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How to Cancel Bank of America

Bank of America is the second-largest bank in the US, offering checking, savings, credit cards, and investment accounts. Account closure can be done in-branch, by phone, or by mail. Ensure all transactions are settled and recurring payments moved before closing.

Tricky
Banking

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Quick Facts

Monthly cost
£12.00/mo
£144.00/year
Cancel online?
No — phone/letter required
Pause option?
No
Refund policy
Remaining balance returned via check or transfer. Early closure fee may apply within 90 days.
After cancellation
Account records retained for 7 years per federal banking regulations.

Cancellation Steps

Go directly to Bank of America cancellation page

  1. Transfer your funds

    Move your balance to a new bank. Update direct deposits and autopayments.

  2. Let pending transactions clear

    Wait for all pending debits, checks, and recurring charges to process.

  3. Close the account

    Visit a branch with photo ID, call 1-800-432-1000, or send a written request.

  4. Confirm zero balance

    Ensure the account shows a zero balance before requesting closure.

  5. Get written confirmation

    Request a closure confirmation letter for your records.

Tips & Things to Know

  • Bank of America may charge an early closure fee if the account is less than 90 days old.
  • Redeem all credit card rewards before closing a BofA card.
  • If you have a Merrill Edge investment account, it must be closed separately.

Your Consumer Rights

  • The CFPB oversees bank account closure practices and consumer complaints.
  • Federal law requires banks to process account closure requests in a timely manner.
  • You are entitled to receive your remaining balance and final statement.

Frequently Asked Questions

Can I close my BofA account online?
No. You must visit a branch, call, or send a written request.
Is there an early closure fee?
Yes. A $25 fee may apply if you close within 90 days of opening.
What happens to my debit card?
Your debit card is deactivated immediately upon account closure.
How do I close a BofA credit card?
Call 1-800-732-9194 to close credit card accounts.
Can I close a joint account alone?
Both account holders typically need to consent to closing a joint account.

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