Bank of America has issued an important alert to its customers throughout the United States. The financial institution warned that it will take drastic measures against those accounts that are classified as inactive or abandoned, a decision that could end with the blocking or transfer of funds to state custody. The bank explained that this policy responds to the laws in force in each state and seeks to comply with the regulations on unclaimed assets.
The warning was officially published on the bank’s website, where the procedures and actions necessary to prevent a bank account from being disabled are explained. In many cases, prolonged inactivity — generally three years or more — can result in the account holder losing access to their funds if they do not act in time. For this reason, Bank of America urges users to take proactive measures to keep their accounts active and protected.
Why can an account at Bank of America be blocked?
According to the bank, an account can be considered abandoned if there is no activity for a long period of time, usually more than three years. In this situation, the bank is obliged to notify the account holder and, if no response is received, to transfer the money to the relevant state agency.
“The legislation of each state defines when an account is considered inactive and at what point we must transfer it to the state,” explained Bank of America. This measure not only affects checking and savings accounts, but also other financial products such as Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), uncashed cashier’s checks, securities, stocks, and safe deposit boxes.
Bank recommendations to avoid being blocked
To prevent accounts from being classified as abandoned, Bank of America suggests that its customers take the following actions:
- Make regular transactions in checking or savings accounts.
- Frequently check balances and activity through online or mobile banking.
- Update personal information, such as address and phone number.
- Cash checks and financial documents before they expire.
In addition, the bank recommends the use of digital tools that allow customers to receive personalized alerts and actively monitor the status of each account. These measures can be key to avoiding the loss of access to funds or unnecessary legal proceedings.
In an increasingly regulated financial environment, Bank of America reminds its users of the importance of keeping their accounts up to date and active. The warning also comes in the context of other changes recently implemented by financial institutions in the US, including modifications to money transfer platforms such as Zelle. Staying informed and taking action in time can be the difference between keeping or losing control over money.