The truth is that all banks are not created equal and there is no sufficient clear information given on how to close a bank account. Like a lot of people in banking relationships with big banks, which you were probably having a great start with and everything was going perfectly well. Then all of a sudden, things started becoming a lot complicated and expensive. There were monthly maintenance fees, overdraft fees, minimum balances fees, so many others. And worst of it all is that you probably felt as if you were giving up more than you were getting.
You need not worry because there is still time and there are so many other bank accounts in the sea that will suit your needs. In case you have made up your mind that you are ready to close your bank of America account and probably open a new account with a better banking option then this article will give you the guidelines on how to do that and so read on to know how to close your bank of America account.
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How You Can Close Your Bank Of American Account
If you happen to be a Bank of America customer and you are fed up and wish to avoid a monthly fee, you need to keep a minimum balance. If you don’t meet up with that requirement, you might end up paying monthly maintenance fees of $12 to $25. Most customers that are actually not able to consistently meet the minimum balance pay between $144 to $300 per year. If you are one of them and you are ready to ditch fees and minimum balances, below is how you can close a bank account with Bank of America:
- The first thing to do is to transfer any of your remaining balances to another financial institution. Before you then update your payment preferences on bills that use auto-pay so that you can be able to continue to make payments automatically.
- Then go to any local branch of Bank of America that is close to your location to close your Bank of America account.
- After that, call the customer service of the Bank of America at 800.432.1000 to close the account.
- Then you will have to send a written request to close the account to: Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118. Sign the letter and also make sure to include instructions on how you can receive your remaining balance if it is eligible.
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