I had an escrow checking account for my cottage at a local bank for a long time. I didn't rent the cottage last year, so there were no deposits put into it except for monthly fees. At the end of October, I made a deposit to bring it up from arrears. I rented the cottage and went to deposit the rent check in the drive-thru and the teller said it was closed. I was surprised and later called the supervisor who hasn't returned my call yet. Are there regulations in Connecticut for closing inactive checking accounts or can banks just arbitrarily do that because I have my safe deposit box there and was looking into a reverse mortgage?
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Whether or not the bank acted appropriately will depend on the deposit contract and state law. Was there a monthly fee for inactivity? Hopefully, the bank supervisor responds to your call soon, and provides an answer.
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Whether or not the bank acted appropriately will depend on the deposit contract and state law. Was there a monthly fee for inactivity? Hopefully, the bank supervisor responds to your call soon, and provides an answer.
