Like this: the individual has a bank account with some left over balance (not much) but the last time it was ever used for any transactions was like 48 months ago (since then, no further activity has been recorded nor has the associated card been used to conduct a transaction). Just because it’s inactive, can the bank close that person’s account due to inactivity?
Yes. I had an account closed because it was empty and therefore the monthly maintenance fees it had were not getting paid. The strangest thing? They never even gave me a warning.
why don’t you ask the bank directly instead of random internet strangers?
That massively depends on the bank and what kind of account it is.
Depends on the bank and the type of account. I have an accont that had 0 balance and 0 activity for years, and it’s still open. I had an other account closed for inactivity (with decent prior notice). In another case, I have received an email from the bank that due to inactivity, I can either close the account or they will start charging a monthly fee.
I’ve had it happen. They cut me a check when they did it.
If it’s a debit/checking/savings, no, they can’t close the account. However, they can fine the account until the balance is gone and you go into debt. Then they will make you pay the fines to close the account.
Nope, they will keep it open for at least a thousand years.
Source: Futurama.
In the us they do. The funds go to the state who looks for the owner of the assets. They are considered abandoned. My state and I assume most have a website where you can look if you have any monies out there from yourself or like your parents and they died. If its there you have to do some paperwork and jump through a few hoops to get it. So best to keep up with your accounts.
Yes, I had an account get closed after two years of inactivity, even though it had a balance. But they reopened it as soon as i called them. Apparently they had old contact information for me and had been unable to notify me prior to closing. I only found out because it was a very small bank, and when my parents called them for something the teller asked if they had a contact number for me.
