I am a resident of Indiana.
I understand that my issue is not serious, but I had to find out for my own sake what the deal is.
I have 2 accounts that I opened with Old National Bank around 2012. One for savings and one for checking.
I log in to online banking regularly to pay off credit cards, etc. But 99% of the time I've used the checking account, and used the savings account very little.
Well I discovered that the savings account has been locked for inactivity. I have to go into a local branch and make a $1 deposit to reactivate the account.
I started a conversation with their online support to remove the lock, whose responses just made me irate. They referred me to the contract I signed when I opened the account, which I partially understand.
The way I understood the Indiana law (Indiana Code Title 32. Property § 32-34-1-20) is that any communication with the banking institution constitutes an interest in other accounts under the same name. If I've consistently logged in to the the "account" linked to both accounts, how can they get away with setting one account as inactive? (And then a $5 monthly fee)
The I cited specifically refers to reclaiming unclaimed money for the state. Then why would a bank be able to claim it for themselves in the first place, or have this in a contract?
Any clarity on this annoying issue is appreciated.