I don't know how much English learning you can achieve from an ambiguous statement. I can imagine some banks allowing you to reopen your account, and others sending this message when they have closed it for good.
While the question is partly for for language-learning, the main reason why I post it here is that I am looking for a good Chinese translation for "deactivate", a word which is in a similar context in the text I am working on. : )
If I had to guess, I would say that you can reactivate a deactivated account -- but I didn't guess because it's a bank, and you probably shouldn't guess because it's a translation and you could easily get it wrong.