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Do you know of any state or federal law that would prohibit a bank from charging a dormancy fee on a deceased customer’s account after one year of inactivity? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Do you know of any state or federal law that would prohibit a bank from charging a dormancy fee on a deceased customer’s account after one year of inactivity?

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No, we are not aware of any state or federal law prohibiting you from charging a deceased customer’s account a dormancy fee, provided that the customer agreed to the fee when opening the account. However, we recommend communicating with a representative of the decedent’s estate within a reasonable time to determine their intentions with the account.