Bank of America clarifies reports of account closures
NEW YORK (PIX11) -- Is Bank of America closing bank accounts? Yes, but it isn't a new practice.
A spokesperson for Bank of America refuted claims that the company is making new moves to close customers' bank accounts.
"There has been no announcement, no warning, no changes at Bank of America. Every bank is required to follow state laws on what to do with abandoned accounts," said the statement.
According to the Abandoned Property Law as outlined by the New York State Senate, any amount in a bank account that has been unclaimed for three years can be considered abandoned property.
That abandoned property can then be transferred to the New York State Comptroller’s Office of Unclaimed Funds and the bank account will be closed. The comptroller will hold those funds until they’re claimed by the rightful owners.
Bank of America may consider an account abandoned if it has not been accessed for three years or more, as outlined on its website. Customers may receive a letter with instructions on what to do to prevent their funds from being transferred to the state.
Dominique Jack is a digital content producer from Brooklyn with more than five years of experience covering news. She joined PIX11 in 2024. More of her work can be found here.