How to Close a Bank of America Savings Account

You can close a Bank of America savings account by phone, in person, or online, and the process takes just a few minutes

Bank of America lets you close a savings account through three routes: calling their customer service line, visiting a branch in person, or using their online banking platform. The fastest method is usually a phone call — you'll reach someone within minutes and have the account closed the same day. Before you close, make sure your account balance is zero or move any remaining funds to another account, because Bank of America won't close an account with money still in it.

You don't need a reason to close the account, and there's no penalty for doing so. The bank will send you a confirmation letter in the mail within a few business days. If you have any pending transactions or automatic deposits set to that account, those will stop once the account closes.

Key Takeaways

• Call Bank of America at 1-800-432-1000 to close your savings account over the phone, which is the quickest method.
• Your account balance must be zero before closure — transfer or withdraw any remaining funds first.
• You can also close the account in person at any Bank of America branch or through your online banking dashboard.
• The bank will send a written confirmation within a few business days, and any automatic deposits or payments tied to that account will stop.
• Closing a savings account does not affect your other Bank of America accounts or your credit score.

Closing your account by phone

Call Bank of America's customer service line at 1-800-432-1000. Have your account number ready — you'll find it on your debit card, statements, or in your online banking profile. The representative will verify your identity by asking for your Social Security number, date of birth, and possibly a recent transaction or the current balance.

Once verified, tell the representative you want to close your savings account. They'll confirm that your balance is zero and ask if you want to close any other accounts. If you have a balance remaining, they'll walk you through transferring it to another account or withdrawing it. After the account closes, the representative will give you a confirmation number — write this down for your records.

Closing your account in person at a branch

Walk into any Bank of America branch with a government-issued ID and your account number. Tell a teller or banker that you want to close your savings account. They'll pull up your account, verify your identity, and confirm your balance is zero.

If you have money in the account, the teller can transfer it to another Bank of America account you own, or you can withdraw it in cash or as a cashier's check. Once the balance is zero, they'll process the closure and give you a receipt with a confirmation number. This method works well if you prefer face-to-face service or need to handle the balance in person.

Closing your account online

Log into your Bank of America online banking account and go to the account settings or account management section. Look for an option labeled "Close Account" or "Account Services." Select your savings account from the list of accounts you own.

The system will confirm that your balance is zero and ask you to verify the closure. You'll receive an on-screen confirmation and a confirmation number. Bank of America will send a written confirmation to the address on file within a few business days. Note that not all account types can be closed online — if you don't see a close option, use the phone or branch method instead.

What happens to your money before you close

Your account must have a zero balance before Bank of America will close it. If you have money remaining, you have two options: transfer it to another account or withdraw it.

To transfer funds, you can move money to another Bank of America account you own, or to an account at a different bank. If you're transferring to another bank, use an external transfer through your online banking dashboard — this usually takes one to three business days. If you want the money when ready, withdraw it as cash at a branch, through an ATM, or request a cashier's check from a teller.

After your account closes

Bank of America will send a written confirmation letter to your mailing address within a few business days. Keep this letter for your records. Your account number will no longer be active, so any automatic deposits, bill payments, or transfers set to that account will fail.

Before you close, update any employers, government agencies, or other organizations that deposit money into that account. Change the deposit account in your payroll system, Social Security account, or benefits portal so payments go to your new account instead. If you forget to update a deposit and money is sent to the closed account, the bank will return it to the sender, and you may need to contact them to redirect the payment.

Closing a savings account does not hurt your credit

Closing a savings account has no effect on your credit score. Savings accounts are not reported to credit bureaus the way credit cards or loans are. Your credit history only tracks borrowing and repayment activity, not deposit accounts.

Closing the account also does not affect your other Bank of America accounts — your checking account, credit card, or any other products you use will continue to work normally. You can keep those accounts open while closing only the savings account.

Frequently Asked Questions

Can I close my savings account if it has a negative balance?

No. If your account is overdrawn, you must pay the negative balance first. Contact Bank of America to arrange payment, then close the account once the balance reaches zero.

What if I have pending transactions when I close?

Pending transactions may still process after closure. If a transaction posts after the account closes, the bank will return the funds to the sender. Contact Bank of America if you need to cancel a pending transaction before closing.

How long does it take for the account to fully close?

The account closes when ready when you complete the process by phone, in person, or online. You'll receive a written confirmation within a few business days. Any checks or automatic payments tied to that account will bounce after closure.

Can I reopen a closed savings account?

You can open a new savings account with Bank of America at any time, but you cannot reopen the exact same closed account. The old account number will not be reactivated.

Do I need to close my account in the same state where I opened it?

No. You can close your account from anywhere by phone, online, or at any Bank of America branch nationwide. Your location does not matter.