If you’re a Bank of America customer, here’s something you might want to be aware of.
The financial institution has announced that it will close some accounts if account holders don’t take certain proactive measures.
Tododisca reports how Bank of America issued an alert to its customers warning them that accounts deemed inactive will be shut down. The contents of these accounts will then be turned over to the proper entities.
“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,” reads the bank’s FAQ page.
“You will need to follow the instructions on your letter to contact the bank and prevent escheatment.”
As for what escheatment is exactly, Bank of America explains it’s essentially “the process of reporting and remitting abandoned/unclaimed property to the appropriate state agency for custodial safekeeping.”
Each state has its own escheatment laws: Pennsylvania’s, for one, dictate that financial institutions, utilities, medical institutions, and the like must report and potentially turn over property of value that is lost, forgotten, or held without activity for a certain period of time as well.
In order to prevent escheatment, Bank of America advises customers to log into and interact with the accounts they have on a regular basis.
