Bank of America Warns Customers on Inactive Account Policies

CHARLOTTE, N.C. — Bank of America has issued a warning to customers regarding the consequences of failing to maintain account activity, potentially leading to account closures and funds being turned over to state custody. The financial institution emphasizes that accounts deemed ‘abandoned’ due to prolonged inactivity may be subjected to strict policies in accordance with state regulations.

According to Bank of America, an account could be classified as abandoned if there is no user activity for approximately three years. If this situation arises, customers may receive a notification letter outlining the potential consequences. If they do not respond or take corrective action, the funds in the account may be transferred to the applicable state agency under escheatment laws.

The term escheatment refers to the process of relinquishing unclaimed properties to the state for safekeeping. “The legislation of each state defines when an account is considered inactive and at what point we must transfer it to the state,” a Bank of America spokesperson explained.

This policy not only applies to checking and savings accounts but also extends to Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), securities, stocks, safe deposit boxes, and uncashed cashier’s checks. The bank’s extensive range of financial products falls under the same scrutiny regarding inactivity.

“If you have not accessed your account for an extended period, you may receive a letter from us letting you know your account is considered abandoned and may be turned over to the state,” the bank spokesperson further stated. This proactive communication serves to inform customers of their account status and necessary steps to ensure continued access to their funds.

Bank of America advises customers to engage in regular transactions to prevent their accounts from being classified as inactive. Simple actions such as checking balances, making deposits, and executing withdrawals are critical. Additionally, the bank recommends setting up account alerts and reminders through its online platform, which allows users to monitor account activity more effectively.

As banking services continue to shift toward digital platforms, the significance of maintaining active accounts becomes increasingly crucial. Bank of America has closed several branches across the country, underlining the need for customers to stay informed on their accounts through available digital banking tools.

Financial experts echo these sentiments, noting that staying engaged with your account can help prevent unexpected complications. “With regulations evolving and banks adapting services, it’s vital customers take charge of their financial activities,” said a financial analyst. “Ignoring these policies could lead to losing control over your funds.”

In conclusion, Bank of America urges its customers to remain vigilant regarding their account activity and policies surrounding abandonment to ensure the uninterrupted access of their finances.