how to close a bank of america savings account online

Visit a local Bank of America branch and ask to close your account · Call Bank of America at 1-800-432-1000 and. BBVA bank offers checking and savings accounts, credit cards, wealth management, and other financial services for individuals and businesses. Armed Forces Bank is a full-service military bank serving active, retired and civilian customers since 1907.

How to close a bank of america savings account online -

How To Close A Bank Account

As your banking needs change, you may find yourself in a situation where you need to close a bank account. It could be that you’re moving and need to find a new bank, or you simply want to switch banks to take advantage of better interest rates. Whatever the reason for making a banking change, you’ll likely want to close your old bank account.

Closing a bank account is not complicated, but there are specific actions everyone should take so the account is closed correctly and all of your money is accounted for prior to closure. Follow these steps when closing a bank account.

Steps to Close a Bank Account

Closing a bank account involves much more than simply contacting your bank. There’s some advance work you’ll want to do to ensure a successful transition. The specific guidelines for closing an account will vary depending on the bank or credit union, but you’ll typically want to follow the steps outlined below. Be sure to check with your banking institution for any special requirements that may apply.

Open a New Account

The first thing you need to do is open a new bank account. Having an account in place ensures you have a place to transfer over direct deposits and any payments or debits.

Many factors go into choosing a new bank, including savings rates, fees and account offerings. Whether you decide to go with a traditional brick-and-mortar bank or an online bank, make sure you’ve established your new account before moving forward.

Switch Your Existing Scheduled Payments and Deposits

If you have any direct deposits or automatic payments set up, this is the time to move them over to the new account. Check with your employer regarding any forms you need to fill out if you have direct deposit so they can reroute your paycheck to the new account.

Do yourself a huge favor and make an exhaustive list of all your monthly recurring payments. This could include things like:

  • Car payments
  • Mortgage payments
  • Insurance payments
  • Student or personal loans
  • Credit card payments
  • Gym memberships
  • Streaming services
  • Utilities and other household bills

Not only does having a list help ensure you’ve canceled all of the payments attached to your old account, you’ll be prepared when you need to set them up for your new bank account.

Transfer Your Money

Before you move money out of your account, let any outstanding transactions clear first. This could take up to a month to do. Failure to do so may result in having to pay overdraft fees. If you still have money in the account after everything clears, go ahead and either withdraw the money or transfer it to the new account.

If your bank account has a minimum balance requirement, only transfer money out of the account when you’re ready to close it, so you’re not charged monthly maintenance charges.

Contact Your Bank

Now it’s time to go ahead and cancel your bank account. Many banks allow you to do this online, but it also could require a phone call to customer service or a visit to your local bank branch. Some banks may require you to fill out an account closure request form or submit a written request. Follow your bank’s guidance on the proper contact method to start the closure process.

The bank will check your account to ensure it is in good standing and that you’ve resolved any outstanding issues before it marks the account as closed. If there are any remaining funds in the account, you should be able to request a transfer to your new account or receive a check by mail.

Get Written Confirmation

You shouldn’t assume that the account is closed just because a bank employee says it is. The Consumer Financial Protection Bureau recommends that you get written confirmation when you close a bank account. This protects you in case the bank didn’t follow through on your request, or there’s an issue down the road.

How to Close Certain Types of Bank Accounts

Not all account closures are handled the same. Other scenarios may pop up that require extra steps to close a bank account. Here’s a look at a few examples that might require extra attention.

Joint Account

Your bank may require an account closure request with both account holders’ signatures if you’re closing a joint account. Many banks, however, only require one account holder’s authorization to close an account. Canceling a joint account online could require both parties to log in to the account individually to request account closure.

A Child’s Account

Your bank account might be leftover from when your parents opened up a custodial account for you. Adulthood brings different banking needs, which may mean moving on from your old account. Some bank accounts, like the Kids Savings Account from Capital One 360 Bank, are automatically converted into a regular savings account when a child turns 18. If you’re of your state’s legal age to take full control of your custodial account, closing the account is handled the same as any other bank account.

Inactive Account

If your account has been marked “Inactive,” you’ll need to reactivate it before it can be closed by the bank. Contact your bank’s customer service to reactivate your bank account. There might also be an option to do this through your online or mobile banking.

Overdrawn Account

Having an overdrawn account could prevent you from closing an account. You’ll need to get your account back to at least a zero balance before the bank will process your closure request.

Deceased Person’s Account

Closing the bank account of a loved one that has passed away can be more complicated than closing other accounts. How the account is handled depends mainly on how the deceased structured their finances, including whether they listed a beneficiary or had a will in place. Requirements and documentation may depend on state law. Your best bet is to seek legal counsel before proceeding.

Reasons for Closing a Bank Account

You don’t need a reason to close a bank account, however there are numerous reasons you might want to. Here are some of the more common reasons to move on from your current account:

  • Moving to a new city or state
  • To get better interest rates
  • Switching to an online bank
  • To qualify for a bank-offered bonus
  • To escape poor customer service
  • To avoid expensive fees
  • To gain better features and services
  • Opening a joint account
  • Consolidating your banking
  • Switching from a child account to an adult account

Whatever your reason (or reasons) for closing your bank account, consider the decision carefully to be sure you’re making the right moves for your financial situation.

Tips When Closing a Bank Account

If you’re planning on closing a bank account soon, here are a few extra tips that will benefit you in the long run:

  • Open a new account first. Opening a new account ahead of time gives you a chance to transfer funds out of the old account. It also gives you a place to make payments from and to receive direct deposits during the transition.
  • Document everything. Closing an old bank account should be a smooth process. But the one time you don’t write everything down is the time when you’ll run into trouble. Keep records of the steps you took and any communication with bank staff, including names, dates and times. Save any emails or other written communication from your bank.
  • Destroy the remnants of your old account. Destroy any checkbooks or debit cards tied to your old account. This keeps them from getting lost, stolen or used accidentally.

Closing a Bank Account FAQs

Can you close a bank account online?

Yes, many banks allow you to close a bank account online, provided your account is in good standing and has a zero balance.

Is there a fee for closing a bank account?

Most banks do not charge a fee to close a bank account. One caveat to this rule is that some banks will charge an early account closure fee if you close an account soon after opening it. For example, PNC charges a $25 fee if you close an account within 180 days of opening. This is to prevent customers from opening accounts just to earn a bonus.

Another fee you could see is if you overdraw on a closed account. SunTrust Bank, for example, has a $30 fee for an account closed in overdraft. You can avoid fees like this by ensuring all of your transactions have cleared before closing the account.

Is it bad to close a bank account?

Bank accounts are different from credit card accounts and aren’t part of your credit report. Closing a bank account doesn’t affect your credit score or history. Although financial institutions report account closures to ChexSystems, your opting to close a bank account does not have an adverse effect on your ChexSystems report.

How long do banks keep records of old accounts?

Banks are required by law to keep records of old checking and savings accounts for at least five years.

Can I close my bank account and open a new one with the same bank?

Yes, banks allow you to close one account and open another one. The process to close the old account is the same, although you’ll find your bank much happier to keep your business.

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Источник: https://www.forbes.com/advisor/banking/how-to-close-a-bank-account/

How Closing a Bank Account Affects Your Credit Score

Bank accounts don't have to be forever. You might want to close an account because you've found a better account, you're relocating to a new state where your bank has no branches, or you're dissatisfied with your old bank's customer service. Before you move on from your bank, you want to know whether closing a bank account affects credit scores, so you can take precautions if necessary.

Your credit score affects many of your financial decisions. It impacts your ability to get a credit card, rent an apartment, buy a house or car, have utilities turned on in your name, and more. Of course, you want to avoid doing anything that would negatively affect your credit score, even if it means sticking out a bad relationship with a bank.

How Closing a Bank Account Affects Your Credit Score

The good news is that closing a bank account doesn't affect your credit score. As long as there are no issues with your account, you can switch to a new bank without worrying about damaging your credit score.

While banks may check your credit when you apply to open an account, under normal circumstances your bank activity isn't factored into your credit score at all. That means your bank deposits, withdrawals, and daily transactions don't help or hurt your credit score. Even overdrafts don't affect your credit score, assuming you pay the overdraft fee and clear up any outstanding negative balance before the bank takes action.

Many people mistakenly believe that all financial information, including bank account activity, is factored into their credit scores. That's not the case. Your credit score is calculated based only on information included in your credit report, and your bank details aren't reported to the credit bureaus.

Credit scores are based on borrowing activities, like credit cards and loans, serious delinquencies, and public records. You can check for free to see the types of accounts on your credit report by visiting AnnualCreditReport.com. (However, this service reports no credit scores.) You can also use a free service like Credit Karma, Credit Sesame, or WalletHub to keep tabs on changes to your credit information.

While closing a savings or checking account won't affect your credit score, closing a credit card account can. Credit card accounts are regularly reported to the credit bureaus and factor into your credit score.

