Bank of America customers are being warned that their accounts could be unexpectedly closed if they fail to meet specific activity requirements. The banking giant, which serves more than 69 million clients, is enforcing rules that could see accounts deemed 'abandoned' being shut down and funds transferred to state custody—often without customers fully realising the consequences.
According to Newsweek, Bank of America is legally obligated to close dormant accounts under escheatment laws, which require financial institutions to surrender inactive assets to the relevant state agencies for safekeeping. This measure is not exclusive to Bank of America but applies to all banks operating under US state laws.
