Bank of America Warns Customers: Accounts May Be Closed If Inactive

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 Staying informed about account activity is more crucial than ever for Bank of America customers, as the financial institution has outlined specific conditions under which accounts may be closed, particularly due to prolonged inactivity.

Why Bank of America May Close Your Account

The bank has announced that accounts classified as "abandoned" could face restrictions or even have their funds transferred to state custody under escheatment laws. These regulations, which vary by state, are designed to manage unclaimed assets but can unexpectedly impact customers who are unaware of the requirements.

Typically, an account is considered abandoned if it remains inactive for approximately three years. Once this threshold is met, the bank may send a notification letter warning customers of the potential consequences. Failure to respond or take action may result in funds being transferred to the state.

This policy affects not only checking and savings accounts but also extends to Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), stocks, safe deposit boxes, and uncashed cashier’s checks.

How to Keep Your Bank of America Account Active

To prevent account closure, Bank of America urges customers to take proactive measures to ensure their accounts remain active. The simplest way to do this is by regularly logging in and conducting transactions. The bank recommends the following actions:

  • Check your balances frequently

  • Make deposits or withdrawals

  • Utilize online and mobile banking services

  • Set up account alerts and reminders to stay informed about activity and important notices

With an increasing number of branch closures nationwide, digital banking has become more essential than ever. Staying engaged with online banking tools can help ensure uninterrupted access to funds and avoid unnecessary complications.

By remaining proactive and informed, Bank of America customers can safeguard their accounts and avoid unexpected closures.

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