Avoid Penalties for Idle Bank Accounts

Take these steps so you don't get hit with inactivity fees.

Maybe you’ve opened a savings or money market deposit account to stash cash you don’t plan to deal with often -- say, money to tap in an emergency. Or perhaps you put a small deposit in a savings account to meet a credit union’s membership requirements. If you leave the money untouched too long without making a transaction, the institution may slap you with an inactivity fee.

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Lisa Gerstner
Editor, Kiplinger Personal Finance magazine

Lisa has been the editor of Kiplinger Personal Finance since June 2023. Previously, she spent more than a decade reporting and writing for the magazine on a variety of topics, including credit, banking and retirement. She has shared her expertise as a guest on the Today Show, CNN, Fox, NPR, Cheddar and many other media outlets around the nation. Lisa graduated from Ball State University and received the school’s “Graduate of the Last Decade” award in 2014. A military spouse, she has moved around the U.S. and currently lives in the Philadelphia area with her husband and two sons.