Bank of America will close inactive accounts

Bank of America reported that it will close those accounts that it considers inactive, following the confiscation laws that govern each state, which could affect a wide range of financial products.

By The National

Through its website, the Financial Institution He warned that if the accounts do not show activity for a long time, they can be classified as abandoned.

«If you have not accessed your account for a prolonged period (usually 3 years or more), you could receive a letter informing you that your account is considered abandoned and could be transferred to the State according to the reversal laws,» he said.

It is important to remember that each State has its own regulations on when an account is considered inactive or abandoned, as well as the deadlines in which a financial institution must send the assets of a client.

If the client has not accessed the account for a long time, the assets that have been abandoned or claimed to the corresponding state agency for their custody will be reported and sent.

The assets susceptible to confiscation include balances in current and savings accounts, amounts in deposit certificates (CD) and anger, safety box content, cash checks and other non -negotiable official documents, in addition to values ​​such as actions, bonds and mutual funds.

What measures do you receive a notification of Bank of America?

If you are in this situation and receive a bank notice about your account considered abandoned, it is crucial to follow the instructions in the notification to communicate with them and avoid reversal. If you do not act after receiving the notice, your funds could be delivered to the State.

The bank recommends checking your balances regularly and logging frequently to keep your account active.