How To Close Your Bank of America Account

Posted on 13 October 2011

Printer-friendly versionPrinter-friendly versionSend by emailSend by email

By Pedro Morillas

Step 1: Open a new account at a bank or credit union of your choice.  (For help finding a bank that you'll like, here are a few useful tools:,,,,, and

Step 2: Switch all automatic withdrawals and deposits to your new bank. (Things like direct deposit from your job, and auto bill pay for your cell phone.)

Step 3: Write a check to yourself for the amount remaining in your Bank of America account and deposit it in your new account. Don't forget to figure in any outstanding checks or automatic payments, and remember that if your account is at $0, automatic withdrawals or outstanding checks will overdraw your account. Be sure to stop automatic payments first.

(WARNING: Your account is not closed yet.)

Step 4: Once your account balance is at $0, call Bank of America at 1-800-622-8731 and let them know you would like to close your account. Have your account information ready when you call. (A bank statement should have most of the information you'll need).

If you bank with someone other than Bank of America, but want to close your account, steps 1 through 3 still apply. To find out your bank's specific process for closing an account, call their customer service line. Here are the phone numbers for some other major banks:
Wells Fargo: 1-800-869-3557
US Bank: 800-872-2657
Citibank: 1-800-627-3999
JP Morgan Chase: 1-800-935-9935


Pedro Morillas is a Legislative Advocate with CALPIRG. Follow him on Twitter @CALPIRG_pedro.

To protest and make a statement to the too-big-to-fail-banks. You can show the bankers your power by keeping your bank account open; with only 9 dollars in the balance. Perhaps they can get the message and clean-up their act. Without the depositors, the individual bankers will eventually lose the jobs until there is no one left but those individuals accountable for the crimes committed against the greatest amount of people.

That is complete rubbish to suggest people should keep their accounts open and leave a 9 dollar balance in there..!!!! It costs $12 a month to have a checking account at BofA..!!! So how do you figure that 9 dollars a month will cover that..!? CLOSE YOUR ACCOUNTS COMPLETELY !! PERIOD

Agreed, No idiot will keep their account open, just to pay account fees. The bank would be thrilled to have that for nothing.... You close your account completely. THey make nothing on $0/closed accounts and all they can do is watch as their corp crumbles to nothing afterwards...

I agree, too... it would be idiotic to keep the account open with a tiny balance. For reasons other than wanting to "stick it to the man," I switched all my banking to a joint account with my husband (at another bank.) I have been a bit lazy about closing my BOA account (which has an $18 monthly fee!!!) and I just have to keep feeding the account money just to cover the monthly fee. That's $216 a year BOA gets for doing absolutely nothing. And, until recently, a negative balance (which can be caused by the monthly fee exceeding what you have in the account) would lead to a $35 fee if it was not rectified within 5 days, only putting you more in the red!!! Not to mention it is a big hassle to have accounts you don't use open... I have to remind myself to check the balance. Nope... the solution is to close it completely.

Close your accounts as soon as you can! And yes CLOSE them... don't leave them open! Switch over on November 5th, 2011 with the rest of the country!

Brian Leubitz of calitics laid out a few more good reasons to find a local credit union:

Not-for-profit credit unions are owned by their members. These banks aren't under pressure by Wall Street investors to maximize quarterly returns. Instead, profits go back to the members in the form of higher interest on savings and lower interest on loans, mortgages, and credit card balances.

The same is not true in the world of for-profit corporate banking. Just look at the chart on the left showing the tremendous consolidation of the consumer banking industry in the last 20 years. These big banks think they can get away with charging you exorbitant interest or excessive fees because you don't have a choice. Well, you do have a choice, and that choice is a credit union that meets your needs.

A wide range of financial planners and media outlets agree: credit unions are better for your money. Here's why:

1. Fewer fees, more savings. The Credit Union National Association estimates that consumers save more than $6 billion a year in better rates and lower fees by using credit unions. That's your money -- who should make a profit off of it, you or your bank? -- ABC News

2. Credit cards with lower interest rates. Federal law prohibits federal credit unions from charging interest rates above 18%. Credit union customers pay, on average, 20% less in credit card interest. -- Forbes

3. Better customer service. 70% of credit union members feel that the institution put the customer's interests ahead of the institution itself. The highest big bank, Wells Fargo, came in at a 40% positive rating. --Forbes

4. No penalties for using or not using your money. Corporate banks routinely charge you to open a checking account, charge you if your account is dormant, charge you if your balance drops below a certain level. It's crazy! Credit unions simply do not engage in these kinds of practices -- practices that are focused on driving up quarterly profits, regardless of customer satisfaction. -- MSN Money

5. Your money stays in your community. Credit unions primarily employ people locally, and give back generously as well. Local credit unions are also more likely to give loans to local businesses, especially women- and minority-owned businesses. Since the recession began, credit unions have vastly expanded their business loan operations, which helps keep funds working in the local community. -- Businessweek (Burnt Orange Report)

It is difficult to close my checking accounts when mortgage account and several credit cards are with BofA. I do have an account with the credit union. All my savings are with the Credit Union. I just keep the bare minimum balance in my BofA checking account.