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  1. #1
    Join Date
    Nov 2009
    Posts
    23

    Default Dormant Account Fees in Pennsylvania

    I thought that there would be an old topic covering this, but I didn't find any. I can't be the only one to experience this.

    Can a bank begin applying dormant account fees to an inactive account, with no notice? I had an old checking account with a minimal amount of money in it, and I stopped using it for a time. I recently began using the account again (they had to reactivate it). I discovered that at some point while the account was inactive, they began applying a dormant account fee to the account every month. When the balance of the account got below the monthly "dormant account fee", they simply stopped collecting it. It appears that they took what they could, and then went away....

    I received no notice that the account was put into a "dormant" status, or that they were going to begin applying monthly fees to the account for this. This account does not send me statements; if I want a statement, I would have to log on and download it. Since I was not using the account at all, I was not logging on.

    Again, is this legitimate? What laws/rules govern this?

    Thanks!

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Dormant Account Fees in Pennsylvania

    You need to look at the contract between you and the bank governing the account and associated fees. You may have agreed to the fee when you opened the account, or by keeping it open after they mailed you updated terms during the period of time you held the account.

  3. #3
    Join Date
    Nov 2009
    Posts
    23

    Default Re: Dormant Account Fees in Pennsylvania

    Quote Quoting Mr. Knowitall
    View Post
    You need to look at the contract between you and the bank governing the account and associated fees. You may have agreed to the fee when you opened the account, or by keeping it open after they mailed you updated terms during the period of time you held the account.
    Thanks Mr. K. The applicable fees and such will be a trick to discern, as the bank changed hands at least once in the couple of years that the account was unused, and I can't say that that I received an updated fee schedule. I guess that I can just complain.

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