India, March 28 -- Bank of America has addressed concerns over accounts being mistakenly labelled as "abandoned," explaining the specific reasons behind the classification. The bank also outlined the steps customers can take to prevent their accounts from being flagged, offering guidance on how to maintain active status and avoid potential issues.

As the second-largest bank in the U.S., Bank of America serves around 69 million consumers and small businesses, offering essential banking services like credit cards, home and auto loans, and checking and savings accounts. However, according to their official website, customers who fail to access their accounts for extended periods-typically three or more years-risk having their accounts class...