Dormant Account for Dummies
noun
What does Dormant Account really mean?
Hey there! So, a "dormant account" is basically a bank account or any kind of account that has been inactive for a period of time. When an account is inactive, it means that there has been no activity or transactions happening in it. Just imagine it as a plant that has been sitting still in the corner of a room for a long time without being watered or getting any sunlight.
Now, there are different definitions of a dormant account depending on the type of account it is. For a bank account, it could mean that there have been no deposits or withdrawals for a certain period of time, usually around a year or more. The same goes for other types of accounts, like an email account or a social media account.
So, when an account becomes dormant, it doesn't mean that the money or whatever is in it is gone. It just means that it's kind of in a sleeping mode. But it's important to keep track of your accounts and not let them go dormant, because sometimes there can be fees or other consequences for leaving them inactive for too long.
I hope that helps you understand what a dormant account is! Let me know if you have any other questions.
Now, there are different definitions of a dormant account depending on the type of account it is. For a bank account, it could mean that there have been no deposits or withdrawals for a certain period of time, usually around a year or more. The same goes for other types of accounts, like an email account or a social media account.
So, when an account becomes dormant, it doesn't mean that the money or whatever is in it is gone. It just means that it's kind of in a sleeping mode. But it's important to keep track of your accounts and not let them go dormant, because sometimes there can be fees or other consequences for leaving them inactive for too long.
I hope that helps you understand what a dormant account is! Let me know if you have any other questions.
Revised and Fact checked by Mike Johnson on 2023-11-14 23:47:19
Dormant Account In a sentece
Learn how to use Dormant Account inside a sentece
- A dormant account is a bank account that has had no activity for a long time, like not having any money deposited or withdrawn for several months or years.
- If you don't use your savings account for over a year, it may become a dormant account.
- My grandmother's account became dormant because she didn't use it for five years.
- If you don't keep track of your checking account, it could become a dormant account if you don't use it for a long time.
- Make sure to check on your account regularly to prevent it from becoming a dormant account.
Dormant Account Hypernyms
Words that are more generic than the original word.