Can a bank close your account for non-activity??I used to have a National City bank checking account about 4 years ago. I only deposited money into it, never withdrawing money out of it until a few months into having the account. I dont remember if I withdrew the whole amount or anything, I just never used it again. What would the bank do to the account after... |
Most banks have an "inactive" account fee or some call it a "Dormant Account fee" and it's usually a monthly fee - it could be anywhere between $1 to $6 dollars a month... It varies from Bank to Bank - so depending on your balance when you started the account and when you stopped using the account - you might not have funds left. and if the account ever did get to the negative or zero balance - they probably just closed the account. I would go to the nearest location - and give them you name and social and request statements to verify balances.
Accounts never go off unless you do youself even if you activate them after 50 years. Nevertheless, you have to prove your identity by signing. They will match your signatures and give you money. You will be surprised you money must have been increased by now. I went to my bank after many years and found that my money is not only safe but has increased as well. Your signatures might have changed a bit due to maturity in hand writing, they will take your new signatures and honour you cheque. Actually your cheque book is a proof that its your account. So dont worry go boldly or check your balance on phone. Good Luck.
I have worked for banks and yes they can. What they do is send you notice of non-activity and let you know the account will be "Frozen" if you do not respond and reclaim the account. If you do not they close the account and send you a check for the balace. If you do not respond they still close the account but they keep the $ until you contact them.
I had an account closed once for inactivity...they can justify it because it costs them money to print and send you a statement every month. I think the balance has to be below a certain amount though.
If there is money in it then they can't close it. Even if there isn't they would still need your permission and/or notify you before any action is taken.
they would flag it for no acctivited. you will have to prove it is your account. samething happened to me.
They can not close it.
