How to close account with Bank of America?
The process of closing an account with Bank of America can be a complex one, especially if you are not familiar with the process. In this blog post, we will outline the steps needed to close your Bank of America account and some important considerations to take into account before doing so.
For this blog post, we have provided step by step instructions on how to close your Bank of America account and bank card as well as in depth details about what needs to be done once your accounts are closed. We hope that by following these steps, you will be able to close your accounts in no time and begin looking for a new financial institution!
Stepwise guide to close account with Bank of America
Step 1: Contact Customer Service from https://bankofamerica.com/us.
Whether you are in the process of paying off a loan, it is worth noting that when you close your accounts, any payments that were still being processed will not be taken.
To cancel your account, Bank of America’s preferred way of doing so is through their contact customer service page. You will need to provide the following information:
- Your name and address;
- The banking number associated with your account; and,
- The email address to which you wish to forward your new account information.
Step 2: You will be asked a series of questions related to your bank accounts. For example, you will be asked how many payments are still outstanding, what type of payments are still owed on the account (e.g. a credit card balance or medical bill), and any other information that may help the bank provide you with a quick resolution.
Step 3: If everything is in order, you will be entered into the Bank of America’s system. You will then be asked to provide an email address and password to receive more information about the closure of your account. A couple hours later, you will receive an email allowing you to confirm your new account.
Step 4: After confirming, you may need to proceed through a verification process at Bank of America’s site or via telephoning their customer service center. The customer service representative or agent will ask you a series of questions to verify your identity. Once verified, you will receive an email from Bank of America notifying the closing of your account.
The final step,
Step 5: You can expect to receive a confirmation email from Bank of America notifying you that your bank accounts are closed. Keep in mind that if you do not receive this email, it is possible that some processing is still underway and calls may be required. It is also possible that some disputes or errors still have to be resolved by the bank. If this becomes the case, it is recommended that you contact Customer Service again and request additional information about closure procedures.
How long does it take to close an account with Bank of america?
Usually, it will take about a month to fully close an account with Bank of America. This is not a hard and fast rule however, and can depend on the reason you are closing your account. For example, if you closed your business bank account because the business closed down or was bankrupted, this might take longer to complete than if you were closing a personal bank account. It’s also worth remembering that Bank of America might require additional documentation or information before they can close your accounts.
What happens when I close my Bank of America account?
If closing both your checking and savings accounts with Bank of America then you should have no issues receiving back any money that is still in those accounts. Whether you are in the process of paying off a loan, it is worth noting that when you close your accounts, any payments that were still being processed will not be taken. If this happens to you then you need to contact Bank of America so they can make sure the outstanding amount is paid in full.
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With investments and other financial products with Bank of America the process is slightly more complicated. For example, if you have certificates of deposits (CDs) or mutual funds with them then it could take months before all your money can be returned. The reason for this is because the bank holds your money and the money that is invested in those products until you close your accounts. The bank will then transfer all the investment information to a new financial institution, prepare for the conversion and make sure account holders are not charged fees for closing their accounts.
Ultimately, it all comes down to determining how important it is that your funds be transferred to a new financial institution as soon as possible. If you have any other questions about how to close your Bank of America account or have any other concerns, you can contact Customer Service or visit their website.
FAQs about bank account closure:
1) How long does it take to close an account?
- About a month
2) When will the funds be transferred to my new account?
- As soon as possible. They’ll hold your balances and let you know when they are fully transferred to new financial institution. They should keep you updated via email or postal mail both ways.
3) How much do I receive when I close my Bank of America account?
- Once they transfer your money from your Bank of America account, they’ll let you know what the balance is at on your new financial institution’s bank account, so you can pay off any outstanding balances there.