Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-migrate-db domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /srv/app/gotoiba-dev/htdocs/web/wp-includes/functions.php on line 6121
Is there a way to get a dormant savings account active again? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Is there a way to get a dormant savings account active again?

—

by

Yes, there are several ways in which a customer can “reactivate” a dormant account.

The Illinois Uniform Disposition of Unclaimed Property Act lists several ways in which a customer can prevent their account from being considered inactive. A customer can maintain the active status on one account by increasing or decreasing the funds in any other account with the same bank or by engaging in any other relationship with the bank, including making loan payments. In addition, a customer can maintain the active status on an account by increasing or decreasing the amount in the account, corresponding with the bank regarding the account, indicating an interest in the account as evidenced by a memo on file with the bank, or engaging in any of this activity with regard to any other account included on the same statement as the inactive account.

For resources related to our guidance, please see:

  • Illinois Unclaimed Property Act, 765 ILCS 1025/2(a) [Repealed effective 1/1/18] (Lists activities that prevent an account from being considered inactive.)