Is your Bank of America account feeling a little neglected? Perhaps you've opened it for a specific purpose and then haven't touched it in a while. Whatever the reason, it's crucial to understand how to keep your Bank of America account active to avoid potential fees, account closure, or even having your funds escheated (turned over to your state's unclaimed property division).
This comprehensive guide will walk you through everything you need to know to ensure your Bank of America account remains in good standing. Let's dive in!
Step 1: Understand the "Why" – Why Does Account Activity Matter?
Before we get into the "how," let's quickly understand why banks, including Bank of America, care about account activity. It's not just to be difficult; there are legitimate reasons:
- Inactivity Fees: Many banks charge fees for accounts that sit dormant for too long. These fees can slowly erode your balance.
- Account Closure: If an account remains inactive for an extended period (typically several years), the bank may deem it "abandoned" and close it.
- Escheatment: This is the legal process where unclaimed funds from abandoned accounts are turned over to the state. While you can typically reclaim these funds from the state, it's a much more involved and time-consuming process than simply keeping your account active.
- Security: Active accounts are generally more secure. Regular monitoring helps detect unauthorized activity quicker.
Are you ready to take control of your Bank of America account and ensure it stays active and healthy? Let's move on to the practical steps!
Step 2: Master the Basics: What Constitutes "Activity"?
The most fundamental way to keep your Bank of America account active is to perform customer-initiated transactions. While the exact definition of "inactivity" can vary, generally, any of the following actions will count as activity:
Sub-heading 2.1: Financial Transactions
- Deposits: This is one of the easiest ways.
- Direct Deposit: Setting up your paycheck, pension, or government benefits to automatically deposit into your account is a fantastic way to ensure continuous activity.
- Mobile Check Deposit: Use the Bank of America mobile app to deposit checks from almost anywhere.
- ATM Deposits: Deposit cash or checks at Bank of America ATMs.
- Teller Deposits: Visit a Bank of America financial center to deposit funds with a teller.
- Withdrawals:
- ATM Withdrawals: Using your debit card to get cash from an ATM.
- Debit Card Purchases: Making purchases with your Bank of America debit card (online or in-store).
- Teller Withdrawals: Withdrawing cash at a Bank of America financial center.
- Transfers:
- Online/Mobile Transfers: Transferring funds between your Bank of America accounts (e.g., from checking to savings) or to external accounts at other financial institutions.
- Zelle® Transfers: Sending or receiving money through Zelle® via the Bank of America app.
- Payments:
- Online Bill Pay: Using Bank of America's online bill pay service to pay your bills.
- Automatic Payments/Debits: Setting up recurring payments from your account (e.g., for utilities, subscriptions, or loan payments). Ensure you have sufficient funds to cover these to avoid overdrafts!
Sub-heading 2.2: Non-Financial Activity (Important, but Less Direct for "Active" Status)
While primarily financial transactions determine account activity, engaging with your account in other ways is also beneficial and shows you're attentive:
- Logging into Online or Mobile Banking: Regularly checking your balance and transaction history. This is a good habit for financial hygiene anyway!
- Setting up Alerts: Configure Bank of America alerts for low balances, large transactions, or unusual activity. This demonstrates engagement and helps you monitor your account.
Step 3: Be Mindful of Minimum Balance Requirements
Beyond just activity, some Bank of America accounts have minimum balance requirements to avoid monthly maintenance fees. While not directly related to preventing account closure due to inactivity, failing to meet these can lead to fees that drain your account, making it more susceptible to eventual closure if the balance drops to zero.
- Check your specific account type: Different Bank of America checking and savings accounts have varying minimum balance requirements or other ways to waive fees. For example:
- Bank of America Advantage Savings accounts may waive the monthly maintenance fee if you maintain a minimum daily balance of $500 or more.
- Bank of America Advantage Plus Banking might waive the monthly maintenance fee if you maintain a minimum daily balance of $1,500 or more, or have at least one qualifying direct deposit of $250 or more.
- Always refer to the Personal Schedule of Fees for your specific account type. You can usually find this on the Bank of America website or by logging into your online banking.
Step 4: Set Up Notifications and Regular Reviews
Proactive monitoring is key to keeping your account active and healthy.
Sub-heading 4.1: Utilize Bank of America Alerts
- Low Balance Alerts: Get notified if your account balance falls below a certain threshold. This helps you prevent overdrafts and ensures you're aware of your funds.
