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Beware of Inactivity Fees at Your Bank or Credit Union

With interest rates so low these days, the last thing a saver needs is to be hit with fees. There's a common fee that banks often do not clearly disclose that can easily sneak up on you. It's the inactivity fee. Many banks and credit unions will charge your savings or checking account a monthly inactivity fee after a certain period of time in which there are no customer-initiated deposits or withdrawals.

A reader just reported that his Mega Money Account at AmericaNet Bank has been hit with a $10/month inactivity fee. I called the bank, and confirmed that they do charge a $10/month inactivity fee. According to the CSR, the fee starts after 6 months of inactivity. This policy also applies to Redneck Bank and Evantage Bank. All three of these banks are owned by the same family and have the same policies.

In this March post I described being hit by inactivity fees at Patelco Credit Union and my local credit union. So it's not just banks that charge inactivity fees. If you notice such a fee, be sure to request a courtesy reimbursement. The longer the time after the fee, the less chance you'll be able to get a reimbursement.

You can prevent an inactivity fee by making any type of deposit or withdrawal. It's easy to do, but it's also easy to forget. One way you can avoid forgetting is to set up automatic monthly transfers to or from the account. This is where an internet bank like Ally can be very handy. Ally Bank allows an unlimited number of links to other bank or credit union accounts. Once a link is established, you can set up re-occurring automatic transfers. For example, you could set up transfers so that $5 will be transferred each month from Ally to your other bank. If you want to keep the balance at the other bank small, you may also want to set up these transfers in reverse ($5 to be transferred each month from your other bank to Ally). The only potential problem is that you don't want to go over 6 non-ATM withdrawals from Ally's savings or money market account. However, Ally Bank's interest checking does not have this limitation.

Another way to prevent inactivity fees is to close the account. In my last post on inactivity fees, the reader 51hh commented on how he decides when to close an account:

My position on this is to always close accounts when not used due to low rate, etc. This action makes things a lot simpler in terms of tax reporting, account management, as well as inactivity fee.

If you are thinking about closing an account, don't forget about a potential account closure fee. Most banks only charge account closure fees if you close an account before 6 months of account opening. However, each bank has its own policy on this.

Related Posts

Sheldon Govia
  |     |   Comment #1
I recently was hit wit an inactivity fee of $4.50 at PerkStreet Bank.

I closed the account
  |     |   Comment #115
Also do not bank at US Bank. They overdraw your account with monthly fees. Any good bank suggestions?
  |     |   Comment #116
Account was also sent to collections: $85. Never bank there.
  |     |   Comment #2
Always be aware of the terms and conditions and schedule of fees that should be available when you apply for an account.  I never quite understood the reasoning behind these fees.  When you do too much activity (outside of a checking account), they penalize you.  And when you don't they penalize you too.
  |     |   Comment #3
The terms and conditions from their website says that the account is dormant (and subject to the $10 monthly fee) if your account has not had a deposit nor withdrawal for an extended period of time and the bank has been unable to contact you.  Since when is 6 months an extended time period?  And what does it mean when the bank cannot contact you?  Does that mean the mail cannot be delivered to the account address?  Do they send you an email and you don't respond to it?
Patricia A. Whyte
  |     |   Comment #72
I think this should be illegal!! If you have a valid address and phone number listed, how can they say they are unable to contact you?
  |     |   Comment #100
Financial Resources Federal Credit Union also charging me that for last few months without informing me.
  |     |   Comment #108
Hi so I just found out My grandsons account has o bal. at Ascend Credit Union. He had $148 he been saving for very long time. So they told me yest. It’s non active so they take $5 a month out . They told me they sent something to my old address but they don’t forward. They also have my phone number. She said they have to many people to call everyone. This is crazy. She told me I might get 60 back refund $10 but in order to do that I have to make s dep. ? I asked her so you can keep it to. This is a little boy savings. I linked it to my regions like they told me but wouldn’t let me transfer. I was told I couldn’t send dep. through mail we live in Florida it’s in Tenn. I called yest to see why I couldn’t get into his acct. they closed it. I called when I bought home 2016 new address and they told me to link it to my bank. First she said there no record me calling then she tells me bits and pieces then said she spoke to me 2016 . Then told me diff things. Is there something I can do ? Ty for your help
  |     |   Comment #109
Also I went on line it’s shoeing there was a bal in aug. 2017 of $148
  |     |   Comment #4
The previous post was in reference to Redneck Bank.
  |     |   Comment #5
I always set up two accounts, easy to do by adding a free checking account with $5 over the minium checking balane.

Then it is easy to just move $5 back and forth between the accounts every month when I check the balance.

Even if you are not actively using an account, you should check online every month in case someone has taken it over.
  |     |   Comment #6
Inactivity fees can get charged even it you have a CD in good order that hasn't matured yet!

Part of the reason is state regulations about dormant accounts - but that is measured in years.

Part of the reason is that they still think that dormant accounts cost money for statement mailings - even if you have estatements.

And part of it is greed

  |     |   Comment #7
I was also hit with $4.50 at Perksstret.

Besides they did not pay $100 account opening bonus.

