Bank of America Kills Zombies

What's Hot

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

Do This or Your iPhone Bill May SkyrocketSave

11 Places in the World Where You Can Afford to Retire in StyleMore

19 Moves That Will Help You Retire Early and in StyleFamily

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

50 Ways to Make a Fast $50 (or Lots More)Grow

32 of the Highest-Paid American SpeakersMake

The 35 Two-Year Colleges That Produce the Highest EarnersCollege

5 DIY Ways to Make Your Car Smell GreatCars

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

7 Household Hacks That Save You CashAround The House

5 Reasons a Roth IRA Should Be Part of Your Retirement PlanGrow

30 Awesome Things to Do in RetirementCollege

Beware These 10 Retail Sales Tricks That Get You to Spend MoreMore

9 Tips to Ensure You’ll Have Enough to RetireFamily

The megabank got some braaaains and promised to stop reopening accounts consumers have closed.

The zombie checking account is no more, says Consumer Reports. At least for Bank of America (ex-)customers.

In May, the magazine called out BofA and Chase for what it calls “zombie accounts”…

Chase and Bank of America sometimes reopen old accounts after they have been closed by customers. Chase will reopen an account if the bank receives a deposit to the account, which could happen if a direct deposit isn’t re-routed in a timely manner as planned. Bank of America’s policy is to reopen accounts if any activity – credit or debit – hits the account. These “zombie accounts” can result in customers owing hundreds of dollars in penalty fees or even a monthly maintenance fee if a deposit falls below what is needed to avoid such a fee.

And while BofA hasn’t put out a press release about it, Consumer Reports said Wednesday the bank has quietly halted the practice. But there’s no word that Chase has stopped.

And CR is calling for action.

“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,” said Suzanne Martindale, an attorney for the advocacy group that publishes CR. “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.”

Want to move yours? Check out 6 Steps to Ditch Your Bank Without Fees or Hassle.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 9 Tips to Ensure You’ll Have Enough to Retire

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,675 more deals!