How to Cancel Bank of America
Bank of America is the second-largest bank in the US, offering checking, savings, credit cards, and investment accounts. Account closure can be done in-branch, by phone, or by mail. Ensure all transactions are settled and recurring payments moved before closing.
Steps verified March 2026
Quick Facts
Monthly cost
£12.00/mo
£144.00/year
Cancel online?
No — phone/letter required
Pause option?
No
Refund policy
Remaining balance returned via check or transfer. Early closure fee may apply within 90 days.
After cancellation
Account records retained for 7 years per federal banking regulations.
What to Watch Out For
- Staff will suggest fee waivers and account downgrades to prevent closure
- May highlight Preferred Rewards status that would be lost
Cancellation Steps
Go directly to Bank of America cancellation pageTransfer your funds
Move your balance to a new bank. Update direct deposits and autopayments.
Let pending transactions clear
Wait for all pending debits, checks, and recurring charges to process.
Close the account
Visit a branch with photo ID, call 1-800-432-1000, or send a written request.
Confirm zero balance
Ensure the account shows a zero balance before requesting closure.
Get written confirmation
Request a closure confirmation letter for your records.
Tips & Things to Know
- Bank of America may charge an early closure fee if the account is less than 90 days old.
- Redeem all credit card rewards before closing a BofA card.
- If you have a Merrill Edge investment account, it must be closed separately.
Your Consumer Rights
- The CFPB oversees bank account closure practices and consumer complaints.
- Federal law requires banks to process account closure requests in a timely manner.
- You are entitled to receive your remaining balance and final statement.
Frequently Asked Questions
Can I close my BofA account online?
No. You must visit a branch, call, or send a written request.
Is there an early closure fee?
Yes. A $25 fee may apply if you close within 90 days of opening.
What happens to my debit card?
Your debit card is deactivated immediately upon account closure.
How do I close a BofA credit card?
Call 1-800-732-9194 to close credit card accounts.
Can I close a joint account alone?
Both account holders typically need to consent to closing a joint account.
Annual Cost
£144.00
per year for Bank of America
Cancelling saves you this every year