When Closing a Bank Account Can Hurt Your Credit

There is a situation where closing a bank account could affect your credit score, in a bad way. If your account is overdrafted and has a negative balance when you close it (or when the bank closes it because you haven't caught up), the negative balance may be sent to a collection agency for further action. Third-party collection agencies collect debts on behalf of other businesses.

Once a collection agency takes over your account, they will likely report the account to the credit bureaus. At that point, it will go on your credit report and be factored into your credit score. Unfortunately, collections remain on your credit report for seven years from the first date of negative activity, even after payment is made.

Mishandling your checking account can also land you in ChexSystems, which is a consumer reporting agency for financial institutions. Banks often use ChexSystems to determine whether to allow you to open a checking account. Any negative reports made to ChexSystems, including overdrafts you never cleared up, will remain in the system for up to five years. You may have a hard time opening a checking or savings account if you have a negative record with ChexSystems, but these records aren't included in your consumer credit score.

How to Close Your Bank Account the Right Way

If you're planning to close your bank account and want to avoid affecting your credit score, make sure to clear up any negative balance first. Talk to the bank to make payment arrangements if you can't afford to pay the balance right away.

Don't assume that your old account is "out of sight, out of mind" just because you've already moved on to a new bank. You'll have to take care of any outstanding checks, pending transactions, or autodrafts that post to your account after it's been closed. Your old bank will likely notify you of any outstanding balance by mail, so be sure to open up anything you receive from them.

Frequently Asked Questions (FAQs)

Is it bad to close a bank account?

Closing all of your bank accounts at once could be a bad idea, because having at least one bank account makes your financial life a lot easier. As long as you keep at least one account open, and the account you're closing is in good standing, then there won't be any negative effects when you close a bank account. Closing credit accounts—like credit cards—can hurt your credit score, but that doesn't apply to standard deposit accounts.

What happens when your bank closes?

If your banking institution shuts its doors altogether, you're protected by the Federal Deposit Insurance Corporation (FDIC). A bank will likely handle its closure responsibly, giving you plenty of notice and opportunities to transfer your funds to another institution. However, even if it closes suddenly without notice, the FDIC will insure your funds up to $250,000.

Источник: https://www.thebalance.com/does-closing-a-bank-account-affect-credit-score-4159898

Bank of America Savings Account Review

Bank of America Savings Account WebsiteBank of America Savings Account

You're looking for a new savings account and Bank of America is the destination that you're considering.

It's not surprising, given that it is among the largest U.S. banks that offers a wide range of banking products and services.

Bank of America offers one savings banking account option: the Rewards Savings account. But, it is one of a long list of options that may be available to you.

In this Bank of America Savings Account review, we'll break down the fees, rates, and services of this account so that you'll be able to determine whether it is the right savings account for you.

Key Highlights

Bank of America is one of the largest financial institutions in the country, and that brand recognition often inspires confidence and a sense of reliability.

Here’s a quick overview of the account highlights, which we’ll delve into more below:

  • $8 monthly fee, unless you meet certain criteria for a fee waiver
  • Tiered savings model so as your account balance increases, your interest rate increases as well
  • Potential interest rate boost if you become a Preferred Rewards client
  • Special features include overdraft protection on your Bank of America checking account and enrollment in Bank of America’s Keep the Change savings program

Savings Account Interest Rate

The interest rate on this Bank of America savings account is very lackluster.

Bank of America Savings Account Pros & Cons

ProsCons
  • Automatic savings program available
  • Access to shopping deals program
  • Access to physical branches
  • Mobile apps available
  • Monthly fee
  • Interest rate is much lower compared to online savings accounts

The low return makes it undesirable for people interested in earning high interests on their savings.

Look:

If you’re more concerned with finding an easily accessible savings account than with earning money on it, the Bank of America Rewards Savings account does the job. 

But, let's face it...

You want to grow your money.

The extremely low interest rate on this account won't help you twoard that goal.

You might also consider opening an account with an online bank instead. Here are the top online savings accounts:

Bank of America Savings Account Maintenance Fee

This savings account does have a $8 monthly maintenance fee, which is a bit high compared to some savings accounts that have no monthly maintenance fee.

This account bears a $35 overdraft fee and returned item fee, as well as a $12 deposited item returned fee. 

Here's a snippet of some of the other fees that come with this account:

Bank of America Savings Account Fees

Type Fee
Monthly Maintenance Fee$8
Withdrawal Limit Fee$10
Minimum Opening Deposit$100
Overdraft Item Fee$35
NSF: Returned Item Fee$35
Overdraft Protection Transfer Fee$12
Non-Bank of America ATMs $2.50
Statement Copies$5
Deposited Item Returned$12
Check-Cashing Fee$8 per check for amounts greater than $50

How to Avoid Monthly Maintenance Fee

Although this account comes with an $8 monthly maintenance fee, you can waive it by meeting one of the following requirements:

  • Maintain a minimum daily account balance of at least $500,
  • Link it to your Bank of America Interest Checking account, or
  • Be a Bank of America Preferred Rewards client

This monthly maintenance fee is higher than what Wells Fargo and TD Bank charge on their comparable banking products.

What is the minimum balance required for Bank of America?

The minimum balance required for the Bank of America savings account is $500 per day. It means that the balance posted in the account at the end of every day must be $500 or more in order to waive the monthly fee.

Now, the actual balance can dip below that minimum daily balance during the day -- it's the end-of-day account balance that counts.

Standard Excess Withdrawal Policy

Bank of America allows you to make six total withdrawals and transfers for free each month.

Once you use those six, the bank charges $10 per withdrawal or transaction for the rest of the cycle.

This fee applies to all types of withdrawals and transfers, including withdrawals at ATM's and financial centers, and transfers initiated by telephone, mail, online banking, or by any other electronic means. 

There's no surprise here.

It's standard policy for most banks.

Luckily, Bank of America caps the withdrawal limit fee at six, so you won’t pay more than $60 on those transactions in a single month.

However, if you can maintain a $20,000 or greater minimum daily balance in your savings account, or if you are enrolled in the Preferred Members program, BofA will allow you to make more withdrawals from your savings account at no additional cost to you.

Special Feature: Keep the Change Savings Program

And, now for the best part of this account...

Keep the Change is a handy way to save money in small increments.

When you use your Bank of America debit card to buy coffee, clothes, magazines, groceries, and other products, the bank automatically rounds up the dollar amount and transfers the difference to your savings account. 

Here's how it works:

  • Enroll your Bank of America debit card, that's linked to the checking account you use for daily purchases, in the program online.
  • Use your card for everyday purchases, such as at drug stores, for your daily coffee run, or to pay a bill. 
  • Bank of America will round up your purchase to the nearest dollar amount and transfer the change from your checking account to your savings account (or to a child's savings account, if you choose).

So, in other words, if you spend $23.50 on a shirt, BofA will automatically round your purchase up to $24.00 even, and you’ll see that extra $0.50 transfer from your checking account go right to your savings. The amounts are small, but they add up if you use your debit card regularly.

If your savings account is converted to a checking account, either by yours or the bank's discretion, you can still be a part of the Keep the Change program. The small transfers will be deposited into your newly-converted checking account.

It's important to note, however, that if your preferred form of payment is by cash or credit card, the program will be ineffective since you're not using your debit card.

Child Savings Accounts

One of the perks of banking with BofA is that offers great services to help you plan ahead for your child's future.

Put another way:

If you're a parent who wants to start saving for your child as early as possible, then Bank of America offers two savings accounts to help you get your child's financial future started.

Minor Savings Account

BofA's Minor Savings Account allows you as the parent/guardian to open a savings account for your child, given they are under 18 years old.

The savings account can be jointly owned by you and your child, and once your kid turns 18, it will automatically be converted into a Rewards Savings account, in your child's name.

Here are some of the perks of the Minor Savings Account:

  • No monthly maintenance fee if the account owner is 18 years old or under.
  • If you maintain a $300 account balance, the Withdrawal Limit Fee will be waived.
  • The minor has access to the funds before they turn 18.
  • You can make automatic transfers to your child's saving account from your own BofA checking account to help build their finances.
  • The account earns interest so you can reap maximum rewards.

Bank of America Minor Savings Account Fees

TypeFee
Monthly Maintenance Fee$0
Withdrawal Limit Fee$1
Minimum Opening Deposit$25
Overdraft Item Fee$35
NSF: Returned Item Fee$35
Overdraft Protection Transfer Fee$12
Non-Bank of America ATMs$2.50
Statement Copies$5
Deposited Item Returned$12
Check-Cashing Fee$8 per check for amounts greater than $50

Custodial (UTMA) Savings Account

The Custodial Uniform Transfer/Gifts to Minors Act (UTMA) Savings account offered by Bank of America, is a savings account designed to act like a stash-away account to save the most money for your child.

So:

As the parent/guardian, you are the "custodian" of the account and you are responsible for managing and distributing funds on behalf of your child.

It's important to note that this kind of savings account is governed by the state where the account is opened, and once you deposit your funds into your child's account, those funds irrevocably become the property of your child.

