Inactive Account
A financial account that has not had any activity or transactions for a long period of time.
More Details
An inactive account is a financial account that has not been used for a certain period of time. The length of time that must pass before an account is considered inactive varies depending on the specific account and the policies of the company or organization that operates it.
Example
You opened up a bank account but have not used it in over a year. It became an inactive account as per the terms and conditions of the account.
Related Terms
Collateral
Property or assets offered as security for a loan. If the borrower defaults, the lender can seize the collateral to recover the value of the loan.
Terms of Service
Terms of Service (TOS) are the legal agreements between a service provider and a user that govern the use of the service.
Cashier's Check
A type of check issued by a bank and guaranteed by the bank's funds. It is a safe and reliable form of payment for large transactions.

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