2006-09-11 07:01:53 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
They become dormant accounts. That is inactive accounts. The funds get transferred to an unclaimed balances account. Where if you decide to reactivate the account, it is paid back to you. But after some years depending on the legal statute applicable in your jurisdiction, it may be credited to the Bank's profit and loss account.
2006-09-11 07:13:07 · answer #1 · answered by TOO HOT 4 · 0⤊ 0⤋
Most banks will try to contact you if there is no activity for six months. Each one has their own rules for inactivity. Once it is marked inactive they can not withdrawal penalties from it. After six months to a year it is handed to the state for them to control. They have to allow a certain time frame before the funds can be used for other purposes. Go to your local state web page and look for links that will take you to old accounts. You will have to enter your social security number to do a search. This will also pull up any outstanding life insurance policies that are no longer accruing interest, bonds and other accounts that may have been opened in your name when you were a child.
2006-09-11 07:11:07 · answer #2 · answered by freak369xxx 3 · 0⤊ 0⤋
after certain years (differs from Bank to bank) the account is considered as 'dead'. You can always get back your amount or transact/close the account by paying a certain amount as penality. I think you will loose the interest for the amount for the period after which the account is declared dead.
2006-09-11 07:09:36 · answer #3 · answered by mmbaskr 3 · 0⤊ 0⤋
i'm assuming that you're asking a valid question. First, no one is receiving $2 million from Nigeria--that's a scam!!! in spite of various publicity exposing those scams, each body is sadly nevertheless falling for it. 2d, in case you've been to get carry of a huge quantity of money from everywhere overseas places, it would want to be investigated with the help of the U. S. authorities. you'll not have use of the money till it replaced into customary that the money replaced into legitimately yours. Plus, you may want to in all probability might want to pay taxes on it.
2016-11-26 01:22:00 · answer #4 · answered by mcgray 4 · 0⤊ 0⤋
Nothing for a long while, eventually it comes to be considered lost money. Each state has a website to see if you have any lying around.
2006-09-11 07:03:20 · answer #5 · answered by apostate03 3 · 0⤊ 0⤋
the money gets donated to the midget orphans fund.
2006-09-11 07:07:16 · answer #6 · answered by onemillioninchange 2 · 0⤊ 1⤋
Don't know I never had one. Do you?
2006-09-11 07:08:49 · answer #7 · answered by jobee 2 · 0⤊ 0⤋
they close em.
2006-09-11 07:03:43 · answer #8 · answered by Put_ya_mitts_up 4 · 0⤊ 0⤋