Account closure
An account closure occurs when an institution closes an account. Once an account closes, no money can move in or out of the account. Banks and brokerages may force account closures in certain circumstances, such as extended periods of inactivity, $0 or negative balances or when fraud is suspected. Customers may also initiate an account closure by liquidating their assets, transferring institutions or switching account types within the same institution. (Such as moving from an individual to joint brokerage accounts.)
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