Dormant Account
- When is an account classified as Dormant?
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An account will be classified as dormant account when there are no registered customer-initiated transactions for a consecutive period ranging from a minimum of four months to a maximum of eighteen months, depending on the account type.
- What happens once an account is classified as Dormant?
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Certain banking services and transactions become restricted until the account is reactivated.
- Why does the Bank classify account as Dormant?
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The bank applies dormancy classification as a safeguard measure to enhance account monitoring and help reduce the risk of fraud or unauthorized access.
- What fees may be charged to a Dormant Account?
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No dormancy fee applies. However, the standard charges associated with your account type continue to apply.
- How can you access a Dormant Account?
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A dormant account cannot be accessed through ATMs, Points of Sale (POS), online payment transactions or mobile banking services. The account must first be reactivated through the Bank’s designated reactivation process in the branch premises.
- How can you reactivate your Dormant Account?
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Simply visit any branch in person and complete the Bank’s reactivation requirements, a straight forward security step to confirm it’s really you.
- How can you prevent your account from becoming Dormant?
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Just perform at least one qualifying transaction within the dormancy period applicable to your account type.
- What are the risks associated with a Dormant Account?
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Dormant accounts carry a few key risks, including:
- Communication gaps: The Bank may be unable to reach you if your contact details
are outdated.
- Fraud and security exposure: Dormant accounts are more vulnerable to fraud and
misuse.