This means that even though you as the parent/guardian are allowed to control the account, the actual funds must legally only be used for expenses that pertain to your child (and those expenses must benefit your child). Most commonly, this type of account is used for paying for college or some kind of schooling.

The funds that are deposited into this account will be accessible to your child once it reaches maturity -- when your child reaches the age of 18 or 21 -- depending on state law.

Note: Funds may be withdrawn before it reaches maturity, but only for legitimate expenses. Although these expenses can be for educational purposes, they are not limited to just that -- the only rule is that the expenses must be used for the good of your child.

Here are some of the key things to highlight from BofA's Custodial Savings Account:

  • There is an $8 monthly maintenance fee that can be waived if you maintain a minimum daily balance of $500.
  • You are allowed 6 transfers/withdrawals per month -- if you go over 6, you will be charged $10/withdrawal (up to a maximum of 6 charges per cycle).
  • The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account.
  • This account is eligible to be a part of the Keep the Change Savings program, to reap maximum savings.
  • This account is eligible to earn interest, based on the same tier-interest model as the Rewards Saving account.

Bank of America Minor Custodial (UTMA) Savings Account Fees

TypeFee
Monthly Maintenance Fee$8
Withdrawal Limit Fee$10
Minimum Opening Deposit$100
Overdraft Item Fee$35
NSF: Returned Item Fee$35
Overdraft Protection Transfer Fee$12
Non-Bank of America ATMs$2.50
Statement Copies$5
Deposited Item Returned$12
Check-Cashing Fee$8 per check for amounts greater than $50

Online and Mobile Banking

You can manage your savings account on Bank of America’s desktop site and through its mobile app. Both platforms allow you to transfer money between Bank of America accounts and to external accounts.

You can also see your recent transaction list, set customized alerts, and deposit checks through the app.

Final Verdict

The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements.

It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn't really help you grow your savings.

However, the Child Savings accounts can be great starter-savings accounts for your kids to help teach them money management skills and grow their finances for the future.

Ultimately, online savings accounts are more effective options for saving.

Related: Bank of America Certificate of Deposit (CD) Rates Review

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Источник: https://www.mybanktracker.com

Frequently Asked Questions

If you have a phone number on file in your online banking profile, you can reset your own password.

To reset your own password,

  1. Click on the More tab

CSB login screen.

 2. Click on Recover Credentials.

settings screenshot for recovering password

3. Enter the phone number you have on file in your online banking profile

screenshot of recovering credentials when you can't access your account

4. Type in your user name

5. Click the “Send me a new password” button.

If the phone number is enabled with text you will receive a text with the temporary password. 

If the phone number is not enabled for text, you will received a phone call with the temporary password. 

Note: To enable your phone for text, you should:

  1. Sign into your online banking account on a PC
  2. Click the My Settings tab in the top right corner of the screen.

Screenshot of where to Click the My Settings tab

3. In the Login and Security section you will be able to Add/Update phone numbers and enable them for text.

screenshot of where to add/update phone numbers

If you do not have a phone number in your online banking profile, you will need to contact us at 888.418.5626 to reset your password. 

Источник: https://www.cambridgesavings.com/personal/quicklinks/faqs

Screenshots

Description

Bank conveniently and securely with the Bank of America® Mobile Banking app for U.S.-based accounts.

Manage Accounts
• Review activity in checking, savings and credit card accounts
• View mortgage, auto loan and other account balances
• Activate or replace credit/debit cards
• Order checks
• Set alerts for important account info

Transfer Money
• Securely send and receive money with Zelle® using a U.S. mobile number or email address¹
• Transfer funds between your Bank of America accounts

Bill Pay (available for eligible accounts)
• Pay bills
• Schedule, edit and cancel payments
• Add and edit payees

Check Deposit
• Take photos of checks to deposit them
• Immediately see the processing deposit in your account²

Erica, Your Virtual Financial Assistant³
• Ask Erica to find transactions, pay bills and more
• Get valuable alerts, helpful insights and financial guidance

Contact Us
• Reach a representative for help
• Schedule an appointment to meet with a specialist
• Find ATMs and financial centers

Special Offers & Deals
• Get cash back with BankAmeriDeals® when you use your eligible Bank of America credit/debit cards
• Receive credit card offers

Security
• Set up Touch ID® / Face ID®
• If fraudulent activity is suspected on your card, we'll notify you
• With our Mobile Banking Security Guarantee, you’re not liable for fraudulent transactions when reported promptly⁴

See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for more information. Mobile carrier message and data rates may apply.

¹ Transfers require enrollment and must be made from a Bank of America consumer checking or savings account to a domestic bank account or debit card. Recipients have 14 days to register to receive money or the transfer will be canceled. Dollar and frequency limits apply.
² Deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply.
³ Erica only listens or speaks when you tap the microphone and retains interactions to optimize your experience. Erica speaks aloud and hears and responds to all voices. Erica is only available in English.
⁴ You’re not liable for fraudulent Mobile Banking transactions when you notify the bank within 60 days of the transaction first appearing on your statement and comply with security responsibilities.

Investing involves risk. There is always the potential of losing money when you invest in securities.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Investment, insurance and annuity products:
• Are Not FDIC Insured
• Are Not Bank Guaranteed
• May Lose Value

All features may not be available in iPad.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.


iPhone, iPad, Touch ID and Face ID are registered trademarks of Apple Inc.

Bank of America and related trademarks are trademarks of Bank of America Corporation
Bank of America, N.A. Member FDIC

Version 21.10.02

New in this release:

· Send or request money faster by adding the new BofA Zelle® widget to your device
· Minor enhancements and bug fixes

Ratings and Reviews

4.8 out of 5

3.3M Ratings

The Beginning by, Me.

When I finally received my I-Phone, it was time to try banking on line. I downloaded this app & began a totally new adventure. As time provides, I’ve been slowly delving into what I thought would be an amazing experience where banking and bill pay would become easily completed with minimal effort. Wrong, not entirely true. At this point I am frustrated. To simply pay my bills every month, without fumbles, less stress and time, I find out from ALL options, I’m not able to do online banking to pay aforementioned bills because I don’t have the necessary accounts available to do so. I have checking, savings and a fairly healthy CD.....I wonder, why can’t I bank online? Why does it say I’m unable to use this app for online banking because I haven’t the accounts to do so? Huh? What? I’m so confused! I can’t locate the forms I need either....I want to be sure when I pass, my daughter receives all my monies from these “Appropriately Established” accounts! I’ve called 3 times to have the forms mailed to me...to no avail and I’m unable to pay my bills online. I’m disabled, hooked up to oxygen, unable to go into the bank as I mentioned when I called. I was told to open online banking that that would help me handle everything from home. If I figure it out one day, you’ll receive the 5th star. Take care my friend.

New ‘Bill Pay’ is Horrible

The new Bill Pay section is poorly designed trash that has ruined the app experience. Not only is it ugly, it does a poor job of visually integrating with the rest of the app. Clunky and unintuitive, to now make an online payment you must sift through multiple screens, making multiple clicks—all of which is very confusing to the consumer. You now also have to manually assign a “pay by” date to complete the process which is terribly annoying. (The default should be set similar to the pre-updated version that automatically sets the earliest possible date for you. But, still allow a user to manually set their own “pay by” date if needed.) Overall, the former Bill Pay was MUCH easier to utilize and MUCH nicer to look at.

To add to the problems, we no longer have the ability to delete old “Pay To” accounts from within the app the way we could previously. Another oversight.

BOA has definitely taken steps backwards with this update. If I had to guess, budget cuts forced BOA to begin implementing new app updates via internal junior-level design team, rather than outsourcing to a professional UI/UX firm. As a result, this update has a “beta” feel displaying poor form, function and usability. Really embarrassing for a big bank.

Auto payment

Your auto payment feature is unacceptable. For some accounts you do not allow payment of statement balance or minimum payment amount which makes it impossible to automatically pay each month to avoid a late payment. You actually require a dollar amount and that can result in an overpayment which we then have to request to be refunded. That did happen to me. So I shut it off and as a result I was charged a late payment for being a few days late paying because I could not access my account to pay an unexpected charge that went through the account. Which leads to my next complaint about the website.

I could not remember my password and therefore could not get a reset as I did not have my credit card available. Instead of allowing reset like other credit card companies by answering chosen questions, you make us enter the account number which I did not have because I could not access my statements which are delivered online. Since I did not have my card with me, I had to call in... having to try to call back multiple times as your lines are very busy. By the time I was able to get a person on the phone, I was 3 or 4 days late paying and you had charged me a late payment. I always pay on time. You have years of history with me paying on time, yet your customer service refused to refund the charge even though I have years of history paying on time and only was late because I could not get into the account.

Your online experience it terrible.

