Avoid Inactivity Fees: Keep Your Bank of America Account Open and Active

Staying informed about your Bank of America account activities is crucial today more than ever.

The bank has published clear guidelines stating that accounts could be closed if left inactive for a long period.

How to Keep Your Bank of America Account from Closing

Bank of America warns that accounts considered “abandoned” may be restricted, with funds potentially transferred to state custody in accordance with escheatment laws.

These laws, which vary from state to state, manage unclaimed property but can catch account holders off guard if they’re unaware of them.

To avoid account closure, Bank of America encourages customers to keep their accounts active.

Generally, an account is deemed abandoned if there’s been no activity for about three years. At this point, customers might get a notification that their account could face closure.

Failing to respond or act can result in your funds being handed over to the state.

This policy isn’t limited to just checking and savings accounts; it also applies to IRAs, CDs, stocks, safe deposit boxes, and uncashed cashier’s checks.

The easiest way to steer clear of this scenario is to routinely log into your account and perform transactions.

Bank of America advises checking your balances, making deposits or withdrawals, and utilizing digital banking services to demonstrate activity.

Setting up account alerts and reminders via the bank’s online platform can also help you stay engaged with your finances.

As more banking services move online, adapting to changes in account policies is vital.

With Bank of America closing multiple branches nationwide, the emphasis on digital banking tools has increased.

By regularly monitoring your accounts and leveraging available banking services, you can avoid unnecessary issues and ensure continuous access to your money.