Sad Spirit
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I have one account I don't use (there aren't many branches so I just don't do any transactions other than my initial deposits the first year i opened it) but don't want to close it because it's with a credit union with good deals I got through my aunt's employer, every 2 years they send me a notice that due to inactivity they will be closing it down and the money will be transferred to the government unless I sign and update my info on a form they send along.
I had another account (UCLA credit Union) which I lost track of and they automatically closed it and sent me a check for the amount I had held in it due to inactivity. That was upsetting, but because I had moved several times over the years and not updated them with my latest address all ther communications had gone to mom's house which she probably discarded as junk mail until she got the check and gave it to me with the letter.
And actually I also had a savings account with Wells Fargo where I also have a very active checking account I use on a regular basis, receive my statements each month etc. I was really pissed off when I found out they had closed down my savings account WITHOUT NOTICE, I only found out when a few months later I was trying to make a deposit into the savings account at the ATM machine and couldn't locate it. I called and they said it was due to inactivity. I had a few cents in it, and it used to be active - i have no idea where the few cents went, i called many times and nobody could tell me, and they wouldn't reactivate it either and I never had communication mailed to me about it. This happened about a year and a half ago. A few months ago I filled out an application to open a new savings account at WF but I keep a close eye on it. |
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DaisyMac
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They can close them yes.
Phone them and find out. Simple. |
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franz B
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Hello Andy if u have id then go to the branch where it was opened if it is possbile and they should have it on record... If it is like australia inactive accounts are closed an then handed over to the government, where one can also check a perticualr web site to see if there is unclaimed funds. Give it a go and see.... |
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powerserge
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It will depend on their Terms and Conditions - but usually they have a right to close an account. If they do so, they should notify you first. |
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First L
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It depends on the bank. For example, I kept $1.00 in a bank account and never used the account. 8 years later I got a letter from the bank notifying me to either 1) contact them that I still want the account 2) contact them that I want the account balance mailed to me as a check and the third option was if I don't contact them within 30 days the money will be turned over to the state as "Unclaimed Property" |
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Sbh
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I doubt if it is still an active account. When an account is not used for a long time it usually becomes a 'dormant' account.
If there was any money in it you can go into any branch with ID to get them to find out how much & then pay you. Even better if you still have the account details, it should make it quicker.
Expect to wait a while, computer systems have changed in the bank several times in 14 yrs so they probably will need time to find the last account activity & balance.
There is no charge for this as some people have suggested! |
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taz c
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No they can't but if you're a UK resident, look here - http://www.mylostaccount.org.uk/ - you can find out about yours. |
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SiobhanD
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it may still be open even if there was only a few quid in it the interest will definitely be good over all these years, get it checked out x |
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surferchick
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not usually. My husband finally closed an old account with his old credit union. It had been about 8 years since he used it. |
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Medium Dave
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Still open. They can't simply close them and take the cash.
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Cristina M
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I think it depends on the bank's policy whether they close it or not, but they might just charge you a fee for an inactive account. You should find out! |
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jeff410
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Its probably beend turned over to the state in the Unclaimed Property section by now. |
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Jayyy P
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If you leave an account inactive for 6 months regardless if it has money in it or not they will give you 30 days to either activate the account or close it. If they do not hear from you they will close it and the money will be turned over to an agency that keeps track of lost money. |
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Jimcarrey<3
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i hope to god they don't. it's YOUR money NOT theirs. |
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TheCharon
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My bank will close an annount due to inactivity. To top it off they have a fee of $35 to close an account. You can only waive this fee by going to the bank in person and closing the account.
Now, think about this. You may only have $20 in the inactive account, that $35 fee just threw you into NSF.
I bank at Suntrust, you should hear the complaints on the internet about them. And in the front of the bank. |
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Vicky T Viking
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I didn't think they could but a bank I was with recently requested I close mine because I wasn't using it. If you opened an account and didn't close it then it should still be there with your money and interest |
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Andrew D
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Definitely, unless the papers you signed said that it would be closed if it had no funds in it and it remained inactive.
But if I were you I would be careful about that kind of stuff.
My wife had an account with Bank of America and it only had $5 in it and she just stopped using it and thought that it wouldn't matter.
Then a few months later her account had gotten "low balance fees" and had a negative balance after the fees were taken out and then the acount started getting "negative balance fees" and long story short- She owed $125 and couldn't get an account and it stayed on her banking record even after the debt was paid!
What a rip huh?!
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General Custer
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Banks can close any account they want. Any funds left must be turned over to the state's unclaimed property department, where the true owner, with proof, can get the funds back. |
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Angela P
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no it will be what they call dormant. you can reopen it, but you will need to take along some id. if there is money in it, they will not pay any interest on it for the time it has been there |
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chase
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I believe they can,if it has not been used in years,and if there is a balance you will be charged interest,in the end you will owe them, the bastards!!!! |
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PinHead
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No it will be closed if it has no money in it, and prob if it has got money in it too
http://www.find.co.uk/banking/savings_accounts_centre/savings_accounts/news/178615707 |
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Kate
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No, I don't belive they can. |
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