How to Close Your Bofa Account and Manage Your Finances

Closing your Bank of America (BofA) account can be a bit of a process, but it's doable with the right steps.

To start, you'll need to gather all the necessary documents, including your account information and any outstanding debts or loans. You can find this information in your online banking account or by contacting BofA directly.

You can close your account in person, over the phone, or online, depending on your preference. This is detailed in the "How to Close Your BofA Account in Person" section.

Once you've closed your account, you'll need to update any automatic payments or transfers to avoid any issues. This is a crucial step to avoid any unnecessary fees or charges.

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Before you close your Bank of America account, make sure you have a new banking home ready to avoid any hiccups with paychecks or bill payments. You'll want to look for banks offering attractive bonuses to kickstart your new banking journey.

It's essential to open a new bank account before closing your current one. This will facilitate an easy transfer of funds from Bank of America to your new account. You can then transfer your balance, update direct deposits, and cancel auto-payments to ensure a smooth transition.

Before closing your account, download all available monthly statements from Bank of America's website. These records are important for future reference and may be difficult to obtain after account closure. It's also a good idea to check for overdrafts and ensure your account is not overdrawn.

To avoid any financial mishaps or credit issues during the transition, make sure to update payment information, notify utility providers, lenders, and other entities about your new banking details. This will ensure continuous service and prevent missed payments.

Here are the essential steps to take before closing your Bank of America account:

Remember to verify account status and ensure your account is not classified as abandoned. Finally, transfer any remaining funds to your new account and wait until all recurring payments are successfully posting before closing your Bank of America account.

Cancel any recurring transfers set up with your Bank of America account to avoid failed payments and penalties.

Make a note of the transfers you need to cancel, such as mortgage or rent payments, utilities, credit cards, insurance payments, car loans or student loans, and recurring subscription services.

If you forget to cancel these transfers, you may incur penalties or damage your credit.

Use the following list to ensure you don't miss any important transfers:

Utilities

Credit cards

Insurance payments

Car loans or student loans

Recurring subscription services

If you're feeling motivated, you can close your Bank of America account in-person at a local branch during business hours. Bring a valid government-issued ID to verify your identity.

Make sure to zero out your account balance before heading in to close your account. This will prevent any unexpected fees or charges.

Closing your account in-person is a viable option, but keep in mind that Bank of America doesn't allow online account closures, so a phone call or visit is required.

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To find a Bank of America branch near you, you can visit their website or use their branch locator tool. You can also call their customer service number for assistance.

You'll want to plan a visit to your local branch during business hours, which are typically Monday through Friday from 9am to 5pm. Make sure to check their website for any holiday hours or closures.

Bring a valid government-issued ID with you to the branch, as it will be required for account closure.

You can zero out your account balance before heading to the branch, which is a good idea to avoid any unnecessary fees.

Closing your Bank of America account over the phone is a convenient option, especially if you're short on time or prefer not to visit a branch. You can call Bank of America's service number, 800-432-1000, to connect with a service agent.

To close your account, inform the agent that you wish to close your account with them, and be sure to have your account number ready. This will make the process smoother and faster.

You can also call one of the following numbers to close your account, depending on the type of account you have:

The customer service hours for closing your account over the phone are Monday to Friday from 8 am to 9 pm ET, Saturday from 8 am to 8 pm ET, and Sunday from 8 am to 5 pm ET.

You'll want to transfer your remaining Bank of America balance to your new bank account after everything is switched over.

First, make sure all your pending payments have processed, which can take up to a month if your bills post at different times. This ensures you don't zero-out your Bank of America account and then overdraw it when a payment comes through.

Transferring remaining funds to your new bank account is a crucial step in the process. You don't want to zero-out your old account and then overdraw it when a payment comes through.

Wait until all your pending payments have processed before making the transfer. This could take up to a month if your bills post at different times.

Make sure recurring payments have started to post to your new account before transferring funds. This ensures a smooth transition and avoids any potential issues.

Transferring funds can be done easily online by linking your two accounts. It's a straightforward process that will take a few days for the funds to settle into your new account.

To remove remaining funds from your account, you'll want to close the account itself. You can do this by visiting a local Bank of America financial center and speaking with a banker.

They can close the account on the spot, making the process quick and easy. If you're not able to visit a financial center, you can also call Bank of America's customer service line at 800-432-1000.

Input your account information and follow the instructions to speak with a banker. Alternatively, you can submit a written request to Bank of America with the signatures of all account owners and balance forwarding information.

Here are the available account closure options: