Why Customers Close a Bank of America Account
Bank of America, the second largest U.S. bank by assets, serves over 67 million consumer and small business customers. People close accounts to reduce fees, switch to credit unions or neobanks, or consolidate finances. Common reasons include monthly maintenance fees on certain checking accounts, low interest rates, and dissatisfaction with customer service or digital tools. Some customers move accounts after comparing fee structures at institutions like credit unions or online banks listed on sites such as NerdWallet. Before closing, customers should review their account agreement and understand any potential costs or consequences.
Closing an account can affect credit scores indirectly if it reduces available credit or triggers negative balances. It may also disrupt automatic payments, direct deposits, and linked investment or loan accounts. Customers should review recurring transactions and ensure they have an alternative banking relationship in place. For background on Bank of America's size and market position, see the company's latest profile on Forbes.
How to Close a Bank of America Account
To close a Bank of America account, customers can visit a local branch, call customer service, or submit a request through online banking if eligible. The bank typically requires the account to have a zero balance before closure, though some accounts may need to be brought to zero first. Customers should transfer funds to another account, cancel recurring payments, and update payroll or bill pay information. Bank of America may close accounts that remain inactive for an extended period or that have a negative balance after fees. For official guidance on account closure procedures, see the Bank of America help center.
Customers can also request closure by mailing a signed letter to Bank of America, though this method usually takes longer. The bank may ask for identity verification and may not close accounts with pending transactions, unresolved disputes, or open services such as credit cards or loans linked to the account. In some cases, the bank may require in-person verification at a branch. For details on customer rights and bank obligations, refer to the Consumer Financial Protection Bureau.
Fees, Timelines, and Alternatives to Closing
Fees and Timing
Bank of America generally does not charge a fee to close a checking or savings account, but customers may incur fees if the account has a negative balance or if early closure penalties apply to certain products. For example, some certificates of deposit or money market accounts may impose a penalty for early closure. The closure process can take a few days to complete, especially if the bank needs to verify identity or settle pending transactions. Customers should confirm the closure in writing or through their online banking dashboard.
Alternatives to Full Closure
Instead of closing an account, customers can downgrade to a no-fee checking option, convert to a savings account, or move funds to a secondary account. Bank of America offers basic checking accounts with lower fees for customers who maintain a small balance or set up direct deposit. Some customers choose to keep a minimal balance account for emergency access while using a different primary bank. For comparison of banking options and fee structures, see resources from the Securities and Exchange Commission on consumer banking choices.