The fastest way to close a Bank of America savings account
You can close your Bank of America savings account in person at any branch, by phone at 1-800-432-1000, or online through your account settings if you have a linked checking account. The bank does not charge a fee to close. You will need to withdraw or transfer any remaining balance before or during the closure process — the account cannot close with money still in it.
If you close online, the process is immediate. If you call or visit in person, closure typically takes one to three business days. The bank will send you written confirmation by mail within five to seven business days. Any pending transactions or automatic deposits scheduled to hit the account after closure may be rejected, so notify your employer or any services that deposit directly to this account before you close it.
Key Takeaways
- You can close your account by visiting a branch, calling 1-800-432-1000, or using online banking if you have a linked checking account.
- Your account balance must be zero before closure — withdraw or transfer all money first.
- Notify your employer and any services that deposit directly to this account, because payments scheduled after closure will be rejected.
- Online closure is immediate; phone or in-person closure takes one to three business days, with written confirmation arriving within five to seven days.
- Bank of America does not charge a fee to close a savings account.
What happens to your money when you close
Before the account closes, you must move your balance somewhere else. You can withdraw cash at any Bank of America ATM or branch, transfer the money to another Bank of America account you own, or move it to an account at a different bank. If you transfer to another bank, use an external transfer through your Bank of America online banking portal — this typically takes one to two business days.
If you have automatic deposits set to hit this savings account after you close it, those deposits will fail and bounce back to the sender. Your employer's payroll system, for example, will not know the account is closed and will attempt the deposit anyway. The money will return to your employer, and you may face a delay in getting paid while they process a new deposit to a different account. This is why notifying your employer at least one week before closure is important.
Closing online versus in person
Online closure through Bank of America's website is the fastest option if you have a linked checking account. Log in, go to your savings account settings, and select the option to close the account. The system will confirm your balance is zero and process the closure immediately. You will see a confirmation message on screen and receive an email confirmation within minutes.
Closing in person at a branch or by phone takes longer but may be necessary if you cannot access online banking or if your account has complications. At a branch, bring a photo ID and ask to close the account. The teller will verify your balance, process the closure, and give you a receipt. By phone, the representative will verify your identity, confirm your balance is zero, and close the account — you will receive written confirmation in the mail.
What to do if your account has a negative balance
If your savings account is overdrawn — meaning you owe Bank of America money — you cannot close it until the negative balance is paid. Deposit enough money to bring the balance to zero, then proceed with closure. Bank of America may also charge overdraft fees, which will be deducted from any deposit you make.
If you are unsure whether your account is negative, log in online or call 1-800-432-1000 to check your current balance before attempting to close. The representative can tell you the exact amount owed and explain any fees attached to the account.
Handling scheduled transfers and automatic payments
If you have set up automatic bill payments or transfers from this savings account, cancel them before you close. Log in to your Bank of America account, find the scheduled payments or transfers section, and delete each one. Any payment scheduled to process after your account closes will fail, which may result in late fees from the company you owe money to.
Similarly, if you receive regular deposits — such as a paycheck, government benefits, or transfers from another account — update the deposit information with the sender before closure. Contact your employer's payroll department, your benefits administrator, or whoever sends you money and provide them with your new account details. Allow at least one week for the change to take effect in their system.
Reasons Bank of America might refuse to close your account
Bank of America will not close an account that has an outstanding balance, pending transactions, or unresolved disputes. If you have filed a dispute on a transaction, the account must remain open until the dispute is resolved — this typically takes 10 business days. If there are pending ACH transfers or checks that have not yet cleared, the account must stay open until those clear.
If the bank suspects fraud or money laundering activity, it may freeze the account and refuse closure until an investigation is complete. This is rare for ordinary savings accounts but can happen if there are unusual transaction patterns. In this case, contact the bank directly to understand the hold and what steps you need to take.
After your account closes
Once your account is closed, you will no longer be able to access it online or at an ATM. Any debit card linked to this account will stop working. If you had overdraft protection linked between this savings account and a checking account, that protection will no longer apply to the checking account — update your overdraft settings if you want protection through a different savings account or line of credit.
Bank of America will keep records of your closed account for your file. If you need a statement or transaction history after closure, you can request it by calling 1-800-432-1000 or visiting a branch. The bank typically retains records for seven years.
Frequently Asked Questions
Can I close my savings account if I have a pending direct deposit?
You can close the account, but the pending deposit will fail and bounce back to the sender. Contact your employer or the organization sending the deposit and provide your new account information before you close. Allow one week for the change to process in their system.
What if I have a Bank of America savings account with a minor on it?
If the account is in a minor's name or has a minor as a joint owner, the account holder or parent must close it in person at a branch with a photo ID. Call 1-800-432-1000 to confirm what documents you need to bring.
Will closing my savings account affect my credit score?
No. Closing a savings account does not appear on your credit report and does not affect your credit score. Only credit accounts — credit cards, loans, lines of credit — impact your credit history.
How long does it take to close a Bank of America savings account?
Online closure is immediate. Phone or in-person closure takes one to three business days to process, with written confirmation arriving within five to seven business days by mail.
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 you closed the account due to a dispute or problem with the bank, Bank of America may review your history before allowing you to open a new account.