Bank of America Closing Accounts: Customers in Shock
Find out why accounts are closing and how to keep yours safe!
Recently, some people have found that Bank of America is closing their accounts. This can be confusing and stressful. But don’t worry! We’ll explain why this happens and how you can keep your account safe.
Why Does Bank of America Close Accounts?
There are a few reasons why the bank might close an account:
- No Activity – If you don’t use your account for a long time, the bank may think you don’t need it anymore.
- Unusual Transactions – If the bank sees strange activity, they may close the account to stop fraud.
- Breaking Rules – If an account doesn’t follow the bank’s rules, it might be shut down.
What Happens When an Account is Inactive?
Bank of America Closing Accounts If you don’t use your account for a few years, the bank may mark it as “abandoned.” After that, the money in your account could be sent to the state. This is called escheatment. Getting your money back from the state can take a long time, so it’s best to keep your account active!
https://youtu.be/5uZBr_CtCkk?si=azHKtfoivm9k4-VB
How to Keep Your Account Active
Here are some easy ways to keep your account from being closed:
- Log In Often – Even if you don’t need to, check your online banking account now and then.
- Use It Regularly – Try to make a small deposit or withdrawal once in a while.
- Set Up Direct Deposit – Having your paycheck or benefits go into your account keeps it active.
- Use Online Banking Tools – Banks offer apps and alerts to help you stay connected to your account.
Other Reasons for Account Closure
Besides inactivity, Bank of America Closing Accounts if:
- Too Many Overdrafts – If you spend more money than you have too often, the bank might close your account.
- Bounced Checks – If your checks don’t go through many times, the bank may close your account.
- Fraud Warnings – If the bank thinks your account is being used for fraud, they might close it for safety reasons.
Most of the time, banks don’t tell the full reason for closing an account, but they must follow the law to keep accounts safe. (Read More)
What to Do If Your Account Is Closed
If your account is closed, here’s what you should do:
- Call the Bank – Ask why your account was closed and see if you can fix it.
- Check Your History – Look at your past transactions to see if anything looks wrong.
- Update Your Info – Make sure the bank has your correct phone number and email.
- Get Your Money – Ask the bank how you can get your remaining balance back.
If your account was closed for inactivity, you may be able to reopen it if you act quickly!
FAQs
Q: How can I stop Bank of America from closing my account?
A: Use your account often! Log in, deposit money, or set up direct deposits to keep it active.
Q: What should I do if I get a notice that my account might be closed?
A: Call the bank right away and ask what you need to do to keep it open.
Q: Can a bank close my account without telling me?
A: Yes, but they usually try to contact you first. If you haven’t checked your account in a while, log in to see if you have any messages.
Q: How do I get my money if my account is closed?
A: The bank may send you a check or transfer the money to another account. Call them to find out your options.
Q: Does Bank of America charge a fee for inactive accounts?
A: Some accounts have maintenance fees, but you can often avoid them by using the account regularly.
Stay informed and keep your bank account safe by using it regularly!