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#1755311 - 11/06/12 02:04 PM Dormant account fees
Basket case Offline
New Poster
Joined: Aug 2005
Posts: 13
NY
Could anyone tell me if New York State has a limit on dormant account fees? We recently heard that there is a maximum of $2. If there is can you tell me the law or regulation that states this?

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#1755332 - 11/06/12 02:20 PM Re: Dormant account fees Basket case
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 83,740
Galveston, TX
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1756756 - 11/09/12 03:57 PM Re: Dormant account fees Basket case
happyauditor Offline
Platinum Poster
happyauditor
Joined: Nov 2004
Posts: 812
NY
I never heard of a $2 maximum but I am not an expert. Are you referring to a monthly fee when the account is inactive or dormant prior to sending to NYS? or are you referring to a one time charge prior to sending to NYS? I know you can charge the cost of the certified mailing.
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* My opinion is not necessarily that of my employer.

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#1756769 - 11/09/12 04:17 PM Re: Dormant account fees Basket case
PatrickG Offline
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PatrickG
Joined: Jun 2001
Posts: 165
Binghamton, NY, USA
NY Banking Law limits the service charge fees on inactive savings accounts to no more than the service charge fees assessed against an active saviings account. (NYS Banking Law Article 1 Section 7) There is no mention of any dollar amount.

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#1757475 - 11/13/12 05:56 PM Re: Dormant account fees Basket case
Basket case Offline
New Poster
Joined: Aug 2005
Posts: 13
NY
I was refering to a monthly fee when the account is inactive. I think what i was looking for was from PatrickG regarding Article 1 Section 7. The $2 max I refered to came from another bank and maybe that was their normal sevice charge so that became the max they could charge for an inactive/dormant account fee.

Thanks everyone.

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