Why do we have unnecessary Bank accounts?
April 15, 2010 11:03pm CST
All of us have bank accounts.Some have accounts in three or more banks. When ever I feel a Bank is good ,I just open an account in that Bank.I use that account for some time and when I find a better bank,I open an account there. When I do not want to operate a Bank account ,I withdraw all money from it and forget it. I have many such Bank accounts. I checked with many friends and I found most of them are doing the same. Why when we decide not to operate a Bank Account, we do not bother to pay a visit to the Bank and close the account? Why we are not bothered about the financial implications of a non operational Bank account??
• United States
16 Apr 10
I have several different bank that I use. Each one offers something unique or I want to keep certain money separate. I have one account for savings that is a hassle to withdraw money from just so I don't use it for impulse buying. I even know people who have a separate account just for on line shopping to prevent fraud.
16 Apr 10
Well, this is the case in only those countries where the banks don't levy an interest rate on the deposited money in account. Here, in India we're least concerned and the bottom line is the banks themselves are on a hunt for customers to lead the race of growing customers and number of accounts. They'd open an account with minimum balance as zero or a mere INR 10. Common man's thinking says, "Why wouldn't I maintain a 100 accounts if it doesn't cost me anything?!" Only those, who have knowledge of the effect on economy this act has, are concerned about it.
16 Apr 10
I think it depends on the person. Like me. I close my bank account when I don't use it. It makes me manage my money better. I think why people don't bother to close their accounts is because we it don't affect their lives whether they close or not.
16 Apr 10
Thank you Setroc for your response. These accounts are not opened in a short period of time.When I was working in Mumbai my company asked me to open a Bank account in a particular Bank which had Branches only in North India.When I left the Company to accept a job offer in Lybia I could not close the Bank account as my company was to credit my dues in that Bank. When I reached Lybia,my new employer asked me to open a Bank Account in a small bank where the company had account, to transfer my salary.When I left that job ,I could not close that account as for that I had to travel 2000 kms. Few years back I closed a Bank account ,which I was using for share trading.After few months ,I checked the net to see whether my account is really closed.I found the account still active.The Banks do not like someone visit them to close an account. In India ,I think if a bank account remain inactive for 6 years,it will be closed automatically. I did not kept my Bank inactive accounts intentionally,it happened...