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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).
(1) As a matter of policy, banks shall exert all efforts to prevent deposit accounts from becoming 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. The notification shall contain the following information ...
3.1 Authorized Government Depository Banks (AGDBs) — refer to financial institutions/banks authorized by the Bangko Sentral ng Pilipinas to accept deposits from government agencies. 3.2 Dormant Accounts — refer to collections authorized by law to be deposited with an AGDB but have remained inactive for more than five (5) years.
Oct 27, 2016 · The Bangko Sentral ng Pilipinas has imposed more stringent rules on how banks should deal with dormant deposit accounts.
Sep 19, 2017 · Under the memorandum, banks and NSSLAs may only impose a monthly dormancy fee not exceeding P30 on a dormant deposit account, with a deposit below the minimum monthly average daily balance, and which has not been deposited to or withdrawn from for the last five years.
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);
Sep 27, 2022 · The Commission on Audit (COA) said the Supreme Court (SC) has agreed to close seven bank accounts with P268.3 million in deposits but have been inactive since 2015. It said the inactive or dormant bank accounts have been flagged by the COA in its 2021 audit report.
