US Bank Used "Dormant Account Service Charge" to take all the money in my account Saint Louis Missouri

Derrick is correct in saying that a dormant account is not charged normal monthly charges. However, before an account becomes dormant, it can become inactive, and this can and generally is assessed a fee. For instance, an account with no activity at all for 12 months may be considered dormant, and a monthly fee of (say) $3 is assigned. If the account is inactive at the end of 24 months, it would be considered dormant. The fees stop. If the account is dormant at the end of 36 months, the money must be sent (escheated) to the state. The bank is allowed to charge a fee for escheating the money.
If the account we talked about here only had $25 in it to begin with, it would have been fee'ed down to zero well before the dormancy begins. The escheatment fees tend to be pretty high, and often eat up any remaining balance.
If one has an account which will not see much activity, you would do well to find out what the bank's inactivity period is, and make a token ($1) deposit during that period to keep the account in active status.

State law may or may not control your use of fees on accounts considered "dormant" and potentially subject to escheat. In some states, once an account has become dormant, the bank has a legal responsibility to "preserve" the funds; i.e. all service charges must stop. Other states have no such consumer protection laws and banks systematically "fee" the account out of existence. The Texas answer is different than the Kentucky answer.

If you feel you were cheated try to check your state's laws. Try to check the laws of the state the company (Minnesota for US Bank I believe) is in, or where you opened the account. Try to find any reason to use the law that is most favorable to you.

Good luck

The fee is clearly listed in the new account package.

All accounts are subject to dormancy fees if there's no customer activity on the account within however many years your state's escheats laws will allow. It may drain the remaining balance, sure, but by state law, your bank cannot avoid or refund those fees if you do not use your account. Your account fee schedule should have a dormancy fee listed.

That she has seen account holders come in once a month to deposit ten cents, just to avoid the dormant account fee. That fee is listed in the welcome package that the bank gives to new customers.

That she has seen account holders come in once a month to deposit ten cents, just to avoid the dormant account fee. That fee is listed in the welcome package that the bank gives to new customers.

That she has seen account holders come in once a month to deposit ten cents, just to avoid the dormant account fee. That fee is listed in the welcome package that the bank gives to new customers.

That she has seen account holders come in once a month to deposit ten cents, just to avoid the dormant account fee. That fee is listed in the welcome package that the bank gives to new customers.

I'm NOT a bank employee, but based on what you just said and the fact that you say you've done it with bank accounts in the past, be glad that none of them sent you to Chexsystems! TRUST ME, it's a living hell and I'm in it because a thief and liar screwed me over so I got the short end of the stick for the next 2 1/2 years!!

I would personally suggest that if you don't want to be in Chexsystems, you have a regular "love affair" with your money at the bank on a regular basis, because banks will report you for stupid things, whether it was unintentional, undeserved or even if you were unaware that what you were doing wasn't ok with THEM. As in my situation, where it wasn't even my fault and I was screwed!!


Good luck :-)