Once you decide to break up with your bank, there are some items to check off your list before you officially close your account. 

1. Open Your New Account

First, you’ll want to figure out where you want to open your new account. Focus on what’s most important to you. For some, it’s the no hidden fees or amazing mobile features that allow you to bank easily on the go. Once you make your decision, go through the steps to open your new account.

2. Transfer Your Money

Next, you’ll want to move all of the money out of your old account into your new account. Make sure you talk to your bank about withdrawal/transfer limits. If you empty your account and hold off on closing it, you may also get hit with a balance limit fee. It’s often helpful to close your account the same day you transfer your money to avoid this. 

You can also keep a small cushion in the account to cover unexpected fees. Banks will usually send you a check with your remaining balance after your account is closed. 

3. Change Any Automatic Payments

If you have any automatic transactions set up, make sure you switch them over to your new account. Think electric bill, credit cards, car payments, etc. It may help to check over your last billing statement to make sure you have everything covered. 

4. Switch Your Direct Deposit 

If you havedirect depositsetup, change it over to your new account. This usually involves providing your employer with a  voided check from your new account or a permission form. This will ensure your paycheck lands in the right spot. 

5. Confirm Everything Has Cleared

Make sure there are no pending transactions on your account. This means deposits have cleared and anything you’ve spent has left your account. 

Once you complete these steps, you’ll be ready to actually close the account. Keep a record of everything, whether it’s receipts, billing statements, etc. This will help confirm you switched your account correctly.  

What is an HSA

Take charge of your healthcare spending.

Save smart, it’s easy with an OPTUMBank® Health Savings Account or HSA.

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An HSA is used to save for qualified medical expenses for you and your eligible dependents, both now and in the future. It works like a regular bank account.

However, an HSA has big tax benefits.

In fact, in most cases there are three ways an HSA helps you keep your money in your pockets and out of Uncle Sam’s.

First, generally you won’t pay federal income tax on money you deposit into your account. Keep in mind the IRS sets limits on how much you can contribute each year.

Second, you won’t pay income tax on money you use for qualified medical expenses, that includes vision and dental expenses.

And third, your savings grow income tax free, helping you create a nice little nest egg for retirement.

More good news, with an HSA there’s no use it or lose it rule, 

(Graphic of ‘Use it or Lose it’ text breaking in half creating a tearing sound)

…that means the money in your account is yours to keep, even if you change jobs or health plans.

Who’s eligible for an HSA?

The main requirement is that you’re covered under a qualifying high deductible health plan or HDHP.

Although there are additional requirements defined by the IRS.

(Additional Requirements included: Not enrolled in Medicare, not covered by any other health plan that…, covered under an IRS qualifying HDHP, may not be claimed as a dependent on another)

So, don’t wait, if you don’t already have an HSA open one! 

(Talk to your employer or visit optumbank.com)

If your HSA is already up and running, contribute to it. 

(OPTUMBank® Logo)

Start taking charge of your healthcare savings and spending with an OptumBank Health Savings Account, an easy way to save smart.

(Learn more at optumbank.com)

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Heath savings accounts (HSAs) are individual accounts offered or administered by Optum Bank, Member FDIC, and are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Fees may reduce earnings on account. This communication is not intended as legal or tax advice. Federal and state laws and regulations are subject to change.

© 2017 Optum, Inc. All rights reserved. PR1553 65976-062017 

About Triple Tax Advantages: You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. Any interest or earnings on the assets in the account are tax free. You may be able to claim a tax deduction for contributions you, or someone other tahn your employer, make to your HSA. Bank of America recommends you contact qualified tax or legal counsel before establishing an HSA.

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Bank of America, N.A. makes available The HSA for Life® Health Savings Account as a custodian only. The HSA for Life is intended to qualify as a Health Savings Account (HSA) as set forth in Internal Revenue Code section 223. However, the account beneficiary establishing the HSA is solely responsible for ensuring satisfaction of eligibility requirements set forth in IRC sec 223. If an individual/employee establishes a HSA and s/he is not otherwise eligible, s/he will be subject to adverse tax consequences. In addition, an employer making contributions to the HSA of an ineligible individual may also be subject to tax consequences. We recommend that applicants and employers contact qualified tax or legal counsel before establishing a HSA.

