Avoid getting your account canceled! This bank's new requirement could affect you—here’s what to know
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Attention, valued members of The GrayVine community!
If you have an account with Bank of America, there’s an important update you won’t want to overlook.
The bank has introduced new policies that could impact certain accounts.
If yours hasn’t had much recent activity, you might need to take action to ensure continued access to your funds.
But don’t worry—we’re here to walk you through what’s happening and why it matters.
Most importantly, we’ll share simple steps you can take to keep your account secure and avoid any unnecessary disruptions.
Bank of America is enforcing stricter rules on dormant accounts, following state laws that govern unclaimed assets.
If an account goes unused for too long—typically three years or more—it could be marked as abandoned and transferred to state custody.
This applies not only to checking and savings accounts but also to Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), uncashed cashier’s checks, stocks, and even safe deposit box contents.
Each state has different regulations, but the bottom line is the same: banks are required to report and transfer inactive funds.
That’s why it’s essential to stay on top of your accounts and take action before it’s too late.
The good news? It doesn’t take much to prevent your account from being classified as inactive.
Here are a few simple ways to keep it in good standing:
To ensure your Bank of America account stays secure, here’s a quick checklist:
This policy shift is part of a broader trend of banking regulations and changes.
With updates to money transfer platforms and other financial policies, staying informed and proactive is more important than ever.
Read next: Is Biden’s decision on Jan. 6 pardons meaningless? Here’s what Trump is claiming
Have you ever had to deal with an inactive account? Do you have tips for keeping track of multiple accounts? Share your experiences and advice in the comments below—we’d love to hear from you!
If you have an account with Bank of America, there’s an important update you won’t want to overlook.
The bank has introduced new policies that could impact certain accounts.
If yours hasn’t had much recent activity, you might need to take action to ensure continued access to your funds.
But don’t worry—we’re here to walk you through what’s happening and why it matters.
Most importantly, we’ll share simple steps you can take to keep your account secure and avoid any unnecessary disruptions.
Stay informed about Bank of America's latest policy changes to ensure uninterrupted access to your account. Image Source: Pexels / Steve Pancrate.
Understanding the inactivity policy
Bank of America is enforcing stricter rules on dormant accounts, following state laws that govern unclaimed assets.
If an account goes unused for too long—typically three years or more—it could be marked as abandoned and transferred to state custody.
This applies not only to checking and savings accounts but also to Individual Retirement Accounts (IRAs), Certificates of Deposit (CDs), uncashed cashier’s checks, stocks, and even safe deposit box contents.
Each state has different regulations, but the bottom line is the same: banks are required to report and transfer inactive funds.
That’s why it’s essential to stay on top of your accounts and take action before it’s too late.
How to keep your account active
The good news? It doesn’t take much to prevent your account from being classified as inactive.
Here are a few simple ways to keep it in good standing:
- Make a small transaction – A deposit, withdrawal, or bill payment—even just once a year—can keep your account active.
- Log in regularly – Checking your balance through online or mobile banking helps maintain activity.
- Keep your contact details up to date – Make sure Bank of America has your current address and phone number so you don’t miss any important notices.
- Cash those checks – If you have outstanding checks, deposit or cash them before they expire.
- Use digital banking tools – Set up account alerts to stay informed about your balance and transactions.
Stay in control—log in regularly to keep your account active and secure. Image Source: Pexels / Marcus Aurelius.
Also read: Unlock free access to 225 exclusive venues with this little-known Bank of America cardholder perk
What you can do today
To ensure your Bank of America account stays secure, here’s a quick checklist:
- Review your accounts – Identify any that might be at risk.
- Take action – Make a transaction or update your details.
- Set reminders – Schedule calendar alerts for regular account activity.
- Stay informed – Keep an eye on bank updates so you’re always ahead of any changes.
This policy shift is part of a broader trend of banking regulations and changes.
With updates to money transfer platforms and other financial policies, staying informed and proactive is more important than ever.
Read next: Is Biden’s decision on Jan. 6 pardons meaningless? Here’s what Trump is claiming
Have you ever had to deal with an inactive account? Do you have tips for keeping track of multiple accounts? Share your experiences and advice in the comments below—we’d love to hear from you!
