Bank of America Warns Customers: Stay Active or Risk Account Closure
Bank of America defines exact time requirements for using a bank account but will close accounts that stay unused for a specified time period. The financial organization is working hard to deal with unused bank accounts while safeguarding customer funds.
The bank names accounts as abandoned when the customer does not use them within three years. When the bank applies this label it starts actions that may end in closing the account and moving the money to state control under legal rules about property return.
Customers can prevent account closure by:
- Regularly log into online banking platforms
- Conduct periodic transactions
- Make routine deposits or withdrawals
- Set up digital banking alerts and reminders
The policy encompasses various account types, including:
- Checking accounts
- Savings accounts
- Individual Retirement Accounts (IRAs)
- Certificates of Deposit (CDs)
- Stocks
- Safe deposit boxes
- Uncashed cashier’s checks
