Deposit accounts are considered active when the client has been actively using the account for deposits and withdrawals. Other status settings exist for accounts that are not active.
Dormant
A dormant account is any demand, savings, or matured time deposit account (including deposits that are automatically renewable) that has had no activity (except for the posting of interest) within the state-specified time period.
Dormant accounts have special restrictions and security levels. Associates have limited access to information on these accounts. Only designated individuals can perform maintenance on dormant accounts.
The dormancy periods by state are as follows:
Florida
- Checking and Money Market Accounts - one (1) year
- Savings and Club Accounts - two (2) years
- Matured Time Deposit Accounts - two (2) years after first maturity
Alabama
- Checking and Money Market Accounts - one (1) year
- Savings and Club Accounts - two (2) years
- Matured Time Deposit Accounts - two (2) years after first maturity
Georgia
- Checking Accounts - one (1) year
- Savings, Money Market and Club Accounts - five (5) years
- Matured Time Deposit Accounts - five (5) years after first maturity
When processing a transaction on a dormant account, the teller receives the following system message: 12345606 D--TYPE D/S-DORMANT--TYPE L-NO POST--REFER TO Personal Banker. Do not process the transaction.
There are very specific rules related to dormant account transaction processing. Refer all transactions involving a dormant account to a Personal Banker. Dormant account transactions are not handled at the teller line unless verified and brought to the Teller by a Personal Banker. Transactions processed by the teller must be entered in the operating system in an off-line mode.
Charged Off
A deposit account, with or without bonce protection, is placed into a charge off status after 50 continuous days of an unpaid overdraft balance.
- The client is notified of the outstanding overdrawn balance owed to the bank and the account is placed in a collection status.
- It is the client's responsibility to repay the bank the amount of the charged-off balance plus any applicable fees.
- A periodic payment plan may be set up for the client.
- Refer to Charged-Off Payment procedures.
Restricted
This status indicates the account is restricted from normal transaction processing/posting.
- When processing a transaction on a restricted account, the teller receives the following system message: ACCOUNT 12345606 D HAS A RESTRICTED STATUS.
- Do not process the transaction. Refer the client to a Personal Banker for assistance.
Closed
This status indicates the account has been closed. Refer the client to a Personal Banker.