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NEW YORK (CNNMoney.com) — Bank of America said late Wednesday it planned to return the entire $45 billion in bailout money it received from the government over the past year.

The move would allow Bank of America, the nation’s largest lender, to wriggle free from a variety of government restrictions it has had to abide by, including pay caps for its top executives.

It could also smooth what has been a difficult search for a new chief executive.

Outgoing CEO Ken Lewis is scheduled to depart by year end. Bank of America’s board of directors originally hoped to select a successor by Thanksgiving. This dont affect your personal or business checks.