Photo: Flickr / aeviin
A few of the 5.6 million people who left their big banks last fall found it may take a while to escape the bank they thought they ditched.Some Bank of America customers have complained the bank reactivated their dead accounts, The Huffington Post’s Catherine New reports.
The bank says it only reactivates accounts if they receive electronic debits or credits, like an automatic bill payment.
“If we receive something, we may reopen the account to accept the item, and the account may be subject to associated fees,” Betty Reiss, a Bank of America spokeswoman, told The Huffington Post. “We remind [customers of that] when they are closing the account.”
Chase has also been reported to reactivate dead accounts, and warns customers of its ability to do so in the fine print of its policies.
Reactivating accounts can have consequences for the customer down the road as they might not realise until later that they’ve been hit with overdraft fees and other charges.
Last month Bank of America reported it experienced a 20 per cent jump in account closings for debit fees. But there’s no indication that they will change this policy soon.