TeachMeFinance.com - explain dormant account
dormant account -- a savings account on which no transaction (except the crediting of interest) has occurred for a specified number of years. At the end of that time period set by state law, funds in the account escheat to the state.
Dormant account -- An account to which neither a credit
nor a debit entry has been added for a protracted period; in
speculation, an account in which a protracted period has
elapsed since entries of transactions were made.
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