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Is a Dormant Account Charge Legal?

I had an online account through ING Direct. I moved and forgot to update my mailing address. I hardly ever received emails from them and just forgot about the small account. It went dormant. I was going through boxes of stuff and found my paperwork, so I put in a claim through the state to recoup the money. It was $35 less than it should have been. I have never heard of a dormant account charge. Are banks allowed to charge this fee?

This fee depends on the laws of the state where the account is. Texas as one example doesn't allow it, but some do. You need to research your state laws.

Published on 12/01/10