You can close a Bank of America savings account by visiting a branch, calling customer service, or using online banking—but you must withdraw or transfer your money first and settle any outstanding fees.
Bank of America does not charge a fee to close a savings account. Before you close it, you need to move any remaining balance to another account (yours or someone else's), make sure there are no pending transactions, and confirm you have no outstanding fees or negative balance. Once those are handled, you can initiate the closure through any of three routes: in person at a branch, by phone, or through your online account.
The process itself is quick—usually completed the same day you request it—but the account may take a few business days to fully close in the system. If you have direct deposits or automatic payments tied to the account, you should redirect those before closing so money does not bounce or get rejected.
Key Takeaways
- Your savings account balance must be zero before Bank of America will close the account; transfer or withdraw all money first.
- You can close the account in person at any Bank of America branch, by phone at 1-800-432-1000, or through your online banking portal.
- If your account has a negative balance or outstanding fees, those must be paid before closure is processed.
- Closing takes one business day to a few days depending on the method you choose and whether pending transactions are still processing.
- Update any direct deposits, automatic bill payments, or recurring transfers before you close so they do not fail.
Closing in person at a Bank of America branch
Walk into any Bank of America branch with your ID and ask to close your savings account. A teller or banker will pull up your account, confirm the balance is zero, check for any pending charges or holds, and process the closure on the spot. This is the fastest method if you have questions or if your account has complications—the banker can address them immediately.
Bring your debit card or account number so the teller can locate your account quickly. If you have not already withdrawn your balance, the teller can help you transfer it to another account or issue a cashier's check on the spot. Once everything is settled, the closure is initiated and you will receive written confirmation before you leave.
Closing by phone with Bank of America customer service
Call Bank of America at 1-800-432-1000 and tell the representative you want to close your savings account. Have your account number and ID ready. The representative will verify your identity, confirm your balance is zero, check for pending transactions or fees, and process the closure over the phone.
If you still have money in the account, the representative can arrange a transfer to another Bank of America account you own, or to an external account if you provide the routing and account number. If you prefer a check, they can mail one to your address on file, though this adds several business days to the process. The phone closure is complete once the representative confirms it, and you will receive written confirmation by mail within a few days.
Closing through your online Bank of America account
Log into your Bank of America online banking portal, navigate to your savings account, and look for an option to close or manage the account. Not all accounts can be closed online—if the option does not appear, you will need to use the phone or branch method instead. If the option is available, click it and follow the prompts to confirm your identity and the account details.
Online closure works only if your balance is already zero and there are no holds or pending transactions. If there are complications, the system will tell you to call or visit a branch instead. Once you submit the closure request online, it is processed within one to three business days, and you will receive email and written confirmation.
What happens to your money before you close
You must move your entire balance out of the savings account before Bank of America will close it. You can transfer the money to another Bank of America account you own (checking, money market, or another savings account) instantly through online banking or at a branch. You can also transfer to an external bank account if you have the routing and account number, though this usually takes one to two business days.
If you want cash, you can withdraw the full balance at a teller window or ATM. If the amount is large, the teller may need to order cash in advance, so call ahead. You can also request a cashier's check, which the teller will issue on the spot and you can deposit elsewhere or cash at any bank.
Fees and charges that might block closure
Bank of America does not charge a fee to close a savings account, but if your account has a negative balance—meaning you owe the bank money—you must pay that amount before closure is processed. Negative balances usually result from overdraft fees, monthly maintenance fees that posted after your balance dropped below the minimum, or returned deposits.
Check your account statement for any outstanding fees or charges. If you see a negative balance, deposit enough money to bring it to zero, then proceed with closure. If you are unsure whether there are pending fees, call customer service at 1-800-432-1000 and ask them to review your account before you attempt to close it.
Redirecting direct deposits and automatic payments
Before you close the account, update any direct deposits (paycheck, benefits, tax refunds) and automatic bill payments that are tied to it. Log into your employer's payroll system, your benefits provider, or your biller's website and change the account information to your new account. This usually takes effect within one to two pay cycles, so do this at least a week before you close the savings account.
If a direct deposit or payment attempts to post to a closed account, it will be rejected and may bounce back to the sender. This can delay your paycheck, cause a bill to go unpaid, or trigger a late fee. Once you have updated all recurring transactions, you can safely close the account.
Timeline for account closure
Closing in person at a branch is the fastest: the account is closed the same day and you receive written confirmation before you leave. Closing by phone takes one to three business days from when you call; you will receive written confirmation by mail. Closing online takes one to three business days from when you submit the request.
The account may still appear in your online banking for a few days after closure while the system processes it. This is normal. Once it disappears from your account list, the closure is complete. If you need proof that the account is closed (for tax or legal purposes), keep the written confirmation letter Bank of America sends you.
Frequently Asked Questions
Can I close my savings account if I have a negative balance?
No. You must deposit money to bring the balance to zero or positive before Bank of America will close it. Once the balance is settled, you can proceed with closure. Call 1-800-432-1000 if you are unsure what your current balance is.
What if I have pending transactions when I try to close?
Bank of America will not close the account until pending transactions clear. Wait for them to post (usually one to two business days), then try again. If a transaction is stuck pending for more than a week, call customer service to investigate.
Do I lose access to my account immediately after I request closure?
Not immediately, but you should not use the account after you request closure. The account remains accessible for a day or two while the closure processes, but attempting to use it can cause complications. Once closure is complete, the account is locked and you cannot access it.
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts are not reported to credit bureaus. Only credit accounts (credit cards, loans, lines of credit) impact your credit history.
Can I reopen a Bank of America savings account after I close it?
Yes, you can open a new savings account at any time. However, if your old account was closed due to inactivity or policy violations, Bank of America may flag your profile. If you closed it normally for your own reasons, opening a new account is straightforward.