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Dormancy - Savings and Current Accounts | PH Banking

coradpoohcoradpooh PExer
edited March 2019 in Banking and Finance
hi there! need help guys!

my mom na nasa abroad right now has an account sa equitable pci bank na hindi nagalaw for more than two years, nung i-try daw nya doon sa US na magdeposit, sabi daw sa kanya ay hindi na ma-access yung account nya... my account din sya sa metrobank na more than two years na din na hindi nagalaw... paano po yun? hindi na nya makukuha yung money nya sa mga banks na yun??? confused enlighten me pls...
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  • as far as i know, makukuha pa rin yun, naka-freeze lang yung account and you will pay a certain amount to the bank para maging active uli, i suggest you call the bank (kung saang specific branch nakadeposit) immediately.

    hingi ka rin ng certification (na authorized representative ka) or power of attorney (legal powers to represent your mother) sa mom mo to represent her kung wala siya dito, depende kung ano yung requirements ng bank
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    The easiest way is for her to show up at the branch and try to withdraw some money. She will then be asked to update her signatures, contact information, and provide identification as if she were opening a new account. The account will be reactivated, but any service charges deducted in the past will not be reversed.

    A power of attorney might work, but since the account is dormant, expect the bank officers to be extra skeptical.
  • m ke2, thanks for your reply! I'll visit those banks na lang sa monday...

    sabi daw kasi ng PNB dun sa US, sa PNB daw dito sa pinas, kapag 2 years ng dormant yung account, automatically daw na mawawala na yun kaya worried kami... nasa P100K din yung nasa PCI, nasa P50K naman yung nasa metrobank... sayang din yun kung mawawala lang...

    any idea kung magkano monthly charge sa 2 banks na yun?

    KuyaDanny, hindi pa kasi makauwi dito mom ko eh, kaya ako muna pinaglalakad nya, kung pwede... anyway, thanks for your reply...
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Dormant funds are escheated in favor of the government only after ten years of inactivity. PNB is not an exception to this provision in the law.

    Let us know what the banks advise after you visit them. I have known some dormant accounts to have been activated even with the accountholder abroad. All it took was for a bank officer (who knew the accountholder personally) to call the accountholder and satisfy himself that the client was alive and healthy. It could be just as simple for your mother.
  • Hi there!

    We went to the banks na. Sa equitable pci, napa-update namin, nag-earn pa nga ng interest until dec 2006 kaya lang nung magdedeposit na kami, sabi kelangan pa daw authorization letter from my mom. Yung sa metrobank naman, hindi na na-update, so kinausap namin yung bank officer, she gave us a form na kelangan ng signature ng mom ko...

    at least, we are sure enough na nandun pa yung accounts ng mom ko, sayang kasi kung basta na lang mawawala di ba?

    so aasikasuhin na lang namin ay yung mga needed docs para maayos ng tuluyan yung mga accounts ng mom ko.

    any idea kung magkano magpadala ng documents thru LBC, DHL or Fedex? bagal kasi pag postal mail eh...

    anyway, maraming salamat po...
  • makoy11makoy11 PEx Rookie ⭐
    yeah.. that's basically what the bank needs, someone to claim ownership of the acccount since medyo matagal ang inactivity.. sa states, notarized letter lang ang kailngan claiming ownership of the account ok na.. just maje sure to make a customer initiated activity ( deposit, withdrawals etc.) within a specific period of time (depending on the bank..)

    ang abandoned property naman after ng dormancy status nangyayari w/c means the property will be eschated in favor of the government...
  • dinky207dinky207 PEx Influencer ⭐⭐⭐
    this dormant racket can be avoided by depositing any amount at least once a year, or even updating the passbook.
  • yeah ang pinaka mabisang paraan dyan para hndi maging dormant eh deposit kahit magkanong amount lang at least once a year, makaka iwas ka pa sa dormant account charges
  • froshie1froshie1 PEx Influencer ⭐⭐⭐
    Ano ba iyong mga conditions para masabing dormant ang account mo sa bangko? Ilang days/months/years na walang activity?
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Current accounts - one year without activity.
    Savings accounts - two years without activity.

