Why Do Banks Monitor Dormancy?
Banks monitor dormancy to protect your funds and comply with state laws. If an account remains inactive for too long, the funds may be considered unclaimed property and must be turned over to the state.
When Does Dormancy Take Effect?
Dormancy occurs after the following timeframe of inactivity, depending on the account type:
How Can I Prevent My Account From Becoming Dormant?
Keeping your account active is simple and helps avoid fees or additional steps later. You can prevent dormancy by: Tip: Even if you don’t use your account often, logging in periodically can help keep it active.
What is a Dormant Account and Why Does It Matter?
A dormant account is an account that has had no customer-initiated activity for a period of time. Customer-initiated activity includes: System-generated activity, such as interest accrual, does not count as activity. Dormancy matters because financial institutions are required by law to safeguard inactive accounts. If an account remains inactive for an extended period and the […]