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Inactive Account
Source: Encyclopedia of Banking & Finance (9h Edition) by Charles
J Woelfel
(We recommend this as work of authority and you can order
it here)
A
bank account that shows a stationary or declining balance and against
which both deposits and withdrawals are infrequent; or a broker's account
which shows few transactions, either purchases or sales.
Inactive bank accounts, also called dormant accounts, are usually
transferred to an inactive accounts ledger.
State statutes usually provide for escheat or forfeiture to the
state of inactive or dormant accounts after a specified number of years
of inactivity.
See
ACTIVE ACCOUNT
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