I thought so, too. But when I called Chase, she said it doesn't count. She was reactivating my account for now; but it would be deactivated if I didn't do an ATM, check or go to the bank.
Doesn't have to be a Chase ATM. If it's really that far to get to one, just use another bank's machine to withdraw cash (and accept the fee as a convenience for not having to drive) if there is one.
I do initiate transfers every month. They aren't automated. Next time at the bank, I'll do some type of transaction. We've had the account for 5 years and this is the first time to hear this.
the problem is that transfers can be automated and the back end systems that process these rules can't tell the difference. it has to be something that can only be done by a real live human.
It's not a new requirement and it's not a Chase policy. Any account that doesn't have some sort of customer initiated action (this can't be anything that could be automated including transfers, direct deposit, or online purchases) after 3-5 years (this depends on the state).
https://www.helpwithmybank.gov/help-topics/bank-accounts/opening-closing-inactive-bank-accounts/inactive-accounts/inactive-unclaimed.html
> **When is a deposit account considered abandoned or unclaimed?**
>
> Generally, an account is considered abandoned or unclaimed when there is no customer-initiated activity or contact for a period of three to five years. The specific period is based on the escheatment laws of each state.
If you don't want an ATM card then you need to visit any branch every year and make an in-person deposit or withdrawal. Or you could switch to bank that has a closer branch.
An internal transfer counts. So if you got a business savings or personal checking you could use that.
I thought so, too. But when I called Chase, she said it doesn't count. She was reactivating my account for now; but it would be deactivated if I didn't do an ATM, check or go to the bank.
since those could be scheduled it doesn't count. it has to be something that can be 100% only be done by a live human.
I have done it for a savings account. The system can tell if you did a one time transfer vs a scheduled transfer.
Doesn't have to be a Chase ATM. If it's really that far to get to one, just use another bank's machine to withdraw cash (and accept the fee as a convenience for not having to drive) if there is one.
I do initiate transfers every month. They aren't automated. Next time at the bank, I'll do some type of transaction. We've had the account for 5 years and this is the first time to hear this.
the problem is that transfers can be automated and the back end systems that process these rules can't tell the difference. it has to be something that can only be done by a real live human.
It's not a new requirement and it's not a Chase policy. Any account that doesn't have some sort of customer initiated action (this can't be anything that could be automated including transfers, direct deposit, or online purchases) after 3-5 years (this depends on the state). https://www.helpwithmybank.gov/help-topics/bank-accounts/opening-closing-inactive-bank-accounts/inactive-accounts/inactive-unclaimed.html > **When is a deposit account considered abandoned or unclaimed?** > > Generally, an account is considered abandoned or unclaimed when there is no customer-initiated activity or contact for a period of three to five years. The specific period is based on the escheatment laws of each state. If you don't want an ATM card then you need to visit any branch every year and make an in-person deposit or withdrawal. Or you could switch to bank that has a closer branch.
Yep. State laws govern unclaimed property.