Attention Bank of America customers: Your account will be canceled if this requirement isn't met
Bank of America is taking action to close accounts that fail to comply with new requirements. Customers must stay informed and active to avoid having their accounts marked as abandoned.
With the growing shift toward digital banking, Bank of America is reminding customers of the importance of staying active with their accounts. The bank has outlined specific circumstances in which accounts could be closed, especially if they remain inactive for extended periods.
Starting April 1, Bank of America will begin enforcing stricter regulations regarding inactive accounts, and customers who fail to meet certain requirements could see their accounts canceled or have funds transferred to state custody.
How to keep your Bank of America account open
The bank has warned that accounts deemed "abandoned" could be restricted or have their funds transferred to state custody under escheatment laws, which vary by state. These laws manage unclaimed assets, but they may catch account holders off guard if they are not aware of the requirements.
To avoid account closure, Bank of America urges customers to keep their accounts active. Typically, an account is considered abandoned if there is no activity for about three years, at which point customers may receive a notification letter about potential consequences.
If no action is taken, funds may be handed over to the state. This policy affects not only checking and savings accounts, but also IRAs, CDs, stocks, safe deposit boxes, and even uncashed cashier’s checks.
The best way to prevent this is by logging into your account regularly and engaging in transactions. Bank of America recommends checking balances, making deposits or withdrawals, or using online banking services to show activity.
Setting up account alerts and reminders through the bank's platform can also help keep you engaged with your finances. With more banking services moving online, it's essential to stay informed about any changes to account policies.
As the bank continues to close branches nationwide, digital banking tools are becoming even more crucial. By actively monitoring your accounts and using available banking services, you can avoid issues and maintain continuous access to your funds.
