Imagine thinking everything is fine with your bank account and then suddenly your bank decides it’s not. That’s what sometimes happens, because having an active bank account doesn’t always mean having a secure and accessible one. Every year, thousands of people in the United States discover that their funds have been transferred to the government without anyone touching them… Our worst nightmare, and the reason is simple: they were accounts marked as inactive. Now, Bank of America has launched a campaign to warn its customers about what could happen if they don’t act in time. Do you want to lose your money?!
What’s going on with the accounts at Bank of America?
The problem isn’t having little money, but not moving it. Many people go years without making any transactions in their bank accounts and, in the eyes of the bank, that can be considered inactive (even if you know that money is just sitting there waiting for you). If too much time passes, they might even think it’s an abandoned account.
Bank of America, just like other entities such as Citi or Wells Fargo, is stepping up its controls to comply with state regulations, and among the steps they’ve started to take is sending direct notices to people whose accounts haven’t been used (which the bank itself has marked as inactive).
The warning is pretty clear: if there are no signs of life, it’s time to close the account and transfer the funds to the state agency. And yes, if you’re wondering, it’s legal.
Is my account at risk?
No, not if you use it regularly. Beyond withdrawing money, logging in to check your balance or making transfers, there are people who leave their accounts gathering cobwebs. If you use your bank account regularly, log in, make transfers, or send instant payments, you’ve got nothing to worry about. In fact, if you do get the notification, just log into your digital banking app and make a purchase or any movement, and that’s it, problem solved!
Which accounts are being closed?
This measure isn’t just affecting checking or savings accounts. It also includes certificates of deposit, joint accounts that are no longer used, safety deposit boxes, or even checks that were issued but never cashed. People often forget about these accounts because they’re not part of their regular financial activity. But that doesn’t stop the system from flagging them.
How can I stop my account from being closed?
Like we said earlier, it’s simple, just do something. Transfer a little money from one account to another, make a purchase with that card, make a deposit, or log into the bank’s app. Any sign of life will get you off the bank’s list for account closures, because it proves there’s someone actively claiming that money as theirs.
It’s also very important to keep your personal information up to date. If the bank tries to contact you and can’t, it’s much more likely they’ll start the closure process. So, if you change your address, last name, or phone number, update it with your bank as soon as possible.
What happens if your account is closed?
If you’ve received a notice from the bank about account closure and didn’t take action, your money might end up in the hands of the state. And at that point, it’s much harder to get it back because it’s a bureaucratic process that requires filling out a bunch of forms, submitting them, and waiting for a resolution, something you could’ve avoided with two simple clicks.
Are they a security risk?
It’s generally believed that these types of accounts are more vulnerable to fraud and unauthorized access, mainly because if no one is monitoring them, it’s much easier for someone to misuse them without the account holder even noticing.
This measure isn’t just from Bank of America, it seems like all the banks have agreed to focus their attention on inactive accounts. Check, update, and activate your bank account because you don’t want to lose your money, even if it’s not a lot.