Reports are circulating that Bank of America accounts are being shut down without warning, sparking panic among customers. Some claim they suddenly lost access to their money, with no explanation from the bank.
Customers Shocked by Sudden Closures
Social media has exploded with complaints from frustrated users. Many say they logged in only to find their accounts restricted. For some, it took days to get answers or access their funds.
While the bank hasn’t confirmed widespread closures, its official policies allow account termination under certain conditions. One of the top reasons? Inactivity.
What Happens When an Account Is Inactive?
According to Bank of America’s website, if an account sees no activity for three years, it can be considered abandoned. Once that happens, the bank may freeze access and eventually hand over the funds to the state.
Customers are usually notified via letter before the bank turns over funds. This process, known as escheatment, is required by law in all U.S. states.
Escheatment: Where Does the Money Go?
Escheatment involves transferring unclaimed money to a state agency. It covers not only bank accounts, but also IRAs, CDs, stocks, and even the contents of safe deposit boxes.
Bank of America must comply with these state laws. If you don’t respond to a notice, your assets could end up in state hands.
Bank of America accounts: Immigrants Say They Were Targeted
Lately, reports suggest some immigrant account holders are facing sudden closures too. Some customers, including naturalized citizens, say they were asked for extra documentation without warning.
Media outlets like The Sacramento Bee and Miami Herald have reported several such cases. Critics argue these practices unfairly target immigrant communities.
Advocacy Groups Raise Alarm
Organizations like the California Reinvestment Coalition claim many immigrants have had accounts frozen. Some went days without access to their money.
Petitions are circulating, urging Bank of America to change how it handles verification and closures. Despite this, the bank insists its policies remain unchanged.
What the Bank Says
Bank of America has said there’s been no policy shift on account verification. However, they haven’t directly responded to individual complaints, raising more questions than answers.
Recent tech glitches and political backlash have only added fuel to the fire. A major outage earlier this year showed some customers incorrect balances, deepening distrust.
How to Keep Your Account Safe
Bank of America urges customers to keep their accounts active. Here’s what you can do:
- Log in regularly
- Make deposits or withdrawals
- Update contact info
- Redeem maturing CDs
- Use mobile alerts
By staying active, you lower the chance of losing access or facing escheatment.
The Bottom Line
The focus keyphrase here is clear: “Bank of America accounts.”
If you have one, now’s the time to double-check its status. While official policies haven’t changed, real-life stories show account holders are being caught off guard.
Better safe than sorry. Stay active, stay informed, and keep your financial future in your own hands.
