Overview

• Bank of America is notifying customers with accounts inactive for three or more years that their funds may be transferred to state custody under escheatment laws.
• Affected accounts include checking, savings, IRAs, CDs, uncashed cashier’s checks, stocks, and safe deposit boxes.
• Customers are encouraged to perform regular transactions, log in to accounts, and update personal contact information to avoid inactivity classification.
• If accounts are escheated, customers must follow their state’s unclaimed property process, providing proof of identity and ownership to recover funds.
• The bank’s actions align with state-specific escheatment laws, which vary in defining account inactivity and abandonment timelines.