{
}
Concerns have arisen regarding the potential for Bank of America to unexpectedly cancel customer accounts. Factors contributing to this risk include account inactivity, suspicious transactions, and failure to comply with bank policies. Customers are advised to stay informed and maintain regular account activity to mitigate these risks.
Bank of America CEO Brian Moynihan has reaffirmed the bank's commitment to significant investments in advanced technology, aiming for "responsible growth." With annual spending reaching $4 billion, he emphasized the importance of growth without excuses, a strategy he has championed since 2010.
Bank of America has sold HCA Healthcare stock for $79,816, while also purchasing shares totaling $88,208. HCA Healthcare, currently trading at $342.37, has a market cap of $84.38 billion and a strong buy consensus from analysts. The company recently announced a $5.25 billion public offering of senior notes and secured an $8 billion unsecured credit agreement to enhance financial flexibility. Additionally, board member Meg G. Crofton will retire from the Board of Directors in April 2025.
Bank of America has issued a warning to customers about account cancellations due to inactivity, stating that accounts deemed "abandoned" after three years may be blocked or have funds transferred to state custody. To avoid this, customers are encouraged to regularly log in and set up alerts to monitor their account activity. The bank's policy aligns with state laws regarding unclaimed assets, which apply to various account types, including savings and retirement accounts.
Arizona State Retirement System increased its stake in Bank of America by 0.5%, now owning over 2 million shares valued at $89.15 million. Keybank National Association OH and Charles Schwab Investment Management also boosted their holdings, with institutional investors owning 70.71% of the stock. Bank of America reported a 2.8% decline in stock price, with analysts maintaining a "Moderate Buy" rating and a consensus price target of $48.45.
Startup founder Charlie Javice was found guilty of defrauding JPMorgan Chase by creating fake customer data to sell her financial aid company, Frank, for $175 million. The jury deliberated for about four hours after a six-week trial, where prosecutors argued that Javice and co-defendant Olivier Amar misled the bank about Frank's customer base, claiming it had four million users when it only had around 300,000. Javice faces serious charges, including wire and bank fraud, which could result in decades of imprisonment.
The recent 25% auto tariffs announced by the Trump administration could disrupt the U.S. automotive industry, potentially leading to a loss of 2.5 to 3.2 million vehicle sales annually, or up to 20% of the market. While U.S.-based automakers like Tesla and Ford may benefit from reduced imports, General Motors faces significant exposure due to its reliance on imported vehicles. The tariffs, effective April 3, could raise car prices by up to $10,000, impacting consumer demand and manufacturing strategies.
Shares of Playtika Holding Corp. surged over 21% after Bank of America upgraded its rating from underperform to buy, setting a price target of $6.50, indicating a 23% upside from the last closing price of $5.28. Analysts noted Playtika's strong profitability, its leading position in the mobile gaming industry, and its ownership of established game franchises as key strengths. Despite challenges in user acquisition and casual gaming monetization, the company's robust free cash flow and potential for exceeding 2025 earnings forecasts present an attractive investment opportunity.
Bank of America has clarified the criteria for accounts being labeled as "abandoned," which typically occurs after three years of inactivity. To prevent this, customers are advised to regularly log in, conduct transactions, and keep their contact information updated. If an account is classified as abandoned, funds will be transferred to the state, and customers must follow state procedures to reclaim their assets.
Bank of America warns customers that accounts may be deemed abandoned and subject to escheatment if not accessed for three years or more. This includes various property types such as checking and savings balances, CDs, and safe deposit box contents. To avoid this, customers are encouraged to regularly check their account activity.
Bank of America Corporation
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
concerns about bank of america account cancellations explained
01:55 29.03.2025
Bank of America CEO emphasizes technology investments for responsible growth
21:38 28.03.2025
bank of america executes significant transactions in hca healthcare stock
21:33 28.03.2025
bank of america warns customers about account cancellations due to inactivity
United States Dollar
AT&T Inc.
Dollar Tree, Inc.
Walmart Inc.
DOLLAR GENERAL
McDonald's Corporation
Wells Fargo & Company
Bank of America Corporation
FedEx Corp
Chase Growth N
USA
Lionel Messi
Lauren Peacock
Rob McElhenney
Javier Mascherano
Emma Hayes
Kim Mulkey
Ryan Reynolds
Mina Kimes
Show more
20:53 28.03.2025
bank of america sees increased institutional investment amid stock fluctuations
20:24 28.03.2025
startup founder charlie javice found guilty of defrauding jpmorgan chase
United States Dollar
Bank of America Corporation
JPMorgan Chase & Co.
USA
Nicholas Chiuchiolo
Marc Rowan
Olivier Amar
Jamie Dimon
Jose Baez
Charlie Javice
Show more
20:15 28.03.2025
auto tariffs could disrupt us market and impact millions of sales
United States Dollar
Bank of America Corporation
Ford Motor Co
General Motors Co
Tesla Inc
MEX
CAN
USA
John Murphy
Donald Trump
Show more
20:09 28.03.2025
playtika shares soar after bank of america upgrades rating to buy
United States Dollar
Playtika Holding Corp.
Bank of America Corporation
AppLovin Corp.
USA
Show more
19:45 28.03.2025
Bank of America outlines steps to prevent account abandonment and escheatment
19:22 28.03.2025
bank of america warns customers about account cancellation due to inactivity
19:14 28.03.2025
Trending
Subcategory
Corporate News
Stock Market Updates
Industry Trends
Banking Regulations
Finance Mergers & Acquisitions
Global Financial Events
Retail and Consumer Goods
CEO Changes
Industry Mergers & Acquisitions
Central Bank Actions
Global Trade Developments
GDP Growth & Recession Forecasts
Financial Scams and Security
Market Analysis and Predictions
Inflation and Monetary Impact
Workplace Trends
Government Economic Policies
Government Policies
Startups & Entrepreneurship
Supply Chain Management
Countries:
Companies:
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.
Tesla, Inc.
Apple Inc.
Barclays PLC
Bank of America Corporation
Wells Fargo & Company
Citigroup Inc.
Deutsche Bank Money Market PP
Morgan Stanley
Huawei Technologies CO. Ltd.
Lloyds Banking Group plc
BNP Paribas SA
Credit Suisse Lux Digital Healt
Banco Santander, S.A.
Microsoft Corporation
UBS Group AG
UniCredit S.p.A.
Amazon.com, Inc.
HSBC Holdings plc
Currencies:
United States Dollar
Euro
Chinese Yuan
British Pound Sterling
Swiss Franc
Japanese Yen
Indian Rupee
Russian Ruble
Australian Dollar
Canadian Dollar
United Arab Emirates Dirham
Indonesian Rupiah
Saudi Riyal
South Korean Won
Danish Krone
Offshore Chinese Yuan
Turkish Lira
Hong Kong Dollar
Mexican Peso
Malaysian Ringgit
People: