Bank Inactivity Fees: What to Know
Bank inactivity fees are charges for unused bank accounts. They are also known as dormancy fees. The charge amount and when charges occur can vary by bank or financial services company. These fees are designed to boost bank revenue and encourage the use of bank accounts. To understand these charges, it is important to become familiar with a particular bank’s policy. This helps to avoid surprise fees which eats into your hard earned income. To avoid possible inactivity fees, make sure to have small monthly transactions. If a bank account is not needed anymore, consider closing it. Being proactive helps ensure financial security and effective account management. Inactivity fees can be confusing, read on to learn more about them! Related Reading: What is the Best Bank in Canada? What is a bank inactivity fee? A bank inactivity fee is a charge set by a financial institution. It occurs when a bank account remains dormant or inactive for a specified period.
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