If you want to close your account in a country like America, then you have to close your account by some process.
If you want to know what these processes are, then our article can help you. Through our article, we will provide you the important information required to close your account step by step. Which will help you to close your account.
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It should come as no surprise that Bank of America has assets worth more than $2 trillion given that it is the largest bank in the United States. Despite how nice it is to have an account at this bank, the monthly cost you are assessed may make you want to shut your account and create a new one with a different institution. Both citizens and non-US citizens have problems with fees.
So, if you no longer require a Bank of America account, how can you close it? You can find out what to do by reading the next paragraphs.
Can You Close Your Bank of America Account?
Your preferred option may or may not be the best way to close your account. For instance, it won’t be feasible for you to close it online. There isn’t currently a method available on their website that enables you to close your account. Additionally, you cannot do it via their mobile app. While the fact that you cannot accomplish this may not be very handy, it is likely a safety precaution meant to ensure that no outside entity can delete your account without your permission.
However, if you wish to shut down your Bank of America account, there are various techniques you might employ.
How to Prepare Before Closing Your Account
Make sure your new bank account is prepared before canceling your Bank of America account. Before your existing account is closed, you should open a new one with another financial institution if you had been planning to. Because you can simply transfer the balance from the Bank of America account to the new bank account, having a new account will be more helpful than you might realize. So make sure to finish that first.
The next step is to visit the bank’s website and download each of the previous account’s monthly bank statements. The assertions may come in helpful for you in the future in certain circumstances. Obtaining statements for closed accounts may be challenging in the future, so make sure to do so while the account is still open.
3 Methods for Closing a Bank of America Account
You’ve decided that you want to close your Bank of America account, and you’re confident in your decision. What’s next? There are a few ways to close an account, so you should be aware of them. How can you close your account now that we’ve proven that doing so online is not an option? The options are as follows
Go to Your Bank and ask
- Asking for account closure
- Establish your identity (address, SSN, birthday, etc)
- The teller or bank manager will take action from here.
- If you have not yet moved your money,
- The banker will write a cashier’s check for the remaining balance on the account.
Making a Bank call
Calling the bank is the quickest and simplest way to terminate your account. If you want to complete everything from the convenience of your home, this is a wonderful way. Simply contact their customer service department at 1-800-432-1000, and a bank employee will handle the problem.
You can easily complete a few procedures that will assist you to close your account by using the toll-free customer service line.
Utilizing the mail
You can also close the account by mailing a completed and signed account closure request to the Bank of America address. Even though it might be simple, waiting for them to receive your signed formal account closure request can take time. But if you decide to employ this strategy, send the document to the following address:
Tampa, Florida 33622-5118: PO Box 25118, Bank of America FL1-300-01-29
Do Bank Account Closings Affect Credit Scores?
It won’t directly impact your credit when you close your account. If you have an overdraft balance, though, it can cause some problems and have an impact on your score.
Your bank or credit union does not send information about your bank account to any credit reporting bureaus. It consequently does not appear on your credit report. Although the actual account closure won’t harm your credit, closing the account on it with an overdraft balance will.
The credit union or bank will submit the debt to a collection agency, which will subsequently report it to credit bureaus if you don’t pay it off before you cancel your account. This will consequently lower your credit score and remain on your credit report for seven years after the incident.
For this reason, you ought to settle the overdraft prior to closing your account. If you don’t, you’ll regret it.
Frequently Asked Questions [FAQ]
Can I close my Bank of America account online?
A Bank of America account cannot be closed online. There are only the three options listed below. Visit a nearby branch and speak with an account executive if you wish to close your Bank of America account in person.
Is there a fee to close a Bank of America account?
A Bank of America account can be closed without cost. Remember, your account cannot have any unpaid subscription payments or balances, and make sure to complete the instructions in the section above.
Is it easy to close a Bank of America account?
Simply contact their customer service department at 1-800-432-1000, and a bank employee will handle the problem. You can easily complete a few procedures that will assist you close your account by using the toll-free customer service line.
Is it worth closing a bank account?
Although shutting the improper accounts could lower your credit score, it may save you money on annual fees or lessen the chance of fraud on those accounts. Before closing accounts to improve your credit score, check your credit reports online to see the status of your accounts.
What is the minimum balance to avoid Bank of America?
The monthly maintenance fee is eliminated if you keep a combined balance in your Bank of America Advantage Relationship Banking® account of at least $10,000 per statement cycle.
Why is Bank of America charging me $12 a month?
Money will automatically be moved from the linked account to cover the transaction’s cost if there are insufficient funds in the primary account. The cost to use this service is $12 per transaction.
Will my Bank of America account close at a zero balance?
Please transfer any remaining funds to another account a few days prior to shutting the account if you have any, as this procedure can take some time. Before we can formally close your account if it has a negative balance, you must settle it in full or contact us.
The Conclusion
Through our article, we have tried our best to make you aware of all the important information so that you do not face any problems in closing your account in a country like America.
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