Bank of America has issued a warning to customers regarding account closures due to inactivity. If an account remains unused for an extended period, it may be classified as “abandoned” and could be restricted or closed, with funds potentially transferred to state custody under escheatment laws.
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How to Prevent Your Bank of America Account from Being Closed
- To avoid unexpected account closures, Bank of America advises customers to take proactive steps:
- Stay Active: Regularly log in to your account, make deposits, withdrawals, or use digital banking services.
- Monitor Notifications: If an account shows no activity for three years, the bank may send a warning letter. Respond promptly to avoid closure.
- Set Up Alerts: Use Bank of America’s online banking tools to receive reminders and account activity alerts.
What Accounts Are Affected?
This policy applies to:
- Checking & Savings Accounts
- Individual Retirement Accounts (IRAs)
- Certificates of Deposit (CDs)
- Stocks & Safe Deposit Boxes
- Uncashed Cashier’s Checks
Why Digital Banking is Essential
With Bank of America closing multiple branches nationwide, digital banking tools are now more important than ever. Customers must stay informed about policy changes and ensure regular account activity to maintain access to their funds.
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