If you have an inactive account at the Bank of America beware. You could be in danger of losing access to your money.
According to rules on the financial institution’s official FAQ page on its website, the bank will close accounts it determines are inactive per state escheatment laws, which could cover several different services ranging from checking accounts to uncashed cashier checks.
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“If you have not accessed your account for an extended period (typically 3 years or more), you may receive a letter from us letting you know your account is considered abandoned and may be turned over to the state under escheat laws,” BOA states on its official FAQ page. “You will need to follow the instructions on your letter to contact the bank and prevent escheatment.”
Per a report in The Mirror, that warning covers several different financial products, including both savings and checking accounts, IRAs, CDs, stocks, safety deposit boxes and uncashed cashier checks.
However, each state has its own rules regarding inactive accounts and when banks must surrender funds in such accounts to the state, the financial institution explains on its website.
With that in mind, the bank encourages its customers to regularly log into their accounts and check their balances to keep their accounts active.
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