What happens to my account if I don’t use it for a long time? (2024)

FAQs

What happens if I don't use my bank account for a long time? ›

The Savings Account becomes Inactive or Dormant

For instance, if you haven't carried out any transaction through your Savings Account for more than a year, then it is classified as "Inactive." Similarly, if you do not transact using your Savings Account for more than 24 months, it is classified as a Dormant Account.

Instagram states inactive accounts are qualified for deletion if they are not used continuously for a period of 90 days. Yet, the organization seldom erases accounts that soon. However, in order to avoid having their accounts deleted, the staff encourages users to log in and use the platform occasionally.

If you ignore your savings bank account and let it become dormant, you'll face limitations. You won't be able to write checks, renew your ATM/debit card, change your address on file, or perform any transactions through ATM, internet banking , or phone banking.

A dormant bank account becomes inactive if there are no customer-initiated transactions for more than two years. Reactivating the account is a simplified process that involves re-submitting identification documents. Unclaimed deposits are transferred to the Depositor Education & Awareness Fund overseen by the RBI.

Your Account Is Inactive

Your bank could decide to close your account if you haven't been using it enough (or at all). If there have been no debit or check transactions for at least three years, the bank might consider the account abandoned and refer it to your state's unclaimed property program.

If you don't use your account for a long period of time the bank or building society may declare it dormant, but the length of time before this happens will vary between institutions. It could be as little as 12 months for a current account, three years for a savings account, or in some cases up to 15 years.

When you request to delete your Instagram account, it is not deleted instantly. Instead, the account is deactivated for 30 days following the deletion request. This grace period allows users to cancel and recover their account if they change their minds.

If you attempt to buy or sell an Instagram account, you may risk getting permanently banned. Even if an account appears to be inactive, it still belongs to the original owner and cannot be sold without their consent.

These dormant accounts can pose a significant security risk, primarily because they are often overlooked or forgotten, yet still possess access privileges. As a result, they may become vulnerable to unauthorised access or misuse.

How long can an account be inactive? ›

Inactive Accounts

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.

Why is this important? The more accounts you have online, the more at risk you are of having your personal information being misused or stolen.

The circular states that any credit balance in any deposit account maintained with banks, not operated for ten years or more, is required to be transferred by banks to the DEA (Depositor Education and Awareness) Fund maintained by the RBI.

Your bank may close your account and send you to collections if you're always in overdraft and/or don't bring your account up to date. An overdraft occurs when your account falls below zero. Your bank will let your account become negative if you have overdraft protection but you may face fees.

Generally, an abandoned account is one for which there has been no customer-initiated activity or contact for a period of three to five years. States' abandoned-property programs require banks to turn over the funds of such bank accounts to the custody of the state treasurer.

The timeframe varies depending on the bank's policies, but typically an account becomes inactive after 12 to 24 months of no customer-initiated transactions. Dormancy usually sets in after a longer period, often exceeding two to five years.

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.

If you don't either make a transaction on the account or close it, the bank will then send any remaining balance to the state's unclaimed property office.

If you do not use your bank account for 6 months, your account still stays active and you don't have to complete any formalities. But consider carrying out a transaction from that bank account at the earliest, as if it stays unused for another 6 months, the bank will consider it inactive.