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#2251342 - 03/26/21 09:21 PM Dormant Accounts
Comply Central Offline
Member
Joined: Aug 2018
Posts: 63
Can a dormant account be charged a dormant account fee and a maintenance fee? We have recently changed our checking account terms to charge a monthly minimum balance fee. Can the dormant accounts be accessed these fees as well? Also, if we sent our notices on the statements 30 days prior to the change, can we consider the dormant accounts notified if their mail was returned?

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#2251350 - 03/27/21 11:36 AM Re: Dormant Accounts Comply Central
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,609
Galveston, TX
If you already charge a maintenance fee, if you add the dormancy charge, would that be deemed unconscionable?

66-29-133. Dormancy charge.

(a) A holder may deduct a dormancy charge from property required to be paid or delivered to the treasurer if:

(1) A valid and enforceable contract between a holder and an apparent owner authorizes imposition of the charge for the apparent owner's failure to claim the property within a specified time; and

(2) The holder regularly imposes the charge and does not regularly reverse or otherwise cancel the charge.
(b) The amount of the deduction under subsection (a) is limited to an amount that is not unconscionable considering all relevant factors, including the marginal transactional costs incurred by the holder in maintaining the apparent owner's property and any services received by the apparent owner.
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#2251357 - 03/29/21 12:29 PM Re: Dormant Accounts Comply Central
Comply Central Offline
Member
Joined: Aug 2018
Posts: 63
Thank you for your help. We have charged a dormant account fee for a long time, but have just implemented this low balance fee on the regular checking accounts that have a balance of less than $500. Sounds like we will have to filter out those dormant regular checking accounts that have a balance less than $500.

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