Bank of America has issued an important alert to all its customers across the United States. The bank is taking strict action against inactive or abandoned accounts, which could lead to accounts being blocked or funds being transferred to state custody.
This new move follows state laws on unclaimed property, and the bank says it is simply following legal requirements. The warning was officially posted on the Bank of America website, where the full list of steps to keep accounts active is also provided.
Let’s understand why this action is being taken and how you can protect your money from being lost or frozen.
Why Can a Bank of America Account Be Blocked?
An account is considered abandoned or inactive if there is no activity for a long period—usually more than three years. Once this happens, the bank will try to notify the account holder. If there is no response, the bank will send the funds to the state government as per law.
This applies to more than just savings or checking accounts. It can also affect:
- IRAs (Individual Retirement Accounts)
- Certificates of Deposit (CDs)
- Uncashed cashier’s checks
- Securities and stocks
- Safe deposit boxes
Bank of America stated, “The laws in each state tell us when an account must be reported as unclaimed and when the money must be transferred.”
How to Keep Your Bank of America Account Active
To prevent your account from being flagged as inactive, Bank of America recommends the following tips:
- Make regular transactions – Even a small deposit or withdrawal helps.
- Log in often – Use online or mobile banking to check your balance.
- Update your personal details – Keep your address and phone number up to date.
- Cash your checks – Don’t leave financial documents or checks unclaimed.
- Set up account alerts – Use digital tools to track your account activity.
These simple actions can help you avoid losing access to your account or going through legal processes to reclaim your money later.
What Happens If Your Account Is Declared Abandoned?
If your account stays inactive for too long and no action is taken, the following may happen:
- The bank will notify you via mail or email.
- If there is no response, the money will be transferred to your state’s unclaimed property office.
- You will then need to file a claim with your state to recover the funds, which can take time and paperwork.
So it’s better to act early and keep your account in use, even if it’s just logging in once in a while.
Other Recent Banking Changes
Bank of America’s warning comes at a time when other major banks and money platforms like Zelle are also updating their policies. Many financial institutions are becoming stricter with inactive accounts, transfers, and security protocols.
In today’s highly regulated environment, it is very important to stay updated with your bank’s latest rules to avoid any unpleasant surprises.
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