Hello skier6200, thanks for the detailed review. We'll pass this feedback along to our design team. We strive to improve our app based on user feedback. Please keep an eye out for future app updates to enhance your mobile banking experience. -Ashlyn

The developer, Bank of America, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

Data Linked to You

The following data may be collected and linked to your identity:

  • Location
  • User Content
  • Identifiers
  • Usage Data
  • Diagnostics

Data Not Linked to You

The following data may be collected but it is not linked to your identity:

  • User Content
  • Search History

Privacy practices may vary, for example, based on the features you use or your age. Learn More

Information

Seller
Bank of America

Size
536.5 MB

Category
Finance

Compatibility
iPhone
Requires iOS 12.5 or later.
iPad
Requires iPadOS 12.5 or later.
iPod touch
Requires iOS 12.5 or later.
Languages

English, Spanish

Age Rating
4+

Copyright
© 2021 Bank of America Corporation

Price
Free

Supports

  • Wallet

    Get all of your passes, tickets, cards, and more in one place.

  • Family Sharing

    With Family Sharing set up, up to six family members can use this app.

  • Siri

    Get things done within this app using just your voice.

More By This Developer

You Might Also Like

Источник: https://apps.apple.com/us/app/bank-of-america-mobile-banking/id284847138

How Many Bank Of America Customer Service Reps Does It Take To Close An Account?

A while back I talked about how my wife and I were looking to close out our account with Bank of America because the rate of interest that we were receiving on our money was not very good, even in today’s market with low rates across the board. Our account had a paltry .50% rate of interest, and I wasn’t expecting them to raise the rates anytime soon. We had a considerable amount of money sitting in the account (our 9 month emergency fund), and we wanted it to be gaining at least a little bit more interest while it sat there.  At the time I wrote about how I had closed the account, and was expecting to receive a cashier’s check in the mail for the balance of our funds in the account.  At least that’s what I was expecting, but unfortunately Bank of America had other ideas.

So, how many attempts would it take before we were actually able to close our account?

Closing My Account: Attempt Number One

The first time I attempted to close my account I called up on a Monday morning. I talked to a nice young man who told me that closing my account would be no problem.  He quickly processed my request (or so I thought), and told me that my account was now closed, and that I would be receiving a check for the balance of the funds in the account.    He said it would take 5-7 days for my check to be processed and sent.  He then asked if I had anything else that I needed today.  I said no, and hung up the phone fully expecting to receive my check a few days later so that I could open and fund a new account elsewhere.

A few days and then a week passed, and still I hadn’t received a check.  I was a bit worried because this was a considerable amount of money that we were waiting on, and I wanted it sitting in an account gaining interest – not sitting out there in a post office somewhere waiting to be delivered.   I checked my account online and discovered my account still appeared open and all the funds were sitting there in my account.  Something wasn’t right.

Closing My Account: Attempt Number Two

I called up Bank of America again to ask them why I hadn’t received my check in the mail, and to confirm that my account had in fact been closed.   The customer service rep pulled up my account and then told me that nothing had been done, that my account had not been closed.    I expressed my concern as to why this hadn’t been done, and the rep couldn’t tell me for sure, but told me she would help me to close the account now.

At this point she explained the process.  She would close the account for me on her end, which would mean I would receive a letter in the mail that I would have to sign and get notarized, and send back to confirm that I wanted to close the account. I was frustrated by this because it meant I had to find a notary to notarize the documents, and it was going to mean more time and hassle in order to close my account.   She told me that this should have been done the first time around, and that it is standard procedure when closing an account with over $25,000 in it.

I finally agreed to do it so that I could be done with it, and waited 3 days for an account closure letter in the mail.    I took the letter to a notary at my wife’s place of employment and signed the document and had it notarized.   (By the way, if you’re looking for a notary, you can often find them at your bank or a real estate office)  I sent the document back and awaited a confirmation and a check with my remaining funds.  A week later I had seen nothing.

Closing My Account: Attempt Number Three

By this point I was getting extremely frustrated.  I had now made two attempts to close my account, one of them on the phone and one of them involving me having to track down a notary public and signing documents in order to get my own money back.   By now I was beginning to think that Bank of America was never going to let me have my money back.

I called Bank of America again and asked why my account hadn’t been closed and my money sent.  The rep told me that they had never received my documents, and that I would need to resend them.  The problem was that I hadn’t made copies of the notarized letter requesting the account be closed (my own fault, I know).    She said the only option was for the documents to be resent to me, and to have them notarized again.  So again, I would have to wait 3-5 days for the new letter to arrive.

At this point I was exasperated and started voicing my displeasure with BofA on Twitter.  At this point my experience with Bank of America changed for the better.

After I had tweeted my situation I received a reply from the Bank of America twitter customer service rep asking if they could help.   If you want to track them down for your own issues, you can find them here:

I started talking with one of the reps, Nereida, about my situation on Twitter and via email.    She did her best to help me rectify the situation.  After doing some research she called me up, got further details of the situation and called the manager of the account closure department.  Instead of making me wait 5 days for a letter in the mail, she emailed me a copy of the account closure letter.  She then asked that I send it back to her directly, and she would make sure that it was followed up on.   I expressed my displeasure that I would have to pay for a notary again, and she said she could make things right by sending me an Amazon gift card.

I got the form notarized again, and faxed it back directly to Nereida.   She forwarded it on to the account closure department, and my account was closed and check was received within a couple of days.   On top of that I got a $50 gift card for my trouble.

Turning A Negative Experience Into A More Positive One Via Social Media

My experience in attempting to close my Bank of America savings account started out as a frustrating and aggravating one.   After several phone calls and weeks of waiting I hadn’t been able to close my account and my money was being held in limbo.

In the end BofA was able to turn the situation around, and leave me with a positive feeling by being more engaging and helpful via their social media customer service team.  While it wasn’t enough for me to stick around, it does show that at least some of their customer service reps know what they’re  doing.  Also, once again it shows the power of social media. I was able to get the attention of a big company by voicing my displeasure online, and get what would have been a 1-2 week wait turned into a 3 day turn around – and a gift card!

So how many customer service reps does it take to close an account with Bank of America?  One good one, and possibly several bad ones.

Now I just have to make a final decision about which new savings account I’m going to open.  I’m currently leaning towards an account with Ally Bank (read my Ally Bank Review here), but could be swayed if you’ve had a particularly good experience with another bank.  Let me know in the comments!

Have you had a bad experience closing an account somewhere?  Have your own story of using social media to get better customer service?  Tell us  your story or thoughts in the comments!

Last Edited: 25th April 2011 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Banking, Commentary

Источник: https://www.biblemoneymatters.com/how-many-bank-of-america-customer-service-reps-does-it-take-to-close-an-account/

External Transfers

Details

Pre-Authorized ACH Payments from your DCU Account

Also known as pre-authorized debits, withdrawals, or ACH payments, this is a convenient way to pay recurring bills. Many utilities, insurance companies, and others that bill you regularly offer this option. It's free at DCU. 

Contact the company and inquire if the service is available. You complete and sign an agreement that is then typically sent with a voided check. You don't need to send the money early. Each transaction will appear on your monthly statement, eStatement, and account history in Online Banking and Mobile Banking. It's reliable and saves time.

Make sure you deduct these payments from the balance in your check register in advance of the actual payment date to avoid over-drafting your account. You can also make recurring transfers from your DCU account to another financial institution with a completed Authorization and Agreement for Pre-authorized Withdrawals Form (.pdf format) in order for recurring transfers to begin.

Pre-Authorized ACH Payments to your DCU Account

This service (also known as debit transfers or ACH origination) allows you to automatically move money from your accounts at another financial institution to your accounts at DCU. You can make recurring deposits into your DCU checking or savings account or make recurring DCU loan payments.

You choose which DCU account the money goes into and which account at your other financial institution the money will be transferred from. It's free at DCU, but the other institution may charge a fee.

You have the option to send money to DCU weekly, biweekly, or monthly. You must submit a completed Authorization and Agreement for Pre-authorized Payments Form (.pdf format) in order for recurring transfers to begin.

How to set up an automatic recurring transfer:

Within Online Banking in under a minute:

1. Select Make/Schedule a Transfer from the Transfers dropdown menu.

2. Select your From and To accounts.

3. Check Repeat to set this up as a recurring transfer then select your frequency, start date, and – if necessary — end date.

4. Enter the amount

5. Write an optional memo — this will appear with your transaction each time the transfer occurs.

6. Select Schedule Transfer

Источник: https://www.dcu.org/access/money-movement/external-transfers.html

Pros Explained

  • Unparalleled access with approximately 4,300 branches and approximately 17,000 ATMs – Bank of America has one of the largest networks of branches and ATMs in the U.S. This gives customers the peace of mind that they’ll have access to their money no matter where they travel.
  • Low minimums to open checking or savings accounts – You can open a checking or savings account for $100 or less, which makes it easier for consumers to switch banks.
  • Higher rates and lending discounts via Preferred Rewards – Bank of America rewards customers for having a larger relationship with the bank with higher rates, discounts on lending products, and higher rewards on certain credit cards.

