Call Bank of America or visit a branch to close your savings account
Bank of America lets you close a savings account in three ways: by phone, in person at a branch, or online through your account settings. The fastest route is usually a phone call to the number on the back of your debit card or savings account statement — a representative can walk you through the process in about 10 minutes. If you prefer to do it in person, any Bank of America branch can close the account on the spot.
Before you close, make sure your account balance is zero or transfer any remaining money to another account. Bank of America will not close an account with an outstanding balance. If your account is overdrawn (meaning you owe the bank money), you must pay that amount first. Once the account is closed, you lose access to it — you cannot reopen the same account number later.
There is no fee to close a savings account at Bank of America. The bank does not charge you for closing, and you do not lose any remaining balance. If you have pending transactions or automatic transfers set to that account, cancel or redirect them before you close, or they may fail and trigger overdraft fees on another account.
Key Takeaways
- Call the number on your Bank of America card, visit a branch in person, or use online banking to close your savings account — all three methods are free and take less than 15 minutes.
- Your account balance must be zero before Bank of America will close it; transfer or withdraw any remaining money first.
- If your account is overdrawn, pay the negative balance before closing or the account will remain open.
- Cancel any automatic transfers or bill payments linked to the account, or redirect them to another account, so they do not fail after closure.
- Once closed, the account cannot be reopened under the same number — you would have to open a new account if you change your mind.
What happens to your money when you close
Any balance in your savings account stays yours — closing the account does not forfeit it. Before you close, you can transfer the money to another Bank of America account (checking, money market, or another savings account) or withdraw it as cash. The transfer takes one business day if you move it to another Bank of America account; a withdrawal as cash happens immediately at a branch or ATM.
If you have a small balance and forget about it, Bank of America will not sweep it away. However, if your account sits inactive for a long time and falls below the minimum balance requirement (which varies by account type), the bank may charge a monthly maintenance fee until the balance reaches zero. Once the account is closed, no further fees apply.
Closing by phone, online, or in person
By phone: Call the customer service number on the back of your debit card or on your account statement. Have your account number and Social Security number ready. The representative will confirm your identity, check that your balance is zero, and process the closure. You will receive a confirmation number — write it down. The account closes immediately, though it may take one to two business days to disappear from your online banking view.
Online: Log into your Bank of America account, go to Settings, and look for the option to close an account. Not all account types can be closed online — if you do not see the option, you will need to call or visit a branch. If the online option is available, follow the prompts to confirm your identity and account details. You will get a confirmation number on screen.
In person: Bring your debit card and a photo ID to any Bank of America branch. Tell a representative you want to close your savings account. They will verify your identity, confirm your balance is zero, and process the closure on the spot. You will receive a written confirmation slip — keep it for your records.
What to do before you close
Review your account for any automatic transfers or recurring bill payments. Log into your Bank of America online banking, go to Transfers & Payments, and look for any scheduled transactions linked to this savings account. If you find any, cancel them or change the destination account to your checking account or another bank. This step is critical — if a payment tries to post to a closed account, it will fail and may trigger overdraft fees.
Check your recent statements for any pending deposits or transfers that have not yet cleared. If you are expecting a direct deposit or a transfer from another account, wait for it to arrive before closing. Closing an account with pending transactions can cause delays or rejections.
If you have a linked debit card tied only to this savings account, that card will stop working once the account closes. If you want to keep using the card, link it to your checking account first, or request a new card for a different account.
What to do if you cannot close the account
If Bank of America will not let you close the account, the most common reason is an outstanding balance or pending dispute. If your account is overdrawn, you owe the bank money — pay that amount in full before trying again. If there is a pending investigation into a transaction or fraud claim, the bank may freeze the account until the case closes. In that case, contact the Bank of America fraud department to ask when you can close.
If the account has a hold placed on it (usually because of a legal judgment or tax levy), you cannot close it until the hold is released. Bank of America will tell you who placed the hold and how to contact them. Once the hold is lifted, you can close the account.
If you still cannot close after addressing these issues, call Bank of America customer service at the number on your statement and ask to speak with a supervisor. Explain what you have already done and ask why the closure is being blocked. They can sometimes override a system block or escalate the issue.
After your account is closed
Bank of America will send you a confirmation letter in the mail within one to two weeks. Keep this letter — it is your proof that the account was closed. If you ever need to dispute a charge or prove the account is closed, you can reference this letter or the confirmation number you received.
The closed account will remain on your credit report for a period of time (usually seven to ten years for a closed account in good standing), but it will not affect your credit score negatively. If the account had late payments or was closed with a negative balance, it may stay on your report longer.
If you change your mind after closing, you cannot reopen the same account. You would have to open a new savings account, which will have a different account number. There is no penalty for opening a new account, but you will have to go through the application process again.
Frequently Asked Questions
Can I close my savings account if it has a negative balance?
No. You must pay the negative balance in full before Bank of America will close the account. The negative balance is money you owe the bank, not money the bank owes you. Once you pay it, the account balance will be zero and you can close it.
Will closing my savings account hurt my credit score?
Closing a savings account does not directly hurt your credit score because savings accounts do not appear on your credit report. However, if the account was closed with a negative balance or unpaid fees, that may be reported and could affect your score. Closing an account in good standing has no credit impact.
What if I have a pending direct deposit scheduled to this account?
Wait for the deposit to arrive before closing. If you close the account before the deposit posts, it will be rejected and you may have to contact the sender to resubmit it. Once the deposit clears, transfer the money to another account and then close.
How long does it take for the account to fully close?
The closure is processed immediately when you call, visit a branch, or complete it online. However, it may take one to two business days for the account to disappear from your online banking dashboard. The confirmation number you receive is proof the account is closed, even if it still shows up briefly in your account list.
Can I close my savings account if I have a debit card linked to it?
Yes, but the debit card will stop working once the account closes. If you want to keep using the card, link it to your checking account or another Bank of America account before closing the savings account. If you do not link it to another account, the card will be deactivated.