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BSP revises fees on dormant accounts


By Lee C. Chipongian

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.

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  • otoling

    Napaka-bagal ng mga ganitong rules o regulation na upang hinde maiisip ito ng ng BSP natin.

    Because I went abroad, 11 years ago, naubos sa bank fees ang aking P10,000 na deposit ko sa BDO, and another deposit ko sa RCBC for P10,000. Mga buwisit!!!

    • beautilicious

      that’s why I closed my bank account years ago when I went abroad..It’s not safe to leave your money in Philippine banks.

  • Harold Rosales

    Guys everybody in the BSP before this administration knew everything on how to do it right. But instead, they do it the wrong way without due process. This charges of dormant fees are purely illegal. Indirectly, they are legalizing robbery infront of our noses.

    • underthePhilippineSun

      i think you are correct… filipino people are already struggling financially and these institutions are authorizing robbery through BANK FEES… imagine MONTHLY DORMANCY FEES?… wtf…

      banks in the Philippines are like VULTURES that are taking advantage of the misery of the filipino people… (instead of helping them)…

  • Philipmon

    BSP should revisit these fees as it is not fair and does not encourage Filipinos to save in banks. There is NO SERVICE provided that justifies the collection of dormant fees or charges. Are the banks not benefiting from the use of these deposits while in physical possession of the cash?
    Banks should actually be paying an interest percentage that is no less that the annual inflation rate to protect real value of these deposits.

    • beautilicious

      exactly ! the banks are using these dormant cash for their business and it shouldn’t be penalized for being dormant..Philippine banks are the worst banks to save your money..

  • Simon

    There is also a trick here from the bank that if you fall below the minimum deposits even only in seconds, then you are accountable to the corresponding charges. And this already happened to me before but I will disclosed the name of the bank. What happened is I withdraw a certain amount but I deposited cheques thereafter. And when I checked my balances, I lost an amount of P100 that time. And when I verified the incident to the bank, they told me the situation, falling below the minimum deposits.

    • underthePhilippineSun

      it is TECHNICALLY below minimum deposit… banks are run by computers – in any financial transaction, every seconds counts…

      what if you first deposited the cheques and withdrawed later… i guess you will have a different result…

    • Michael Erwin

      If I’m not mistaken that should be Average Daily Balance (ADB). For the definition: Monthly basis yung charge.

      • Simon

        As I’ve mentioned that was the incident I experienced regardless of your ADB. It was really a computer generated, so once it falls below the minimum, then automated deduction for the penalty as simply as that. underthePhilippineSun is correct.

        • Michael Erwin

          Of course transactions are handled by computers since records are now all electronic. I simply shared to you bit of information that might be helpful. You can compute the result yourself using the information.

  • speakeasy8

    Banks tolerated by the government do not want any struggling hardworking citizen who try their best to save to accumulate cash, that is why they charge all these fees.

  • chantzi tong

    pagkatapos pagka-kitaan yung pera mo, after 5 years sila na kukuha..
    better to deposit your money out side the philippines or at your own vault..

  • Varbs Malliance

    Why should there be such thing as DORMANCY? The bank is using the money anyway?Why charge a dormancy fee?

  • Harold Rosales

    Guys, these BSP Governors before are stock holders of commercial banks. Anything for their business interest are amply protected. In Japan, ATM Machine will allow you to withdraw up to the Centavo.