![]() ![]() The time frame will vary based on your individual bank and its practices. Simply because an account says there are no minimums, does not mean the account should remain empty for days or months. If your account contains no money, the bank might close it. If money in an abandoned account goes unclaimed by the account holder, the cash may be turned over to a state’s unclaimed property program. The bank is usually required to contact the account holder if it decides to close the account. Generally, a bank considers an account “abandoned” if the account holder fails to initiate any activity over a three- to five-year period, or if the account holder hasn’t contacted the bank during that time. Typically, though, it takes several years of little to no activity for a bank to pull the plug on an account. Your bank may decide that because of the lack of regular activity, it’s going to close your account. Let’s say you haven’t written a single check in the past two years or have made only two debit card transactions in the past three years. Your bank may shut down your account for several reasons. In some cases, your bank may close an account and switch it to a different type of account. The returned money likely will come in the form of a check. The bank is required, however, to return your money, minus any unpaid fees or charges. Your bank may notify you that it has closed your account, but it normally isn’t required to do so. ![]() What Happens When a Bank Closes Your Account? ![]()
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