Can an IRAaccount become dormant, and if yes, under what circumstances?
Account dormancy is most often associated with accounts that may be subject to a state's abandoned property laws. The rules on abandoned property are specific to the state in which the holder of the property, a financial institution, for example, and the owner of the property. the depositor, in this case, reside.
If you have concerns about an IRA account, discuss your questions with the financial institution or broker that holds the account. In virtually all cases, the surest way to prevent an account from becoming dormant and then being surrendered under abandoned property laws is to communicate at least annually with the bank, broker, or other institution holding the account.
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Account dormancy is most often associated with accounts that may be subject to a state's abandoned property laws. The rules on abandoned property are specific to the state in which the holder of the property, a financial institution, for example, and the owner of the property. the depositor, in this case, reside.