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Inactive Current Account

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  • 27-01-2021 11:44am
    #1
    Curious_Case
    Registered Users Posts: 1,525 ✭✭✭


    Hi,

    I realise that an inactive (no transactions) account becomes dormant after 15 years

    At what stage of inactivity does it cease to attract account fees if balance is zero ?

    Thanks


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    #2
    Bank of Ireland: Richard F
    Closed Accounts Posts: 483 ✭✭Bank of Ireland: Richard F


    Hi Curious_Case,

    Thanks for getting in touch with us today.

    Generally, when an account is not used after an extended period of time, it would be closed to prevent the accrual of fees bringing the account into an overdraft. There would be no set timeframe for this. 

    Thanks, 
    Richard


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    #3
    Curious_Case
    Registered Users Posts: 1,525 ✭✭✭Curious_Case


    Bank of Ireland: Richard F wrote: »
    Hi Curious_Case,

    Thanks for getting in touch with us today.

    Generally, when an account is not used after an extended period of time, it would be closed to prevent the accrual of fees bringing the account into an overdraft. There would be no set timeframe for this. 

    Thanks, 
    Richard

    Ah, I see

    So, if I leave a balance in an account, and cease all transactions, B of I will continue to apply fees until balance approaches zero.
    Therefore it would be better to have account closed if not used.


  • Options
    #4
    Bank of Ireland: Richard F
    Closed Accounts Posts: 483 ✭✭Bank of Ireland: Richard F


    Curious_Case wrote: »
    Bank of Ireland: Richard F wrote: »
    Hi Curious_Case,

    Thanks for getting in touch with us today.

    Generally, when an account is not used after an extended period of time, it would be closed to prevent the accrual of fees bringing the account into an overdraft. There would be no set timeframe for this. 

    Thanks, 
    Richard

    Ah, I see

    So, if I leave a balance in an account, and cease all transactions, B of I will continue to apply fees until balance approaches zero.
    Therefore it would be better to have account closed if not used.
    That's correct.

    Feel free to get back in touch if we can help with anything else.

    Thanks,
    Richard


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