Cons Explained

  • No high-yield savings account options – The lack of a high-yield savings account leaves customers without an option to earn competitive interest rates.
  • ATM fees not waived beverly bank and trust login reimbursed – With almost 17,000 ATMs, most customers can find one nearby. However, if you use another ATM, Bank of America will charge you $2.50, plus you’ll pay the other bank’s fees as well.
  • Noncompetitive certificate of deposit (CD) rates –Certificates of deposit (CDs) ranging from one month to 10 years are available, but all interest rates are 0.05% or less. This low rate affects customers’ ability to earn a competitive rate on their money.

Who Is Bank of America Best For?

Bank of America is best for customers who value ease of access over higher interest rates. It may be particularly good for customers who want to:

  • Be able to bank in person
  • Have easy access to bank ATMs
  • Earn additional rewards and discounts with relationship pricing
  • Open a checking or savings account with a low opening deposit
  • Bank with an established bank that has many deposit and lending products

What Does Bank of America Offer?

As one of the world’s leading financial institutions, Bank of America offers an extensive array of deposit accounts, lending products, and investment choices.

Checking Accounts

Bank of America provides three checking accounts that can be opened with $100 or less.

  • Advantage SafeBalance is a checkless account with a debit card that helps customers stay within their balance. There are no overdraft fees, and the $4.95 monthly fee is waived if you are a student who is under 24 years old.
  • Advantage Plus is an everyday checking account whose $12 monthly fee can be waived with a qualifying direct deposit of $250 or more or by maintaining a minimum daily balance of $1,500.
  • Advantage Relationship is an account that earns interest on your balances and waives fees for additional checking or savings accounts, incoming domestic wires, and standard check purchases. Its $25 monthly fee is waived when you maintain a combined balance of $10,000 in eligible linked accounts.

Preferred Rewards members get their monthly fees waived on all three checking accounts.

Using another bank’s ATM will cost you $2.50 per transaction plus whatever the other bank charges. These fees are not waived or reimbursed with your Bank of America checking account.

When you use the bank’s debit card for purchases, you can enroll in Bank of America’s Keep the Change® program to build your savings. It rounds up your purchases to the next dollar and transfers that amount to your savings account.

BANK OF AMERICA CHECKING ACCOUNTS
ACCOUNT NAMEMINIMUM OPENING DEPOSITMONTHLY FEEANNUAL PERCENTAGE YIELD (APY)
Advantage SafeBalance$25$4.95None
Advantage Plus$100$12None
Advantage Relationship$100$250.01% Standard

0.02% Gold

0.03% Platinum

0.05% Platinum Honors

Savings Accounts

Customers have one savings account option: Bank of America Advantage Savings. Leg workouts for women at home account provides tiered interest rates that grow with your relationship with the bank. It requires a $100 deposit to open the account.

The monthly fee of $8 can be waived by keeping a minimum daily balance of $500, linking this account to your Bank of America Advantage Relationship Banking checking account, or by becoming a Bank of America Preferred Rewards client. New accounts receive a waiver of the monthly fee for the first six months. Students who are enrolled in school and are under the age of 24 may also qualify for a waiver.

BANK OF AMERICA SAVINGS ACCOUNTS
ACCOUNT NAMEMINIMUM OPENING DEPOSITMONTHLY FEEANNUAL PERCENTAGE YIELD (APY)
Advantage Savings$100$80.01% Standard

0.02% Gold

0.03% Platinum

0.05% Platinum Honors

CDs

Bank of America offers standard term CDs with a $1,000 minimum deposit requirement. Standard CDs are available at terms ranging from one month to 10 years, with annual percentage yields (APYs) from 0.03% to 0.05%.

Featured CDs are promotional CDs that require a $10,000 minimum deposit. They have fewer term options, but customers can lock in a higher promotional APY.

Unless specifically noted, all CDs renew at the end of their term. Customers have a grace period of up to seven days after maturity, depending on the term of the CD, to cancel the renewal and withdraw without penalty.

The bank does charge an early withdrawal penalty if you close the CD before its maturity date. Penalties vary depending on the term of the CD.

BANK OF AMERICA CD RATES
TERMANNUAL PERCENTAGE YIELD (APY)
One to 11 months0.03%
18 to 23 months0.03%
24 to 120 months0.03%
BANK OF AMERICA FEATURED CD RATES
TERMANNUAL PERCENTAGE YIELD (APY)
Seven months0.05%
10 months0.05%
13 months0.05%
25 months0.05%
36 months0.05%
BANK OF AMERICA CD EARLY TERMINATION PENALTIES
TERMPENALTY
Less than 90 daysThe greater of interest earned or seven days interest
90 days to 12 months90 days interest
12 months to 60 months180 days interest
More than 60 months365 days interest

Credit Cards

Bank of America has numerous credit cards that earn cash back, travel rewards, or support charitable causes. Some credit cards earn higher rewards when you are enrolled in Preferred Rewards and maintain a larger relationship why is greek yogurt good for you the bank. For example, you can earn up to 75% more rewards on every purchase with the Bank of America Customized Cash Rewards Visa.

The bank also offers exclusive deals when you use your debit or credit card to make purchases at participating retailers. You must manually activate these promotions online or through the bank’s mobile app before making your purchase. BankAmeriDeals earns cash back on your transactions.

Cash Back Credit Cards

  • Bank of America Customized Cash Rewards
  • Bank of America Customized Cash Rewards for Students
  • Bank of America Customized Cash Rewards Secured
  • Bank of America Premium Rewards
  • MLB
  • Susan G. Komen Cash Rewards Visa Credit Card From Bank of America
  • U.S. Pride
  • World Wildlife Fund

Travel Rewards Credit Cards

  • Air France KLM World Elite Mastercard
  • Alaska Airlines Visa
  • Allegiant World Mastercard
  • Amtrak Guest Rewards World Mastercard
  • Asiana Visa Signature
  • Bank of America Travel Rewards
  • BankAmericard Travel Rewards for Students
  • Celebrity Cruises® Visa Signature®
  • Norwegian Cruise Line
  • Royal Caribbean
  • Sonesta World Mastercard
  • Free Spirit Travel More World Elite Mastercard
  • Virgin Atlantic

Secured Credit Card

Other Financial Products Offered by Bank of America

Bank of America also has a wide variety of other banking, lending, and investment accounts to meet your needs.

  • Auto loans
  • Purchase mortgages
  • Refinance mortgages
  • Home Equity Lines of Credit (HELOCs)
  • Individual Retirement Accounts (IRAs)
  • Self-directed trading
  • Managed investment portfolios
  • Private banking
  • Financial advisors
  • Business loans

Bank of America Customer Service

Customers can connect with Bank of America customer service in three ways: in person, over the phone, or online.

Phone support is available from 8 a.m. to 11 p.m. EST Monday through Friday and 8 a.m. until 8 p.m. EST on Saturday and Sunday at 1-800-432-1000. The bank has more than 4,300 branches at which you can schedule an appointment or simply walk in to speak with someone in person. Customers also have access to 16,900 ATMs.

Additionally, you can send customer service a message online through the bank’s mobile app or direct messages on Meta or Twitter. The Bank of America mobile app is available for both Apple and Android devices. They both receive strong reviews by customers.

Bank of America has received several J.D. Power awards over the years. The bank received the top ranking for Retail Banking Advice in 2021. In 2020, the Bank of America Corporate, Commercial and Business Banking Contact Centers earned J.D. Power Certification for the 11th consecutive year. Bank of America became the first company to achieve J.D. Power Mobile and Online Certification for Customer Experience in 2019.

How to Bank with Bank of America

Customers have many choices to conduct business with Bank of America. Accounts can be opened online, on mobile devices, in person, or over the phone. Once your accounts are established, you can perform online transfers, deposit checks through your mobile device, withdraw, or deposit at an ATM, and more.

Verdict

Bank of America is a good choice for customers who want the comfort of having a bank branch or an ATM close by. That convenience is offset by savings accounts and CDs that have lackluster interest rates. Although customers can earn additional rewards with their balances through Preferred Rewards, they may be better off with more-competitive interest rates on their savings at other banks.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs.

Источник: https://www.investopedia.com/bank-of-america-bank-review-5069877

BANKING SERVICES AND SOLUTIONS WHILE YOU ARE OVERSEAS

Convenient Banking Using an App or Browser

Using the app makes it easier than ever for iPhone, iPad, and Android tablet users to access and manage accounts:

  • Easily make single and repeating payments to a payee in any SEPA participating country for a small fee (available in Germany, Italy, and the Netherlands only) by using our Euro Bill Payment service.
  • Transfer funds to any U.S.-based financial institution capable of accepting ACH credit transactions, without a wire transfer fee; schedule transfers in advance and view important transfer details.
  • Send a secure message to our customer service department.
  • Receive account alerts to notify you of important account changes such as low balances, posted transactions and insufficient funds.
  • Customize your accounts with an easily recognizable account nickname.
  • Check account balances and search recent transactions.
  • View your most recent account statements conveniently on your mobile device.
  • Easily access banking center and ATM information, loan rates, and currency exchange rates.

Before accessing Mobile Banking on your mobile device, you must first enroll in Online Banking by clicking here.

