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#1815837 - 05/20/13 06:15 PM Inactive Accounts
JennieD Offline
New Poster
Joined: Sep 2011
Posts: 1
Hello,

Can anyone tell me whether they reactivate inactive accounts with verbal confirmation from their clients? Does the REG state anything specifically about this method?

Thanks very much,
Jennie D.

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#1815904 - 05/20/13 07:30 PM Re: Inactive Accounts JennieD
'Lil Freak! Offline
10K Club
'Lil Freak!
Joined: Sep 2005
Posts: 10,595
The psych ward
We do. You'll need to look at your state's unclaimed property laws. Our state defines postitve owner contact as:

deposits
withdrawals
letters
phone calls
address changes
positive owner contacts with a related account
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No, I didn't lose my mind. It got scared and ran away.

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#1815951 - 05/20/13 08:27 PM Re: Inactive Accounts JennieD
Sonja Kriegsmann
Unregistered

I agree with 'Lil Freak, that this is a matter of state law, but in some state, such as Indiana, the dormant account information is separate from the unclaimed property laws. Make sure you are looking in the right place in your state's laws for this information.

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#1815987 - 05/20/13 10:20 PM Re: Inactive Accounts JennieD
BrendaC Offline
Power Poster
BrendaC
Joined: Sep 2001
Posts: 6,029
Sweet Home AL
Also, be cautious when dealing with "inactive" vs. "dormant" accounts. Your customer agreement/fee schedules should clearly define these terms as they are impacted by your practices. The terms are not interchangeable in any state laws I have read. Generally, state law addresses dormancy and that can differ significantly from what some banks term as "inactive".
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