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.
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!
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