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Inactive account and customer service
January 27, 2023
4:03 pm
frugal lady
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Tried to pull funds into Peoples today and could not do so as my account was marked "inactive". I called and held for a few minutes then decided to request a call back. Took 3 hours for the call back but the agent was very accommodating to assist - first to reactivate my account, transfer in funds, and GIC application to apply as soon as the funds are received (i.e. release funds to purchase GIC).
Apparently accounts become dormant if no transaction is processed in a year. I had $1.00 in account.

January 27, 2023
4:13 pm
Norman1
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That's in the ballpark of others.

Simplii allows one year for chequing accounts and two years for savings accounts:

Inactive (dormant accounts)
• A chequing account will be considered inactive (dormant) if you have not initiated any transactions for a 1 year period. A savings account will be considered inactive (dormant) if you have not initiated any transactions for a 2 year period. There may be restrictions on your use of inactive (dormant) accounts.

EQ Bank allows one year:

What happens if I don’t sign in to my account for a while? Are there any dormant account fees?
Your account will be considered dormant, if there has been no activity for a 12-month period. If your account is dormant and has no balance, it will be closed without notice. If your account is dormant and the balance is greater than $0, we will email you a Dormant Account Notice. EQ Bank does not charge dormant account fees. …

January 28, 2023
6:55 am
mechone
Ontario
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Had the same issue even though interest was being paid monthly, hours on the phone . At end of year I withdraw a years interest from all my high savings accounts to fund the 6500 tfsa contribution and RRSP contributions

January 28, 2023
7:06 am
savemoresaveoften
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frugal lady said
Tried to pull funds into Peoples today and could not do so as my account was marked "inactive". I called and held for a few minutes then decided to request a call back. Took 3 hours for the call back but the agent was very accommodating to assist - first to reactivate my account, transfer in funds, and GIC application to apply as soon as the funds are received (i.e. release funds to purchase GIC).
Apparently accounts become dormant if no transaction is processed in a year. I had $1.00 in account.  

Do they send u email etc to warn of account being dormant due to inactivity ?

January 28, 2023
7:20 am
frugal lady
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savemoresaveoften said

Do they send u email etc to warn of account being dormant due to inactivity ?  

No they did not.

January 28, 2023
8:22 am
mustang
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I've run into a spate of these recently
I suspect that many banks have an annual pass through, looking for inactive accounts, in January
First National Bank, no actiivty (actually never used this checking account) for 18 months. I just asked them to close the account, since I have no purpose for it.
That appears to be easier said than done-- account still showing when I login, a week later
Then, Laurentian and B2B-- no activity for 2 years
I just moved a dollar in each them, which apparently will satisfy them
One thing I'm curious about-- has anyone experienced being dinged for an no activity charge? What if there is no money in that account? Would they try to pull it from a different account?

January 28, 2023
9:52 am
AltaRed
BC Interior
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I make a mental note to move a few dollars every December and June in the two HISA accounts I have. That way, there is no missing a 12 month spread.

January 28, 2023
10:40 am
HermanH
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AltaRed said
I make a mental note to move a few dollars every December and June in the two HISA accounts I have. That way, there is no missing a 12 month spread.  

I move $20.23 this year between accounts. It lets me know what year I shuffled funds.

January 28, 2023
10:44 am
HermanH
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mustang said
First National Bank, no actiivty (actually never used this checking account) for 18 months. I just asked them to close the account, since I have no purpose for it.
That appears to be easier said than done-- account still showing when I login, a week later

Sounds like my experience with HSBC. I closed my accounts at the end of 2021, but they still appeared when I opened a new account at the end of 2022. Apparently, my eProfile was never deleted. I'll be sure to have everything removed when I close it this year.

January 28, 2023
12:24 pm
mustang
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With the ending of the HSBC promo, I guess I really don't have a reason to leave my accounts open there.
Just inertia, I suppose
Not impossible they might run another promo, but I'm doubtful
Actually, I guess the only reason I was eligible for this one, was because I was new customer
Another reason to close-- but since the banks seem to have the memory of a herd of elephants, that probably woudn't help anyway

January 28, 2023
12:52 pm
Norman1
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Banks are required to keep information for years and not by choice.

CRA requires that tax-relevant records be kept for at least six years. That includes interest payment info.

Payments Canada rules allows a cheque to be bounced as long as six years after it was cleared for certain reasons, like a forged endorsement or the intended payee was not paid.

January 28, 2023
12:55 pm
Alexandre
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HermanH said
I move $20.23 this year between accounts. It lets me know what year I shuffled funds.  

I have recurring calendar reminder to move funds between accounts.

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