Mia
No one likes to think about it, but sometimes a bank account needs to be closed due to non-use. Maybe you’ve moved away, changed jobs, or just don’t need an active checking account anymore.
For whatever reason, it happens. In situations of unexpected closure, your money may be sent to a closed bank account. Read on to learn what happens in such a situation.
About Money Bouncing Back From a Closed Banking Account
Ultimately, a closed bank account isn’t able to receive funds, no matter the method of deposit. As a result of a closed banking account, the money will bounce back to the original sender eventually. The best way to ensure that the money bounces back is for the person who deposited the money to visit their bank with proof of the deposit.
How to Know If Your Account is Inactive
If you think your account is closed, it’s important to get in touch with your bank as soon as possible. If you haven’t received an expected payment or can’t use your debit cards, chances are there’s a problem with your account. Go to your bank and resolve the issue as soon as possible to prevent money from bouncing back.
How Many Days Does it Take for Money to Bounce Back?
In the unfortunate situation that money is sent to a closed bank account, it can take days or weeks to get the money back. However, if you’re the person that deposited the funds, going to a bank immediately will help to expedite the process. By visiting a bank, the individual will confirm the account details are valid and the deposit was sent.
Prevent Sending Money to a Closed Account
You can protect yourself from sending money to a closed account by linking a credit card to your account. That way, if something goes wrong and you accidentally send money to a closed account, your credit card will likely be able to help recover it. If you make a mistake sending money with a debit card, however, there’s not always much you can do.
Contacting your bank won’t help as most banks have little control over Western Union transactions that come from third-party apps or websites as they’re simply connecting two parties. In addition, there isn’t as easy a way to prevent accidentally sending funds from a debit card as there is with a credit card.
When you have a closed bank account, it’s important to alert anyone with the account information that your account is inactive. In some cases, customers may not be able to recover all their funds while it may take days or weeks for the money to bounce back in other situations. If you’re worried about this happening, you might want to take preventative measures to ensure that your funds are available and the pertinent accounts are active when you need them most.
Don’t make the mistake of sending money to a closed bank account or having your account close without being aware. Keep this information in mind to make sure all your financial transactions go as expected.
