0
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.
Wiki User
∙ 16y ago
Add your answer:
Earn +20 pts
Can I deposit 1 cent to keep my savings account from becoming dormant?
Yes, inactive accounts (the status before becoming dormant) require a deposit or withdrawal to reactivate the account. The amount doesn't matter.
How do you activate a dormant account?
You can activate a dormant account by writing a letter of reactivation to the banking institution. To keep an account from becoming dormant, one is required to make periodic withdrawals from it.
What does dormant accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What is the difference between inactive accounts and dormant account?
There is no different. An inactive account is a dormant account, meaning there has been no activity for a certain amount of time.
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
How is a dormant savings account activated?
If your savings account has become dormant, then you need to walk into your bank and talk to the representatives there. You need to claim your account and prove that you are real. If you can't go to a branch or if the bank is an online-only bank, you might have to call customer service to verify your account and get it reactivated...
Can I deposit 1 cent to keep my savings account from becoming dormant?
Yes, inactive accounts (the status before becoming dormant) require a deposit or withdrawal to reactivate the account. The amount doesn't matter.
How do you activate dormant account?
You can activate a dormant account by writing a letter of reactivation to the banking institution. To keep an account from becoming dormant, one is required to make periodic withdrawals from it.
How do you activate a dormant account?
You can activate a dormant account by writing a letter of reactivation to the banking institution. To keep an account from becoming dormant, one is required to make periodic withdrawals from it.
Can you change a savings account to joint account?
You may be able to add someone to your savings account ..contact the bank where you have the savings account for details
What does dormant accounts mean?
A dormant account is some sort of account or credit line that is open, but inactive. For instance, I have an equity line of credit with a zero balance. It is dormant.
What is the difference between inactive accounts and dormant account?
There is no different. An inactive account is a dormant account, meaning there has been no activity for a certain amount of time.
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
Is there a monthly service charge to have an Eggs Savings account?
No, the Egg savings account called "Egg Savings Account (internet) Issue 2" does not have a monthly service charge. This type of savings account is accessible online.
Bank can refuse payment in a dormant account?
Yes. A Dormant Account is one which is inactive for a long period of time. The bank keeps it in Dormant or Inactive status to avoid malpractice or unauthorized activity in it. In such cases, the bank will not accept any deposits or issue payments from the account. They have all the right to refuse payments on a dormant account. The customer has to reactivate his/her account before they can perform transactions in it.
What is a compound interest savings account?
Its where your savings account earns interest on the interest.
Why open an savings account?
A savings account is a good place to keep money safe for future needs.
