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Frequent Contributor
Posts: 363
Registered: ‎09-17-2012
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Will banks close inactive accounts?

I've read a few threads about certain banks (Barclay's) closing inactive accounts.

 

How common is this and does every bank do it?

 

Is there some sort of a time line for how long you can go inactive with which bank before expecting them to close?

 

There are a few cards that I opened that I can't or don't really intend to use.

 

Walmart Discover. Got it only for the monthly FICO. Had it open for a little over a month now but haven't used it once. I suppose I can use it for something small but don't really feel the need to especially because they continue giving free FICO even after your account is closed. I guess that may change in the future but I still have Discover it..

 

DCU Platinum. Got it only for the monthly FICO. I kinda want to use this because I need this score but apparently, setting up auto pay for PIF each month from an outside bank is very difficult or not possible. In that case, I don't want to bother..

 

Discount Tire Car Care One. Got it to get discounts on a new set of tires. Will probably not use it until my next set of tires which could be a couple of years from now. Actually, I don't think I can use this even if I wanted to because the card is not Visa, not MasterCard, not Discover, nor Amex. It just says CarCareOne on it. I don't think any other merchant besides Discount Tire will accept this card..

 

So how likely are the above three accounts likely to be closed by the lender?

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[3%] Restaurants
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Epic Contributor
Posts: 23,760
Registered: ‎10-23-2007
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Re: Will banks close inactive accounts?

Just use every 3-6 months and it will stay open. Done no worry!

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Moderator
Posts: 27,205
Registered: ‎09-13-2012
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Re: Will banks close inactive accounts?

Yes, banks like stores will close accts for inactivity.  

 

I use my Wal/Discover every quarter. DCU, I rarely use but I believe Rev pays through bill pay without a problem.  I just pay mine at a shared branch

Super Contributor
Posts: 6,824
Registered: ‎10-03-2008
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Re: Will banks close inactive accounts?

Yes, I had a Mens Warehouse account that closed after three years of inactivity. Also had a Jupiter Mastercard that reduced my $1,200 CL to $500 because I didn't use the credit line to its fullest potential. Truth, did not live near a Mens Warehouse and Jupiter was a waste of time so I closed it. In short as you have read from other posters, credit card issuers do close for lack of activity or reduce CLs.
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Valued Contributor
Posts: 4,175
Registered: ‎06-05-2013
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Re: Will banks close inactive accounts?


kkapdolee wrote:

 

How common is this and does every bank do it?

 

Is there some sort of a time line for how long you can go inactive with which bank before expecting them to close?

 


Creditors are not all identical.  Check with your specific creditors for their policies regarding closure of inactive accounts.

Valued Contributor
Posts: 1,260
Registered: ‎09-14-2012
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Re: Will banks close inactive accounts?

CarCareOne is GECRB.  I received a letter from them yesterday that they are going to close my Lowes account if the card is not used in the next 60 days, so apparently they do!  

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Super Contributor
Posts: 9,534
Registered: ‎04-22-2013
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Re: Will banks close inactive accounts?


takeshi74 wrote:

kkapdolee wrote:

 

How common is this and does every bank do it?

 

Is there some sort of a time line for how long you can go inactive with which bank before expecting them to close?

 


Creditors are not all identical.  Check with your specific creditors for their policies regarding closure of inactive accounts.


That assumes that creditors will tell you.  While certainly not exact, posting here, as the OP is done is a very reasonable way of getting some feedback.

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