Ghost Accounts in banking

Ghost accounts are inactive or unused online accounts that have not been deleted by the user.

1. What do banks do with inactive accounts?
2. Do banks shut down inactive accounts?
3. What happens if your bank account is empty?

What do banks do with inactive accounts?

If the account remains inactive, it may be classified as abandoned, and your funds may be turned over to the state. This practice may also be referred to as escheatment.

Do banks shut down inactive accounts?

Yes. Generally, banks may close accounts, for any reason and without notice. Some reasons could include inactivity or low usage. Review your deposit account agreement for policies specific to your bank and your account.

What happens if your bank account is empty?

An inoperative bank account entails a penalty, which depends on the concerned bank's policy. The penalty holds true only during the period when the account is non-operational. This charge is levied on an annually and isn't a lot. Also, customers are penalized if the minimum account balance is not maintained.