When Iasked them to close my account, they relented and refunded both.
  |     |   Comment #8
The jerks at Chesapeake Bank closed my Clear Sky Account.  They said it was inactive for 1 year (but no fee even though they have an inactivity fee), which is a lie, I did 1 ACH deposit every 2 months.
  |     |   Comment #9
I agree these inactivity fees are a real PITA. I have a long list of credit unions where I am keeping up membership and constantly must fight this inactivity problem.  I don't do much business with banks any more, just a few.  There is no sense holding inactive bank accounts open since one can always do business with a bank later and not risk inability to join or a fee to re-join.  With credit unions it often is different, so I maintain my memberships.  The other advantage of holding credit union memberships open has to do with time pressure when there is a CD special offer.  It frequently is a LOT easier and less time consuming (i.e., less hassle)  just to open a CD, rather than to have to open both the CD and  a new credit union membership simultaneously.  This is especially true if achieving membership requires first joining another organization.

I take care of my activity issues with ACH transfers from my account at Alliant.  So far so good.  My most annoying CU is AFCU (Agriculture).  They demand activity every six months.  But in the past they were very nice to me, they let me off the hook, when I messed up.  Still, clearly, it is better not  to mess up.

  |     |   Comment #10
I was stung by Patelco last Fall.  Patelco rules state if you keep $150 in in your share account, no inactivity fee.  Patelco started taking the money the first month of the last Qtr of '09 and I did not know until the quarterly statement was received in Jan.  I called and pointed to their rule and stated that was why I get my account above that amount.  I asked if I could get my money back.  Patelco rep told me that dormant account fee imposed my the State of California and they could do nothing for me since it was required to be withdrawn.  I subsequently found out that California collects no fees on dormant accounts.  After the required period of time, the unclaimed funds go to the state and the state holds the funds until the only claims them. I realize Patelco was hit hard by the housing crisis but to lie to customers.  I live in a state without Patelco branches. The girlfriend who had had about $2400 in her account and got her money back when she went to see her branch manager probably got her money back based on the $150 rule.
  |     |   Comment #11
One of the notorious one for hidden fees is patelco credit union. They not only charged me the inactivity fee but also minimum balance fee that got triggered due to deductions from inactivity fee. It amounted to more than 100 dollars over 5-6 months. They dont even send the notification for estatement so no way for account holder to know they are being charged this amount all of a sudden unless they login.

Bottomline, periodically check your so called dormant accounts.
  |     |   Comment #12
As for the comment about setting up automatic transfers between Ally Bank and one of your potential inactive or dormant accounts, that does not appear to work if your bank operates like SunTrust Bank.  Taken from the account rules and regulations:

With the exception of Time Deposits and IRAs, an account is deemed "inactive" during that time period in which you have not made any deposits or withdrawals from the Account. Electronic (ACH) deposits or debits DO NOT qualify as deposits or withdrawals made by you.  An Account will be classified as "dormant" when the account has been inactive and we have had no contact with you for 12 months and your Account statement has been returned by the Post Office as undeliverable for any reason.


I had one account where I was notified that my account was going to be set to inactive status unless I did something.  I told the Bank that I had an EFT deposit done several months ago and it appeared on my bank statement earlier.   I asked them why that EFT deposit wasn't considered "activity".  It appears they have a similar policy regarding EFT ACH actions like SunTrust bank.
  |     |   Comment #13
perk street dont get me started denied me an account and the 100 bonus reason being becausei deal iewith 10 banks they can kiss my asp hay cactus is that the blue/ agave
  |     |   Comment #14
Huntington Bank charged me a $5.00 inactivity fee.  I had $5.86 in my account before the fee which left me with .86 cents in my account. I called the CSR and asked if she would reverse the charge and she said no, so I asked now that my balance is below $5.00 what happens if I don't create any activity in the future and she said that I would not be penalized since I didn't have enough funds in my account to subtract for the inactivity fee.  She told me that they wouldn't charge me into a negative balance.  I then said to her well so what your saing is if I kept my balance below $5.00 you would of not charged me an inactive penalty fee because my balance would be negative and she said yes.  I then thought to myself well that makes alot of sense "sarcasm" I then told her to please close my account ASAP.

  |     |   Comment #15
Digital Federal Credit Union also has an inactivity fee. Bummer! Would have thought that a credit union would want members and not want to get rid of them.

  |     |   Comment #57
They most likely do want members. Members who will use their account at least once every six months. Doesn't sound lime much to ask.
  |     |   Comment #77
According to their newly updated schedule fees, it seems like they got rid of the monthly inactivity fees. But they do have a one-time escheatment processing fee of $25.00 if they close your account for being inactive for 12 months and send you your money back to you at the mailing address they have on file. https://www.dcu.org/infodesk/fees.html But if you want a credit union that does not charge any inactivity or dormant account fees, I'd go with Boeing Employee's Credit Union (BECU) in Washington State.They do not charge these type of fees. Instead they will return the money back to you if they close your account for being inactive or dormant. There are credit unions do not have any inactivity or dormant fees like BECU but only a very small number P.S. I prefer BECU over Digital Federal since they have much less and lower fess than most banks and some credit unions.
  |     |   Comment #78
I don't consider those type of fees a drawback when considering where to put my money in CDs otherwise I would be limiting myself and possibly missing out on higher CD rates.
  |     |   Comment #79
If you live in Washington State, go with Boeing Employee's Credit Union (BECU). They have no inactivity or dormant fees. They have free checking and savings with no monthly maintenance fees and no mimimnum balance, free use of co-op atms and shared branching, and high competitive CD rates as well. https://www.becu.org/everyday-banking
About time
  |     |   Comment #80
#79. I looked at their CD rates....surprised anyone would use it for CDs
  |     |   Comment #16
Posting here after doing some research.  I just got raped by Midfirst Credit union of Middletown Ohio for $30 because of this, on a savings account.  The banks are reinvesting that money and they aren't even paying me interest anymore.  Yet they charge $10 a month, without telling until I get shocked and awed by the quarterly statement showing they took a good chunk of the money I had in there just because they felt like it.  This is nothing less than pure theft of people's honestly earned money.

