so you ’ ve made the decision to close your Bank of America account. By this distributor point, you ’ ve credibly realized that their fortunate promises of free see accounts and high-yield savings accounts were just leading you into a inner ear of hidden fees and charges. Minimum balance requirements. monthly service fees. Overdraft penalties. farcical telegram transfer fees. And to add diss to injury, an pastime rate that hovers between 0 and 0.01 % ; making you effectively zero income on your precious deposits.
ever heard the phrase, “ your money should generate returns as you sleep ” ?. This is distinctly not the sheath when you bank with America ’ s most illustrious fiscal institutions. At some detail in the distant past, bombastic banks ganged up to charge you over $ 329 a year fair for the prerogative of using your own hard earned money. But let bygones be bygones. You ’ rhenium moving on to better things. As with any pause up, this may seem like an anxiety-inducing uphill battle. But as always, we ’ re here to help. Let ‘s understand how to close your Bank of America account.
Things To Do Before you Close your Bank of America Account
- This may seem obvious, but make sure you have a new bank account set up before you close your Bank of America account.
- Review your most recent monthly statement for any recurring charges like water, electricity, gas and rental bills. Make sure that you transfer over all these essential charges to your new account at least 15 days before they are due.
- Take note off all your online subscriptions like Netflix, Apple Music and Spotify and transfer them over to your new account.
- Highlight any annual or semi-annual recurring charges that may not be reflected on the monthly statement and transfer them as well. This is an essential step to complete before you close your Bank of America account.
- If your salary’s direct deposit is attached to your Bank of America Checking account, transfer it to your new bank at least a full working week before it is expected.
- Check for any recurring or overdue bank fees and resolve them. This is essential to protect your credit score (explained later).
- Transfer any remaining balances over to your new account and go make that evening margarita. You’re now ready to close your account.
How To Close a Bank of America Checking or Savings Account
unfortunately, you can not close a Bank of America history on-line. It can entirely be done by the follow three routes.