Bank of America warns customers of account cancellations for inactivity

In the United States, Bank of America has been notifying customers about an impending risk to their inactive bank accounts. The notifications are aimed particularly at account holders who have not logged in for an extended period, generally defined as three years or more. The bank is concerned with compliance to escheatment laws, which dictate that unclaimed funds must be transferred to state authorities after they are deemed abandoned. As a result, customers could potentially lose access to their accounts if action is not taken. The bank has been proactive in sending letters to at-risk customers that outline the need to engage with their accounts, emphasizing that failing to do so may result in the account being considered abandoned. This effort is an essential part of the bank's commitment to adhering to state regulations governing financial assets and protecting consumer rights. Escheat laws are defined by individual states, meaning that the time frame and conditions under which accounts are considered abandoned can vary across the country. As part of this initiative, Bank of America has encouraged its customers to log in and check their account balances regularly to maintain their account status and avoid any disruption. The warning extends beyond traditional checking and savings accounts. Customers should also be aware that other financial products, including Certificates of Deposit (CDs), Individual Retirement Accounts (IRAs), and even safe deposit boxes could fall under these strict regulations. The emphasis is on the need for continuous engagement with their financial products to prevent escheatment. Bank of America, which has a customer base of approximately 69 million relies heavily on maintaining active account status for compliance. They have advised customers with general inquiries to contact their support line for clarity on their account statuses and escheat rules applicable to their respective states.