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Thursday, February 08, 2007

Automatic closure of bank account

Recently received a letter from my bank stating that if I don't contact them or have any account activity within 30 days, my will be closed. I have been having the account for a while, so was surprised to receive this letter.

When I contacted bank, I found out that one of my accounts had already been closed as it had no balance. Since the other account had some balance, the bank had sent me the letter, otherwise that account would also have been closed automatically. Both my accounts were non-interest bearing accounts.

It was a nice learning experience. Seems as part of the new government regs under the Patriot Act as well as under the state's escheat/abandoned property law, if an account doesn't have any activity for a certain length of time, the account is subject to closure. So, now need to make sure that there’s some deposit/withdrawal activity in my accounts at least once every 60 days to avoid such closures again. Note that the escheat laws and activity period varies from state to state, so that's something to keep in mind as in other states, the activity period etc may be longer or shorter.

posted by Ruby @ 7:27 AM

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