To access Mobile Banking, download the Community Bank mobile banking app to your device using these simple steps:

Step 1: Visit the iTunes App Store or Google Play.

Step 2: Launch the app and log-in with your Online Banking username and password. When first signing in to Mobile Banking, you will be prompted to answer one of your pre-established security questions and accept the End User License Agreement.

Using a browser allows you to:

  • Find ATMs and view banking center locations and hours
  • View our currency exchange rates and use a conversion calculator
  • View our current loan rates and interest rates for Checking and Savings Accounts

To use the Community Bank website on your mobile device, go to DoDCommunityBank.com from your browser.

Источник: https://www.dodcommunitybank.com/home/basic_banking

How Many Bank Of America Customer Service Reps Does It Take To Close An Account?

A while back I talked about how my wife and I were looking to close out our account with Bank of America because the rate of interest that we were receiving on our money was not very good, even in today’s market with low rates lowest brokerage charges for online trading in india the board. Our account had a paltry .50% pnc mailing address of interest, and I wasn’t expecting them to raise the rates anytime best free budget app not linked to bank account. We had a considerable amount of money sitting in the account (our 9 month emergency fund), and we wanted it to be gaining at least a little bit more interest while it sat there.  At the time I wrote about how I had closed the account, and was expecting to receive a cashier’s check in the mail for the balance of our funds in the account.  At least that’s what I was expecting, but unfortunately Bank of America had other ideas.

So, how many attempts would it take before we were actually able to close our account?

Closing My Account: Attempt Number One

The first time I attempted to close my account I called up on a Monday morning. I talked to a nice young man who told me that closing my account would be no problem.  He quickly processed my request (or so I thought), and told me that my account was now closed, and that I would be receiving a check for the balance of the funds in the account.    He said it would take 5-7 days for my check to be processed and sent.  He then asked if I had anything else that I how to close a bank of america savings account online today.  I said no, and hung up the phone fully expecting to receive my check a few days later so that I could open and fund a new account elsewhere.

A few days and then a week passed, and still I hadn’t received a check.  I was a bit worried because this was a considerable amount of money that we were waiting on, and I wanted it sitting in an account gaining interest – not sitting out there in a post office somewhere waiting to be delivered.   I checked my account online and discovered my account still appeared open and all the funds were sitting there in my account.  Something wasn’t right.

Closing My Account: Attempt Number Two

I called up Bank of America again to ask them why I hadn’t received my check in the mail, and to confirm that my account had in fact been closed.   The customer service rep pulled up my account and then told me that nothing had been done, that my account had not been closed.    I expressed my concern as to why this hadn’t been done, and the rep couldn’t tell me for sure, but told me she would help me to close the account now.

At this point she explained the process.  She would close the how to close a bank of america savings account online for me on her end, which would mean I would receive a letter in the mail that I would have to sign and get notarized, and send back to confirm that I wanted to close the account. I was frustrated by this because it meant I had to find a notary to notarize the documents, and it was going to mean more time and hassle in order to close my account.   She told me that this should have been done the first time around, and that it is standard procedure when closing an account with over $25,000 in it.

I finally agreed to do it so that I could be done with it, and waited 3 days for an account closure letter in the mail.    I took the letter to a notary at my wife’s place of employment and signed the document and had it notarized.   (By the way, if you’re looking for a notary, you can often find them at your bank or a real estate office)  I sent the document back and awaited a confirmation united healthcare mltc phone number a check with my remaining funds.  A week later I had seen nothing.

Closing My Account: Attempt Number Three

By this point I was getting extremely frustrated.  I had now made two attempts to close my account, one of them on the phone and one of them involving me having to track down a notary public and signing documents in order to get my own money back.   By now I was beginning to think that Bank of America was never going to let me have my money back.

I called Bank of America again and asked why my account hadn’t been closed and my money sent.  The rep told fcbc church online that they had never received my documents, and that I would need to resend them.  The problem was that I hadn’t thrustmaster t150 ffb racing wheel copies of the notarized letter requesting the account be closed (my own fault, I know).    She said the only option was for the documents to be resent to me, and to have them notarized again.  So again, I would have to wait 3-5 days for the new letter to arrive.

At this point I was exasperated and started voicing my displeasure with BofA on Twitter.  At this point my experience with Bank of America changed for the better.

After I had tweeted my situation I received a reply from the Bank of America twitter customer service rep asking if they could help.   If you want to track them down for your own issues, you can find them here:

I started talking with one of the reps, Nereida, about my situation on Twitter and via email.    She did her best to help me rectify the situation.  After doing some research she called me up, got further details of the situation and called the manager of the account closure department.  Instead of making me wait 5 days for a letter in the mail, she emailed me a copy of the account closure letter.  She then asked that I send it back to her directly, and she would make sure that it was followed up on.   I expressed my displeasure that I would have to pay for a notary again, and she said she could make things right by sending me an Amazon gift card.

I got the form notarized again, and faxed it back directly to Nereida.   She forwarded it on to the account closure department, and my account was closed and check was received within a couple of days.   On top of that I got a $50 gift card for my trouble.

Turning A Negative Experience Into A More Positive One Via Social Media

My experience in attempting how to close a bank of america savings account online close my Bank of America savings account started out as a frustrating and aggravating one.   After several phone calls and weeks of waiting I hadn’t been able to close my account and my money was being held in limbo.

In the end BofA was able to turn the situation around, and leave me with a positive feeling by being more engaging and helpful via their social media customer service team.  While it wasn’t enough for me to stick how to close a bank of america savings account online, it does show that at least some of their customer service reps know what they’re  doing.  Also, once again it shows the power of social media. I was able to get the attention of a big company by voicing my displeasure online, and get what would have been a 1-2 week wait turned into a 3 day turn around – and a gift card!

So how many customer service reps does it take to close an account with Bank of America?  One good one, and possibly several bad ones.

Now I just have to make a final decision about which new savings account I’m going to open.  I’m currently leaning towards an account with Ally Bank (read my Ally Bank Review here), but could be swayed if you’ve had a particularly good experience with another bank.  Let me know in the comments!

Have you had a bad experience closing an account somewhere?  Have your own story of using social media to get better customer service?  Tell us  your story or thoughts in the comments!

Last Edited: 25th April 2011 The content of biblemoneymatters.com is for general information purposes only and how to close a bank of america savings account online not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Banking, Commentary

Источник: https://www.biblemoneymatters.com/how-many-bank-of-america-customer-service-reps-does-it-take-to-close-an-account/

Screenshots

Description

Bank conveniently and securely with the Bank of America® Mobile Banking app for U.S.-based accounts.

Manage Accounts
• Review activity in checking, savings and credit card accounts
• View mortgage, auto loan and other account balances
• Activate or replace credit/debit cards
• Order checks
• Set alerts for important account info

Transfer Money
• Securely send and receive money with Zelle® using a U.S. mobile number or email address¹
• Transfer funds between your Bank of America accounts

Bill How to close a bank of america savings account online (available for eligible accounts)
• Pay bills
• Schedule, edit and cancel payments
• Add and edit payees

Check Deposit
• Take photos of checks to deposit them
• Immediately see the processing deposit in your account²

Erica, Your Virtual Financial Assistant³
• Ask Erica to find transactions, pay bills and more
• Get valuable alerts, helpful insights and financial guidance

Contact Us
• Reach a representative for help
• Schedule an appointment to meet with a specialist
• Find ATMs and financial centers

Special Offers & Deals
• Get cash back with BankAmeriDeals® when you use your eligible Bank of America credit/debit cards
• Receive credit card offers

Security
• Set up Touch ID® / Face ID®
• If fraudulent activity is suspected on your card, we'll notify you
• With our Mobile Banking Security Guarantee, you’re not liable for fraudulent transactions when reported promptly⁴

See the Online Banking Service Agreement at bankofamerica.com/serviceagreement for more information. Mobile carrier message and data rates may apply.

¹ Transfers require enrollment and must be made from a Bank of America consumer checking or savings account to a domestic bank account or debit card. Recipients have 14 days to register to receive money or the transfer will be canceled. Dollar and frequency limits apply.
² Deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply.
³ Erica only listens or speaks when you tap the microphone and retains interactions to optimize your experience. Erica speaks aloud and hears and responds to all voices. Erica is only available in English.
⁴ You’re not liable for fraudulent Mobile Banking transactions when you notify the bank within 60 days of the transaction first appearing on your statement and comply with security responsibilities.

Investing involves risk. There is always the potential of losing money when you invest in securities.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Investment, insurance and annuity products:
• Are Chase bank customer care contacts FDIC Insured
• Are Not Bank Guaranteed
• May Lose Value

All features may not be available in iPad.

Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.


iPhone, iPad, Touch ID and Face ID are registered trademarks of Apple Inc.

Bank of America and related trademarks are trademarks of Bank of America Corporation
Bank of America, N.A. Member FDIC

Version 21.10.02

New in this release:

· Send or request money faster by adding the new BofA Zelle® widget to your device
· Minor enhancements and bug fixes

Ratings and Reviews

4.8 out of 5

3.3M Ratings

The Beginning by, Me.

