In any bank, clients who have accounts without any activity for a long time can become dormant. It is considered dormant when there is no financial activity, either deposit or withdrawal for a period of two years for a savings account and one year for a checking account.
Do you have such accounts? In this time of crisis, there are now many ways to do your bank transactions. Well, read on and know more!
Dormant accounts are subject to a dormancy fee, under the regulations of the Bangko Sentral ng Pilipinas (BSP). Charges will be collected by banks if an account has no activity for five years and falls below the minimum monthly average daily balance (MADB).
To prevent the account from being dormant and keep it active, clients are advised to regularly make deposits or withdrawals even in small amounts.
Meanwhile, BDO Unibank said clients can still reactivate dormant accounts — even if left with a small amount – by just visiting their branch of account and depositing any amount even as low as Php1.
For additional information, clients may visit www.bdo.com.ph.
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Thanks for sharing this article Mamu .. Malaking tulong po itong information NATO Sa may mga bank accounts.
Meron po akong account po na di ko na nagagamit. Ma try ko nga po itong pabuksan po ulit.
Mas maganda talaga na gamitin sya lagi para iwas dormant at maka iwas sa fee
Thank You for sharing this Mamu..Now alam ko na, na kailangan talaga may activity na gagawin kahit maliit lang na deposit para hindi maging Dormant yung Bank Account