Bank of America Warns Customers of Account Closures Under Escheatment Laws

The bank is notifying customers with inactive accounts and urging them to take action to avoid state-mandated transfers of funds.

Bank of America is actively notifying customers whose accounts have been inactive for three years or more, warning of potential classification as abandoned under state escheatment laws.
Escheatment laws require financial institutions to transfer unclaimed or abandoned assets, including checking accounts, IRAs, CDs, and safe deposit boxes, to state custody after a set period of inactivity.
Customers are encouraged to regularly log in, check balances, and make transactions to maintain active account status and prevent escheatment.
Warning letters sent by the bank provide instructions for customers to contact Bank of America and prevent their accounts from being closed or funds transferred.
If accounts are escheated, customers can recover their funds by following their state's unclaimed property process, which typically involves providing proof of identity and ownership.