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A bank account is considered dormant when there is no financial activity—deposit or withdrawal—for a period of two years for a savings account and one year for a checking account. Dormant accounts are subject to dormancy fee, under the regulations of the Bangko Sentral ng Pilipinas (BSP).
Mar 31, 2024 · Dormant Accounts - In compliance with BSP rules and regulations, any Account which remains (i) inactive, or (ii) where no client-initiated transactions are performed for a period of two (2) years, for Savings Accounts, and for a period of one (1) year, for Current Accounts, shall be considered dormant.
(2) When an account is about to become dormant, the depositor shall be notified of its potential dormancy at least sixty (60) days prior to the commencement of the dormancy period.
Dec 21, 2023 · A dormant account is a customer's account at a bank or other financial institution that has seen no activity, with the possible exception of interest...
Sep 19, 2017 · THE Bangko Sentral ng Pilipinas (BSP) recently issued Memorandum M-2017-025 which reminds all banks and non-stock savings and loans associations (NSSLAs) on the compliance with the regulations governing fees on dormant deposit accounts.
Sep 6, 2017 · 1. Dormant accounts can only be charged a maximum of P30.00 per month. In the past, banks have been charging dormant accounts P100-P200 dormancy fee per month. 2. The dormancy fee can only be charged if: there is no deposit or withdrawal from the account for five (5) years; if the deposits is below the minimum monthly average daily balance (ADB);
A dormant account refers to an account that has shown no activities – such as deposits and withdrawals – for a long period of time. Financial institutions need to make attempts to contact the owners of dormant accounts.
