All customers in the U.S. have received a final warning from Bank of America: dormant accounts will be shut down in April. The bank has maintained that this is by no means a new policy; rather, it is a regular bank practice in keeping with prevailing state statutes. ‘There has been no announcement, no warning, no change. Every bank is obligated to comply with state law concerning abandoned accounts,’ the bank declares.
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Under the Abandoned Property Law in the State of New York, if an account has not been operated in any respect—whether through deposits, withdrawals, logins, or any other type of transactions—for three years straight, then the account may be classified as abandoned. When this status is triggered, the funds of this account are transferred to the New York State Comptroller’s Office of Unclaimed Funds, which will hold onto them until the rightful owner makes a claim for them.
Which accounts are under threat?
Bank of America customers with savings accounts, checking accounts, IRAs, CDs, safe deposit boxes, cashier’s checks, unclaimed dividends, stocks, bonds, and any other financial assets that have been inactive for at least three years are on the verge of losing access. Once officially labeled as dormant, the bank will close the account and turn over the contents to the state.
In addition, they want to stress that a simple deposit, logging into your online account, setting up autopay, or just using your debit card would easily allow you to keep your account from going dormant.
Movement to digital banking
This unfortunate situation coincides with Bank of America decreasing its physical presence in view of the advances in digital banking. By 2025, the bank plans to close even more branches across the country, still an advance further with the decline in in-person visits and the surge in mobile banking after the COVID-19 pandemic.
In 2023, the U.S. sustained the greatest bank closure activity since the 2008 financial crisis, drawing attention to the future of brick-and-mortar branches. Parallel to this, the public is quickly becoming comfortable using digital financial tools. Article breaks down banking development.
Customer action is vital
Bank of America is under no obligation to notify you about the closure of a dormant account; however, it has said it will attempt to reach out to affected customers. If not, the funds will be turned over to the state, as per existing law.
To avoid further complications and the inconvenience of retrieving funds later, all customers are encouraged to take prompt action. Even an infinitesimal transaction will reactivate the account and keep it current.
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Future outlook
With dormant accounts being closed, Bank of America reminds customers to stay engaged with their financial matters as they work to stay on the cutting edge of modern banking and legal compliance. Just a transaction or login will go a long way in making sure no unnecessary trouble follows.
The message is quite clear: if you haven’t used your Bank of America account in three years, act immediately before you lose your rights in April.