- Activity Alerts: Set up alerts for specific transaction types (e.g., any debit, large deposits, or withdrawals).
- Security Alerts: These are crucial for protecting your account from fraud.
How to set up alerts: You can typically do this through the Bank of America mobile app or online banking. Look for an "Alerts" or "Notifications" section.
Sub-heading 4.2: Schedule Regular Account Reviews
- Monthly Check-ins: Make it a habit to log into your online banking or mobile app at least once a month. Review your transactions, reconcile your statements, and check your balance.
- Calendar Reminders: Set a recurring reminder on your phone or calendar to perform a quick check on your Bank of America account.
Step 5: Update Your Contact Information
An often-overlooked but crucial step! If Bank of America needs to contact you about your account's status (e.g., if it's becoming dormant), they need current contact information.
- Address: Ensure your mailing address is up-to-date.
- Phone Number: Keep your primary phone number current.
- Email Address: Verify your email address is correct and that you check it regularly.
How to update your information: You can typically update your contact information by logging into Bank of America Online Banking or by visiting a financial center.
Step 6: Consider the "Dormancy" Period and Escheatment
Bank of America, like all financial institutions, is subject to state escheatment laws. If your account remains inactive for an extended period (often 3-5 years, depending on the state), it may be considered abandoned and its funds turned over to the state.
- Don't ignore communications: If Bank of America sends you a letter regarding your account being considered abandoned or potentially escheated, act immediately. These letters will provide instructions on how to prevent this from happening. Typically, contacting the bank and performing a transaction will suffice.
- Understand the process: While escheatment is a legal requirement, it's designed to protect unclaimed funds. However, it's always better to prevent your account from reaching this stage.
By following these steps diligently, you can ensure your Bank of America account remains active, accessible, and free from unnecessary fees or closure. Keeping your finances organized is a sign of true financial mastery!
10 Related FAQ Questions
How to Check My Bank of America Account Balance?
You can easily check your Bank of America account balance by logging into your Online Banking account or through the Bank of America Mobile Banking App. You can also check it at a Bank of America ATM or by calling customer service.
How to Make a Deposit to My Bank of America Account?
You can make a deposit to your Bank of America account via Mobile Check Deposit (using the app), Direct Deposit (setting up automatic transfers from your employer or payer), at a Bank of America ATM (cash or checks), or by visiting a financial center and making a deposit with a teller.
How to Transfer Money Between My Bank of America Accounts?
Log in to Bank of America Online Banking or the Mobile Banking App. Navigate to the "Transfer" section, select the accounts you wish to transfer between, enter the amount, and confirm.
How to Set Up Alerts for My Bank of America Account?
You can set up custom alerts for your Bank of America account by logging into the Mobile Banking App or Online Banking. Look for an "Alerts" or "Notifications" section, where you can choose to be notified about balance changes, transactions, and more via mobile notification, email, or text.
How to Update My Contact Information with Bank of America?
To update your address, phone number, or email address, log in to Bank of America Online Banking and navigate to your profile or settings. You can also visit a Bank of America financial center for assistance.
How to Avoid Monthly Maintenance Fees on My Bank of America Account?
Monthly maintenance fees can often be waived by meeting specific criteria, such as maintaining a minimum daily balance, having qualifying direct deposits, or being a Preferred Rewards member. Check the "Personal Schedule of Fees" for your specific account type for exact requirements.
How to Find My Bank of America Account Number?
You can find your Bank of America account number by logging into Online Banking. Select your account from the "Accounts Overview" page, then go to the "Information & Services" tab, where your account number can usually be displayed. It's also typically found on your bank statements.
How to Send Money Using Zelle® with Bank of America?
Enroll in Zelle® through your Bank of America Mobile Banking App or Online Banking. You'll need the recipient's U.S. mobile phone number or email address to send money directly from your eligible checking or savings account.
How to Tell if My Bank of America Account is Dormant?
If your Bank of America account has had no customer-initiated activity for an extended period (typically several years, but this can vary by state law), it may be considered dormant. Bank of America usually sends a letter to your last known address before an account is deemed abandoned and potentially escheated to the state.
How to Reclaim Funds from an Escheated Bank of America Account?
If your Bank of America account funds have been escheated to the state, you will need to contact your state's unclaimed property division. They will have a process for you to verify your identity and claim your funds. It's best to prevent escheatment by keeping your account active.
