The basic steps to close a Bank of America savings account
You can close a Bank of America savings account by visiting a branch in person, calling their customer service line, or using their online banking platform. The fastest method is usually in person at a branch, where a representative can process the closure immediately and handle any remaining balance. If you call, Bank of America's customer service number is on the back of your debit card or on their website; be ready to provide your account number and answer security questions. Online closure is available through your account settings in the mobile app or website, though some account types may require a phone call or branch visit to complete the process.
Before you close the account, make sure any automatic deposits or transfers linked to that savings account are moved to another account or cancelled. Bank of America will send any remaining balance to you by check or transfer it to another account you specify. The closure typically takes effect within one to three business days, though you may see the account listed as "closed" in your online banking immediately after you request it.
Key Takeaways
- You can close a savings account in person at a branch, by phone, or through online banking, depending on your account type and Bank of America's current policies.
- Stop or redirect any automatic deposits, bill payments, or transfers tied to the savings account before you close it to avoid missed payments or failed transfers.
- Bank of America will return any remaining balance by check or electronic transfer to another account you designate.
- The account closure takes one to three business days to process, though it may show as closed in your online banking right away.
- If you have a linked checking account or other products, closing the savings account does not affect those accounts unless you specifically request it.
What to do with automatic payments and transfers before closing
Any recurring deposits, bill payments, or transfers tied to your savings account need to be stopped or moved before you close it. Log into your Bank of America online banking account and review the "Transfers" and "Bill Pay" sections to see what is currently set up. If you receive direct deposits into this savings account—such as paychecks or government benefits—contact your employer or the benefit administrator to redirect future deposits to a different account.
For bill payments you have scheduled, either cancel them in your Bank of America account or update them to pull from a different account. If you have automatic transfers set up to move money between accounts, turn those off as well. Failing to do this can result in failed transactions, late payments, or overdraft fees on another account if Bank of America tries to process a transfer after the savings account is closed.
How to handle your remaining balance
If your savings account has money in it when you close it, you must tell Bank of America where to send that balance. You can request that they transfer it to another Bank of America account you own, or they can mail you a check. If you choose a transfer to another account, provide the account number and routing number; the transfer usually takes one to three business days. If you request a check, it will be mailed to the address on file, which typically takes five to ten business days to arrive.
Do not close the account until you have confirmed where the balance will go. If you close the account and do not specify a destination, Bank of America may hold the funds or mail a check to your address on file, which can delay access to your money. Keep any confirmation number or reference they give you in case you need to track the transfer or check later.
Closing in person versus by phone or online
Closing in person at a Bank of America branch is the most straightforward method because the representative can answer questions, process the closure on the spot, and handle your remaining balance immediately. Bring a photo ID and your debit card or account number. The branch can also help you redirect any automatic payments or transfers if you need assistance setting those up elsewhere.
Closing by phone works if you prefer not to visit a branch, but you will need to answer security questions and may need to wait on hold. Online closure through the mobile app or website is the fastest if your account type supports it, but not all savings accounts can be closed this way—some require a phone call or branch visit. Check your account settings or call customer service first to confirm which methods are available for your specific account.
What happens to linked accounts and products
Closing a savings account does not automatically close any checking account, money market account, or credit card you have with Bank of America. Each account is separate, and you must request closure for each one individually if you want to close them. If your savings account was linked to a checking account for transfers or overdraft protection, that link will be removed when you close the savings account, but the checking account will remain open and active.
If you have a Bank of America credit card or other products tied to the same customer profile, those will not be affected by closing the savings account. However, if you have overdraft protection set up where the savings account covers overdrafts on your checking account, that protection will end once the savings account is closed. You may want to set up overdraft protection from a different account or disable it entirely before closing the savings account.
Reasons Bank of America might refuse to close your account
Bank of America will usually close a savings account without issue, but they may delay or refuse closure if there is a dispute, an outstanding balance owed to the bank, or a pending investigation. If you have a negative balance—meaning you owe Bank of America money—you must pay that balance before they will close the account. If there is an active legal hold on the account or a pending lawsuit, the bank cannot close it until that is resolved.
If Bank of America suspects fraud or unauthorized activity on the account, they may freeze it temporarily and require you to verify your identity or answer questions before processing the closure. This is a security measure and typically resolves within a few business days. If you believe your account has been compromised, tell the representative when you request closure so they can flag it appropriately.
What to do if you need to reopen the account later
If you close your savings account and later decide you want it back, you can open a new savings account with Bank of America at any time. However, it will be a new account with a new account number, not a restoration of the old one. Your transaction history from the closed account will still be available in your online banking records for a period of time, but you cannot reactivate the closed account itself.
If you closed the account due to a problem—such as fees or poor service—consider whether opening a new account addresses that issue. Bank of America offers several types of savings accounts with different fee structures and interest rates, so you may want to review those options before opening a new one. If you closed the account because you no longer needed it, simply open a new one when your circumstances change.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
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 or credit history.
Can I close my savings account if it has a zero balance?
Yes, you can close a savings account with a zero balance at any time. You do not need to wait for the account to reach a specific balance or meet any other condition. Simply request closure through your preferred method—in person, by phone, or online—and the account will be closed.
What if I have pending transactions when I close the account?
Pending transactions may fail or be rejected if the account is closed before they process. Contact Bank of America before closing to confirm there are no pending deposits, withdrawals, or transfers. If a transaction fails after closure, you may need to contact the other party (such as your employer or a merchant) to resubmit it to a different account.
How long does it take for a closed account to disappear from my online banking?
A closed account typically remains visible in your online banking for 30 to 90 days so you can access your transaction history. After that period, it may move to an archive section or disappear entirely, though Bank of America can usually retrieve the history if you need it. The exact timeline varies, so check your account settings or call customer service if you need to know when it will be removed.
Do I need to close my account in the same state where I opened it?
No, you can close your Bank of America savings account from any location. You can visit any Bank of America branch nationwide, call their customer service line from anywhere, or use online banking. The branch or phone representative will have access to your account regardless of where you opened it or where you currently live.