The whole point of putting your money ina  bank is to protect it from thieves.  At least that is what I thought until now.
  |     |   Comment #17
Am I crazy or does it make absolutely no sense to open an account and not use it? Why would you have a "long list" of banks you're working with? Sounds like it's the customers, and not the banks, who are suspect.

I've been looking at credit unions and places like Ally and PerkStreet to make a switch from a big bank, and I'm well aware of any fees, including inactivity fees because, as another user pointed out earlier - they're on the website. Laid out perfectly clearly. 

It's your money. Use it wisely and pay attention to the fine print, even when it's written clearly on a website, before you make decisions with it.
  |     |   Comment #55
I opened an account because I needed to receive a check made out to my business, which I had been trying to close. I can't remember why but I wasn't able to USE this account for the check made to my business (and I had closed all of my business bank accounts already) and stupid Capital One would not make the check out to ME personally even though I was the SOLE owner of the business!  So I never ended up using the one account, never deposited money in it or anything.  That did not stop the bank from charging me "maintenance fees" and then sending the account to "collections" for the maintenance fees they charged on my never opened account. So yes - there are situations where you might have an unused bank account. Oh and they never even sent me any statements so I did not even know they were charging me!
  |     |   Comment #56
I had $337 in a savings account from 2011 and learned yesterday that Patriot Bank took out dormant fees until the account was depleted! Not once was I notified and I'm in the branch every week making transactions on my checking account.  They robbed me blind!!!
  |     |   Comment #60
VERY naive Mr Anonymous.  Everyone knows these white collar crooks implement outlandish fees as a revenue source.  You ask why open an account?  Here is an example of a DOUBLE SLAP RIP OFF.  1)  Credit Union LIED to get me as a member when being added as secondary signor to a checking account of existing member.  There was no need for me to become a member in order to be added to existing checking account.  2) Credit Union STOLE the $25 membership fee with inactivity fees.  Credit union LOST  $65,000 in that checking account due to their avarice.  I had POA for elderly uncle member.   Credit Unions used to be "good citizens" but have become as unethical as their banking counterparts.  The thieves refunded $25 due to the BIG LIE regarding membership.  I  was hired by the 15 largest bank in the nation after resigning from the IRS.  Within 2 months I was blowing the whistle on a 20 million buck RIP OFF.  Banks are the new mafia.  Wake up !!  
  |     |   Comment #18
Anyone know the account closure policy for BB&T and Suntrust? It seems like they make it as difficult as possible to close an account.
  |     |   Comment #76
About six months ago I closed (paid off) a loan with BB&T.  I had received a letter about six weeks before the pay off date telling me I needed to contact BB&T regarding the pay off amount.  I called them about a week before the date I was going to pay off the loan.  I was told I would need a letter from them giving me my pay off amount.  I asked them to prepare the letter and make the amount effective 1 June.  I told them I would pay it electronically, but I was told I had to be present to pay it off.  I went to the main office in my town on June 1 and told the receptionist I was there to pay off my loan.  Immediately, she told me I could not do that because I needed a letter stating the amount due on the loan and it would be IMPOSSIBLE to get the letter that day.  She had not given me a chance to produce the letter before she told me it was IMPOSSIBLE.  I produced the letter and she looked shocked and said, "Oh, you have a letter."  She then directed me to the teller.  I took my paperwork up to the teller.  Now the teller had to place a call and verify the amount in the letter was accurate.  The amounts matched, I wrote out a check and left.  On June 15, I received a statement on the loan saying there was a -$28 balance.  I assumed there was a mistake and BB&T owed me $28.  I went back to the bank and was told by one of their VPs that she didn't know what it meant.  She called someone and during the course of the conversation, it went from BB&T owed me $28, then I owed BB&T $28, then I owed BB&T $15.65, and FINALLY no one owed anyone anything.  The paperwork hadn't caught up to the transaction and the statement was sent in error.  The VP got a piece of my mind because it was obvious no one knew what was going on and I had to make a second trip to the bank.  I explained to the VP that it was beyond my comprehension how they could say the paperwork hadn't caught up when I paid off the loan with a check from BB&T and that check had cleared my account immediately on June 1.  In this day and age I find it amazing that a bank can quickly take the money from my account but when they have to show how they have processed something, they can take weeks.
  |     |   Comment #19
My Credit Union started charging an inactivity fee just the last two months on the account I have for my granddaughter without any notification.  I am very upset as I would gladly have put a small deposit in every month if I had known the were starting this.  I found out quite by accident while checking to see how much interest she had accrued to balance my Quicken sheet on her account.  You can rest assured I will be putting in a small amount each month in the future.  I was using the cross account transfer to do this and they changed their policy on that and made it so difficult to accomplish this, even though I am a coowner of this account.  It's easy to see why banks and financial institutions are in trouble as they have forgotten what customer service is all about.
  |     |   Comment #20
Legacy bank in Blanchard, Oklahoma charged me an inactivity fee of $20.00 per month and didn't notify me. I only found out when I tried to use $200. and  the check was returned as insufficient. I thought I had almost $700. in the account. Legacy bank then charged me a $20.00 insuff. fee. I talked to the bank manager and she was very rude and refused to budge on anything. I am thinking about getting my attorney to fight this. It will cost me more in the end but its the principle! DON'T EVER USE LEGACY BANK THEY WILL RIP YOU OFF!
Credit Union Staffer
  |     |   Comment #21
The reason most banks and credit unions are charging inactive fees is because after a certain period of times, the funds are required to be turned over to the State. It's called escheatment. Like a number of others have said, if you're not using the account, better to close it. Your credit union saves money too when you do!!
D from TX
  |     |   Comment #22
I can't believe how banks and credit unions are stealing mine and your money.  I can see charging a checking acct fees but a savings acct, what happened to interest?  If americans don't rise up against big business we will starve to death.  I had $55.33 in a savings acct and I got my statement and they had charged the acct $5.00 each month for inactivity. Well good golly ain't the credit union using the 55.00 conbined with other 55.00's to make money by loaning out money.  As I said it would not be inactive if you would put a penny of interest in the acct like before you started to steal the good people of American's money.  I say shame on you bankers and KARMA is bitting at your heals as we type.
  |     |   Comment #23
Wells Fargo charges $30 a month. If you do not pay they threaten that you will not be able to get a checking account in the US for five years. Is this legal. I will close account today and never do business with them again.
Patricia A. Whyte
  |     |   Comment #73
Why would anyone do business with Wells Fargo?
  |     |   Comment #74
That, my dear woman, is the sixty-four dollar question.  You have nailed it.  Totally!
  |     |   Comment #25
White House Federal Credit Union in Arlington VA charges an inacticity fee and a closing fee.  My kids each lost $20 for closing their savings accounts there (to avoid the inactivity fee).  Their money is now in TD Bank.
  |     |   Comment #54
TD Bank ****ed me over by charging me an inactivity fee on an account where I never even deposited any money and never used!  I protested up the chain and got nowhere. It was only $37 but it was the principal - why should I pay $37 for an account that I never even USED? My story can be found below. Long story short - they reported me to Chex Systems over this $37!!!!  Now I can't open ANY bank account ANYWHERE.  How's that for crappy customer service??
  |     |   Comment #26
I just got hit with a $15 fee -- I only get my statements quarterly.  How can they charge inactivity fee on a Savings Account -- that is just crazy!!!!!  Now I have to figure out what to do about my account and the kids account we have for each kid -- Members First Credit Union (GA) seemed like such a great idea a few years ago! 

