A forgotten savings account can cost you money. Banks can charge a fee for an inactive account after as short a time as six months or a year. Or, if your account drops below a specified minimum amount, a monthly service fee, typically $5, can be charged.
Since many savings account holders receive only quarterly statements, rather than monthly, the draining of the account can go on for a few months before you know about it. It’s another good reason to check your accounts online.
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