Bank of America’s Policy on Inactive Accounts
Bank of America, one of the leading financial institutions in the U.S., outlines on its website the conditions under which an account may be classified as abandoned property.
The bank has protocols for handling inactive or abandoned accounts, which may result in account restrictions or the transfer of funds to state custody. According to Cronista, this policy aligns with state regulations on unclaimed assets.
Why Accounts Can Be Blocked
An account is typically considered abandoned after prolonged inactivity—usually three years or more. If no action is taken, the bank must notify the account holder and, if unaddressed, transfer the funds to the appropriate state agency. This applies not only to checking and savings accounts but also to IRAs, CDs, uncashed cashier’s checks, stocks, and safe deposit boxes.
How to Prevent Account Deactivation
To avoid account classification as abandoned, Bank of America recommends:
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Making regular transactions.
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Monitoring balances via online or mobile banking.
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Keeping personal information updated.
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Cashing checks and financial documents before expiration.
The bank also suggests using digital tools for alerts and account monitoring to prevent unnecessary restrictions or legal complications.
With increasing financial regulations and changes to banking platforms like Zelle, Bank of America urges customers to stay informed and proactive to maintain control over their funds.