My bank closed my savings account without telling me, is this normal?

Question

I have a savings and checking, i havent been using the savings and did not realize i had a $0 Balance, there is a $5 mainteance fee to maintain it.. Today I wanted to put money into it and it says its closed. I went to the bank, they told me the main branch where i opened it closed it, they told me they didnt know why since there was no notes on my account, she told me she sent them an email and will contact me as soon as she finds it..
Is this normal? and will i be able to re-open it?

Answer 1

No it is not normal, they have to inform you by mail that your account balance is 0 and will be closed accordingly if no deposit is made. Yes, you would be able to, maybe not the old account, but you maybe open a new account to the same bank.

Answer 2

Actually, they do that sometimes if you have a small/low balance for a long time. I had a money market account from years ago that I basically cleared out to pay for grad school. There was about $2 left in there.

At some point, the bank got fed up with the cost of sending me statements and what not just for a little $2 balance. They eventually just closed the account and sent me a check for $2.

Answer 3

I have had two banks close my account on me with no notification so this seems to be the norm for me at least. It is not fair; they need to tell you first. I found out by trying to pay a bill online and it would not take my debit card. I called the company I owed the bill to and did a check by phone. Of course I did not know it was going to come back. A few days later I was notified that my payment was returned. I called the bank and the lady informed me they close my account. I had $300 to cover an $80 bill so I was puzzled as to why it did not go through. I told them I was coming in to get my money but they said if I tried to come they could call the police. I spent hours begging for my OWN money! Finally I was able to get the full amount. I called the main branch to see why they closed my account and it was because I had filed a complaint against the bank manager months a go. Banks are real jerks!! If you stand up for yourself they try to steal your money!

Answer 4

Every bank policy is different but at my bank the account automatically closes after having a 0 balance for 45 days. As long as it didn't close on bad terms you should be able to reopen it by simply asking the branch manager.

Answer 5

wow - this is a touch rotten element to think of of your grandfather. while he opened the account, greater effective than probably over 10 years in the past, the banking regulations have been distinctive. It replace into relatively basic prepare for a grandparent to open an account, and the mummy and dad handle it. Or to purchase the grandchildren fee reductions bonds... Why are not you purely asking your grandfather to circulate to the economic enterprise with you as a replace of thinking it replace into something shady?

Answer 6

Only the bank knows.