A former Harvard economics professor told CNBC that he’s withdrawn almost $1 million from his Bank of America checking account.

Terence C. Burnham, an associate professor of business and economics at Chapman University in Orange, Calif., said he took his money out of the bank because of Federal Reserve monetary policy that kept interest rates at record lows.

“The risk to having a bank account that pays zero percent interest is that if there’s another crisis, the crisis is larger than the last one,” Burnham, a former Harvard Kennedy School professor, told CNBC. “It’s a bad deal.”

“Banks have the same problem that they’ve had throughout history,” he added, “which is that they borrow short term and lend long term, so they’re always at risk for problems, and the next problem will come along at some point and BofA will be in trouble then.”

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