to fully disappear from your online banking.
Key Takeaways
- You can close a Bank of America savings account by phone (1-800-432-1000), in person at a branch, or online through your account dashboard.
- You must withdraw or transfer all money from the account before closing; Bank of America will not close an account with a balance.
- There is no fee to close a savings account, and closure is usually immediate by phone or branch, or within one business day online.
- If you have a linked checking account or outstanding automatic payments tied to the savings account, address those before closing to avoid declined transactions.
Withdraw or transfer your balance before you close
Bank of America will not close a savings account that still holds money. Before you call or visit, move all funds out. You can transfer the balance to another Bank of America account (checking, money market, or another savings account) instantly through online banking, or withdraw the full amount in cash at a branch or ATM.
If you are closing the account because you want to move to a different bank, transfer the money to your new bank's account instead. This avoids the step of withdrawing cash and re-depositing it elsewhere. Most transfers between banks take one to three business days, so plan ahead if you need the money on a specific date.
Check for pending transactions and automatic payments
Before closing, review your account for any automatic payments, recurring transfers, or pending deposits linked to the savings account. If you have set up automatic transfers from this savings account to pay bills or move money elsewhere, those will fail once the account closes. Log into your Bank of America account online and look at the last 30 days of activity to spot any regular payments.
If you find automatic payments, you have two options: cancel them before closing the account, or update them to pull from a different account. If you miss this step and a payment fails after closure, the merchant or service may charge you a late fee or suspend your service. Contact each company that pulls from this account and provide your new account number or payment method.
Separate your savings account from linked accounts
If your Bank of America savings account is linked to a checking account for overdraft protection or transfers, closing the savings account will break that link. This usually causes no problems, but if you rely on overdraft protection from the savings account to cover checking account shortfalls, you will lose that safety net once the savings account closes.
Before closing, decide whether you need overdraft protection on your checking account. If you do, you can set it up to link to a different savings account, or you can add overdraft protection through Bank of America's line of credit. Log into your account settings or call customer service to make these changes before you close the savings account.
What happens to your account after closure
Once Bank of America closes your savings account, you will no longer see it in your online banking dashboard. Any debit card, ATM card, or checkbook tied only to that account becomes inactive. If the account had a separate debit card, Bank of America will deactivate it; you do not need to do anything.
Bank of America keeps records of closed accounts for your protection. If you need a statement or proof of closure for tax purposes or to dispute a transaction that occurred before closure, you can request it by calling customer service or visiting a branch. The bank typically retains closed account records for seven years.
Reopen your account if you change your mind
If you close your savings account and later decide you want it back, you can reopen it at any Bank of America branch or by calling customer service. Reopening is usually quick and free. However, Bank of America may not restore the exact same account number; you will receive a new one. Any automatic payments or transfers you had set up will not automatically restart, so you will need to reconfigure them.
There is typically a waiting period before you can reopen an account if it was closed due to fraud or violation of Bank of America's terms, but standard closures have no waiting period. If you closed the account because of inactivity fees or low balance requirements, those same rules will apply to the new account, so consider whether the account structure meets your needs before reopening.
Frequently Asked Questions
Can I close my Bank of America savings account online?
Yes, if the account has a zero balance and no pending transactions. Log into your account, go to account settings, and select the option to close the account. If you cannot find the option online or the system will not let you proceed, call customer service or visit a branch instead.
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 has been inactive or below the minimum balance, you may have already paid monthly maintenance fees before closure. Those fees are not refunded.
What if I have a pending direct deposit going into the savings account I want to close?
Contact your employer or the organization sending the deposit and provide your new account number before you close the savings account. If a deposit arrives after closure, Bank of America will typically return it to the sender within a few business days, and you will need to resubmit it to the correct account.
How long does it take for my Bank of America savings account to fully close?
Closure is usually immediate by phone or in branch. Online closure typically takes one business day. It may take a few additional business days for the account to stop appearing in your online banking or for any pending transactions to fully clear.
Can I close my savings account if I have a negative balance?
No. You must pay off any negative balance before closing. If your account is overdrawn, Bank of America will not process the closure until you deposit enough money to bring the balance to zero. Call customer service to confirm the exact amount owed.