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Difference between Inactive Account and dormant account?
If there are no transactions from last 6 months in a particular bank account it is called inactive account and the same continues for one year it called as dormant account
What is a dormant savings account?
A savings account that has had no deposits or withdrawals (account owner initiated transactions) for an extended period - usually a year. After an extended period of time dormant accounts are seized by the states they are in under "unclaimed property" laws. They "hold" them for you.
What happens to checking and saving accounts upon death?
The accounts are suspended and if the next of kin or legal heir of the account holder comes to claim, the bank will release the account money to them. If no one turns up, the account will be made dormant and mostly after a year or so and the money will go into the banks suspense account
How long must a company keep a credit balance on a dormant account?
How long to keep a credit balance on a customer's account depends on the balance, type of account, and state laws. Generally amounts lower than $10 must be kept on record for 1 year.
Is the drawings account is a temporary account?
Drawing account is the contra account of capital account which is used to show the withdrawel of owners from business during fiscal year and at the end of the year it is ultimately closed in capital account that's why it is a temporary account.
Difference between Inactive Account and dormant account?
If there are no transactions from last 6 months in a particular bank account it is called inactive account and the same continues for one year it called as dormant account
What is a dormant savings account?
A savings account that has had no deposits or withdrawals (account owner initiated transactions) for an extended period - usually a year. After an extended period of time dormant accounts are seized by the states they are in under "unclaimed property" laws. They "hold" them for you.
What happens to checking and saving accounts upon death?
The accounts are suspended and if the next of kin or legal heir of the account holder comes to claim, the bank will release the account money to them. If no one turns up, the account will be made dormant and mostly after a year or so and the money will go into the banks suspense account
You deposit 900 in a savings account that earns 4 interest compounded once a year and has no service charges you do not make any deposits or withdrawals to the account for 2 years at the end of 2 year?
$973.44 Mostly your account would become dormant. Most banks have some specifications of the number of minimal transactions that need to be done on an account for it to remain active. If you do not have any deposits/withdrawals for more than 1year the account would become dormant and you may have to visit the branch and re-activate it.
What happens to dormant Twitter accounts--does a Twitter address become available if the current owner hasn't used in it say a year?
No it doesn't.
How long must a company keep a credit balance on a dormant account?
How long to keep a credit balance on a customer's account depends on the balance, type of account, and state laws. Generally amounts lower than $10 must be kept on record for 1 year.
Is there a time of year when cinch bugs are dormant?
yes in autum and winter
The estate was probated a year ago and administrator refuses to contact me. I fear he's 'run off' with the proceeds. Do heirs HAVE to receive 'settlement papers' after an estate has been probated?
You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.You should visit the court immediately and ask for instructions on how to file a petition to compel the administrator to account for his actions regarding the estate. You should also contact the attorney who is handling the estate. Stealing the proceeds from an estate is a criminal offense. You have waited too long already.
What happens if you do not log in to WikiAnswers for over a year?
Nothing will happen, your account will remain open for you to come back to whenever you choose.
Winter is a symbol for death because it is the?
time of year when everything is dead or dormant
What happens to balance on drawings account at the end of accounting year?
Balance of drawing account is write off against owners capital at the end of fiscal year. Journal entry is as follows: [Debit] Owners capital [credit] Drawings account
Your mother died with no estate and all debts were closed What happens if she had a pending lawsuit that was settled a year after her death Can creditors still collect on the settlement money?
If there is a lawsuit that benefits the estate, the estate will have to be reopened. The creditors can make their claims. The court should not have a problem reopening it in this instance. The creditors can force it as well.
