How to close your Bank of America savings account
You can close a Bank of America savings account by visiting a branch in person, calling customer service, or using online banking. The fastest method is walking into your local branch with your ID — a banker can close the account and handle the balance on the spot. If you call, have your account number ready and be prepared to answer security questions. Online closure is available through the mobile app or website, though some account types require a phone call or branch visit to complete the process.
Before you close the account, withdraw or transfer any remaining balance. Bank of America will not charge you a fee to close a savings account, but they will not keep money sitting in a closed account. If you have a balance under $25 and do not claim it within a set period, the funds may be turned over to your state's unclaimed property program. The closure takes effect immediately when you complete it in person or by phone. Online closures may take one to two business days to process. Once closed, you cannot make deposits or withdrawals, and the account number becomes inactive.
Key Takeaways
- Visit a Bank of America branch with your ID to close an account instantly, or call 1-800-432-1000 to close by phone.
- Withdraw or transfer your full balance before closing — Bank of America will not hold money in a closed account.
- In-person and phone closures take effect immediately; online closures may take one to two business days.
- Bank of America charges no fee to close a savings account, and you can close it at any time without a waiting period.
- If you have direct deposits or automatic payments tied to the account, update those before closing to avoid failed transactions.
What to do with your money before closing
Move your balance to another account before you initiate the closure. You can transfer funds to another Bank of America account you own, move money to a different bank, or withdraw cash. If you transfer to an external bank, use a wire transfer for large amounts or an ACH transfer for smaller sums — ACH typically takes one to three business days, while wire transfers settle the same day but may carry a fee.
If you have pending transactions or scheduled transfers, wait for those to clear before closing. A closed account cannot receive incoming transfers, and outgoing transfers from a closed account will fail. Check your recent statements to see if any recurring payments or deposits are still linked to this account. If you see transfers you do not recognize, contact Bank of America before closing to investigate.
Removing the account from online and mobile banking
Once you close the account, it will disappear from your Bank of America online banking dashboard and mobile app within one to two business days. You do not need to manually remove it — the system does this automatically after the closure is processed. If the account still appears after three business days, log into your online banking, go to your account settings, and look for an option to hide or remove closed accounts from your view.
If you have alerts or notifications set up for this account, those will stop once the account closes. You will not receive balance notifications or fraud alerts for an account that no longer exists. Some users find it helpful to take a screenshot of their account details before closing, in case they need to reference transaction history later.
Stopping automatic payments and direct deposits
Before closing the account, contact any employer, government agency, or service provider that sends money to this account. Update your direct deposit information so payments go to your new account instead. This includes paychecks, tax refunds, Social Security, or other regular deposits. Give yourself at least one pay cycle to make sure the new account receives the deposit before you close the old one.
For automatic bill payments or recurring charges, log into each service (utilities, subscriptions, loan payments) and update the payment method or account number. If you close the account while payments are still scheduled, those transactions will fail and may trigger overdraft fees or late payment penalties on the original account. Some billers allow you to pause payments while you switch accounts; others require you to cancel and restart the payment arrangement with new details.
What happens to checks and debit cards linked to the account
If you have checks for this savings account, stop using them immediately. Checks written after closure will bounce, and the recipient may charge you a returned check fee. Destroy any unused checks or contact Bank of America to request they cancel the checks on file. Most savings accounts do not come with checks, but if yours does, this step is important.
Your debit card linked to this account will stop working once the account closes. If you have a separate checking account with Bank of America, your debit card for that account will continue to work normally. Remove the old card from any online shopping sites, subscription services, or payment apps before closing the account to prevent failed charges.
Closing the account at a branch versus by phone
| Method | Time to Complete | What You Need | When to Use |
|---|---|---|---|
| In-person at branch | 5–10 minutes | Photo ID, account number | You want it done immediately and can visit a branch |
| Phone: 1-800-432-1000 | 10–15 minutes | Account number, security answers | You cannot reach a branch or prefer not to go in person |
| Online banking or app | 1–2 business days | Login credentials | You want to close it without calling or visiting |
The branch method is fastest because the banker can verify your identity immediately, process the closure, and handle your balance in one conversation. Phone closures are nearly as quick but require you to answer security questions instead of showing ID. Online closures are convenient but take longer to process and may not be available for all account types — if the online option does not appear, you will need to call or visit a branch.
Bank of America branches are open Monday through Friday during standard business hours, with limited Saturday hours at some locations. If you cannot visit during the week, call the customer service line — it operates seven days a week, though wait times may be longer on weekends.
Frequently Asked Questions
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 problem with the bank or your account history, Bank of America may review your ChexSystems record before approving a new account. If you had overdrafts or disputes, mention this when you open the new account so the banker can address any concerns.
What if I have a negative balance when I try to close?
You must pay the negative balance before closing. If your account is overdrawn, Bank of America will not let you close it until the balance is zero or positive. Deposit money to cover the overdraft, then proceed with the closure.
Will closing my savings account affect my credit score?
No. Closing a savings account does not appear on your credit report and has no impact on your credit score. Only credit accounts (credit cards, loans, lines of credit) affect your credit history. Savings accounts are deposit accounts and are not reported to credit bureaus.
How long does it take to get my money back if I close the account?
If you withdraw cash at the branch, you have it immediately. If you transfer to another bank via ACH, the transfer takes one to three business days. Wire transfers settle the same day but may cost $15 to $30. Ask the banker which method works best for your situation before you close.
Do I need to close my checking account too?
No. Your savings and checking accounts are separate. Closing one does not affect the other. You can keep your checking account open and close only the savings account, or vice versa.