News March 29, 2025 0 Comments

New Policy: Bank Of America Is Now Canceling All Accounts What Are The Updates?

Bank of America is now canceling all accounts. This means checking accounts, savings accounts, CDs, safety deposit boxes, credit cards. They are canceling all accounts if they do not meet one specific requirement. But guess what? It’s not just Bank of America. Bank of America is doing this and they publicly said this on their website.

Bank of America is doing this. Wells Fargo does this. Chase does this. Every single bank does what I’m going to tell you Bank of America just said they are doing. So if you have any money in a bank, if you have anything in a safety deposit box, anything in a CD, you need to be well aware of what banks could do to take your property, your assets, and give it to the state.

So I’m gonna break all this down in just a moment, explain what is going on and what most people have no clue is actually legal. So make sure you watch this entire video and I’ll explain exactly what is happening. But before I do, all I ask is one thing, takes two seconds, go ahead, hit that like button if you enjoy these daily updates and now let’s begin.

So just think, you wake up one morning And you are planning to go to the bank to get your money. But you realize the bank canceled your account, took your asset and gave it to the state. Yeah, it is legal. Look at this right here. This says Bank of America warns that it will cancel all accounts that do not meet this requirement. Says the warning was officially published on the bank’s website.

Bank of America said they are going to do this. Guess what? Wells Fargo’s already doing this. JPMorgan Chase is doing this. Citi’s doing this. Many regional banks have already started to do this. They are taking your hard-earned money, taking your assets, and transferring it right to the state. I want to show you what’s happening.

Look at this right here. It says Bank of America has issue. An important alert to its customers throughout the United States. The financial institution warned that it will take drastic measures against those accounts that are classified as inactive or abandoned. A decision that could end up or end with the blocking or transfer of funds to state custody. Yeah. Okay. So what would be classified as an inactive or abandoned account?

See, most of the time when people go through some, those are kind of people that that’s the kind of interviews I like. You know, I like to talk to people who’ve been through something and they speak from a different place on a different caliber when it comes down to, how deep their conversation is when it comes down to what they’ve been through.

Every single state is different, but if you do not go in and you don’t look at your account, you don’t spend any money, and I’m not talking about you get charged an account fee, right? That’s not active. Based off what they’re saying is if there’s prolonged period of inactivity, your account could be at risk of closure. I want to show you this.

Bank Of America Is Now Canceling All Accounts

It says, according to the bank, An account can be considered abandoned if there’s no activity for a long period of time, usually more than three years. However, there are some states that the inactivity period is one year, is 12 months. Let me keep reading this. It says the bank is obliged to notify the account holder and if no response is received, to transfer the money to the relevant state agency.

So they’re going to take your money, they’re gonna take your CD, they’re gonna take your safety deposit box contents and transfer it to the state agency. Yeah, how troubling is that? I wanna show you this though. Says the legislation of each state defines when the account is considered inactive and at what point we must transfer it to the state.

Says this measure not only affects checking and savings accounts, but also other financial products such as individual retirement accounts, so IRAs, certificates of deposits, uncashed cashier’s checks, securities, stocks, and safe deposit boxes. Now, I didn’t go through every single state, but just to give you a quick little heads up, the states or some of the bigger states that have a banking inactivity period of three years is New York, Nevada, Illinois, California, and Texas.

If you live in a state like Florida or Washington state where I live, the problem is a bank account is considered inactive after only 12 months of no customer initiated activity. That’s key. Customer initiated activity. After the 12 months, then it becomes dormant after No activity after 12 months to 24 months. That’s when it becomes dormant. That’s the concern. Here’s the deal. No customer initiated activity.

That means no transactions issued by you. That you are the one that initiated them. So like I said, if you are charged a fee for holding an account, that doesn’t work. That’s not a customer initiated activity. That’s a banking. initiated activity. So that would not count. So if you don’t go in and check your balance, even go to an atm machine, put your card in, check your your balance that’s all you have to do. Just some type of activity or transaction.

That’s it. Okay. You can also write a check. You can spend some money. Now I have accounts that i just put money into and let it sit. That just, again, And I don’t think I’m the most. I don’t think I’m the best when it comes to finances, but I’m definitely not the worst. But that’s just when I saw that this morning, that Bank of America is going to cancel accounts.

Financial Alert And New Policy

Well, that makes me question whether or not some accounts are still active. So I need to go and look into that, which I’ve already done. But this is the big thing. OK, and I want to show you what they recommend. This is bank recommendations to avoid being blocked. and here’s the thing why they say blocked instead of canceled. They will cancel your accounts, but after one year or after that inactivity period, they’re going to block your account, not cancel it.

They will block it, meaning you cannot access the funds okay you you have to go in and you gotta talk to somebody and i don’t go through all that hoopla and everything, but you know i’m glad i don’t have to do that, but here’s what they recommend so you avoid it being blocked. Make regular transactions in checking and savings accounts. Something simple.

Spend a little money, right? Move money from a checking account to a savings or vice versa. They also say frequently checking balances and activity through online and more mobile banking. Do this. Go pick up your phone. Check it. Okay. Yep. I got $5 in there. Perfect. State’s not getting that. You can update personal information, your address, your phone number.

In some cases, your Banks ask if you can update your income, update your marital status, things like that. Another one, cash checks and financial documents before they expire. Financial documents, cashier’s checks. So that’s what you can do. Here’s the reason why I’m bringing this to your attention right now. We are seeing so many different issues. Banks are trying to limit their risk.

Banks are also trying to limit their expenses by holding open tens of thousands of accounts, holding on to money or assets or a safety deposit box that nobody’s using. There’s no frequent activity. Banks don’t want that. So what they’re going to do is if there’s inactive accounts or dormant accounts, they’re going to push those off to the state agency.

So your state’s going to receive your assets. You’re going to have to then go through the state agency to try to get your assets back, try to get your money. That’s a problem. Now, I just wanted to share this with you because, again, we are seeing a lot of changes in the banking industry. And for Bank of America to come out and warn their customers that they are going to start canceling accounts, that’s troubling.

That means something is happening that Bank of America sees, but the rest of us, probably not. So, as we get more information on this, I promise I will bring you all the latest news and updates. But that is what we know as of today.