Bank of America has clarified the reasons for labeling accounts as “abandoned” and has provided guidance to customers on how to maintain active status to avoid potential issues.
Why Is Bank of America Closing Accounts?
Recently, many customers have reported that their Bank of America (BoA) accounts were closed unexpectedly, with some receiving notices that their accounts were marked as “abandoned” or “inactive.” This has raised concerns among account holders who rely on the bank for daily transactions, savings, and direct deposits.
The bank has since clarified the main reasons why an account may be classified as abandoned, which include:
- Extended Inactivity: If an account has not been accessed or used for an extended period (varies by state, but generally 3-5 years), it may be flagged as dormant or abandoned.
- No Deposits or Withdrawals: Accounts with no transactions, even if they have a balance, might be marked inactive.
- Unclaimed Funds Regulations: In compliance with state laws, financial institutions must report and transfer unclaimed money from inactive accounts to state unclaimed property programs.
- Returned Mail or Contact Issues: If BoA is unable to reach an account holder due to outdated contact details, the account might be flagged.
How to Prevent Your Bank of America Account from Being Marked as “Abandoned”
To keep your Bank of America account active, follow these key steps:
1. Perform Regular Transactions
BoA suggests making at least one transaction every 12 months to ensure that an account remains active. Transactions can include:
- Deposits (direct deposit, check deposits, or cash deposits)
- Withdrawals (ATM, online banking, or branch transactions)
- Online bill payments or transfers
2. Keep Your Contact Information Updated
Ensure that your email, phone number, and mailing address are up to date with BoA to avoid missed notifications. You can update your details through:
- Bank of America’s website (www.bankofamerica.com)
- BoA mobile banking app
- Visiting a local branch
3. Log Into Your Online Banking Account
Even if you don’t need to make transactions frequently, logging into your online banking account once every few months can help prevent inactivity status.
4. Set Up Direct Deposits or Recurring Payments
- If you receive paychecks, pensions, or government benefits, set up direct deposit to ensure regular account activity.
- Setting up automatic bill payments (utilities, subscriptions, credit card payments) can also help keep the account active.
5. Respond to Bank Notices Promptly
If you receive an email, letter, or call from Bank of America regarding inactivity, take immediate action. Follow the instructions provided to confirm activity and prevent closure.
What to Do If Your Account Is Already Marked as Abandoned?
If your BoA account has been flagged as abandoned:
- Contact Bank of America Customer Support – Call 1-800-432-1000 or visit a local branch to verify your account status.
- Provide Required Verification – You may need to verify your identity and confirm recent transactions.
- Request a Reactivation (If Possible) – If the account is inactive but not yet transferred to the state, BoA may allow reactivation.
- Check Your State’s Unclaimed Property Website – If your funds have already been transferred, visit www.unclaimed.org to reclaim your money.
While Bank of America follows legal guidelines in marking accounts as abandoned, customers can take simple preventive steps to keep their accounts active. By making periodic transactions, updating contact details, and setting up direct deposits, you can avoid unexpected closures and ensure continued access to your funds.
For further details, visit Bank of America’s official website or check out their customer support page for the latest updates on account policies.