  |     |   Comment #27
I have to write and update -- I got NO HELP from the branch of Members First Credit Union when I called (twice) but after calling the President and getting a return call the next day they no only credited the $15 fee I complained about -- she went back and ended up crediting me $200 in fees from the past few years!!!  My bad for not paying attention (no my primary account) but they went above and beyond.  She told me their policy is to immediately credit anyone who asks about the fee; it's just there for abandoned accounts. 

I did call the GA Department of Banking & Finance to check on the INACCURATE information I was given the first time I called; so I was fully informed and ready to fight for my money back!

So my advice is to ask and if you don't get helped, keep going up the ladder until you find someone who will help!

Good luck.
  |     |   Comment #29
Closed a savings account 2 years ago at Fifth Third Bank. Looks like AFTER the account was close a deposit was made for interest...$0.03. Now I just happened to notice that they have now charged a $5.00 inactive fee so the account is now showing a negative balance. Idiots...
  |     |   Comment #31
I did not realize that there wa a fee for leaving your money in Wells Fargo. However, I feel the customer should be notified that the account is inactive.
  |     |   Comment #32
  |     |   Comment #33
My 15 year old daughter, who does not yet earn any income, was hit with an inactivity fee.  I telephoned our bank and spent $50 worth of their time getting them to reverse the $5 fee.  I also told them that if it happens again, I will be wasting alot more of their time in the future.
  |     |   Comment #34
I was hit with 5 dollars a month by Harborstone Credit Union in Washington State. I was keeping the account just to have one in the US. I am American, but have been living in Europe for about 20 years.

If I open an account ever again in a US bank, this will be one of the first questions I ask. But it seems there isn't much reason for me to open one. I live in Germany, and am quite happy with my bank.

  |     |   Comment #35
The credit union with which, I had 60K 5 year CD ladder, wanted to charge me an inactivity fee. How much activity does a bank expect on a 5 year cd. Where do you keep your money under the mattress?
  |     |   Comment #37
#35:  I do hope you challenged them and refused to pay that inactivity fee on that CD.  As far s I am concerned, if they pay you monthly or quarterly interest and even if you just leave it in the CD to compound that still is activity on the account.  If they send you the interest in the mail or electronically to another bank, they, too, would be activity.  I don't think we have to personally do anything with the CDs to be considered doing activity on the account.  Each month I withdraw my credit union interest from a shared branch and my statement shows the withdrawal.  That is certainly activity.  We just can't allow these banks and cus to nickle and dime us for whatever they can get us to pay just because we don't call them down on their actions.
  |     |   Comment #38
i've been subected to this thievery, also.  when I found that my account had been robbed of $10.00 because of inactivity, and, disgusted over the ethics of this legal illegal money grab, I went to c union, talked to a glorified secretary who was in charge, asked her how many transactions I would have to make to avoid having another $10 stolen, she told me at least one.  I then asked her for a withdrawal of $1.00, which she wrote a check to me for.  I then asked her now long I could go without a transaction before I was robbed of another $10.00. she gave me a date.  I signed the $1.00 check I had just received and told her to deposit it.  she didn't like that at all.  I told her to get used to it, 'cause I was going to be back in less than six months and do it again...and again...and again....at which time she was livid..but done it.  I told her that if this c.u. could play games with robbing members of their savings, I could play games and recommend that everyone else to the same thing....the ten dollars that they stole ought to cover any administrative costs.
  |     |   Comment #39
Gene, well done.
  |     |   Comment #40
I deposited $2000 into an IRA 30 years ago.  

