Consumers who open accounts and then quickly decide to close them — particularly CD or savings accounts — may face penalty fees that reduce or eliminate any interest earned.
Consumer impact
This fee schedule directly affects consumers' finances by detailing charges that can be assessed on their bank accounts, including potentially significant overdraft fees, monthly maintenance fees, and transaction charges. Consumers who do not meet balance minimums or eligibility criteria for fee waivers may incur recurring costs that reduce their account balances. You can avoid many fees by maintaining minimum balance requirements, enrolling in qualifying direct deposit programs, or switching to accounts with lower or no monthly fees through Bank of America's online banking portal.
What you can do
⚠️ These actions may provide transparency or partial mitigation but may not fully address the underlying issue. Effectiveness varies by jurisdiction and individual circumstances.
Close Your Account
Call Bank of America at 800-432-1000 to inquire about any early account closure fees before closing your account. Confirm the fee amount and timing, and request a fee waiver if the closure is due to a bank error or service issue.
Applicable agencies
Consumer Financial Protection Bureau (cfpb)
Regulates consumer financial products and services. Can investigate companies for unfair, deceptive, or abusive financial practices including improper fees, billing errors, and data misuse.
Who can file: Anyone who has used a consumer financial product or service in the US
What you need: Account number or details, dates of transactions or events, description of the issue, and any supporting documents
What to expect: The company must respond within 15 days. The CFPB forwards your complaint and may use it in enforcement actions. Individual compensation is possible in some cases.
State AGs in California, New York, Texas, and other states can investigate violations of state consumer protection and privacy laws, including CCPA (California), SHIELD Act (New York), and equivalents.
Who can file: Residents of states with comprehensive privacy laws — primarily California, Virginia, Colorado, Connecticut, and Utah
What you need: Evidence of the violation, explanation of how your state rights were affected, and your account or contact information with the company
What to expect: Outcomes vary by state. May result in investigation, enforcement action, or requirement for the company to change practices. No direct individual compensation in most cases.
Search "[your state] attorney general consumer complaint" to find your state's direct complaint form
ConductAtlas Policy Archive
Entity: Bank of America | Document: Bank of America Fee Schedule | Record: CA-P-000477
Captured: 2026-03-06 20:47:54 UTC | SHA-256: e5f90db86e46d246…
URL: https://conductatlas.com/platform/bank-of-america/bank-of-america-fee-schedule/account-closing-and-early-termination/
Accessed: April 4, 2026