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Zombie Accounts Will Now Stay Dead At Bofa

By Cornelius Nunev

Bank of America claims it will put a figurative bullet in the brain of its so-called “zombie accounts,” to keep them dead permanently. It will no longer accept electronic credits or debits to accounts that have already been closed, generating charges and other issues for ignorant customers.

No more zombie accounts around

All accounts that have been formerly closed and are still sending electronic transactions for one reason or another at Bank of America will no longer be revived.

The term “zombie account” was coined in a May report in Consumers Union. The post, Trapped at the bank, denounced the practice, saying it is one of the issues that make switching banks difficult for some customers.

According to Consumers Union, B of A and Chase were the only two large banks who participated in reviving old accounts like this, and B of A has finally decided to quit the practice. Account holders have to pay unpredicted maintenance fees and fines when a dead account is reopened without any notice.

Only switching banks

The problem occurs when customers are not switching banks properly, according to Bank of America spokeswoman Betty Riess:

“As always, we remind customers to allow time for outstanding items to clear the account, and make changes to automatic payments and credits before closing the account.”

A lot of consumers wanted to switch banks when they found out B of A was going to be charging debit card charges, but a lot of them didn’t. in fact, 20 percent of Americans wanted to switch banks in the last year, according to Consumer Reports. The problem is that 63 percent of them had to deal with the issue of transferring electronic payments, and that was too difficult for a lot of people to deal with.

More to do

Suzanne Martindale, staff attorney for Customers Union, applauded the move by B of A, but said it is the tip of the iceberg:

“While this is a welcomed change in policy, consumers at Bank of America and other banks continue to face a myriad of obstacles that can make switching to a new financial institution a time-consuming mess. That’s why we need Congress and the Consumer Financial Protection Bureau to enact reforms that make it easier for consumers to move their money.”

Consumers Union has pressured Congress and the CFPB to consider certain policy changes to make switching banks an easier matter for customers. Among those are the adoption of portable account numbers that can transfer between financial institutions, reducing check hold times, and prohibiting unfair penalty fees.

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Article Citation
MLA Style Citation:
Nunev, Cornelius "Zombie Accounts Will Now Stay Dead At Bofa." Zombie Accounts Will Now Stay Dead At Bofa. 8 Apr. 2014. uberarticles.com. 3 Aug 2014 <http://uberarticles.com/business/zombie-accounts-will-now-stay-dead-at-bofa/>.

APA Style Citation:
Nunev, C (2014, April 8). Zombie Accounts Will Now Stay Dead At Bofa. Retrieved August 3, 2014, from http://uberarticles.com/business/zombie-accounts-will-now-stay-dead-at-bofa/

Chicago Style Citation:
Nunev, Cornelius "Zombie Accounts Will Now Stay Dead At Bofa" uberarticles.com. http://uberarticles.com/business/zombie-accounts-will-now-stay-dead-at-bofa/


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