Dormant account

Dormant account,

Definition of Dormant account:

  1. In general, a low-balance savings account which has shown no activity (deposits and/or withdrawals) over a long period, other than posting of the interest and/or service charges. Statute of limitations usually does not apply to dormant accounts, and their funds can be claimed by their owner or beneficiary at any time.

  2. Accounts that can become dormant include checking and savings accounts, brokerage accounts, 401(k) accounts, pension fund accounts, and other accounts for financial resources.

  3. A dormant account is an account that has had no financial activity for a long period of time, except for the posting of interest. Financial institutions are required by state laws to transfer resources held in dormant accounts to the state's treasury after the accounts have been dormant for a certain period of time. The amount of time varies depending on the state.

How to use Dormant account in a sentence?

  1. Accounts that can become dormant include checking and savings accounts, brokerage accounts, 401(k) accounts, pension fund accounts, and other accounts for financial resources.
  2. A dormant account is an account that has had no financial activity for a long period of time, except for the posting of interest.
  3. After the dormancy period, which varies by state, dormant accounts become the unclaimed property of the state.

Meaning of Dormant account & Dormant account Definition

Dormant Account,

Dormant Account: What is the Meaning of Dormant Account?

  • You can define Dormant Account as, An inactive account is an account that has no long-term financial activity other than posting interest. State law requires financial institutions to transfer funds in inactive accounts to the treasury after they have been inactive for a certain period of time. The duration varies depending on the situation.

    • An inactive account is an account that has not had any financial activity for a long time, other than an interest calculation.
    • After the rest period, which varies by state, inactive accounts become unclaimed state property.
    • Accounts that may be inactive include checking and savings accounts, brokerage accounts, 401 (k) accounts, retirement accounts and other sources of financial accounts.

Literal Meanings of Dormant Account

Dormant:

Meanings of Dormant:
  1. (Animals) whose normal bodily function is impaired or slowed down for some time or as if in deep sleep.

  2. Temporarily disabled or damaged.

  3. (Animal) with head between legs.

Sentences of Dormant
  1. Sleeping butterfly

  2. This suppressed desire to write fiction was reborn.

Synonyms of Dormant

resting, drowsing, slumbering, asleep, supine, reposing, sleeping, comatose

Account:

Meanings of Account:
  1. See or see yourself in a particular way.

  2. Records or reports of financial income and expenditure for a specific period or purpose.

  3. An arrangement in which an organization maintains funds on behalf of a customer or provides goods or services to a customer on credit.

  4. An agreement that gives a user personal access to a computer, website or application, usually by entering a username and password.

Sentences of Account
  1. Your visit cannot be considered successful.

  2. Detailed report on what was achieved

  3. The ledger contains all income and expenditure accounts.

  4. He doesn't care about money

Synonyms of Account

portrayal, financial statement, ledger, weightiness, value, significance, description, rate, take for, report, narrative, think of as, regard as, sketch, exposition, version, seriousness, hold to be, gauge, look on as

Dormant Account,

Dormant Account:

  1. An inactive account is an account that has no financial activity for a long period of time, except for posting interest. State law requires financial institutions to transfer funds in inactive accounts to the treasury after they have been inactive for a certain period of time. The duration varies depending on the situation.

    • An inactive account is an account that has no long-term financial activity other than earning interest.
    • After being inactive, which varies by state, the inactive account becomes unclaimed state property.
    • Accounts that may remain inactive include checking and savings accounts, brokerage accounts, 401 (k) accounts, retirement accounts and other sources of financial accounts.

Literal Meanings of Dormant Account

Dormant:

Meanings of Dormant:
  1. Temporarily inactive or inactive

Synonyms of Dormant

inert, immobile, latent, fallow, inactive, quiescent, sluggish, aestivating, stagnant, inoperative, lethargic, passive, motionless, torpid

Account:

Meanings of Account:
  1. Financial records or reports of income and expenditure for a specific period or purpose.

  2. Arrangements in which an organization withholds funds from customers or provides goods or services to customers on credit.

Synonyms of Account

see as, diary, count, news, memoir, current account, sitrep, rehearsal, consequence, proceeding, view, story, vlog, tale, minute, relation, recital, import, history, judge, transaction

Dormant Account,

Dormant Account:

  • Definition of Dormant Account: An inactive account is an account that has not performed financial activities for a long time other than posting interest. State law requires financial institutions to transfer funds held in inactive accounts to the Treasury when the accounts become inactive for a specified period. The duration varies depending on the situation.

    • An inactive account is an account that has not had any long-term financial activity other than an interest account.
    • After inactivity, which varies by state, the inactive account becomes unclaimed state property.
    • Accounts that may remain inactive include checking and savings accounts, brokerage accounts, 401 (k) accounts, retirement accounts, and other sources of financial accounts.

Literal Meanings of Dormant Account

Dormant:

Meanings of Dormant:
  1. (Animals) whose normal bodily functions are disturbed or slowed down for some time or as if in deep sleep.

Sentences of Dormant
  1. This suppressed desire to write fiction has re-emerged.

Account:

Meanings of Account:
  1. Description of an account or event or experience.

  2. Financial records or income and expense reports for a specific period or purpose.

  3. Prepare or submit files for cash accounts given or received.

Sentences of Account
  1. Detailed report of what was obtained

  2. For accurate reporting, the trustee should not combine fiduciary assets with other assets.

Synonyms of Account

prominence, communiqué, review, archive, adjudge, momentousness, moblog, impression, side, results, deem, transcript, note, blog, book, register, record, reckon, deposit account, journal