Active Account
Barron's Finance & Investment Dictionary:
Top
Active Account
account at a bank or brokerage firm in which there are many transactions. An active banking account may generate more fees for each check written or ATM transaction completed. An active brokerage account will generate more commission revenue for the brokerage firm than an inactive account. Banks usually impose minimum charges for maintaining a checking and savings account.
Many brokerage firms levy a fee if an account does not generate a high enough level of activity. If there is no activity in an account for five years or more, the account may be subject to Escheat procedures in which the account’s assets revert to the state.
Many brokerage firms levy a fee if an account does not generate a high enough level of activity. If there is no activity in an account for five years or more, the account may be subject to Escheat procedures in which the account’s assets revert to the state.
| ActIng in Concert, Act of State Doctrine | |
| Active Box, Active Management |
Related Videos:
Top
Active Account
Barron's Banking Dictionary:
Top
Active Account
1. Checking or savings account with deposits or withdrawals listed in account statements for a specified period. Bank service charges are often determined on the basis of account activity. Assets in bank accounts inactive for five years or longer may be subject to Escheat procedures and revert to state ownership.
2. Credit card account showing new charges or an outstanding balance in the most recent billing period.
Contrast with Inactive Account.
Post a question - any question - to the WikiAnswers community:
Copyrights:
Barron's Finance & Investment Dictionary
Dictionary of Finance and Investment Terms. Copyright © 2010 by Barron's Educational Series, Inc. All rights reserved.
Read more
Mentioned in
coconsciousness
(psychology)
Current Account
(finance term)
Asset Management Account
(finance term)
Check Into Cash, Inc.
(Private Company)
» More