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 to close a Bank of America savings account is to call their customer service line at 1-800-432-1000. You'll need your account number and Social Security number ready. A representative can process the closure immediately, and if you have a balance, they'll ask how you want the funds sent—usually by check or transfer to another bank account.
If you prefer to close the account in person, visit any Bank of America branch with a photo ID and your account information. A banker can walk you through the process and handle any remaining balance on the spot. This option works well if you have questions about pending transactions or want to make sure everything is settled before closure.
Online closure is available for some savings accounts through your Bank of America login, though not all account types support this method. Log into your account, look for account settings or account management, and follow the prompts. If the option doesn't appear, your account type likely requires a phone call or branch visit.
Key Takeaways
- Phone closure at 1-800-432-1000 is the fastest method and works for all account types, with funds transferred or mailed within five to ten business days.
- You must have a zero balance or arrange for the remaining funds to be transferred or mailed before the account closes.
- Set up automatic payments or transfers elsewhere before closing if you have recurring deposits or withdrawals tied to this account.
- Bank of America does not charge a fee to close a savings account, but you should confirm there are no outstanding holds or pending transactions.
What happens to your balance when you close
Bank of America will not close your account if there is money in it. You must either withdraw the full balance or direct the bank to send it somewhere else. During the phone call or branch visit, tell the representative where you want the money to go: to another Bank of America account you own, to an external bank account via transfer, or by check mailed to your address.
If you choose a check, it typically arrives within five to ten business days. If you choose an electronic transfer to another bank, the timeline depends on that bank's processing speed—usually one to three business days. The representative will confirm the destination and amount before processing the closure.
If your account has a negative balance (you owe the bank money), you must pay that amount before closing. The representative will tell you the exact figure and your payment options.
Stop automatic payments and deposits before you close
Before you initiate closure, review what's connected to this savings account. If you have direct deposits going into it, paychecks will bounce or be rejected once the account closes. If you have automatic bill payments or transfers set up, those will fail and may trigger overdraft fees or late payment penalties on other accounts.
Log into your Bank of America account online and check the transfers and payments section. Update any recurring deposits to go to a different account. For automatic payments, either change the account number on the biller's end or cancel the payment and set it up elsewhere. This usually takes one to two business days to take effect, so do it at least a week before you plan to close the account.
If you're not sure what's connected to the account, call 1-800-432-1000 and ask a representative to review your recent transactions and standing instructions with you.
Closing an account with a negative balance or holds
If your account is overdrawn, Bank of America will not close it until you pay the negative balance. The amount owed includes the overdraft itself plus any overdraft fees. You can pay this by transferring money from another account, depositing cash or a check at a branch, or authorizing a debit from another bank account over the phone.
If there's a hold on your account—usually placed because of a dispute, fraud investigation, or unpaid fees—the bank may not allow closure until the hold is lifted. The representative on the phone can tell you why the hold is there and how long it will remain. You may need to resolve the underlying issue before proceeding.
In rare cases, if you have an outstanding debt to Bank of America (such as an unpaid loan or credit card balance), the bank may apply your savings account balance to that debt before closing the account. Ask the representative whether this applies to you.
What to do if you have a linked checking account
If this savings account is linked to a checking account for transfers or overdraft protection, closing the savings account won't affect the checking account. However, you will lose the ability to transfer money between them or use the savings account as overdraft backup. Update your overdraft protection settings if you want to link a different savings account or disable the feature entirely.
To change overdraft protection, log into your account online, go to settings, and look for overdraft options. Or call 1-800-432-1000 and ask a representative to update it for you. This takes effect immediately.
Confirming the account is closed
After you close the account, it can take one to three business days for the closure to appear in your online banking. Once it's closed, you won't see it listed under your accounts anymore. If you need written confirmation that the account is closed, you can request a closure letter from Bank of America by calling 1-800-432-1000 or visiting a branch.
Keep any confirmation number or reference number the representative gives you during the closure call. If there are any issues with the final balance transfer or if you need to dispute something later, that number will help you track the transaction.
If the account still appears in your online banking after five business days, or if you don't receive the funds you requested, contact Bank of America customer service to confirm the closure was processed.
Frequently Asked Questions
Do I have to pay a fee 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 or has unpaid fees, you must settle those before closure.
Can I reopen the account after I close it?
Bank of America may allow you to reopen a closed account within a certain period, but this depends on the reason for closure and your account history. Call 1-800-432-1000 to ask whether reopening is possible in your situation.
What if I close the account but still receive mail about it?
After closure, you may receive a final statement or confirmation letter. If you receive bills or notices months later, contact Bank of America to confirm the account is closed and ask them to stop sending mail.
Can I close the account if I have pending transactions?
Bank of America will usually wait for pending transactions to clear before processing closure. Ask the representative how long this will take and whether you can close the account before all transactions settle.
What if my savings account is part of a student or special account type?
Some Bank of America account types have different closure rules. Call 1-800-432-1000 with your account number and ask whether your specific account type has any restrictions on closing.