How to Close Bank of America Account – Like any other bank account, having to close Bank of America account can be a daunting task.
Many folks are turned off by the hassles, and fees involved. But the process is not as intimidating with a strategy.
Reasons You Might want to close Your Bank of America Account:
- Unsatisfactory Customer Service
- Lower rate of interest
- Maintenance of higher Minimum Account Balance required
- Having Multiple Bank Accounts
- Bad Relationship with Bank Staff
- Bank is not providing Online Services properly
- Higher Fees & Charges on Financial Transactions
There are also some folks who, in the spur of the moment, prefer to close their accounts. Although it is a satisfying display of the power held by consumers, it could lead to some inconvenience.
With the right steps, you can ensure a seamless transition and free yourself from unwanted headaches. Here are some of the steps to take when closing your bank account:
- Find a new bank.
- Review and move all automatic payments and recurring transactions.
- Move the money from Bank of America account to your new bank.
- Close Bank of America account and request a written letter.
How to Close Bank of America Account Savings Account?
If you are interested to know how to close your Bank of America, here are the steps to follow:
- Visit the website of Bank of American and download an account closure form or alternatively, you can visit the nearest branch, get the account closure form and fill it up properly.
- After that you need to sign it and submit it to the branch manager or officer-in-charge. Please note that if it is a joint account, both of you will need to sign the account closure form.
- You will need to attach a copy of KYC documents i.e. a copy of PAN, which serves as your proof of identity and a proof of address to the account closure form. You may be required to self-attest these documents.
- Next, you need to drop your Balance Cheque Leaves, if any, Debit Card(s) and Passbook. Your account closure application is taken for processing after you have deposited all these items.
- You will need to withdraw the balance in your account. You may either take cash withdrawal or the bank issues a cheque or Direct Deposit in your favor or the amount can be transferred to another account.
If you follow the above guidelines, you should be able to close your Bank of America account in a hassle-free manner.
Bank of America will send you an email or SMS on your registered email address or phone number after your account is closed.
Important Points Regarding Closing a Bank of America account
- In order to close your Bank of America account, you need to visit the bank where you opened the account.
- One should close the account only if you don’t really need it in the future as banks generally don’t allow to re-open a closed account.
- You will need to have a soft copy or take a printout of full bank statements since inception till closing for the purpose of any future reference.
- Cancel all your automated payment instructions.
- You must clear all pending dues or charges before closing the account.