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BoA credit card if I close my bank account

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Mycreditjourney2020
New Contributor

BoA credit card if I close my bank account

Hi all,

For some reason the Bank of America's have been closing like crazy in my area for several years.  My closest branch is now over an hour away.  My main checking/savings is with NFCU, so not worried about my small balances in BoA. I started my credit rebuilding October 2020 with a Secured card from BoA.  Since then they have increased my limit from $300 to $600, but have not graduated the card.  This obviously means they still have my $300 deposit.

My question is if I close the checking/savings accounts will they close the credit card as well? I know I can call BoA, but don't want to tip them off of my possible intentions.

Message 1 of 9
8 REPLIES 8
unsungivy
Established Contributor

Re: BoA credit card if I close my bank account

I don't know why they would. I've had CCs with BofA for 19 years now, and never had a checking account (or savings or anything) with them.

SD - Biz -
Message 2 of 9
Mycreditjourney2020
New Contributor

Re: BoA credit card if I close my bank account

Good to know.  If I close my account is there less of a chance of them graduating the card?  I've never had it report more than 2%  balance and always PIF.  I've also run two to three times the credit limit through it each month and paid off as I went along. Since all the closures I've been contemplating keeping the account open until this October, which would be the one year mark of opening the card to see if they graduate it. I've opened several other nice cards since then, but would like to keep the BoA card with the hopes it would grow as I do like the card.

Message 3 of 9
SoCalGardener
Valued Contributor

Re: BoA credit card if I close my bank account


@Mycreditjourney2020 wrote:

Hi all,

For some reason the Bank of America's have been closing like crazy in my area for several years.  My closest branch is now over an hour away.  My main checking/savings is with NFCU, so not worried about my small balances in BoA. I started my credit rebuilding October 2020 with a Secured card from BoA.  Since then they have increased my limit from $300 to $600, but have not graduated the card.  This obviously means they still have my $300 deposit.

My question is if I close the checking/savings accounts will they close the credit card as well? I know I can call BoA, but don't want to tip them off of my possible intentions.


BofA has been my primary bank for 30 years, but I have no experience with their secured cards, so I don't know how this works. Are either of those accounts (checking/savings) linked somehow to your card? For example, used as a backup in case you miss a monthly payment, and they automatically withdraw the money?

 

If they're not linked in any way, I can't imagine why closing one type of account would cause another to also be closed.

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Message 4 of 9
Mycreditjourney2020
New Contributor

Re: BoA credit card if I close my bank account

No they are not linked in any way.  Other than wondering about CC closure if I close the bank account, I was also curious if they would possibly not unsecure the card now because of closing the checking/savings.  

Message 5 of 9
Anonymous
Not applicable

Re: BoA credit card if I close my bank account

I highly doubt they'll close it. I believe they'd send a check upon graduation. However, if you want to try for manual graduation - you can call and ask for them to see if you are eligible. They will soft pull your TU 8 score. Then the money would go back into the checking account before you close it versus waiting for a check. They do manual graduations if you meet the criteria when they SP the score. 

Message 6 of 9
TSlop
Valued Contributor

Re: BoA credit card if I close my bank account

I'd imagine they wouldn't touch it, but I don't know for sure. I closed all my PNC checking/savings accounts a few years ago and they haven't touched my PNC Points card.

Message 7 of 9
xenon3030
Valued Contributor

Re: BoA credit card if I close my bank account

There is no need to close also checking/saving account (assuming no monthly fee). Why do you need to go to a branch, while almost every works can be done online, via app or by virtual appointment?

 


Fico8: EX~EQ~TU~810 (12 month goal~840).
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Message 8 of 9
Mycreditjourney2020
New Contributor

Re: BoA credit card if I close my bank account

Lack of a nearby branch is not the sole reason I am choosing to close accounts with BoA.  As stated in my original post, NFCU is my primary bank.  I had opened the BoA card before switching to NFCU though.  The point of my original post was to inquire as to whether BoA would also cancel the card I have and if not, would the graduation take longer/not happen at all due to closing the accounts.  I feel my questions have been answered and appreciate all those who responded.

Message 9 of 9
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