Opening, Closing & Inactive Bank Accounts
Closing a Bank Account
The bank closed my checking account and did not notify me. Is this legal?
Yes. Generally, banks may close accounts, for any reason and without notice. Some reasons could include inactivity or low usage. Review your deposit account agreement for policies specific to your bank and your account. […]
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How can the bank refuse to close my overdrawn checking account, as I requested, to avoid more overdraft fees?
Generally, the bank will not close a checking account that is in an overdraft status. Such an account will be kept open until it is brought current. Then, the account can be closed. Review your deposit account agreement […]
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On an account with a power of attorney (POA), what happens after the account holder is deceased?
Generally, the POA automatically expires upon the death of the account holder. State law and the terms of the POA would govern the status of the POA at that time.
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When is a deposit account considered abandoned or unclaimed?
Generally, an account is considered abandoned or unclaimed when there is no customer-initiated activity or contact for a period of three to five years. The specific period is based on the escheatment laws of each state. […]
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I recently found some old bank records (e.g., account statements, certificate of deposit receipts, passbooks). The bank does not exist anymore, and the new bank cannot locate any record of the account. What should I do?
You may wish to contact the unclaimed-property office or state treasurer for the state where the account was held for assistance. You can locate your state office's website at Unclaimed.org. Federal record retention laws […]
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Why would a bank send me a notice stating that my account may be turned over to the state treasurer as abandoned property?
The bank may be trying to alert you that your account is inactive. If the account remains inactive, it may be classified as abandoned, and your funds may be turned over to the state. This practice may also be referred to as […]
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What can you tell me about state unclaimed-property programs?
Every state, plus the District of Columbia, has unclaimed-property programs. State law defines when a bank account is considered unclaimed or abandoned. Most state programs look at whether there has been any […]
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Opening a Bank Account
Can a bank refuse to let me open a checking account?
Yes. Banks generally have discretion to determine to which parties and under what conditions they provide their products and services.
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How can I learn more about opening a bank account?
If you are interested in opening a bank account, you can learn more by visiting the GetBanked page on the FDIC website.
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