The dormancy fee rules for bank savings and checking accounts have changed effective April 2017.
➧ The dormancy fee shall not be higher than 30 pesos.
Most likely, 30 pesos na ang dormancy fee.
Bakit pa sila sisingil ng mas mababa, eh 300 pesos nga yong dati nilang singil.
➧ The dormancy fee shall be charged only after 5 years of no deposit or no withdrawal
and if the account balance is below the required maintaining balance.
If the account balance is equal to or above the required maintaining balance, there shall be no dormancy fee charged.
➧ The bank is required to notify the account owner two times:
At least 60 days prior to start of dormancy
and
At least 60 days prior to the start of the application of the 30-peso-per-month penalty
Notification shall be any one of these:
postal mail
email
text message
phone call
courier-delivered notice
➧ Previous dormancy time frames are still the same:
A savings account becomes dormant after 24 months of no deposit or no withdrawal.
A checking account becomes dormant after 12 months of no deposit or no withdrawal.
➧ When an account becomes dormant, the account is put on hold.
To reactivate the account, the account owner needs to go to his branch with his valid IDs and reactivate the account.
➧ An account which has been dormant for 10 years will be reported by the bank to the Treasury of the Philippines. The money will be sent to the Treasury. This is called the process of escheat, and it is in accordance with the Unclaimed Balances law.
Notification requirement: The bank shall notify the account owner at least 60 days prior to the 10th year of dormancy.
Note:
Some banks impose two penalties at the same time:
Penalty for below-maintaining-balance
Dormancy fee
Source: BSP Circular No. 928 Series of 2016
Amendments to the Regulations Governing Fees on Retail Bank Products/Services and Dormant Deposit Accounts
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