The effect of selecting "no" for the bulk update, "Accrue bills and or suspension when closed?" is solely to make the change on all individual loan policies. This option is a single action, changing all policies to "yes" or changing all policies to "no". It is not a status that is retained. Thus, this will always default to "yes" when you return to the page, but that does not mean the status is "yes" on your policies.
You can find this bulk action within Service Configuration > WMS Circulation > Loan Policy