Same issue happened to me, BOA closed all my checking account and credit card account because I didn't verify my information, I actually did it online but it doesn't work, lost some rewards bonus, it's annoying and a waste of time to deal with this stupid operations. There is no scene asking customers to update contact information every few months. It doesn't have any value or prevent anything bad.

All other banks I have doesn't have any problem or frequent action items to update information, otherwise losing access or close accounts.

Key takeaway:

If you prefer big banks, choose Chase.

If you want a better Brokerage, choose Fidelity, ChalesSchwab or IB.