When I finally received my I-Phone, it was time to try banking on line. I downloaded this app & began a totally new adventure. As time provides, I’ve been slowly delving into what I thought would be an amazing how to close a bank of america savings account online where banking and bill pay would become easily completed with minimal effort. Wrong, not entirely true. At this point I am frustrated. To simply pay my bills every month, without fumbles, less stress and time, I find out from ALL options, I’m not able to do online banking to pay aforementioned bills because I don’t have the necessary accounts available to do so. I have checking, savings and a fairly healthy CD.I wonder, why can’t I bank online? Why does it say I’m unable to use this app for online banking because I haven’t the accounts to do so? Huh? What? I’m so confused! I can’t locate the forms I need either.I want to be sure when I pass, my daughter receives all my monies from these “Appropriately Established” accounts! I’ve called 3 times to have the forms mailed to me.to no avail and I’m unable to pay my bills online. I’m disabled, hooked up to oxygen, unable to go into the bank as I mentioned when I called. I was told to open online banking that that would help me handle everything from home. If I figure it out one day, you’ll receive the 5th star. Take care my friend.

New ‘Bill Pay’ is Horrible

The new Bill Pay section is poorly designed trash how to close a bank of america savings account online has ruined the app experience. Not only is it ugly, it does a poor job of visually integrating with the rest of the app. Clunky and unintuitive, to now make an online payment you must sift through multiple screens, making multiple clicks—all of which is very confusing to the consumer. You now also have to manually assign a “pay by” date to complete the process which is terribly annoying. (The default should be set similar to the pre-updated version that automatically sets the earliest possible date for you. But, still allow a user to manually set their own “pay by” date if needed.) Overall, the former Bill Pay was MUCH easier to utilize and MUCH nicer to look at.

To add to the problems, we no longer have the ability to delete old “Pay To” accounts from within the app the way we could previously. Another oversight.

BOA has definitely taken steps backwards with this update. If I had to guess, budget cuts forced BOA to begin implementing new app updates via internal junior-level design team, rather than outsourcing to a professional UI/UX firm. As a result, this update has a “beta” feel displaying poor form, meghan king edmonds husband affair and usability. Really embarrassing for a big bank.

Auto payment

Your auto payment feature is unacceptable. For some accounts you do not allow payment of statement balance or minimum payment amount which makes it impossible to automatically pay each month to avoid a late payment. You actually require a dollar amount and that can result in an overpayment which we then bank of america new york ny headquarters to request to be refunded. That did happen to me. So I shut it off and as a result I was charged a late payment for being a few days late paying because I could not access my account to pay an unexpected charge that went through the account. Which leads to my next complaint about the website.

I could not remember my password and therefore could not get a reset as I did not have my credit card available. Instead of allowing reset like other credit card companies by answering chosen questions, you make us enter the account number which I did not have because I could not access my statements which are delivered online. Since I did not have my card with me, I had to call in. having to try to call back multiple times as your lines are very busy. By the time I was able to get a person on the phone, I was 3 or 4 days late paying and you had charged me a late payment. I always pay on time. You have years of history with me paying on time, yet your customer service refused to refund the charge even though I have years of history paying on time and only was late because I could not get into the account.

Your online experience it terrible.

Hello skier6200, thanks for the detailed review. We'll pass this feedback along to our design team. We strive to improve our app based on user feedback. Please keep an eye out for future app updates to enhance your mobile banking experience. -Ashlyn

The developer, Bank of America, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

Data Linked to You

The following data may be collected and linked to your identity:

  • Location
  • User Content
  • Identifiers
  • Usage Data
  • Diagnostics

Data Not Linked to You

The following data may be collected but it is not linked to your identity:

  • User Content
  • Search History

Privacy practices may vary, for example, based on the features you use or your age. Learn More

Information

Seller
Bank of America

Size
536.5 MB

Category
Finance

Compatibility
iPhone
Requires iOS 12.5 or later. how to close a bank of america savings account online
iPad
Requires iPadOS 12.5 or later.
iPod touch
Requires iOS 12.5 or later.
Languages

English, Spanish

Age Rating
4+

Copyright
© 2021 Bank of America Corporation

Price
Free

Supports

  • Wallet

    Get all of your passes, tickets, cards, and more in one place.

  • Family Sharing

    With Family Sharing set up, up to six family members can use this app.

  • Siri

    Get things done within this app using just your voice.

More By This Developer

You Might Also Like

Источник: https://apps.apple.com/us/app/bank-of-america-mobile-banking/id284847138

Bank of America Savings Account Review

Bank of America Savings Account WebsiteBank of America Savings Account

You're looking for a new savings account and Bank of America is the destination that you're considering.

It's not surprising, given that it is among the largest U.S. banks that offers a wide range of banking products and services.

Bank of America offers one savings banking account option: the Rewards Savings account. But, it is one of a long list of options that may be available to you.

In this Bank of America Savings Account review, we'll break down the fees, rates, and services of this account so that you'll be able to determine whether it is the right savings account for you.

Key Highlights

Bank of America is one of the largest financial institutions in the country, and that brand recognition often inspires confidence and a sense of reliability.

Here’s a quick overview of the account highlights, which we’ll delve into more below:

  • $8 monthly fee, unless you meet certain criteria for a fee waiver
  • Tiered savings model so as your account balance increases, your interest rate increases as well
  • Potential interest rate boost if you become a Preferred Rewards client
  • Special features include overdraft protection on your Bank of America checking account and enrollment in Bank of America’s Keep the Change savings program

Savings Account Interest Rate

The interest rate on this Bank of America savings account is very lackluster.

Bank of America Savings Account Pros & Cons

ProsCons
  • Automatic savings program available
  • Access to shopping deals program
  • Access to physical branches
  • Mobile apps available
  • Monthly fee
  • Interest rate is much lower compared to online savings accounts

The low return makes it undesirable for people interested in earning high interests on their savings.

Look:

If you’re more concerned with finding an easily accessible savings account than with earning money on it, the Bank of America Rewards Savings account does the job. 

But, let's face it.

You want to grow your money.

The extremely low interest rate on this account won't help you twoard that goal.

You might also consider opening an account with an online bank instead. Here are the top online savings accounts:

Bank of America Savings Account Maintenance Fee

This savings account does have a $8 monthly maintenance fee, which is a bit high compared to some savings accounts that have no monthly maintenance fee.

This account bears a $35 overdraft fee and returned item fee, as well as a $12 deposited item returned fee. 

Here's a snippet of some of the other fees that come with this account:

Bank of America Savings Account Fees

Type Fee
Monthly Maintenance Fee$8
Withdrawal Limit Fee$10
Minimum Opening Deposit$100
Overdraft Item Fee$35
NSF: Returned Item Fee$35
Overdraft Protection Transfer Fee$12
Non-Bank of America ATMs $2.50
Statement Copies$5
Deposited Item Returned$12
Check-Cashing Fee$8 per check for amounts greater than $50

How to Avoid Monthly Maintenance Fee

Although this account comes with an $8 monthly maintenance fee, you can waive how to close a bank of america savings account online by meeting one of the following requirements:

  • Maintain a minimum daily account balance of at least $500,
  • Link it to your Bank of America Interest Checking account, or
  • Be a Bank of America Preferred Rewards client

This monthly maintenance fee is higher than what Wells Fargo and TD Bank charge on their comparable banking products.

What is the minimum balance required for Bank of America?

The minimum balance required for the Bank of America savings account is $500 per day. It means that the balance posted in the account at the end of every day must be $500 or more in order to waive the monthly fee.

Now, the actual balance can dip below that minimum daily balance during the day -- it's the end-of-day account balance that counts.

Standard Excess Withdrawal Policy

Bank of America allows you to make six total withdrawals and transfers for free each month.

Once you use those six, the bank charges $10 per withdrawal or transaction for the rest of the cycle.

This fee applies to all types of withdrawals and transfers, including withdrawals at ATM's and financial centers, and transfers initiated by telephone, mail, online banking, or by any other electronic means. 

There's no surprise here.

It's standard policy for most banks.

Luckily, Bank of America caps the withdrawal limit fee at six, so you won’t pay more than $60 on those transactions in a single month.

However, if you can maintain a $20,000 or greater minimum daily balance in your savings account, or if you are enrolled in the Preferred Members program, BofA will allow you to make more withdrawals from walmart la plata pharmacy hours savings account at no additional cost to you.

Special Feature: Keep the Change Savings Program

And, now for the best part of this account.

Keep the Change is a handy way to save money in small increments.

When you use your Bank of America debit card to buy coffee, clothes, magazines, groceries, and other products, the bank automatically rounds up the dollar amount and transfers the difference to your savings account. 