BANK of AMERICA took ALL of it through inactivty fees.....

I honestly can't believe that a retirement account is not protected from this....


  |     |   Comment #41
Whenever you have any type of account at Bank Of America, then you are not protected.  This is the most crooked bank in the universe.
  |     |   Comment #42
The banks could at least try to contact you before they take it. 
  |     |   Comment #43
First Niagara Bank has an inactivity fee of $12.00 a month.  The fee was charged for 5 months before I noticed it since I wasn't using the account and didn't bother to go on line to look at my statements.  I also noticed that what had been a free account now had a #3.00 per month basic fee so the total fees on this inactive account was $15.00 a month.  I was careless.  They are sleazy.  They could have sent me an email telling me of the status change and the fees but they did not.  There is supposed to be some kind of reasonable relationship between fees charged and the cost of providing any good or service.  Since I received statements electronically what could those costs have been?  Essentially zero.  To me it is simply theft and the fact that the fee is probably listed and not hidden does not change my opinion.  I am closing two personal checking accounts my family has with them and opening a totally free account with Ally.com
  |     |   Comment #44
ORNL federal credit union in Knoxville, Tn.  stole $20 from me for inactivity on my account.  I was going to open up some cd accounts with them.  Not any more.  I will close my account and go somewhere else.
  |     |   Comment #45
biggest crooks in this country BANKS! OIL CO. and INS CO.
  |     |   Comment #46
I opened a savings account in Colorado inaround 2002 while visiting my brother at a credit union.  I would send them about 25.00 every couple of months. I moved and forgot about after 2004.  I had over three hundred at the time.  I just called them to transfer the money back hear thinking I made a little interest over time only to find out my money was gone because of inactivity fees.  I really feel like I got robbed, I can understand with checking but savings your lending them money.  Its just not right.
  |     |   Comment #47
Under different state laws, money escheats to the State after a certain period of inactivity but the fees are arguably away around all of that.  But, one may want to look for the escheats laws in Colorado and perhaps the cu should have forwarded some $ to the Colorado Treasurer/Secretary of State (or whoever the funds go to).  Thereafter a person can make a claim against the State for a refund...all within certain time periods.
  |     |   Comment #48
Credit Unions have become the MOST ABUSIVE in charging fees of all types and of changing minimum balance requirements without giving proper notice.

Some will tell you that it is a government regulation to charge a dormant fee this is total BS.  It is just another way that banks take advantage of the small guy.  They pay .01% to .05% in interest yet have the nerve to charge fees of $3.00 to $20.00 per month. This hurts only the "little guy" as banks feel these fees will push the small customer elsewhere so they can concentrate on the larger more profitable deposit accounts.
Panama city
  |     |   Comment #93
So much for consumer protection. All the laws are geared toward the gov getting in your business and not about consumer protection. From now on just walk in the bank, drop your pants and bend over.
  |     |   Comment #49
My credit union, of which I have been a member for over 40 years, started charging for paper quarterly statements.  Stopped that as it wasn't necessary for paper statements as my IRA and small savings account weren't being touch.  I made about $6 or so in interest annually.
I logged in to change my address (as I do every 6 months) and noticed a $1 charge per month - due to inactivity fee.  I talked to them and though they said they posted the notice this would start to happen some time ago, I log in only twice a year if that, and may not notice the message since I immediately start doing what I have to do...  Also told that it was noted in a newsletter - that I might not have gotten as I  didn't change my address when I went away for the winter and these items from banks are returned to the bank and not forwarded.  If I did receive it, I probably didn't read it because I have no interest in the news within - unless they are closing or there is a major issue - and that should be really noted as one cannot miss it if scanning a newsletter fast. 
So, Im closing the Savings account tomorrow and transferring my IRA where I will actually make some money vs. 0.5% per year - and I understand that when I close the IRA, I will be charged $25 because it is priority to maturity - it is in a savings account, not a CD, so does maturity mean I have to be like 65 or so?  I wasn't expecting a few at all as long as I roll it over in a timeframe to another IRA account.  They keep surprising me.  Just want out of this credit union - they used to be great, but they are becoming like Bank of America,charging for everything and are no longer on their customers side.  No need in keeping money here (or anywhere) - call me old fashioned, but I believe that money in the bank should preserve capital - the balance should either remain the same if low interest or at least make a small amount of interest - not have less at the end of the year vs. at the beginning of the year.....UGH!
  |     |   Comment #50
Leave $1 in the account and that should eliminate any closure fee
  |     |   Comment #51
I had an account at CUSO Financial, an UGMA account.  They were originally part of the USAlliance Credit Union and they split years ago.  When they split to form a new company, it was a complete nightmare...it took multiple submissions of forms and 6-9 months of phone calls.  They also had my email address listed incorrectly.  I got a paper statement in the mail in October 2013 and tried logging on.  THe interface changed (it had changed many times before) and there would be some random code you needed to"know" (probably in those emails I never received).  So I came to close the account this month and found I have been hit with a $50 inactivity fee in Jan 2014 and again in Jan 2015!!!  (And probably lots of other fees before then..) When they closed the account, I got a paper statement with no information - no fees listed, no trade information, only "As per your request."  I called and asked for a fee reversal and they said no.  I contacted a supervisor who is "looking into it."  I'm not letting this go...please tell me what recourse I have? At a minimum, they need to identify what transactions took place, don't they???  The supervisor couldn't even tell when I opened the account; it was as though they lost all of their electronic files and just started making stuff up to hide their unethical fees!!
  |     |   Comment #52
#51  Yours is a perfect reason as to why "we" need to always have our own paper statements.  If one doesn't want to pay them for them then print them out yourselves but don't depend upon the institutions having your info when you most need it. 
#51  If it were me and I still had the paper statements I needed, I would mail a copy to some official with all the details I could find.  I would also give the person the name of the "supervisor" who is still looking into it.  They can't just charge you for fees without explaining exactly what they are for.  Their incompetance shouldn't cost you money.  Since it is a credit union, I would find out which organization oversees them and also complain to them.  Imagine what havoc could be reaped if more financial institutions could just charge us fees and charges without an explanation.  To some the $50 may not be worth the ordeal but if you don't take a stand against them, you could be making things even worse for your financial future plus all the rest of us.  IF they are anywheres near you, a personal visit would be best but make sure to bring copies of any letters you sent to other officials.  Best of luck.
  |     |   Comment #53
Here is my story about dormant accounts. Apparently you can have a dormant account EVEN IF YOU NEVER DEPOSITED ANY MONEY IN IT.  I had just this situation when I was in a bind and trying to close a business. I forgot about money in an ING account that had been tied to my business and I had already closed my local business bank account. ING was bought by Capital One and even though I was the SOLE member of this business and was the authorized signer on the account - they would not write me a check personally to get this money from the account. So now I had nowhere to cash this check made out to my business! I could not open a business bank account because I was in the process of closing it. 

