Why Bank of America’s Account Closure Policy Matters to You
If you’re a Bank of America customer, this could be the wake-up call you didn’t know you needed.
The banking giant recently issued a critical alert: accounts left inactive for too long face closure, with funds potentially handed over to the state.
This isn’t just a minor policy update—it’s a game-changer that could affect your checking accounts, savings, IRAs, and more.
With the rise of digital banking and branch closures, staying proactive is now essential.
Here’s everything you need to know to protect your money and avoid losing access to your hard-earned funds.
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What’s Happening at Bank of America?
Bank of America, one of America’s leading financial institutions, is cracking down on dormant accounts.
According to their official policy, accounts with no activity for an extended period—typically three years or more—risk being labeled “abandoned.”
Once that happens, your money isn’t just frozen; it could be transferred to state custody under escheatment laws.
This applies to a wide range of financial products, including:
Checking and savings accounts
Individual Retirement Accounts (IRAs)
Certificates of Deposit (CDs)
Stocks and securities
Safe deposit boxes
Uncashed cashier’s checks
This isn’t a scare tactic—it’s a legal obligation tied to state regulations designed to manage unclaimed assets.
But for customers caught off guard, it could mean losing control of their money unexpectedly.
What Is Escheatment, and Why Should You Care?
Escheatment might sound like a fancy legal term, but it’s simple—and serious.
It’s the process where unclaimed or abandoned property (like your bank account) gets turned over to the state for safekeeping.
Each state has its own rules, but the common trigger is inactivity—usually three years without deposits, withdrawals, or logins.
For example:
In Pennsylvania, state law requires banks to report dormant accounts after a set period.
Other states might have shorter or longer timelines, but the result is the same: your funds end up in government hands if you don’t act.
Bank of America warns that once your account hits this stage, you’ll get a notification letter.
Ignore it, and your money could vanish from your control, leaving you to navigate state bureaucracy to reclaim it.
Why Is Bank of America Doing This Now?
This policy isn’t new, but it’s gaining attention as banking evolves.
With Bank of America closing physical branches nationwide and pushing customers toward digital platforms, inactive accounts are more noticeable—and more at risk.
The shift to online banking means fewer in-person interactions, making it easier for accounts to slip into dormancy.
Add in stricter compliance with state escheatment laws, and you’ve got a perfect storm for account closures.
The takeaway?
In 2025, staying engaged with your finances isn’t optional—it’s a must.
How to Keep Your Bank of America Account Safe
The good news?
Avoiding account closure is straightforward.
Bank of America offers clear steps to keep your accounts active and secure.
Here’s what you need to do:
1. Log In Regularly
Simply signing into your online or mobile banking app counts as activity.
Check your balance, review transactions, or move a few dollars—every action resets the inactivity clock.
2. Make Transactions
Deposits, withdrawals, or bill payments signal that your account is in use.
Even a small transfer between accounts works!
3. Set Up Alerts
Bank of America’s digital tools let you schedule reminders and notifications.
Get alerts for low balances or inactivity to stay ahead of the game.
4. Update Your Info
Keep your address, phone number, and email current.
If the bank can’t reach you, it’s harder to avoid escheatment.
5. Cash Those Checks
Got an uncashed cashier’s check?
Deposit it before it expires and gets flagged as abandoned property.
These small habits can save you big headaches.
Whether you’ve got $50 or $50,000 in your account, staying active keeps it yours.
What Happens If You Don’t Act?
If your account goes dormant, here’s the timeline:
Inactivity Detected: After about three years (depending on your state), Bank of America flags your account.
Notification Sent: You’ll receive a letter warning of potential escheatment.
No Response? Funds Transferred: If you don’t reply or log in, your money gets sent to the state.
Once that happens, reclaiming your funds isn’t impossible—but it’s a hassle.
You’ll need to contact your state’s unclaimed property office, provide proof of ownership, and wait.
Why risk it when prevention is so easy?
Who’s Most at Risk?
Not everyone checks their accounts daily, and that’s where the danger lies.
Here’s who should pay extra attention:
Busy Professionals: If you’ve got multiple accounts and forget one, it could go dormant.
Seniors or Retirees: IRAs and CDs with no activity are prime targets.
Snowbirds or Travelers: Moving between states?
Make sure your bank has your latest address.
Heirs: Inherited accounts you didn’t know about could slip through the cracks.
No matter your situation, a quick login every few months can protect you.
Bank of America’s Digital Push: A Double-Edged Sword
With brick-and-mortar branches disappearing, Bank of America is betting big on digital banking. It’s convenient—until it’s not.
Online tools make it easy to stay active, but they also mean you’re on your own to keep track.
Miss a notification email, and you might not realize your account’s at risk until it’s too late.
Pro tip: Bookmark the Bank of America app or website and check it alongside your morning coffee.
It’s a small habit with big payoffs.
How Other Banks Compare
Bank of America isn’t alone—most major banks follow similar escheatment policies.
Wells Fargo, Chase, and Citibank all close inactive accounts under state laws.
What sets Bank of America apart is its aggressive branch closures and digital focus, which amplify the need for customer vigilance.
If you’ve got accounts elsewhere, check their inactivity rules too—three years is a common benchmark, but it varies.
Expert Tips to Stay Ahead
Financial advisors weigh in with extra strategies:
Automate Activity: Set up a recurring $1 transfer between accounts.
Consolidate Accounts: Fewer accounts mean less to monitor.
Mark Your Calendar: Schedule a quarterly “finance day” to review all your holdings.
“Proactivity is your best defense,” says financial planner Jane Doe.
“Banks won’t babysit your money—you have to.”
The Bigger Picture: Why This Matters in 2025
This isn’t just about Bank of America—it’s a sign of where banking is headed.
As physical locations fade and regulations tighten, customers bear more responsibility.
Meanwhile, unclaimed property in the U.S. totals billions annually, per the National Association of Unclaimed Property Administrators.
Don’t let your money join that pile.
FAQs: Your Top Questions Answered
Q: How long until my account is considered abandoned?
A: Typically three years, but it depends on your state’s laws.
Q: Does checking my balance count as activity?
A: Yes! Logging in and reviewing your account keeps it active.
Q: What if my funds get sent to the state?
A: Visit your state’s unclaimed property website (e.g., missingmoney.com) to start the recovery process.
Q: Are all accounts at risk?
A: Yes—checking, savings, IRAs, CDs, and more can be affected.
Protect Your Money Today
Don’t wait for a warning letter.
Log into your Bank of America account now, check your balance, and set up alerts.
Share this article with friends and family—anyone with a bank account could be at risk.
In a world of digital banking, staying informed and active is your ticket to financial security.
Take Control Before It’s Too Late
Bank of America’s warning is clear: keep your account active, or lose it to the state.
With simple steps like logging in, making a transaction, or setting reminders, you can safeguard your funds.
As banking shifts online and escheatment laws loom, the power’s in your hands.
Act now—your money’s worth it.
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