If you’re not actively using your Bank of America account, there may be a chance it’s at risk of being closed.
While this might be concerning, there are specific steps you can take to keep your account in good standing and avoid any disruptions. Read on to find out what you can do to prevent this from happening.
Why Is Bank of America Canceling Accounts?
Recent reports from multiple sources indicate that Bank of America has outlined that customer accounts may be flagged as abandoned if there is no activity for an extended period, potentially leading to accounts being canceled.
As stated on its website, Bank of America notes, “If you have not accessed your account for an extended period (typically 3 years or more), you may receive a letter from us letting you know your account is considered abandoned and may be turned over to the state under escheat laws. You will need to follow the instructions on your letter to contact the bank and prevent escheatment.”
Escheatment refers to the process of reporting and transferring abandoned or unclaimed property to the relevant state agency for safekeeping. For example, under New York State’s Abandoned Property Law, any bank account balance that remains unclaimed for three years may be deemed abandoned property. However, each state has its own rules on what constitutes an abandoned account and when banks are required to surrender customer funds.
Has Bank of America Canceled Any Bank Accounts?
As of now, there have been no major or recent reports indicating that Bank of America has closed any bank accounts. In fact, a spokesperson for the financial institution refuted claims that the company has made any recent updates to its policies with the intention of closing customers’ accounts.
“There has been no announcement, no warning, no changes at Bank of America. Every bank is required to follow state laws on what to do with abandoned accounts,” the spokesperson stated.
Therefore, if an account was left idle beyond the time allowed in a respective state, it’s likely this situation has occurred before.
Bank of America has previously addressed concerns about account closures. On January 23, after President Donald Trump’s inauguration, the financial institution made a statement on X, saying, “Bank of America serves more than 70 million clients and we welcome conservatives. We would never close accounts for political reasons and don’t have a political litmus test.”
Vivian
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