Bank of America
Unclaimed Property

Bank of America currently holds $38.3 million in unclaimed property across 65,175 separate records in California, representing one of the largest amounts held by any single financial institution. Most of this unclaimed money comes from dormant checking and savings accounts, forgotten certificates of deposit, abandoned safe deposit boxes, and unclaimed automatic deposits where customers moved without updating their address or simply lost track of smaller accounts.

As one of America's largest commercial banks, Bank of America generates unclaimed property through various financial products including checking accounts, savings accounts, certificates of deposit, money market accounts, safe deposit boxes, cashier's checks, and automated clearing house deposits. Bank customers commonly lose track of money when they move and forget to update their address with the bank, close accounts but leave small remaining balances, or maintain dormant accounts that eventually escheat to the state after three years of inactivity.

The highest concentrations of unclaimed Bank of America property in California are found in Los Angeles, San Francisco, and San Diego - major metropolitan areas where the bank has significant branch presence and customer bases. Bank of America's current corporate structure includes numerous historical acquisitions and mergers, including Fleet Boston Financial and Mbna, which means some unclaimed property may be listed under subsidiary names that customers might not immediately recognize as connected to their former accounts.

The average claim from Bank of America is $701.