• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • About
  • Contribute
  • Contact
  • Resources
  • Forex Trade Plan

Finance Girl

Digestible finance news for all




  • Business
    • Employment
  • Student
  • Shopping
    • Motoring
  • Money Advice
  • Finance
    • Making Money
    • Saving Money
    • Debt
    • Investing
    • Alternative
    • Retirement
    • Travelling
  • Home
You are here: Home / Banking / Thousands wasted on empty bank accounts

Thousands wasted on empty bank accounts

by Leave a Comment

In this time of global economic crisis it is surprising when you find out that the federal government is wasting almost a million dollars a year on empty bank accounts!  A bank account incurs fees whether there is money going into and out of the account on a monthly basis or not, so all the accounts that the government has opened for grants which have expired or been closed at the end of the grant period are supposed to be closed, but they are not.

Photo Credit: Under 30 Finance
Photo Credit: Under 30 Finance

According to the article on reason.com the federal government has 180 days in which to audit the account and either reimburse the grantee or close the account, but this is a time consuming process, and is often neglected.  Instead there is approximately $890,000 being wasted by paying the fees for these dormant bank accounts on a yearly basis!

Take a look at all your personal accounts and make sure that you actively close all dormant accounts to save yourself some money each month!

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Filed Under: Banking, Economy

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

CommentLuv badgeShow more posts

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Julie Cheung / Finance Girl

Manchester blogger with an interest in personal finance, fitness and food. My posts revolve around saving/making money, things to do in and out of Manchester, and places to eat on a budget - but not always :-)

Check out my psychotherapy blog

Invest in Gold and Silver

Read my post: Should You Invest In Gold?

☆ Top Finance Book Picks ☆

   

☆ Get Cashback Shopping Online ☆

With over 3,800 retailers including M&S, Waitrose, Argos, Expedia, Amazon and eBay!

Read how I made £521 on Topcashback here.

☆ Best Successful Mindset Books ☆

   

Copyright © 2018 Julie Cheung