Bank of America customers are subject to having their accounts closed and losing access to their funds, but this is not a new practice.
The bank has previously confirmed that it can and will close accounts if they are deemed inactive due to state escheatment laws.
The financial institution confirmed that customer accounts may be flagged as abandoned if they remain inactive for an extended period of time — typically three years or more, according to the bank’s FAQ page.
As a result, customers’ checking and savings accounts, Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), uncashed cashier’s checks, stocks and safe deposit boxes could be impacted by possible account closure.
A spokesperson for Bank of America confirmed to PIX11 that this is not a new policy. “There has been no announcement, no warning, no changes at Bank of America. Every bank…
