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Maximum P30 dormancy fee for dormant bank accounts




The Bangko Sentral ng Pilipinas (BSP) has reminded banks and non-stock savings and loan associations (NSSLA) to abide by the rules on the charging of dormancy fees.

In October 2016, the BSP issued Circular No. 928 which revised the rules on dormancy fees affecting bank accounts and accounts with NSSLAs.

Revised Rules on Dormant Bank Accounts

The BSP-approved revised rules are as follows.

1. Dormant accounts can only be charged a maximum of P30.00 per month. In the past, banks have been charging dormant accounts P100-P200 dormancy fee per month. 

2. The dormancy fee can only be charged if:

  • there is no deposit or withdrawal from the account for five (5) years;
  • if the deposits is below the minimum monthly average daily balance (ADB);
  • and if the depository bank or NSSLA has complied with the notification requirements

3. Account holders of dormant accounts must be notified in these instances:

  • at least sixty (60) days before the start of the dormancy period;
  • when the dormancy fee will start to be charged; and
  • when the account will be placed under escheat or when it will reverted to the National Treasury after 10 years, in line with the Unclaimed Balances Act

4. Notification must be done through postal mail, courier delivery, email, telephone or other reasonable means.

5. Banks and NSSLAs are also required to notify clients of any amendments in the terms and conditions of their retail products and services and fees.

Be informed!


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