Don't Sleep on Your Savings: Avoiding Dormant Accounts
Many people open savings accounts with the best of intentions, but when you don’t have a lot of extra cash to deposit it’s easy to forget the account even exists. It’s important not to let your Las Vegas savings account languish with a low balance and no deposits over a long period of time. Once it is deemed dormant by your financial institution, it may be given to the Nevada State Treasurer as unclaimed property.
Financial institutions are allowed to close dormant accounts and transfer the funds to the Nevada State Treasurer Unclaimed Property Division through a process known as escheatment. You can get your money back, but it can be difficult to access. To reclaim it, you must complete various forms and wait several weeks for a check while your request is being processed.
Simple Steps to Keep Your Las Vegas Savings Account from Going Dormant
A great way to keep your account active and build your savings is to have a portion of your wages go directly into your savings account. If you have direct deposit where you work, you can typically split your pay to be deposited into one or more accounts. Even if it’s only $10 a month it will keep your savings account active and help you save.
It’s also easy to set up a monthly automatic transfer between your checking and savings accounts. Again, even if it is a minimal amount it will keep your savings account from going dormant and help you increase your savings.
Stay on Top of Your Accounts
It’s essential to keep track of where all your money is. Apps such as Mint can help you manage your finances by monitoring all your accounts in one place. If you prefer a tangible solution, organize and keep all account statements in a file folder. Create your own handwritten ledger that lists all transactions for each account.
Creating different accounts for different savings goals is great, but over time you may accumulate too many. These accounts will also be considered dormant if you haven’t made any deposits in a long time. Take a look at all your accounts and tighten things up by transferring funds to the accounts you use most and closing the ones you don’t.
Open a Las Vegas Savings Account with Clark County Credit Union
Clark County Credit Union can help you open a Las Vegas savings account and set up direct deposit or automatic transfers so it stays active. Contact us at 702-228-2228 to get started!