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How to close Bank of America account?
January 18, 2023 — 8 min read
Everything to Know About Closing Your Bank of America Account in Just a Few Steps
Are you looking to close your Bank of America account? If so, you have arrived at the right place. Perhaps you’ve switched banks and want to transfer all your funds to the new one. Maybe you’re unhappy with the service you’ve received, or the fees are too high. Regardless of the reason, closing a Bank of America account is not complicated.
In this article, we’ll take you through the process step-by-step and provide some helpful information about transferring your funds and ensuring you’ve done everything you need to close your account safely. Follow the steps below to close your BOA account in no time.
Ways to Close a Bank of America Account
Bank of America offers customers three ways to close their account: in person, over the phone, or through a written request. If you’re curious about how to close BOA account activities, below is a brief explanation of each option.
Closing Your Account In Person at a Bank of America Branch
A good way to close an account with Bank of America is to do it in person at one of their branches near you. When you arrive at the branch, you will speak to a banker and tell them you would like to close your account.
You must verify your identity before officially closing your account with Bank of America. Ensure that you know your Social Security number and have identification. Additionally, you will need to verify your address, birthday, and other identifying factors.
Once you fill out your requested form and provide this information, the banker will process the closure, closing your account.
Closing Your Account Over the Phone
If you cannot go to the bank in person or prefer to close your account from home, you can close your account over the phone. To do this, call Bank of America’s customer service line at (1) 800-432-1000 and explain that you would like to close your account. The representative will require you to provide your account number to begin the process.
Closing Your Account in Writing
You can also close your Bank of America account through the mail. To do this, you must send a written request to Bank of America’s main office, and the request should include your name, address, account number, and the type of account you are closing.
All account owners must sign the letter. Additionally, if applicable, you will need to explain how you will transfer or pay the remaining balance on your account. Accounts with a balance exceeding USD $25,000 will need to have their request notarized by a notary.
What to do Before Closing Your BOA Account
Remember to follow a few steps before officially closing your Bank of America account. Along with your Bank of America account number, you will need to gather additional documents and follow essential guidelines to maintain your funds. Below are six things to do before closing your Bank of America account.
1. Transferring Funds Before Closing Your Account
The first step to closing your BOA account is guaranteeing a zero balance. Transfer any remaining funds from your BOA account into another account. This step ensures that your funds are secure and accessible.
There are different ways to transfer funds, including online transfers, wire transfers, or money orders. You can also use a money transfer service, such as Xe, which allows you to send money quickly and securely.
Once you’ve transferred your funds, you should double-check the account and ensure all the funds have been transferred. This process is fundamental if you’re transferring large amounts of money, as it ensures that you’re comfortable that your funds have been securely transferred.
2. Transfer or Close Any Associated Accounts
Before you close your Bank of America account, you must make sure that any associated accounts are closed or transferred to another financial institution. This list includes joint accounts, savings accounts, investments, or credit cards. Contact Bank of America directly to close or transfer these accounts.
Suppose your account is connected to money transfer services like Zelle. In that case, you will need to remove your bank account from these service providers and see if the platform can connect to your new account and financial institution.
3. Have Your New Account Ready
Before you consider transferring funds out of your Bank of America account, you must prepare your new account. This process is fundamental for individuals switching their banking to another financial institution, and your new financial institution will require information to open your account safely without risking your finances.
4. Cancel Any Automatic Payments
Suppose you have any automatic payments set up with Bank of America. In that case, you’ll need to cancel them before closing your account, including any recurring payments or transfers you have set up with Bank of America. You’ll also want to ensure you’ve canceled any automatic payments linked to your Bank of America credit card.
5. Notify Your Employer
If you have direct deposit for your company set up with Bank of America, you’ll need to notify your employer before closing your account. They’ll need to know which account to deposit your paycheck into and will likely require you to fill out a direct deposit form.
6. Update Your Contact Information
Finally, before closing your Bank of America account, you’ll want to ensure that all your contact information is up to date. This information includes your phone number, mailing address, and email address. Doing this will ensure that you don’t miss any critical notifications from Bank of America regarding your account closure.
Frequently Asked Questions When Closing Your BOA Account
You may have lingering questions about closing your current Bank of America account and switching funds to a new financial institution. Below are some common questions people have when closing their BOA accounts.
1. How long does it take to close my Bank of America account?
Closing your Bank of America accounts typically takes two to three business days. This period includes the time it takes for them to process the paperwork and transfer any remaining funds.
2. What documents do I need to close my Bank of America account?
Generally, you will need to provide your name, address, and account information. Depending on your account type, you may also need to provide additional documents, such as a government-issued ID or a recent statement.
3. What happens to my Bank of America account after I close it?
Once you close your Bank of America account, the account will be closed and no longer active. Any outstanding balances on the account will need to be settled before the account is officially closed. If there is a remaining balance, it will be credited to the account holder and can be used for other banking services.
4. How Much Does it Cost to Close a Bank of America Account?
If you’re concerned about fees associated with closing your Bank of America account, there’s no need to worry, as it is entirely free to close Bank of America account activities. While you cannot close your account online, there are other ways to navigate this process that are simple and fast.
5. Is there anything else I should do when closing my Bank of America account?
Once you close your account, you should contact any companies linked to it and inform them of the closure. These companies include credit card companies, loan companies, and any other entities that may be linked to the account. You should also ensure that any outstanding payments or deposits associated with the account are processed before the account is closed.
How Xe Can Help
Closing your Bank of America account safely is most successful when you have the knowledge and transfer services to help you. Making money transfers with services like Xe has many benefits for individuals looking to manage their finances, make transfers between accounts, or send money to loved ones abroad. Among the numerous, helpful, and safe services offered by Xe include:
Services to send money internationally to over 130 countries with low fees and exchange rates compared to other money transfer platforms.
Tools to convert currency to ensure that you are sending the right amount of funding.
Tools to compare currency charts between countries, review market history, and analyze rate trends.
A travel expense calculator to track your funds while traveling abroad and control your budget when spending money in different currencies.
Get Started With Xe
Closing your Bank of America account can feel like a hassle, but it doesn’t have to be one. By following these steps, you can ensure that your account is closed quickly and securely. Additionally, money transfer services like Xe can help you relocate your funds safely and securely to prevent errors as you open a new account.
Xe has the solution for you if you need an innovative and safe way to send and receive money from different countries. Get started with Xe today to make safe and secure transfers with a trusted service.
The content within this blog post is not intended for use as financial advice. This content is for informational purposes only.