Philippines' BSP revises fees on dormant accounts

The Bangko Sentral ng Pilipinas (BSP) said banks can only charge fees of up to P30 per month on deposit accounts that have been dormant for five years.

The BSP said "stringent conditions" are approved for monthly dormancy fees and that it will only be charged if there are no deposits or withdrawals transacted for five years, or if the deposit is below the minimum monthly average daily balance.

"The new rules also require banks to give three notices pertaining to dormant accounts: 1) potential dormancy prior to the commencement of the dormancy period; 2) charging of dormancy fee; and 3) escheat of account pursuant to the Unclaimed Balances Act," the BSP said in a statement yesterday.

"To comply with the notification requirements, a depositor must be notified through postal mail, courier delivery, email, telephone or other means at least 60 days before the deposit becomes dormant; and at least 60 days prior to the charging of dormancy fees," the BSP explained.

By Manila Bulletin

http://business.mb.com.ph/2016/10/30/bsp-revises-fees-on-dormant-accounts

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