Bank of America Says It Will Cancel Inactive Accounts

Bank of America is alerting its customers across the USA about a significant policy. The bank will close accounts that haven't been used for a long time, referring to them as inactive or abandoned. 

This move could lead to funds being locked or handed over to the state. The bank says this step is to follow state laws about unclaimed property.

To avoid having your account shut down, Bank of America advises customers to keep their accounts active. This means doing things like making transactions, checking your account online or through mobile banking, updating your contact information, and cashing any checks before they expire.

An account might get considered "abandoned" if there's no activity for usually three years or more. When this happens, the bank has to notify the owner. If they get no response, they have to pass the money on to the state's authorities. 

This rule affects not just checking and savings accounts but also retirement accounts, certificates of deposit, unused cashier’s checks, and more.

Bank of America is encouraging the use of its digital tools, including personalized alerts and status monitoring, to help customers keep tabs on their accounts and prevent them from being classified as inactive.

This warning is part of a broader move by banks to comply with laws and regulations, and it comes amid other recent changes in banking policies, such as updates to money transfer services like Zelle. 

Bank of America stresses the importance of keeping accounts active to avoid losing access to funds.

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