Bank of America: How to avoid account closure due to inactivity?
29 march 2025 в 06:13
Recent reports from various sources indicate that Bank of America has stated that client accounts may be marked as abandoned if there is no activity for an extended period of time, potentially leading to the closure of accounts.
As stated on their website, Bank of America notes: «If you have not accessed your account for an extended period of time (usually 3 years or more), you may receive a letter from us informing you that your account is considered abandoned and may be turned over to the state in accordance with escheat laws. You will need to follow the instructions in your letter to contact the bank and prevent escheatment».
Escheatment refers to the process of notifying and transferring abandoned or unclaimed property to the appropriate state agency for safekeeping. For example, under New York’s abandoned property law, any remaining balance in a bank account that goes unclaimed for three years may be deemed abandoned property. However, each state has its own rules on what constitutes an abandoned account and when banks are required to turn over client funds.
At present, there are no major or recent reports of Bank of America closing any bank accounts. In fact, a representative of the financial institution denied claims that the company has made any recent changes to its policies aimed at closing client accounts.
«There have been no announcements, warnings, changes at Bank of America. Every bank is required to follow state laws on what to do with abandoned accounts», - the representative stated.
Therefore, if an account has been left inactive for the specified time in the relevant state, it is likely that such a situation has occurred before.
Bank of America has previously addressed concerns about account closures. On January 23, after the inauguration of President Donald Trump, the financial institution made a statement on X, stating: «Bank of America serves over 70 million clients and welcomes conservatives. We will never close accounts for political reasons and do not conduct a political affiliation test»
As stated on their website, Bank of America notes: «If you have not accessed your account for an extended period of time (usually 3 years or more), you may receive a letter from us informing you that your account is considered abandoned and may be turned over to the state in accordance with escheat laws. You will need to follow the instructions in your letter to contact the bank and prevent escheatment».
Escheatment refers to the process of notifying and transferring abandoned or unclaimed property to the appropriate state agency for safekeeping. For example, under New York’s abandoned property law, any remaining balance in a bank account that goes unclaimed for three years may be deemed abandoned property. However, each state has its own rules on what constitutes an abandoned account and when banks are required to turn over client funds.
At present, there are no major or recent reports of Bank of America closing any bank accounts. In fact, a representative of the financial institution denied claims that the company has made any recent changes to its policies aimed at closing client accounts.
«There have been no announcements, warnings, changes at Bank of America. Every bank is required to follow state laws on what to do with abandoned accounts», - the representative stated.
Therefore, if an account has been left inactive for the specified time in the relevant state, it is likely that such a situation has occurred before.
Bank of America has previously addressed concerns about account closures. On January 23, after the inauguration of President Donald Trump, the financial institution made a statement on X, stating: «Bank of America serves over 70 million clients and welcomes conservatives. We will never close accounts for political reasons and do not conduct a political affiliation test»
© Kolganov Andrey
