Cryptocurrency Q&A
Are bank inactivity fees legal?
Are bank inactivity fees legal?
Martino
Fri Oct 04 2024
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7 answers
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I'm curious to know, are bank inactivity fees considered legal? I've noticed that some banks charge customers for not using their accounts for a certain period of time, and it seems a bit unfair. Is there any regulation in place that governs these fees, or are they solely at the discretion of the financial institution? Additionally, how does one go about disputing such fees if they feel they've been unfairly charged?
7 answers
benjamin_brown_entrepreneur
Sun Oct 06 2024
Investors who fail to engage in any buy or sell orders for a specified duration may find their accounts subject to these charges.
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Giulia
Sun Oct 06 2024
While the practice of imposing inactivity fees may seem unfavorable to some, it is a legitimate and widely accepted measure in the cryptocurrency industry.
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SumoStrength
Sun Oct 06 2024
To avoid incurring these fees, users can opt to make at least one transaction per year, ensuring their accounts remain active and exempt from any associated charges.
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Alessandro
Sun Oct 06 2024
Cryptocurrency exchanges often implement inactivity fees as a means to manage their resources effectively. These fees are levied on accounts that remain dormant for an extended period, without any trading activity.
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KimonoGlory
Sun Oct 06 2024
Alternatively, users who no longer wish to maintain their accounts on a particular exchange can choose to close them, thereby eliminating the risk of incurring inactivity fees.
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