US EditionBank of America clarifies reports of account closures
- Bank of America customers risk account closures and loss of access to funds if their accounts are deemed inactive, typically after three or more years of no activity.
- These account closures are due to state escheatment laws, which require banks to transfer abandoned property to the state for custodial safekeeping.
- A range of financial products, including checking accounts, IRAs, CDs, uncashed cashier's checks, stocks, and safe deposit boxes, could be impacted by these escheatment laws.
- According to the Bank of America website, "Escheatment is the process of reporting and remitting abandoned/unclaimed property to the appropriate state agency for custodial safekeeping," and customers receiving a letter should "follow the instructions on your letter to contact the bank and prevent escheatment."
- Bank of America urges customers to remain engaged with their accounts by regularly logging in, checking balances, and using debit cards, and to keep their contact information updated to prevent accounts from being flagged as abandoned; customers can recover escheated funds by following the state's unclaimed property process, which requires providing proof of identity and ownership.
16 Articles
16 Articles
Yes, Bank of America Can Close Accounts: Is Yours Affected?
The financial institution's policy regarding accounts deemed inactive was previously established Getty Bank of America branch in Austin, Texas on August 13, 2011Bank of America customers are subject to having their accounts closed and losing access to their funds, but this is not a new practice.The bank has previously confirmed that it can and will close accounts if they are deemed inactive due to state escheatment laws.The financial institution…
The Independent
The Independent (US)Bank of America warns it could cancel accounts that aren’t active
Customers who haven’t logged into their accounts for three years may be impacted
Bank of America clarifies reports of account closures
NEW YORK (PIX11) -- Is Bank of America closing bank accounts? Yes, but it isn't a new practice. A spokesperson for Bank of America refuted claims that the company is making new moves to close customers' bank accounts. More Local News "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," said the statement. According to the Abandoned Pr…
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