Bank of America account closed and you do not know why?
You are probably reading this post because your bank account was closed by the Bank of America, and you wondering why.
What have I done wrong?
First, you must have been notified before the closure.
No bank will close your account without prior notice.
This will be a bad move on their side, it may bring bad publicity.
They do not make money from a closed account.
To this end, they will try to contact you before closing your account.
Except they are not gaining from your account, to begin with, and no bank will want regulatory agencies investigating into their operation.
Therefore you should confirm that the addresses you have with your bank are all valid and updated, if there is an error here, there is a likelihood your account was closed because of such unverifiable information, such as your address.
You should also note that banks have the right to close an account at will without prior notice, this is usually the case if they suspect a fraudulent move and are not liable to provide further information to the account owner, at least it is not required by law.
That said, let’s consider the various reasons why the Bank of America must have closed your account.
Reasons why bank of America closed your account
Generally, there are two possible reasons why Bank of America must have closed your account.
— Unverifiable information: If your name or any other personal information closely matches another customer in the bank in such a way that multiple data are closely related.
This includes addresses and mailings, your account may be marked duplicate and except you can verify your identity your account may be closed.
It is whoever can verify their account before the given period as must have been previously communicated that got to keep their account.
— Fraudulent activities: your account may also be closed if the bank suspects any fraudulent activities that have gone against their terms of service or regulatory laws.
They may do this without prior information and with little or no investigation.
Therefore you need to be careful of how you use your bank account to avoid the hassle of your account being closed.
What to do if your BOA account is closed
Once your account got closed, you have fewer options left, you should contact your bank to enquire why the decision was made, and if the issue is not resolved.
- Stop any automatic transactions to your account
- Inform your boss to stop sending your salary to that particular account
- Create a new bank account with another bank and direct every future transaction to the new account.
So what happens next?
You may be wondering what will be the fate of your funds in the closed account.
The bank won’t have the right to withhold your fund once your account has been closed, it will be returned back to you.
The bank will issue a check to you, containing the remaining balance, and if you have an outstanding overdraft or fee, it may be deducted.