Yes, you can close your Bank of America savings account at any time
Bank of America does not lock you into keeping a savings account open. You can close it whenever you want, with no penalty for early closure. The bank will not charge you a fee for closing the account, and you do not need to maintain a minimum balance or wait out a notice period.
What matters is what happens to your money and whether you have any outstanding issues with the account — like a negative balance, pending transfers, or fraud disputes. The process itself takes minutes in person or online, but the timing of when your funds arrive in another account depends on how you move the money.
Key Takeaways
- Bank of America charges no fee to close a savings account, and you can do it immediately without waiting.
- You must move your money out before closing, either by transferring it to another account or withdrawing it in cash.
- If your account has a negative balance, you must pay it off before the bank will let you close it.
- Closing in person at a branch is fastest if you need to withdraw cash; online closure works if you are transferring to another bank account.
- After closure, keep your final statement and confirmation number in case you need proof the account was closed for tax or fraud purposes.
How to close your account 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 will pull up your account, confirm the balance, and ask how you want to handle the money. If the balance is positive, they can withdraw it in cash on the spot, transfer it to another account you own at Bank of America, or arrange a transfer to an outside bank.
Bring your ID — a driver's license or passport works. If someone else is authorized on the account, they can close it too, but the account holder should be present if possible. The teller will give you a receipt and a confirmation number. Write down the confirmation number; you may need it later if there are questions about the closure.
If your account has a negative balance — meaning you owe Bank of America money — you must pay it before closing. The teller will tell you the amount owed. You can pay it with cash, debit card, or by transferring funds from another account.
How to close your account online or by phone
Log into your Bank of America online banking account, go to the account settings or account details page, and look for a "Close Account" or "Manage Account" option. The exact location varies depending on whether you are using the website or the mobile app, but it is usually under account settings or in the menu for that specific savings account.
If you cannot find the option online, call Bank of America customer service at the number on the back of your debit card or on your statement. A representative can walk you through the closure and confirm that your account is closed. They will ask what you want to do with your balance — transfer it to another Bank of America account, transfer it to an outside bank, or have a check mailed to you.
Online and phone closures typically take longer than in-person closure because the bank needs to process the request. If you are transferring money to another bank, that transfer can take three to five business days. If you are having a check mailed, allow seven to ten business days.
What to do with your money before closing
You cannot close an account with money still in it. You have three options: withdraw the cash, transfer it to another Bank of America account you own, or transfer it to an outside bank account.
Withdrawing cash: Go to a Bank of America branch and ask the teller to withdraw your full balance. There is no limit on how much you can withdraw, but if the amount is very large (over $10,000), the bank will file a Currency Transaction Report with the federal government — this is routine and not a sign of a problem. You can also use a Bank of America ATM to withdraw up to your daily limit, which varies by account type but is typically $500 to $1,000 per day.
Transferring to another Bank of America account: If you have a checking account or another savings account at Bank of America, you can transfer your balance between them instantly online or at a branch. This is the fastest option if you want to keep your money at Bank of America.
Transferring to an outside bank: You can set up an external transfer from your Bank of America savings account to a checking or savings account at another bank. This takes three to five business days. You will need the routing number and account number of the outside account. You can initiate this transfer online, by phone, or at a branch.
If your account has a negative balance or outstanding issues
A negative balance means you owe Bank of America money — usually because of overdraft fees, returned deposits, or fraud chargebacks. The bank will not close your account until you pay this balance in full. Call customer service or visit a branch to find out exactly how much you owe and why.
If your account is involved in a fraud dispute or chargeback, the bank may freeze the account while it investigates. You cannot close a frozen account until the investigation is complete. This can take 30 to 90 days depending on the type of dispute. Contact the fraud department to ask for a timeline.
If you have pending transfers or automatic payments set up on the account, cancel them before closing. Any automatic payments scheduled after the account closes will fail, which could trigger late fees on bills or loans. Log into online banking and review your scheduled transfers and bill payments.
What happens after you close your account
Once closed, you cannot reopen the same account. If you change your mind later, you will have to open a new savings account, which will have a new account number. Bank of America will keep a record of the closed account for your file.
Keep your final statement and the closure confirmation number. You may need these for tax purposes (if the account earned interest), to prove the account is closed if there are later disputes, or if you need to show proof of account closure to another financial institution.
If you set up automatic deposits to this account — like direct deposit from your employer — you will need to update your employer or the organization sending the deposit. Deposits sent to a closed account will be returned, which can delay your paycheck or other funds. Update your direct deposit information at least a week before closing the account.
Reasons to close a Bank of America savings account
People close savings accounts for different reasons: moving to a different bank, consolidating multiple accounts, avoiding monthly fees, or simply not using the account anymore. Bank of America does not ask why you are closing, and your reason does not affect the process.
If you are closing because of fees, check whether you can avoid them instead. Bank of America waives the monthly maintenance fee on some savings accounts if you maintain a minimum balance (usually $300 to $500) or set up direct deposit. If you are closing to move to a different bank, make sure your new bank account is open and working before you close this one.
Frequently Asked Questions
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. Credit scores are based on credit accounts like credit cards, loans, and lines of credit. Closing a savings account has no impact on your creditworthiness.
Can I close my account if I have a negative balance?
No. You must pay off any negative balance before Bank of America will close the account. Contact the bank to find out how much you owe and pay it by cash, debit card, or transfer from another account. Once the balance is paid, you can proceed with closure.
How long does it take to close a Bank of America savings account?
In person at a branch, closure is immediate — you walk out with your money or confirmation that it has been transferred. Online or by phone, the request is processed within one to two business days, but if you are transferring money to an outside bank, that transfer takes an additional three to five business days.
What if I forgot to cancel automatic payments before closing?
Payments scheduled after the account closes will fail and be returned to the sender. This can result in late fees on bills or loans. Contact the organizations sending those payments immediately and give them your new account information, or call Bank of America to see if they can help redirect pending payments before the account fully closes.
Can someone else close my account if I give them permission?
If someone is authorized on your account, they can close it in person at a branch or by phone. However, if you are the account holder and want to close it, it is safest to do it yourself or be present when it happens. If you are unable to visit a branch, you can close it by phone with your ID information verified.