Bank of America customers sometimes need to close an account and encounter fees that are not always transparent. Understanding the conditions that trigger these charges helps account holders plan moves and avoid surprises.
This article outlines when a bank of america account closing fee applies, how account type and relationship status influence costs, and practical steps to reduce or avoid these charges.
| Account Type | Typical Closing Fee | Waiver Conditions | Processing Time |
|---|---|---|---|
| Everyday Checking | $0 to $150 | Active direct deposit, minimum balance | 5–10 business days |
| Preferred Checking | $0 to $75 | Qualifying balances, linked savings | 5–10 business days |
| SafeBalance Banking | $0 | Monthly fee paid, no overdrafts | 5–10 business days |
| Relationship-Based Accounts | $0 often | Combined products, loyalty tier | 5–10 business days |
Understanding Bank of America Account Closing Fee Policy
Bank of America does not charge a universal fee to every customer who closes an account. Instead, fees are tied to account type, balance history, and how the closure is processed. Reviewing the written fee schedule before starting the closure reduces the risk of last-minute charges.
Checking Account Closure Fees
Everyday and Preferred checking accounts may incur a closure fee if the account is closed too soon after opening or if balance requirements are not met. Waivers are commonly available when customers maintain direct deposit or bundle other products.
Minimum Balance Requirements
Accounts closed before meeting minimum balance thresholds can be subject to higher fees. Keeping the stated minimum balance throughout the relationship often eliminates or reduces the closing cost.
Introductory Period Considerations
Accounts closed within the first 30 to 60 days may face a higher fee. Extending the relationship beyond promotional windows typically removes this charge.
Savings and Specialty Account Fees
Savings accounts, certificates of deposit, and interest-bearing accounts usually have lower or zero closing fees, but early withdrawal penalties on CDs can increase total costs. Understanding the distinction between closure administrative fees and product penalties is essential.
How to Avoid or Reduce Fees
Strategic account management before closure can neutralize most bank of america account closing fee exposures. Coordination with relationship managers and timely documentation support smoother transitions.
- Maintain required minimum balances until closure is finalized.
- Ensure at least one qualifying direct deposit within the lookback period.
- Bundle with linked savings, credit cards, or investment products to qualify for waivers.
- Request written confirmation of any fee waiver before surrendering assets.
- Use in-branch or secure chat to document fee discussions for records.
FAQ
Reader questions
Will I be charged a fee if I close my account after 90 days with direct deposit?
Most customers with 90 days of activity and qualifying direct deposit do not face a closing fee on checking accounts, but written confirmation from the bank is recommended.
Can I avoid the closing fee by transferring funds to another bank first?
Transferring funds alone does not remove the fee; account closure policies focus on relationship status and waivers, so you must still meet balance or product requirements.
Do CDs and investment accounts have the same closing fee structure?
CDs and investment products often have separate early redemption rules, and administrative closure fees are typically lower or absent compared to checking accounts.
What happens if I close an account with a negative balance?
Negative balances at closure can trigger additional fees, and the bank may require full repayment before releasing remaining funds or issuing final statements.