What is a Dormant Account?

A Dormant Account refers to as an account which shows no record of any financial activity being done for a stipulated period of time. When the account is dormant it may receive interest on the balance but can also accumulate bank charges. Dormant accounts with a zero balance are typically closed out by the bank. To know if your account is susceptible to dormant account charges you would need to check your banks schedule of fees.

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