Bank of America does not sponsor or maintain the Flexible Spending Accounts (FSA) / Health Reimbursement Accounts (HRA) that you establish. The programs are sponsored and maintained solely by the employer offering the plan, or by an individual establishing an independent plan. Bank of America acts solely as claims administrator performing administrative tasks pursuant to an agreement with, and at the direction of, the sponsoring employer or individual under an independent plan. The sponsoring employer or individual under an independent plan is solely responsible for ensuring such arrangements comply with all applicable laws.

The planning tools and information calculators are illustrative only, and accuracy is not guaranteed. They are intended to provide a comparative tool for various consumer health care options and potential costs and savings of those options. Bank of America and its affiliates are not tax or legal advisors. The calculators are not intended to offer any tax, legal or financial advice and do not assure the availability of or your eligibility for any specific product offered by Bank of America or its affiliates. Please consult with qualified professionals to discuss your situation. This site may contain links to third-party content, which may be articles, videos, or calculators, regarding health plans only as a convenience. Some articles, videos and calculators may have been written and produced by third parties not affiliated with Bank of America or any of its affiliates.

Neither Bank of America nor any of its affiliates or employees provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions. This material should be regarded as general information on health care considerations and is not intended to provide specific health care advice.

If you have questions regarding your particular health care situation, please contact your health care, legal or tax advisor.

Please consult with your own attorney or tax advisor to understand the tax and legal consequences of establishing and maintaining a HSA, FSA, Dependent Care FSA, and/or HRA plan.

All trademarks and service marks belong to Bank of America Corporation unless otherwise noted.

Bank of America, N.A., Member FDIC. Mutual Fund investment offerings for the Bank of America HSA are made available by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S”), a registered broker-dealer, registered investment adviser, Member SIPC, and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”). Investments in mutual funds are held in an omnibus account at MLPF&S in the name of Bank of America, N.A., for the benefit of all HSA account owners. Recommendations as to HSA investment menu options are provided to Bank of America, N.A. by the Chief Investment Office (“CIO”), Global Wealth & Investment Management (“GWIM”), a division of BofA Corp. The CIO, which provides investment strategies, due diligence, portfolio construction guidance and wealth management solutions for GWIM clients, is part of the Investment Solutions Group (ISG) of GWIM.

Investment products:

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Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline (for example, by email) that's customized to meet specific interests you may have. If you prefer that we do not use this information, you may opt out of online behavioral advertising. If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill Account Access. These ads are based on your specific account relationships with us. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs.

If you have a Bank of America credit or debit card or a Merrill Lynch credit card, you may be able to save cash and earn extra rewards through the BankAmeriDeals cash-back program. Similar to Amex Offers and Chase Offers, BankAmeriDeals has targeted offers that you can activate. Here’s what you should know about the program.

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In This Post

What is BankAmeriDeals?

BankAmeriDeals are cash-back offers on eligible Bank of America credit and debit cards. The program is similar to Chase Offers and Amex Offers in that you select offers online or through the bank’s mobile app, use your eligible card at the specified merchant and then receive rewards. As with the Chase and Amex programs, these rewards are on top of the rewards you’d normally receive based on the merchant’s category.

Which cards provide access to BankAmeriDeals?

Most Bank of America debit and credit card accounts and Merrill Lynch credit cards are eligible for BankAmeriDeals. You can check the Preferences tab on the BankAmeriDeals page online or the Eligible Credit/Debit Cards button in BankAmeriDeals Settings in the Bank of America Mobile Banking App to see which of your cards are eligible for BankAmeriDeals. Certain cards, such as the following, are not eligible:

• ATM-only cards
• Credit Purchasing Card (P-Card), Travel/Corporate card, Fleet Card
• Prepaid Payroll and Incentive Card
• All healthcare account products — HSA/FSA Health Reimbursement/Flexible Spending
• HELOC — Home equity line of credit accounts
• Merrill Lynch CMA deferred debit cards
• AAA credit cards

Note that although you will see deals for jointly owned credit card accounts on your BankAmeriDeals page, you will not see deals for credit card accounts for which you are an authorized user. It also may take up to 30 days for new accounts and replacement cards to become eligible for BankAmeriDeals.

