1. Home
  2. Bank of America Kills Zombies
  • Sign up
  • Sign in
Money Talks News
  • Popular
  • Latest
    • Coronavirus
    • Ask Stacy
    • Make
    • Save
    • Borrow
    • Grow
    • Live
    • More
  • Deals
    • Automotive
    • Clothing & Accessories
    • Computers
    • Electronics
    • Everything Else
    • Financial Services
    • Gaming & Toys
    • Health & Beauty
    • Home & Garden
    • Movies, Music & Books
    • Office & Supplies
    • Special Occasion
    • Sports & Fitness
    • Store Events
    • Travel & Entertainment
  • Podcasts
  • Solutions
  • Academy
  • Subscribe to our newsletter
  • Follow us on Facebook
  • Follow us on Twitter
  • Search our site
Seniors holding hands in pool4 Simple Steps for a More Comfortable Retirement
10 Amazing Ways to Build Wealth at Any Age10 Amazing Ways to Build Wealth at Any Age
Happy older investor5 Things You Must Do When Your Savings Reach $100,000
Senior standing beside window5 Retirement Planning Mistakes You’ll Regret Forever

Bank of America Kills Zombies

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

Advertising Disclosure: When you buy something by clicking links on our site, we may earn a small commission, but it never affects the products or services we recommend.

Brandon Ballenger • August 23, 2012

Share on Facebook Share on Twitter Share by Email Share on Pinterest Printable version available to members PDF version available to members
Image Not Available

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.

  Like Article   Add a Comment

Sign up for our free newsletter!

Simple ways to make, save, and grow your money daily:

  happy subscribers    
MTN Podcasts

Every week our podcasts bring you lively money discussions that will give you a few laughs along with advice that will make you richer.

Money with Stacy Johnson

Listen/Subscribe

Read Next

Some of our favorite stories for you to read next.

Man holding cash
Don’t Toss These 7 Household Items — Sell Them
Sign up for our free newsletter!

Join our many free newsletter subscribers building wealth and destroying debt:

Popular Topics
  • Retirement Investment
  • Surveys for Money
  • How to Make Money Online
  • Emergency Stockpile
  • Free Movie Streaming
  • Senior Discounts
Connect
  • Support & FAQs
  • Memberships
  • About
  • Contact
  • Careers
  • Accessibility Statement
Media
  • Advertise
  • Television
  • Where We Air
  • Scripts
  • Sitemap
Legal
  • Terms
  • Privacy
  • Cookies
Editorial
  • Fact-Checking Policy
  • Ethics Policy
  • Corrections Policy
  • Ownership & Funding Info

Do Not Sell My Personal Information

© 2023 Money Talks News. All Rights Reserved.
‭1 (833) 669-8557 | 1732 1st Ave #26661, New York, NY 10128

Advertising Disclosure: This site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

View This Page Without Ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Help us produce more money-saving articles and videos by subscribing to a membership.

Add a Comment

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Sign up for our free newsletter!

Join our happy subscribers and sign up for our free newsletter! You'll get:

  • Tips and advice from our expert money reporters. (Our average experience is 18 years!)
  • Unexpected ways to make more and spend less, delivered to you daily.
  • The best deals and coupons to save on everything you buy.
  • Free copies of our eBooks '208 Ways to Save Money Every Day' and '108 Easy Ways to Earn Extra Cash', together a $29 value!