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Old 07-25-2019, 02:16 PM
 
Location: The sleepy part of New York City
1,996 posts, read 1,224,625 times
Reputation: 4389

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Quote:
Originally Posted by xz2y View Post
I had this happen with an old credit card that I wasn't using. The bank sent me a letter stating that it was going to close the account due to inactivity. I hadn't used the card in several years. I was surprised, but apparently banks don't want "inactive" accounts on their books. This is different from your situation since there weren't any funds to send to the state. But it was the first time this has happened in my case.
Credit card companies only have so much money so if you've got a credit limit of say $10grand and don't use it.. that's $10grand that they can't use for someone who might actually spend that much.

I've had 2 major credit cards closed due to inactivity. It could impact your credit score due to the credit to debit ratio.
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Old 07-25-2019, 03:27 PM
 
917 posts, read 195,006 times
Reputation: 1434
Quote:
Originally Posted by elliedeee View Post
Credit card companies only have so much money so if you've got a credit limit of say $10grand and don't use it.. that's $10grand that they can't use for someone who might actually spend that much.

I've had 2 major credit cards closed due to inactivity. It could impact your credit score due to the credit to debit ratio.
I've only ever had one credit card and I pay it off every month.
No mortgage and no car payment.
My score is over 800

In my case not having multiple cards has not impacted my score at all.
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Old 07-25-2019, 03:41 PM
 
29,884 posts, read 34,945,207 times
Reputation: 11793
Quote:
Originally Posted by TMSRetired View Post
I've only ever had one credit card and I pay it off every month.
No mortgage and no car payment.
My score is over 800

In my case not having multiple cards has not impacted my score at all.
Not even a few points? If not a perfect score do you know why?
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Old 07-25-2019, 04:04 PM
 
917 posts, read 195,006 times
Reputation: 1434
Quote:
Originally Posted by TuborgP View Post
Not even a few points? If not a perfect score do you know why?
I've never had more than one card ever. Maybe that was the reason ?
I do use the card for everything and then pay the bill each month. That's how I track my budget.
I've had mortgages/car loans in the past.
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Old 07-25-2019, 06:17 PM
 
Location: Location: Location
6,359 posts, read 7,850,879 times
Reputation: 18600
Fear not. If you choose to ignore the letter and the money escheats to the state, it is not lost. You can claim it. Every state has a website that lists unclaimed money and you only need to offer proof of owner ship to claim it.\

You should actually go now to the site for your state and see if your name might be there. Myself, I looked a few years ago, just on a lark, and I found $68. give or take. I sent the required documentation and they sent me a check. Easy Peasy..

WARNING: Don't sign up for "help collecting funds" because they'll take a cut and it isn't hard to handle it on your own.
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Old 07-25-2019, 06:20 PM
 
Location: Arlington, VA and Washington, DC
23,661 posts, read 33,511,402 times
Reputation: 32415
Quote:
Originally Posted by TMSRetired View Post
Banks are required to do that and the time limit varies by each state.
It's sent to the state and becomes unclaimed property.
Exactly. I worked in banking for 11 years and did a lot of work with escheatment accounts. DC is 3 years and Virginia is five years for example.
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Old 07-25-2019, 07:00 PM
Status: "I am Blessed." (set 20 days ago)
 
Location: Spurs country. "Go, Spurs, Go!"
3,439 posts, read 3,990,622 times
Reputation: 8948
This is nothing new. Been around a long time..........
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Old 07-25-2019, 07:04 PM
 
Location: Texas
43,607 posts, read 52,818,062 times
Reputation: 70944
Yeah.
They took $3500 from me once.

A savings account at a credit union.
I was cheesed.
No warning.

Then you have to pay a fee to get it back.

It was a savings account. At the time, interest was fantastic. Why would you just randomly move money around?
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Old 07-25-2019, 07:05 PM
 
Location: Texas
43,607 posts, read 52,818,062 times
Reputation: 70944
Quote:
Originally Posted by elliedeee View Post
Credit card companies only have so much money so if you've got a credit limit of say $10grand and don't use it.. that's $10grand that they can't use for someone who might actually spend that much.

I've had 2 major credit cards closed due to inactivity. It could impact your credit score due to the credit to debit ratio.
I have cc with a large limit that I never use. Like for 20 years, I mighta used it once a year.

Never closed.
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Old 07-25-2019, 09:30 PM
 
Location: Cebu, Philippines
4,510 posts, read 1,719,012 times
Reputation: 8347
My bank called an account 'dormant' with a $5 monthly fee if there was no activity for three months. So I opened another account, with a standing order to transfer a dollar between accounts every month. Saved me $60 a year, and willl never escheat, even if I die.
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