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Question for the Money Doctors

Question submitted on Jul 19, 2019.

Question

Hello! Can you please tell me what is sleeping account? And may a bank take off my money if I don't use my plastic card for a long period of time?
Thank you!
Best regards,
Valya

Answer

Never heard of this term.    If you are talking about a sleeper account, that is when an account at a bank is dormant.   If you leave a dormant account too long, the bank may send the money to the State Unclaimed Property Fund.

Your second question will depend upon the bank.   Some banks charge fees if an account is inactive.


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