Here's how it works:

  • Enroll your Bank of America debit card, that's linked to the checking account you use for daily purchases, in the program online.
  • Use your card for everyday purchases, such as at drug stores, for your daily coffee run, or to pay a bill. 
  • Bank of America will round up your purchase to the nearest dollar amount and transfer the change from your checking account to your savings account (or to a child's savings account, if you choose).

So, in other words, if you spend $23.50 on a shirt, BofA will automatically round your purchase up does venmo work with business accounts $24.00 even, and you’ll see that extra $0.50 transfer from your checking account go right to your savings. The amounts are small, but they add up if you use your debit card regularly.

If your savings account is converted to a checking account, either by yours or the bank's discretion, you can still be a part of the Keep the Change program. The small transfers will be deposited into your newly-converted checking account.

It's important to note, however, that if your preferred form of payment is by cash or credit card, the program will be ineffective since you're not using your debit card.

Child Savings Accounts

One of the perks of banking with BofA is that offers great services to help you plan ahead for your child's future.

Put another way:

If you're a parent who wants to start saving for your child as early as possible, then Bank of America offers two savings accounts to help you get your child's financial future started.

Minor Savings Account

BofA's Minor Savings Account allows you as the parent/guardian to open a savings account for your child, given they are under 18 years old.

The savings account can be jointly owned by you and your child, and once your kid turns 18, it will automatically be converted into a Rewards Savings account, in your child's name.

Here are some of the perks of the Minor Savings Account:

  • No monthly maintenance fee if the account owner is 18 years old or under.
  • If you maintain a $300 account balance, the Withdrawal Magnetic money clip and card holder Fee will be waived.
  • The minor has access to the funds before they turn 18.
  • You can make automatic transfers to your child's saving account from your own BofA checking account to help build their finances.
  • The account earns interest so you can reap maximum rewards.

Bank of America Minor Savings Account Fees

TypeFee
Monthly Maintenance Fee$0
Withdrawal Limit Fee$1
Minimum Opening Deposit$25
Overdraft Item Fee$35
NSF: Returned Item Fee$35
Overdraft Protection Transfer Fee$12
Non-Bank of America ATMs$2.50
Statement Copies$5
Deposited Item Returned$12
Check-Cashing Fee$8 what team is jose bautista on in 2018 check for amounts greater than $50

Custodial (UTMA) Savings Account

The Custodial Uniform Transfer/Gifts to Minors Act (UTMA) Savings account offered by Bank of America, is a savings account designed to act like a stash-away account to save the most money for your child.

So:

As the parent/guardian, you are the "custodian" of the account and you are responsible for managing and distributing funds on behalf of your child.

It's important to note that this kind of savings account is governed by the state where the account is opened, and how to close a bank of america savings account online you deposit your funds into your child's account, those funds irrevocably become the property of your child.

This means that even though you as the parent/guardian are allowed to control the account, the actual funds must legally only be used for expenses that pertain to your child (and those expenses must benefit your child). Most commonly, this type of account is used for paying for college or some kind of schooling.

The funds that are deposited into this account will be accessible to your child once it reaches maturity -- when your child reaches the age of 18 or 21 -- depending on state law.

Note: Funds may be withdrawn before it reaches maturity, but only for legitimate expenses. Although these expenses can be for educational purposes, they are not limited to just that -- the only rule is that the expenses must be used for the good of your child.

Here are some of the key things to highlight from BofA's Custodial Savings Account:

  • There is an $8 monthly maintenance fee that can be waived if you maintain a minimum daily balance of $500.
  • You are allowed 6 transfers/withdrawals per month -- if you go over 6, you will be charged $10/withdrawal (up to a maximum of 6 charges per cycle).
  • The parent/guardian of the account can enroll in automatic transfers to easily deposit money into this account from their checking account.
  • This account is eligible to be a part of the Keep the Change Savings program, to reap maximum savings.
  • This account is eligible to earn interest, based on the same tier-interest model as the Rewards Saving account.

Bank of America Minor Custodial (UTMA) Savings Account Fees

TypeFee
Monthly Maintenance Fee$8
Withdrawal Limit Fee$10
Minimum Opening Deposit$100
Overdraft Item Fee$35
NSF: Returned Item Fee$35
Overdraft Protection Transfer Fee$12
Non-Bank of America ATMs$2.50
Statement Copies$5
Deposited Item Returned$12
Check-Cashing Fee$8 per check for amounts greater than $50

Online and Mobile Banking

You can manage your savings account on Bank of America’s desktop site and through its mobile app. Both platforms allow you to transfer money between Bank of America accounts and to external accounts.

You can also see your recent transaction list, set customized alerts, and deposit checks through the app.

Final Verdict

The Bank of America Rewards Savings account is not a great savings account because of the high monthly fee and tough fee-waiver requirements.

It may serve as an easy cash reserve for emergencies when linked to a Bank of America checking account. Otherwise, it doesn't really help you grow your savings.

However, the Child Savings accounts can be great starter-savings accounts for your kids to help teach them money management skills and grow their finances for the future.

Ultimately, online savings accounts are more effective options for saving.

Related: Bank of America Certificate of Deposit (CD) Rates Review

Continue Reading

Источник: https://www.mybanktracker.com

How Closing a Bank Account Affects Your Credit Score

Bank accounts don't have to be forever. You might want to close an account because you've found a better account, you're relocating to a new state where your bank has no branches, or you're dissatisfied with your old bank's customer service. Before you move on from your bank, you want to know whether closing a bank account affects credit scores, so you can take precautions if necessary.

Your credit score affects many of your financial decisions. It impacts your ability to get a credit card, rent an apartment, buy a house or car, have utilities turned on in your name, and more. Of course, you want to avoid doing anything that would negatively affect your credit score, even if it means sticking out a bad relationship with a bank.

How Closing a Bank Account Affects Your Credit Score

The good news is that closing a bank account doesn't affect your credit score. As long as there are no issues with your account, you can switch to a new bank without worrying about damaging your credit score.

While banks may check your credit when you apply to open an account, under normal circumstances your bank activity isn't factored into your credit score at all. That means your bank deposits, withdrawals, and daily transactions don't help or hurt your credit score. Even overdrafts don't affect your credit score, assuming you pay the overdraft fee and clear up any outstanding negative balance before the bank takes action.

Many people mistakenly believe that all financial information, including bank account activity, is factored into their credit scores. That's not the case. Your credit score is calculated based only on information included in your credit report, and your bank details aren't reported to the credit bureaus.

Credit scores are based on borrowing activities, like credit cards and loans, serious delinquencies, and public records. You can check for free to see the types of accounts on your credit report by visiting AnnualCreditReport.com. (However, this service reports no credit scores.) You can also use a free service like Credit Karma, Credit Sesame, or WalletHub to keep tabs on changes to your credit information.

While closing a savings or checking account won't affect your credit score, closing a credit card account can. Credit card accounts are regularly reported to the credit bureaus and factor into your credit score.

When Closing a Bank Account Can Hurt Your Credit

There is a situation where closing a bank account could affect your credit score, in a bad way. If your account is overdrafted and has a negative balance when you close it (or when the bank closes it because you haven't caught up), the negative balance may be sent to a collection agency for further action. Third-party collection agencies collect debts on behalf of other businesses.

Once a collection agency takes over your account, they will likely report the account to the credit bureaus. At that point, it will go on your credit report and be factored into your credit score. Unfortunately, collections remain on your credit report for seven years from the first date of negative activity, even after payment is made.

Mishandling your checking account can also land you in ChexSystems, which is a consumer reporting agency for financial institutions. Banks often use ChexSystems to determine whether to allow you to open a checking account. Any negative reports made to ChexSystems, including overdrafts you never cleared up, will remain in the system for up to five years. You may have a hard time opening a checking or savings account if you have a negative record with ChexSystems, but these records aren't included in your consumer credit score.

How to Close Your Bank Account the Right Way

If you're planning to close your bank account and want to avoid affecting your credit score, make sure to clear up any negative balance first. Talk to the bank to make payment arrangements if you can't afford to pay the balance right away.

Don't assume that your old account is "out of sight, out of mind" just because you've already moved on to a new bank. You'll have to take care of any outstanding checks, pending transactions, or autodrafts that post to your account after it's been closed. Your old bank will likely notify you of any outstanding balance by mail, so be sure to open up anything you receive from them.

Frequently Asked Questions (FAQs)

Is it bad to close a bank account?

Closing all of your bank accounts at once could be a bad idea, because having at least one bank account makes your financial life a lot easier. As long as you keep at least one account open, and the account you're closing is in good standing, then there won't be any negative effects when you close a bank account. Closing credit accounts—like credit cards—can hurt your credit score, but that doesn't apply to standard deposit accounts.

What happens when your bank closes?

If your banking institution shuts its doors altogether, you're protected by the Federal Deposit Insurance Corporation (FDIC). A bank will likely handle its closure responsibly, giving you plenty of notice and opportunities to transfer your funds to another institution. However, even if it closes suddenly without notice, the FDIC will insure your funds up to $250,000.

Источник: https://www.thebalance.com/does-closing-a-bank-account-affect-credit-score-4159898
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