Who out there discloses the actual time frame their bank uses before an account is considered dormant? I haven't found anything in the state statute that dictates this (could be I'm in the wrong place...), and can only find that accounts inactive after 5 years are considered "abandoned." We have a customer challenging us on interpreting the MI escheat laws to our own advantage and making money off them because we charged a $5 fee when the account went dormant (a fee we do disclose...). I'm just wondering how many of you actually provide the time frame for accounts to be considered inactive and/or dormant. I've seen a few disclosures online, and some are vague, some say 1 or 2 years, another says 5.

Help, please!

We use Harland DepositPro forms, which don't specify a timeframe. I think that's to allow some flexibility if the state changes the dormancy timing - essentially, we aren't required to change our account agreements.

This is one of the nice things about working for a bank that's less than 6 years old...we're only now just starting to discuss dormancy & retention issues.

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