If you’re a Bank of America customer, you might want to check your account activity-because silence could cost you your savings.
Bank of America has begun issuing warnings to account holders: any account showing extended inactivity could be flagged as “abandoned” and shut down. As part of its compliance with state escheatment laws, the bank is tightening up on dormant accounts-across checking, savings, IRAs, CDs, and more.
Let’s break down what this means for everyday customers and how you can protect your hard-earned money.
Like all U.S. banks, Bank of America is required to comply with escheatment laws. These state-by-state regulations govern how unclaimed assets are handled. If an account goes untouched for a certain period-typically three years-the funds may be transferred to state custody. These accounts are labeled “abandoned.”
This policy is not new, but increased digital banking trends and recent branch closures have brought renewed attention to account activity. As part of regulatory tightening and internal compliance updates, Bank of America is actively sending out notifications to customers with dormant accounts.
If the customer doesn’t take action after being notified, the result could be account restriction or permanent closure.
This crackdown applies to all major account types, including:
- Checking and savings accounts
- Individual Retirement Accounts (IRAs)
- Certificates of Deposit (CDs)
- Safe deposit boxes
- Stocks and securities accounts
- Uncashed cashier’s checks
In other words, it’s not just your everyday checking account that’s at risk-even long-forgotten investment accounts or trust accounts could be affected.
How to Avoid Getting Your Bank of America Account Closed
The solution is surprisingly simple: activity.
To keep your account off the “abandoned” list, Bank of America recommends:
- Logging in regularly via desktop or mobile app
- Making deposits or withdrawals
- Setting up automatic transfers or bill payments
- Using online banking tools to schedule reminders or alerts
- Updating account information (email, phone number, address)
- Redeeming uncashed checks
By showing the bank you’re still using or managing the account, even just once in a while, you can avoid complications.
What Happens If You Miss the Warning?
If your account is flagged and you don’t respond:
- You’ll receive a notification (via email or post) warning of the account status.
- If there’s no response, the funds may be transferred to the state under escheatment laws.
- Reclaiming those funds later will require you to file a claim with the state treasury, which can take weeks or months.
This process isn’t impossible-but it’s frustrating and avoidable.
With Bank of America closing multiple branches across the U.S., many customers have shifted to digital platforms. However, some older customers or those without easy internet access may find it harder to stay active.
Consumer advocates suggest that Bank of America should provide clearer, more proactive communication, especially for customers at risk due to tech barriers or reduced access.
This announcement comes at a time of increasing scrutiny toward U.S. financial institutions, particularly around fee transparency, account accessibility, and digital equity. With fraud concerns and inflation still affecting consumer behavior, many are also reevaluating their banking relationships.
Bank of America’s recent policy clarification serves as a reminder to all account holders: banks are watching inactivity closely, and your account status matters-even if you don’t use it often.
This isn’t just a Bank of America problem-all major banks comply with escheatment laws. But BoA’s move underscores how easy it is to lose access to your money if you’re not paying attention.
Take this as a sign: log in, set a reminder, and check your balance. It might just save you a big headache later.
