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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
Federal Deposit Insurance Corporation (FDIC)
A US government agency that protects depositors by providing deposit insurance to banks and other financial institutions.
Account Statement
An official summary of all transactions and activities that occur in an account over the course of a given period of time.
Holdings
The assets, such as stocks or bonds, that an individual or institution owns.