While trying to solve this I tried to RE-OPEN my business bank account with TD Bank. They assured me I would be able to deposit the business check there but it turned out not to be true - so I never deposited money there and never *activated* the account that I opened ONLINE because now I had move 2000 miles away from that bank branch.

I forgot about this account with TD Bank THAT I NEVER USED AND NEVER ACTIVATED.  But STILL apparently they deemed it dormant after several months and had been assessing maintenance fees during those months of having ZERO money in the account!  I NEVER RECEIVED A SINGLE STATEMENT FROM THIS ACCOUNT.

Finally I received a threatening letter about owing these maintenance fees which now totaled $37.  I argued with them about them charging me for an account that I had never activated. To make matters even worse they told me I would have to appear IN PERSON TO CLOSE THE ACCOUNT.  The nearest branch was over an hour away from where I now live!

So I hung up the phone and grumbled about it and vowed to fight another day.  But then I forgot about it until... I went to open a new bank account and WAS DENIED. This POS bank had filed an ADVERSE ACTION AGAINST ME FOR $37 PHUCKING DOLLARS WITH CHEX SYSTEMS!!!!!  Now I cannot open a bank account until this is cleared. 

Do I win the "you've just been ****ed by a bank" award or what????
  |     |   Comment #86
I agree that the bank was heinous in piling on the service fees for a dormant account. Since you opened the account (I assume that you were issued an account number?), you have to monitor the account even with a zero balance. I have several accounts with small balances and have been inactive for long time, but I always log into the bank site just to see what has been applied to those accounts at least twice yearly. One account that I have not used very much suddenly applied a statement fee this year. I saw the fees for the first months of this year and immediately closed the account.

The most odd experience I have had with bank accounts is with a savings account at SunTrust that I never opened and mysteriously appeared on my bank statements with a $1 balance. I was even issued a small pack of checks to use against this account (this was even more odd since savings account normally do not offer check writing). I kept an eye on the bank statements regarding this account and about a year later, the account mysteriously disappeared from my bank statement with a service fee applied against the $1 balance that was in the account.

