There are a few reasons that Bank of America may close an account. These reasons could include, but are not limited to, a lack of activity, a customer’s credit score being below 620, or if the account is in violation of Bank of America’s terms and conditions.
Banks have a lot of flexibility in deciding whether or not to freeze or close accounts on an individual basis. You signed a customer contract when you opened your checking or savings account, and banks usually include provisions in these agreements allowing them to restrict or terminate your account at any time, for any reason or no reason.
A bank may close your account for a variety of reasons, including the fact that it doesn’t anticipate to make money from it or because it is concerned about being held responsible for any unlawful or money-laundering activity you might be engaged in. Because there is no requirement for evidence, the bank does not need proof. May 29, 2021
Send a letter to Bank of America, FL1-300-01-29, PO Box 25118, Tampa, FL 33622-5118. Make sure the letter is signed by all account owners and specifies how you want your funds paid out if any are left in your accounts.