    Interest credit and withholding tax debit do not constitute activity for purposes of this definition.
  • It depends on the bank.

    For Metrobank, it's 2 years. My Metrobank FCSA was not even subjected to a service charge even though it had been dormant for 2 or so years. I reactivated it last year and was not charged because the balance was not below USD500.

    For my Chinabank FCS, I had to pay the maintenance fee of about USD4.00 a month just because of its being inactive for a year. Tsk. Bwiset na Chinabank 'yan. :(

    And FYI, under the "Unclaimed Balances Law", the bank is required to turn over to the Treasury of the Philippines the outstanding balance of any account which has been inactive (no deposits or withdrawals) for at least 10 years.

    Tama ba, KuyaDanny?

    :)
  • KuyaDannyKuyaDanny Moderator PEx Moderator
    Tama ka diyan.
  • business_guybusiness_guy PEx Veteran ⭐⭐
    Yeah yeah yeah, kaya kung walang balak mag bawas dagdag sa account niyo, edi mag withdraw-deposit lang kayo or mag deposit man lang kayo ng piso para may galaw (lol)....
  • i have not been to metrobank for 2 years already since i wa assigned in tugegarao. before i moved i closed my account in metrobank.

    then this december i got a notice from them na i may dormant account daw ako na kaylangan ko asikasuhin or else mag iincur ng charges regardless of the amount i have in the account.

    hassle kasi galing pa ako province!!! and closed na yung account na yun pinapirmahan pa nila ako ng form nung clinose ko kasi lahat trnansfer ko sa bdo pano magkakaron ng pera dun... other banks naman basta 0 balance ka na considered closed na...bwisit talaga, kun centavo lang ang nasa account ko pwede pa ako macharge!!!

    d kaya raket lang ito ng ibang banks para kumita????
  • BeerhandBopBeerhandBop PEx Influencer ⭐⭐⭐
    give your home branch a call. and see what's really up. :)

    t
  • ^ isa lang account ko sa metrobank kasi hindi maganda service nila. at sigurado ako closed na yun at may form pa ako pinirmahan bago i close.

    and regarding significant amount, sana nga meron pero wala ako matandaan. isa pa nakalagay sa notice na regardless sa amount magiincur pa din ng charges.

    yung 200 per month na charge, mangayayari lang pag nagbelow minimum (10,000) so kung meron man dapat ubos na kase 2 years na hindi nagagalaw pwera nalang kung mas malaki sa 10k yung nandun.

    puntahan ko nalang baka nga may pera pa ako dun pero imposible..baka nagkamali ng entry tapos naging millions. hehehe....
  • pwedeng raket!! i disagree sa nagsabi na mahirap kumita sa ganyan..

    ang metrobank may charge na 200 pag below minimun ka (10,000) at 200 dormant fee. so imagine kung may 10,000 ka at dormant na yung account mo babawasan ng 200 at since nagbelow minimum ka na din bawas 200 ulit. 400 monthly ang bawas mo so kakainin na yung 10,000 mo.

    ang 400pesos interes na yan ng account quarterly ng 40,000 savings...
  • ^^kung ang depositor ay malapit lang sa bank ok lang. pero sa case ni TS sa province pa sya galing hassle yan...for sure kailangan ng personal appearance dyan. pero negligence pa din kase bakit mo kinalimutan pera mo db..

    btw, matanong na din po council. pag dormant account ba ibig sabihin malaki ang pera sa account o regardless sa amount basta untouched for several years dormant n?
  • panu kung 500 lang pala laman ng account mo kaya kinalimutan na e di ba dapat considered 0 na din kase nagbelow minimum maintaining balance...200 ang charge ng MBTC dun so wala na dapat laman sa 3rd month.
  • confused ako ah..may dormant account din ako from metrobank na di ko maalala. pano naging regardless sa amount ang dormant account?like example nung isa 500 laman so binawasan ng binawasan kaya naging 0 balance at hindi na dormant yun kase wala na nga laman..hindi na yun aabot ng 2 years.:hmm:

    baka pag dormant more than 10k..or less than 10k but not less than 4,800 kase ang 4,800 magiging 0 balance din exactly after 2 years.(minus 200 monthly charge)tama b? :confused:
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