Bank of America Alerts: What You Need to Know About Account Closures

If you’re a Bank of America client, there’s important news you should be aware of. The bank has announced that they might close certain accounts unless account holders take proactive steps.

According to Tododisca, Bank of America has issued a notice to its customers, warning them that any inactive accounts will be closed, and the funds within them will be handed over to the relevant authorities.

“If you haven’t used your account for an extended period, generally three years or more, you might receive a notification from us indicating that your account is deemed abandoned,” explains the bank’s FAQ page. “This account may then be turned over to the state in line with escheat laws.”

The bank advises, “You will need to follow the instructions in your letter to contact us and avoid escheatment.”

For those wondering what escheatment is, Bank of America defines it as “the process of reporting and handing over abandoned or unclaimed property to the appropriate state agency for safekeeping.”

It’s worth noting that each state has its own escheatment regulations. For instance, Pennsylvania requires financial institutions, utilities, and medical providers to report and possibly transfer any valuable property that is lost, forgotten, or inactive for a specified period.

To prevent escheatment, Bank of America suggests that customers regularly log in and engage with their accounts.