Will my savings account close if theres only a few dollars in it?

Question

Hey im 16 years old, if i only have a few dollars in my UMB savings account will they close it? if so, how long until they do? thanks for your time.

Answer 1

Rules vary from one bank to another so call and ask.  Also make sure they are not charging you service fees.  You may find a better place to have your account.

Answer 2

They have limits on money. I think mine is like... 20 dollars or so. It won't allow you to withdraw over the limit without closing, so your account is open.

Answer 3

No it won't. You need to formally ask bank to close it. If there is a maintenance fee involved, your account could continue to be charged and then YOU end up owing the bank more money in the end.

Answer 4

Many banks start charging fees to inactive accounts and then close them when the balance is gone.  It costs banks money to maintain inactive accounts.

If it's a large sum, banks will close an inactive account and turn the money over to the state.

The timeframe probably varies depending on bank policy, but if the account is inactive for a year or more, they may close it.