How to close a U.S. bank account online

Âu Thiên Tử
6 Min Read
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Bank of America is one of the largest banks in the U.S., with assets of more than $2.17 trillion. But no matter where you have the money, it’s important to stay tuned to make sure you’re getting the best deal. When it’s time to transfer your money to a new bank, you’ll want to make sure you’ve cleared all your balance at your old bank and officially closed your account. If your money is currently in Bank of America and you want to transfer money, you can do some work online, but eventually you’ll need to pick up the phone or go to a local branch to complete the process.

How to close a U.S. bank account online
Closeup of young woman hand holding mobile phone with blank screen. Top view of girl using smartphone sitting on the stairs outside. High angle view of african woman unlocking cellphone while pressing home button.

Unable to close an online account

Despite the convenience of online banking, there are still some services that Bank of America does not offer online.

However, you can review the balance you have in your account and transfer all the money to one place for easier withdrawals. You can simply deposit the check into your new account with the cashier’s money or check pre-written so that you can then bring it to your new bank and deposit it.

You can go to your local branch or make a phone call when you’re ready to close your account. Before making that call, take a look at your recent fees and note any payments you’ve set up to automatically come from any of your accounts. You will need to contact each payer to request your payment to be transferred to the new bank to avoid being denied payment.

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Use your phone or mail

If you don’t want to go to a local branch – or you don’t have a branch in a convenient location nearby – you can close your account over the phone.

Make sure you have taken measures to clear all funds and stop any recurring payments. If you have a Bank of America credit card, you can also cancel it over the phone, by calling 800-732-9194. To cancel your checking or savings account over the phone, call 800-432-1000.
You can also close your checking or savings account by sending a letter to Bank of America, FL1-300-01-29, P.O. Box 25118, Tampa, FL 33622-5118. The letter must be signed by all those named in the account. Regardless of which way you choose to close your account, be prepared for an offer of why you should stay.

After your account has closed

When your bank account is closed, any requests for incoming money transfers will be denied. It’s easy to miss a payment during the execution but doing so can cause problems with your creditors. Some people choose to have their old account open with a low balance for a while, only to receive any recurring payments they may have missed. In addition to monthly bills, consider any annual or half-year fees that you may have forgotten.
State law usually dictates how quickly bank accounts must be closed after the account holder requests it. Save all documents and if you have any problems, study the local laws. Before contacting local regulators, first contact your bank and let them know that you notice your account is still open and you plan to report.

Closed account profile

For its own privacy, Bank of America has good reasons to keep records of your account after you leave. If for some reason you become the subject of an IRS audit, then you may be really grateful that you can access your old account information. Even after your account is closed, you may notice an incorrect charge on your final bill, at which point, the Bank of America’s records will help fix things.
Each bank has different policies, but Bank of America says it keeps records for up to seven years. This is only for historical purposes and will not negatively affect your credit. However, closing your credit card account can cause your score to drop slightly in the short term. If you plan to apply for a mortgage or finance a new car in the near future, consider keeping your credit card account open until you at least overcome that barrier.

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