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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
Credit
The ability to borrow money or to purchase goods or services on the promise of future payment.
Fair Credit Reporting Act (FCRA)
A federal law that protects consumers' credit information and gives them the right to access and dispute their credit reports.
Vesting
The entitlement to a present or future asset or benefit, usually referring to an employer-provided benefit such as a retirement account.