Inactive Account Fee

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Question:

Can we continue to charge a fee on an inactive account? Every month we charge a fee and now that account is almost zero.

Answer:

You will have to refer to your state laws for the answer. In many states you can continue to charge account fees to inactive accounts. However, there are states (such as Texas) that prohibit charging any account maintenance fees after twelve months of inactivity.

First published on BankersOnline.com 12/03/07