- US News. Is Chipotle going out of business? Here's the truth behind the rumors
- US News. USPS shakeup: Changes are coming that will make it take longer to receive mail deliveries
For Bank of America customers, staying informed about activity is more important than ever.
The financial institution has outlined specific circumstances under which s may be closed, particularly those that become inactive for an extended period.
How to prevent your Bank of America from being closed
The bank has informed that if an is classified as "abandoned," it may be restricted or even have its funds transferred to state custody under escheatment laws.
These regulations vary by state and are meant to manage unclaimed assets, but they can unexpectedly impact holders who are unaware of the requirements.
To prevent closure, Bank of America advises customers to take proactive steps to ensure their s remain active.
The bank typically considers an abandoned if there has been no activity for around three years.
When this happens, customers may receive a notification letter warning them of the potential consequences.
If they fail to respond or take action, their funds may be turned over to the state.
This policy applies not only to checking and savings s but also to Individual Retirement s (IRAs), Certificates of Deposit (CDs), stocks, safe deposit boxes, and even uncashed cashier's checks.
The simplest way to avoid this situation is by regularly logging into your and conducting transactions.
Bank of America recommends checking your balances, making deposits or withdrawals, or using digital banking services to show activity.
Setting up alerts and reminders through the bank's online platform can also help ensure that you remain engaged with your finances.
With more banking services shifting online, customers need to stay aware of changes to policies.
Bank of America has been closing multiple branch locations across the country, reinforcing the importance of digital banking tools.
By actively monitoring your s and using available banking services, you can prevent unnecessary complications and ensure uninterrupted access to your funds.