Bank of America has issued essential guidelines for customers to help them avoid their accounts being labeled as abandoned property. Accounts that show signs of inactivity for extended periods, often more than three years, are at risk of being classified as abandoned and subsequently turned over to the state. This process is called escheatment, and it can result in the loss of access to your funds if not managed properly. However, the bank provides several proactive steps for customers to keep their accounts active and safeguard their assets from this process.

The most important advice from Bank of America is to log into your online banking account regularly. By doing so, customers can monitor their account balances and transactions, which is key to ensuring their account does not become flagged for inactivity. In addition to logging in regularly, the bank encourages users to perform at least one transaction on their accounts—whether a deposit, withdrawal, or payment. Regular activity can include something as simple as transferring funds between accounts or making purchases using a debit or credit card associated with the account. Such actions are crucial in signaling to the bank that the account is still in use and helps avoid being categorized as abandoned.

Updating personal information is another important step to keeping your account active. Bank of America advises customers to ensure that their contact details, such as their address and phone number, are current. When the bank cannot reach an account holder due to outdated contact information, there is a higher risk that important notifications about account status, such as warnings about inactivity, will be missed. Furthermore, customers should be mindful of the expiration dates of any financial documents, such as checks or official items. Cashing or depositing these documents before they expire ensures that your account remains active and avoids unnecessary complications.

Bank of America also offers a suite of digital tools that can help customers monitor and maintain the status of their accounts. These tools include personalized alerts, which can notify users about low balances, upcoming transactions, or account activity. By leveraging these digital solutions, account holders can stay on top of their finances and reduce the chances of missing important actions required to keep their accounts in good standing.

For those who have received a notification about an inactive account, it is crucial to follow the instructions provided by the bank. If an account is flagged for inactivity, customers can often prevent it from being classified as abandoned by reaching out to the bank and taking necessary steps to reactivate or update the account. Failure to do so may result in the funds being transferred to the state under escheatment laws. Once an account has been escheated, the original account holder loses direct access to the funds, as they are transferred to the state's unclaimed property division. If your account has been escheated, there is still hope. Bank of America explains that customers can recover their funds by going through the state’s unclaimed property process. This process typically involves proving ownership of the account by providing necessary documentation, such as valid ID and account statements. After the state verifies the claim, the funds can be returned to the rightful owner. While this process can be time-consuming, it is the best way to reclaim assets lost through the escheatment process.

Bank of America’s efforts to educate customers about account safekeeping are part of a broader initiative to help individuals avoid losing access to their money due to inactivity. Customers who follow these simple guidelines can maintain active status on their accounts and ensure that their funds remain secure. It is important to note that these steps are not only applicable to checking and savings accounts but also to other types of accounts, including CDs, IRAs, and even safe deposit box contents.

Staying active with your bank account, ensuring personal information is up to date, and using available digital tools to monitor account activity are key strategies for avoiding escheatment. For those who find themselves with an escheated account, the recovery process is manageable as long as they provide the necessary proof of identity and ownership. By taking proactive measures, Bank of America customers can continue to manage their accounts confidently and without fear of losing access to their funds.