I think any opened account, even with a zero or near zero balance needs to monitored every year even if you don't do any transactions against it.
Cheri Churchill Bazegian
  |     |   Comment #59
I've had an account at a credit union for over 25 years.  Each month when the statement comes, we just put it into a file.  This month however, I was having coffee at the counter when I opened the statement, and noticed for the last 4 months a $25 monthly inactive account fee was being taken from the account!  They said they sent a letter to notify me of the new policy, but I don't recall this letter.  So, they continued to sneak it into the same statement I've gotten for over 25 years.    What snakes! 
Mike Rebate
  |     |   Comment #61
Everyone knows these white collar crooks implement outlandish fees as a revenue source.  You ask why open an account?  Here is an example of a DOUBLE SLAP RIP OFF.  1)  Credit Union LIED to get me as a member when being added as secondary signor to a checking account of existing member.  There was no need for me to become a member in order to be added to existing checking account.  2) Credit Union STOLE the $25 membership fee with inactivity fees.  Credit union LOST  $65,000 in that checking account due to their avarice.  I had POA for elderly uncle member.   Credit Unions used to be "good citizens" but have become as unethical as their banking counterparts.  The thieves refunded $25 due to the BIG LIE regarding membership. Twenty years ago  I  was hired by the 15 largest bank in the nation after resigning from the IRS.  Within 2 months I was blowing the whistle on a 20 million buck RIP OFF.  Banks are the new mafia. 
Mike Rebate
  |     |   Comment #62
Everyone knows these white collar crooks implement outlandish fees as a revenue source.  You ask why open an account?  Here is an example of a DOUBLE SLAP RIP OFF.  1)  Credit Union LIED to get me as a member when being added as secondary signor to a checking account of existing member.  There was no need for me to become a member in order to be added to existing checking account.  2) Credit Union STOLE the $25 membership fee with inactivity fees.  Credit union LOST  $65,000 in that checking account due to their avarice.  I had POA for elderly uncle member.   Credit Unions used to be "good citizens" but have become as unethical as their banking counterparts.  The thieves refunded $25 due to the BIG LIE regarding membership.  I  was hired by the 15 largest bank in the nation after resigning from the IRS.  Within 2 months I was blowing the whistle on a 20 million buck RIP OFF.  Banks are the new mafia.  Wake up !!
  |     |   Comment #63
And, if you are not member and the other member/joint owner dies...how long do you think you can be an account holder w/o being a member?
  |     |   Comment #64
I was hit by First Florida Integrity Bank for no activity for 12 months, 5$. I am going to close the account
  |     |   Comment #65
banks and CU are money grabbers. A INACTIVE vs CK FE was charged to account that had direct deposit and auto monthly bill debit. The reason: I did not use my debit card ! what a mooroon
  |     |   Comment #66
I was making my annual call to all our credit unions to make sure none of those ridiculous $5.00 savings accounts were going dormant and they weren't putting fees on them.  I was told that if we allow the $5.00 accounts we "have" to open to get a membership and buy CDs etc. to go dormant, our membership is also cancelled.  So it is important that we make that annual call if we want to keep our membership active even if we have CDs with them.  However, I was also told that the Credit Unions (especially the big ones I deal with) must notify us by mail at least one time so we can keep the account open.  They are not supposed to put fees on the account unless we don't respond to their notification.    I found out yesterday, they had marked my savings dormant already but since I called, they opened it up again.  Not all of the cus have the same policy so I make sure I call all of them and make a note of what their dormant policy is.  I think it is ridiculous for the savings account to go dormant and may cause your membership to get cancelled if they see you have active CDs with them and they are mailing you monthly checks.  However, it is their yard and we have to play by their rules.
  |     |   Comment #67
Interesting that you have this problem.  I never have this problem.  Which credit unions charge you inactivity fees?
  |     |   Comment #68
From my info, it seems any credit union can charge you inactivity fees but they must try to notify you first.  You can read certain posts on DA for names of cus who have put fees on customers.  None of mine have but I do try to call annually and remind them it is my "check up" call.  I only deal with the bigger ones who have A ratings because I think they try harder to cooperate with customers.
  |     |   Comment #87
I have come across several banks that said that automated deposits and withdrawals do not constitute "customer initiated activity" against the account. The activity has to be non-periodic which does not occur at regular intervals. I even had one online bank tell me that a checking account was "inactive". I had set up a bill payment just a month ago and asked them how was it considered inactive? They said the primary account holder did not log into the bank website (apparently the joint owner does not constitute a customer of the account).
Craig Hardison
  |     |   Comment #69
I just learned that BBT (BB&T) Bank has been charging my savings account a $7.50 per month "inactivity fee" for the past 2 years totaling $172.50.  I only found this out when I went to the local branch due to a notice I received stating my account had been "inactive" for "several years" and the funds would be turned over to the state. How is having above the minimum balance inactive? The account had over the minimum $300 required to avoid maintenance fees but apparently there is an inactivity fee that starts after 24 months without a deposit or withdrawal . The account was established as just an emergency fund where I could have local access if needed.  Other than the recent written notice I received in the mail, I had never received any correspondence via email, standard mail, etc from the bank about anything.  In fact, I had never  even received a statement in the mail or even an online notice that the paperless statements were available even though my address was correct and on file.  So bottom line, I deposited $500 in 2012 and now have $329 left.  That is a 34% rate of decrease in 4 years.  I really wasn't expecting any type of increase due to interest but definitely did not expect BBT to steal from me.  It may be legal but that sure is bad business at a minimum and outright theft in my book.  What if it was my child's college fund account?  
  |     |   Comment #70
I don't do business with BB&T and after reading your post, never will.  I cannot abide these banks who basically find legal ways to steal from customers and have told them so!  I spent last month battling my local bank where I only have a checking account due to the vast amounts they were deleting from a younger relative's account and she had no idea what was going on!  Well now my name is on her account and I have set up my own rules for what I will allow to happen. 

