https://firstquarterfinance.com/if-bank-account-gets-closed-can-you-reopen-it/In general, when it comes to personal checking and savings accounts, there are three primary reasons why a bank may close your account:Additionally, there are very few laws and regulations that govern account closure; banks are legally permitted to close accounts for any reason, without notice.Banks will mark inactive bank accounts — those that have had no transactions for a long period of time — as dormant and eventually close them because they are expensive to maintain. Dormant accounts are closed to new transactions, internet banking, check requests, etc.After an extended period of dormancy, banks will send the funds in your account (whether checking or savings) to the state government as unclaimed property. In situations where your account was closed because it showed a negative balance, you need to pay up to avoid being shut out by other banks later on. In terms of closing your old bank account, im not sure if you can due to having the overdraft, just make sure its a basic account and none of these fees for having it.

Our previous research includes specific information about Whether or not you can reopen a bank account that’s closed because of overdrafts depends on the specific bank’s policies, as well as the amount and frequency of the overdrafts.In general, if your account is closed because the balance has been negative for too long, you can reopen it by paying the negative balance, which usually includes your transactions plus overdraft fees for each item that bounced. Keep in mind that while the account remains overdrawn, you also may incur additional fees, increasing the cost the longer you go without paying it. You can reactivate an inactive account by initiating new transactions, and if your account is closed for dormancy, you can typically reopen it by contacting your local bank branch. Note, however, that banks reserve the right to close accounts for any reason, and they may choose not to do business with you if your account is deemed a risk.Below, we provide information about each bank’s options for initiating the reopening of a bank account. You can use these to receive money and pay bills, but they won't allow you to use an overdraft. ChexSystems reports on a consumer's banking habits including overdraft history, bank fraud and unsettled accounts. If you write checks on a closed account, you might even be arrested and tried for the offense. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. We log into in now and again to make sure they're not charging … You will likely be unable to reopen an account that was closed for suspicious activity, but you can work to avoid this type of closure by communicating with your bank and providing proof of legitimacy for any unusual transactions.For more information about banking, see our articles about ©2013 - 2020 More Holdings LLC | All Rights Reserved Our content does not substitute a professional consultation. If you don't make a deposit, the bank will eventually close your account, but if you hold more than one account with the same bank, it's possible that it will just transfer money from one account to the other to cover the overdraft. Consumers sometimes complain that their bank mis-sold them the account because they: weren't given a choice between a packaged account … If you can prove that there was no fraud, or show legitimate sources for suspicious deposits, you may be able to keep your account. Some types of activity that banks may consider suspicious or potentially fraudulent include:If your bank closes your account due to suspicious or fraudulent activity, it will file a Suspicious Activity Report with the U.S. Department of the Treasury.However, since banks will notify you before closing your account, you may be able to resolve the situation before your account is closed. Our previous research includes specific information about Whether or not you can reopen a bank account that’s closed because of overdrafts depends on the specific bank’s policies, as well as the amount and frequency of the overdrafts.In general, if your account is closed because the balance has been negative for too long, you can reopen it by paying the negative balance, which usually includes your transactions plus overdraft fees for each item that bounced. If a bank closed your account due to large numbers of bounced checks and/or overdrafts, you may have the option to open or keep a savings account you already have, but won't have the option to open another checking account. Note that your bank may report this type of account closure to ChexSystems account verification. Dormancy is slightly different from account closure in that a dormant account still exists; however, you cannot use it. But the reverse is true if the bank that closed your account turns it over to a bill collector because you failed to pay the overdraft fees associated with the account closure. A packaged bank account is a current account that comes with additional features, such as travel insurance or a preferential overdraft rate, for a monthly fee.

If an overdraft goes unpaid long enough, the bank can eventually hand your account over to a collection agency. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.

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