Are you planning to close your savings account with Bank of America? Read on to know the step-by-step process to do so.
Step 1: Gather Information
The first step is to gather all the information related to your savings account. This includes your account number, the balance in your account, and any pending transactions. It is also advisable to check for any penalties for closing the account before the maturity date.
Step 2: Contact Bank of America
The next step is to contact Bank of America. You can do this by visiting a branch, calling their customer service number, or using their online chat service. Inform them that you want to close your savings account.
Step 3: Verify Your Identity
Bank of America will ask you to verify your identity before proceeding with the account closing process. You will need to provide your account number and other details to do so.
Step 4: Withdraw Funds
Before closing your savings account, you need to withdraw all the funds from it. You can do this by transferring the funds to another account or by requesting a check from Bank of America.
Step 5: Confirm the Account Closure
Once you have withdrawn all the funds, you need to confirm the account closure with Bank of America. They will ask you to sign a form or provide written confirmation that you want to close the account.
Q. What happens if I close my savings account before the maturity date?
If you close your savings account before the maturity date, you may be charged an early withdrawal penalty. This penalty varies depending on the type of account you have and how long you have held it.
Q. Can I close my savings account online?
Yes, you can close your savings account online using Bank of America’s online banking service. However, it is advisable to contact their customer service team to ensure that you have completed all the necessary steps.
Q. How long does it take to close a savings account with Bank of America?
The time taken to close your savings account with Bank of America depends on the mode of closure. If you visit a branch, it can be done on the same day. However, if you request closure through other modes, it may take a few days to process.
Q. Will closing my savings account affect my credit score?
No, closing your savings account will not affect your credit score as it is not a credit account.
Closing a savings account with Bank of America is a simple process that can be done in a few steps. You need to gather all the necessary information, contact Bank of America, verify your identity, withdraw funds, and confirm the account closure. By following these steps, you can close your savings account without any hassle.