Can you close a savings account with a negative balance (at bank of america)?

Question

Can you close a savings account with a negative balance (at bank of america)?

Answer 1

Usually when closing an account the balance must be $0.00. That would either invlove you paying in the funds required to bring the balance to zero or them withdrawing the funds by cash or check for you to bring the balance to $0.00.

I work in a bank and accounts can only be closed with a zero balance.

Hope that helps.

Answer 2

If you do, they will most likely send you to collections, and that will ruin your credit. Additionally, if you have other linked accounts, they can pull from those accounts.

You aren't supposed to be able to close an account thats in the red, but they have so many accounts that you may be able to slip through the cracks when closing it, but they will still have it on record that you owe them money, and eventually, they will come after you.

Why don't you just deposit enough money so that you can close the account legitimately?

Answer 3

Timmy is incorrect.

You must request to have the account closed either in person or via a letter that is signed by an account holder. The account will not auto close if it is at zero balance, and if you do not initiate closure, you could continue to receive a maintenance fee (depending on what type of savings account you have).

The account MUST be at a zero balance or it will not close.  If your account is negative for more than 120 days it will be force closed and the negative balance will be forwarded to a collection agency who will then be in charge of retrieving the balance owed.

Hope this helps!

Answer 4

The bank will soon close it for you and sell the debt to a collection agency.  There goes your credit.

Answer 5

the bank will automatically closes your savings account when you have zero balance.....