Can I Cancel By Bofa Checking And Keep My Credit Account

How to Close Bank of America Account

Posted by Frank Gogol

Updated on March 24, 2022

Disclosure: Stilt is a lending company. Even so, we are committed to providing our users with loftier-quality resources and accurate data about clearing and finance.

Considering it's the biggest bank in the United States, it's non a surprise that Bank of America has more $2 trillion in avails. Although it feels great to take an business relationship at this bank, the fee you're charged every calendar month may make yous want to close your account and open a unlike one with another bank. Fees are an issue for both citizens and non-U.s. citizens.

So, how do you shut a Bank of America account when you no longer need information technology? Notice out what you lot have to do by reading the adjacent paragraphs.

Is It Possible to Shut a Bank of America Account?

Aye, it is possible to close your account, only it depends on the method you prefer. For instance, if you wish to close it online, this won't exist possible. At the moment, at that place isn't any option that allows you to close your account using their website. You tin't do it through their smartphone app either. It may non be too convenient that you cannot do this, but at the same time, it'southward probably a safety measure taken so no third party could close your account without your consent.

However, at that place are other methods that you lot could use if y'all want to close your Depository financial institution of America account.

What to Practise Earlier You lot Shut Your Account

Earlier endmost your Banking company of America business relationship, you should make sure that you have your new bank account gear up. If you lot were already intending to open a bank business relationship with some other financial institution, you should do it before your current one is closed. Having a new account will be more useful than y'all think because y'all can just transfer the balance from the Bank of America account to the new banking company account. So, ensure that you lot do that first.

Then, later the residuum in your Bank of America business relationship goes to $0, you should update the payment information on file with all your utility companies, lenders, creditors, and other such companies. If you have companies that you lot have to pay automatically from your bank account monthly, you have to let them know well-nigh your situation. This ensures there won't be annihilation else linked to your old account, and in that location will exist no money on information technology that can be withdrawn.

What you lot should do afterwards is go to the website of the banking company, and download all the monthly bank statements from the old account. You lot may observe yourself in situations where the statements will come in handy in the future. Shut business relationship statements may be hard to obtain subsequently, which is why you should brand certain to become these while y'all still take the account open.

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3 Ways to Close a Banking concern of America Business relationship

Then, you've made up your mind and you're sure that you lot would similar to close your Bank of America account. Now what? Well, you lot must know how to close your account, as there are a few methods available. We've established that closing your account online is not possible, so how can you do it? Here are the available methods:

Going to a Local Bank

1 of the obvious methods is by going to a physical bank, of course. Yous have to become to a co-operative of the Bank of America. Once y'all're there, you volition tell them that you wish to close your existing account.

To close your business relationship, y'all will need to:

Request an account closure
Verify your identity (accost, SSN, birthday, etc)

From here, the teller or bank manager volition do the residuum. If you haven't already transferred your funds, the banker will brand out a cashier'southward cheque for the account balance.

Calling the Bank

The quickest and easiest method to close your business relationship is by calling the banking company. This is a overnice method in case you lot want to exercise everything from the comfort of your own habitation. Just call their client support service at 1-800-432-thou and one of the bank representatives volition have care of the situation.

The client support service is toll-free, and you will easily go through a few steps that will assistance y'all close your account.

Doing It via the Post

Closing the account is besides possible by mailing a signed written account closure request to the Bank of America address. This may be easy, but it can exist time-consuming as you have to wait until your signed written account closure request reaches them. But if you want to use this method, so mail them the certificate at the post-obit accost:

Depository financial institution of America
FL1-300-01-29
PO Box 25118
Tampa, FL 33622-5118

Does Closing a Bank Account Affect Your Credit Score?

When you close your business relationship, your credit won't exist afflicted direct. However, it may create some issues and affect the score in case you take an overdraft balance.

Your bank business relationship information is non being sent to any credit reporting agencies past your banking concern or credit wedlock. Therefore, it doesn't end upwardly being listed on your credit written report. But although the actual business relationship closure is not going to ruin your credit, an overdraft balance volition affect it when y'all close the account on it.

If you don't repay the debt on time before yous close your business relationship, then the credit union or bank volition transport it to a drove agency, and they volition then send it to credit bureaus. As a result, this volition affect your credit score and will stay on your credit report for 7 years since the incident happened.

This is why you should pay off the overdraft residuum earlier you lot close your account. You're going to regret it otherwise.

Demand a Loan? Get One in three Unproblematic Steps

If you are considering applying for a personal loan, simply follow these three simple steps.

Apply

Employ online for the loan amount you need. Submit the required documentation and provide your best possible application. Stronger applications get ameliorate loan offers.

Accept

If your application meets the eligibility criteria, the lender will contact you with regard to your application. Provide any additional information if required. Soon you'll have your loan offer. Some lenders send a promissory note with your loan offer. Sign and return that notation if you lot wish to take the loan offer.

Repay

The loan and so gets disbursed into your U.S. bank business relationship within a reasonable number of days (some lenders will exist as quick equally 2-3 business organisation days). Now you lot demand to set upwardly your repayment method. Yous tin choose an autopay method online to aid you pay on time every month.

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Near Stilt

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We take a holistic underwriting approach to decide your interest rates and make sure y'all go the lowest rate possible.

Learn what others are proverb about us on Google, Yelp, and Facebook or visit us at https://www.stilt.com. If you lot have any questions, ship the states an email at [e-mail protected]

Frank Gogol

I'm a house believer that information is the key to fiscal freedom. On the Stilt Blog, I write about the circuitous topics — like finance, clearing, and technology — to help immigrants make the about of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

Stilt, Inc strives to keep this blog data accurate and up to appointment. All information is presented without warranty. Discrepancies may be found. This blog does not consist of legal communication.

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