Inactivity or Dormancy Fees

Inactivity or Dormancy Fees silently drain savings accounts left untouched for 6-12 months, charging $5-$10 monthly until the balance approaches zero. According to Bankrate's 2024 fee study, this practice saps an average of $72 per year from dormant accounts, making it 30% lighter than the runner-up, Returned Deposit Item Fees, in immediate impact but far more insidious over time. Unlike vague inactivity policies elsewhere, these fees are explicitly codified in 28 state laws but often waived for accounts with automatic transfers. Banks typically notify customers after three months of dormancy, yet 1 in 5 affected consumers never receive the notice due to outdated contact info.