 It's bad enough to take from older people who may have thousands in their accounts but to take from those who have so little to spare is outrageous!  I did manage to get them to replace every dollar they claimed they had a "right" to take so don't think you have to put up with such antics.  These days one must be paranoid about any and all of our banks and credit unions.  Don't take anything for granted and be ready to give them a hard time if they pull such "legal" antics on you.  Thanks for sharing their name.  That is a first step in letting them know you do still have a voice in what happens to you and your money no matter if it is $1.00 or $10,000.00!
  |     |   Comment #88
I got an offer in the mail from BB&T today. The promotion requires you to open a checking account with at least $5000 or make two direct deposits within 3 months to fulfill the promotion guidelines. The account rate is 0.01%. That rate applies for balances between $0 and $100 billion dollars ($100,000,000,000).
  |     |   Comment #71
I deposited money in my Citadel FCU debit account primarily for use when travelling abroad because Wells Fargo has exhorbitant feels for ATM use.  My fault that I do not check my statements since I rarely use this account.  Just checked my statement online and was positively shocked to see many, many $15.oo monthly charges for inactivity.  Can' understand why a bank can charge me $15 per month to hold my money.  I will be cancelling all accounts with them.
  |     |   Comment #75
 Just got a statement from HONOR CREDIT UNION (That name is a joke) This account has had been open for years with thousands of dollars gone thru it. Since I did not remove or add any money to it for a few months they charged me a $50.00 fee. How stupid is that. I was going to start using this account in 2017 for rental deposits. Back to thousands a month. Now they get ZIP !!! 
  |     |   Comment #81
What about active duty miltary? My son is a Marine, his credit union back home trying to charge $10 a month for inactivty. This is also an account that he said he closed before he left. This same credit union also would not cash my 12 year daughters birthday check unless she got an account, when a parent is a legal signer for a minor child. So disgusted with this credit union.
  |     |   Comment #82
You don't talk about how to get the stolen money back. My former bank changed to quarterly statements then initiated a $10.00 dormant account fee. It also didn't sent the statement until the middle of the month. When I went to close the account the bank representative added an additional $10.00 fee. This was nothing but theft. If someone stole your money on the street they could be arrested. Why not the bank CFO?
  |     |   Comment #83
I recently opened an account at a credit union and was never told about this inactive fee. I think that this fee should be disclosed when an account is open and not sprung on people. After all, they tell you about all of their other fees. So why not this one.......
  |     |   Comment #84
Motor City Credit Union charged me $50.00 for not being active. No courtesy letter that this was going to take place, yet I got all kinds of advertisements from them. I consider them thieves. That is my money and I never saw this fee until it had a minus sign on it.
Ms H
  |     |   Comment #85
Ms H | 4-13-2018 | I was just hit with inactivity fees and Tech Credit Union closed the account. There was no notice
Panama city
  |     |   Comment #92
Tyndall federal credit union began charging Ten dollar a month fee on money market accounts with less than 2500 balance. These were not the terms when I opened the account. I didn’t realize it for a year. They got 120 and returned 30 when I complained. I told them if I wanted to get ****ed I would just drop my pants and bend over. Beware of all these greedy people.
  |     |   Comment #94
ROYAL BANK is charging my 10 year old son a $15 monthly dormancy fee.
Tear Drop
  |     |   Comment #95
Good, learn to better manage those finances.
  |     |   Comment #98
metro bank in massachusetts charged me 20 dollars a month. I didnt notice this until after three months. one thousand dollars is now nine hundred fourty dollars. I immedietly closed the account.
  |     |   Comment #99
Beacon Federal Credit Union, in LaPorte TX will also conscript your money, even as they use your money for interest income. The five dollar "inactive account fee" and another fee for not using "paperless" is too much. I, now paperless for BFCU, never noticed the fee for a lack of transactions, and I pay close attention to legal agreements. I suspect they hid this fee deep into some agreement clause without knowing they changed the contract. I am transferring my funds from this wannabe bank to a Credit Union I trust in southeast TX.
  |     |   Comment #101
My bank threaten to transfer any money I had to the State because of inactivity! Is this legal! Can someone help me.They are giving me 45 days, or they will transfer any funds to State.
Very anonymous
  |     |   Comment #102
It's not only legal, it is required by law.

I suggest you perform whatever activity your bank requires quickly. Don't wait until the end of the 45 days. If it is unclear to you what type of activity is required, contact your bank and ask. Or, if this is unacceptable to you, withdraw your money and close the account.
  |     |   Comment #103
The alternative of many banks is to quietly start collecting a monthly inactivity fee. I had that happen to a very small savings account at an S&L from when I was a kid. When I heard they were going to close, I went down to collect my $50 and they told me I had a zero balance. I raised my voice, they called downtown and I got my $50 but a year or two later, I found out about the negative Chexsystems. Back then, there was no way to dispute it and the s&l was gone when I needed to open a business account. The regular bank rep refused to open it but I got the manager to override it when I explained what happened and brought in a copy of my brokerage statement, credit report and a few thousand in cash.

Back then, the S&Ls called them "passbook" savings account. IT had an actual passbook.
  |     |   Comment #106
My sister was hit by a $100 fee when she uses her card almost everyday.
  |     |   Comment #107
UniWyo takes a dormant fee of $30 a month! (Thus they earned 180 $ from me!)
  |     |   Comment #111
Santander bank was charging me $10 a month for a checking account after 1 month of inactivity. I had about $7,000 just sitting in this checking account and they deducted a total of $100 for 10 months. I never checked on this account, it was more like an emergency fund and I wasn't worried because I had well over the daily minimum balance to avoid their monthly fee but I had no idea they also have an inactivity fee if an acccount isn't used for 1 month. They made money off my balance and still charged me a ridiculous fee on top of that. Needless to say I closed my account.
  |     |   Comment #112
I didn't know Ascend Federa l Credit Union had a fee for "dormant" accounts. So, in essence if you are a responsible person and saving your money AFCU and other financial institutions steal your money. Between my two kids and my husband and I they took over $1,000 in fees. Is there a limit on how much they can take? I didn't bother looking at statements because I knew we hadn't made any transactions. As far as I am concerned they stole my kids' college funds and savings of my husband and mine. I learned to keep our savings at the same bank as my checking account so I see it regularly. And, it's possible to make more money by burying it somewhere. Mother Earth doesn't charge fees.
Is there anything that can be done to get any or all of our money back? If so, is there a time limit it needs to be done?
  |     |   Comment #113
Do not bank at U.S. Bank. I have an $85 collection bill. US Bank closed the account. Now, I owe $85.
Not an honest or fair banking institution. They kept charging fees after fees.
It's a money making racket.
  |     |   Comment #114
Do not bank at US Bank. They charge fees and overdraw your account. Then they send you to collections.
Any good bank suggestions?

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