Related reading: The best Bank of America credit cards

How to find BankAmeriDeals

You can see BankAmeriDeals when you log into your Bank of America account online by hovering over “Rewards & Deals” on the top drop-down menu and then clicking on “Cash back deals.” Or, you can go to the BankAmeriDeals tab on your Bank of America Mobile Banking app to view your deals.

Click the plus button to add deals to your account, or you can click “Hide” to hide the deal from your account. Once you’ve added a deal to your account, the deal’s status changes to “Ready to use” meaning you can shop or dine at the selected merchant using the activated deal.

What kinds of deals does BankAmeriDeals have?

You’ll receive deals from participating merchants based on places you’ve shopped with your eligible Bank of America accounts in the past. This means that you may not see any deals if you use your accounts infrequently.

Although many of us are stuck at home currently because of coronavirus concerns and shelter-in-place orders, you may be able to find some BankAmeriDeals that are relevant for home use. For example, one TPG staffer found a deal for Sun Basket meal delivery on her account.

Related reading: 4 ways credit cards can save you money

How to redeem BankAmeriDeals

Once you’ve added a BankAmeriDeal to your account and the deal shows that it is “Ready for use,” you can make a qualifying purchase with your eligible card before the deal expires to earn cash back.

The cash back will display as “Pending” on the Earned tab after your transaction posts and will be credited to your account within 30 days. You can view or change the account designated for your cash back by using the “Cash back account” section on the Preferences tab.

Related reading: The best credit cards for dining out, taking out and ordering in

What are BankAmeriDeal coins?

When you use BankAmeriDeals to earn cash back, you’ll also earn one coin per deal on transactions of at least $3. You may also be able to collect bonus coins periodically by completing limited-time tasks in the Available tab of your BankAmeriDeals console. When you collect a total of four coins, you’ll earn an additional cash-back award and move to the next level. For example, I can earn $5 of additional cash back and advance to the next level once I collect four coins.

As you earn more coins, the additional cash back you’ll receive is greater.

But your coins will expire and your level will reset every two months or so. Bank of America announces expiration dates well in advance, so you can plan ahead.

Related reading: Pros and cons of downgrading your credit cards right now

What to know about BankAmeriDeals

Read the details on each offer that you select. For example, most BankAmeriDeals offers are only valid for one use but some can be used multiple times. Some offers require a minimum transaction amount or cap the cash rewards you can receive.

The amount posted to your account is the amount that matters in terms of earning cash back. This means that taxes and fees count toward any minimum purchase requirements. But this also means that if you pay for all or part of a purchase with a store credit, gift certificate or another payment type, you’ll only earn cash back on the part of the purchase made with your card.

You must complete the transaction directly with the eligible merchant to earn cash back. You may not receive cash back through BankAmeriDeals if your transaction is made by using an electronic wallet where the identity of the merchant is not passed to Bank of America as part of the transaction.

Related reading: Best no-annual-fee cash-back credit cards

How to maximize BankAmeriDeals

You’ll want to check your deals frequently to ensure you don’t miss out on one. You can opt to receive a text or email alert when new deals are available, as well as via your mobile app if you’ve downloaded it. To opt into alerts (or opt out of them), go to the Preferences tab online or to Alert Settings on the mobile app. Remember that you’ll still need to add deals to your account before you can use them.

You can also change your preferred zip code on the Preferences tab. If you make a change, you’ll keep your current available deals but deals for your new location will be added as they become available. And if you use the Mobile Banking app you can take advantage of the Near Me feature that lets you view nearby deals on a map.

BankAmeriDeals are stackable with online shopping portals as well as any rewards you may already earn on your card. So, you’ll want to use a shopping portal aggregator to find out which online portal (if any) offers the best return for your purchase. Then, add the BankAmeriDeal to your eligible card, click through the shopping portal and make the purchase with your eligible card to maximize your rewards.

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Featured photo by Wyatt Smith/The Points Guy.

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