Do you have an unused bank account?.. New banking rules you need to know

04:28 PM

Wednesday 04 August 2021

I wrote – Manal Al-Masry:

If you own a bank account or an account on a mobile phone and have not used it for a long time, then you should follow the instructions issued by the Central Bank and published today on its website regarding the rules for dealing with this type of account, which are called “stagnant accounts”.

During these instructions, the Central Bank called on banks to work on reducing the number of stagnant customer accounts, whether by communicating with customers in order to reactivate these accounts or the possibility of closing them after a year has passed since their balance reached zero without dealing with them.

In the following lines, we monitor the most prominent instructions of the Central Bank that are of interest to clients with this type of account:

– In the event that the customer is considered dormant, meaning that all his accounts in the same bank have not been dealt with for a long period exceeding the period specified by the bank in these instructions, he can activate his accounts again by contacting the bank by any means according to the bank’s policy and either authenticating the accounts balance, or Write a request to reactivate the accounts.

– In the event that the customer has several accounts in the same bank and one or some of them has not dealt with him for a long time, he is allowed to activate these accounts using any of the means of contacting the bank, including branches, call centers, internet banking, or other electronic communication channels, after making sure from the identity of the customer.

The Central Bank obligated banks to respond to customers’ requests to reactivate their accounts, without imposing any fees on reactivating or closing accounts.

– Expenses and fees from banks on this type of account are deducted from the account balance, but the account that reaches zero balance and the client has not dealt with it within a year, in this case, the Central Bank allowed the banks to close it.

– The bank must notify the customer by any available means on a monthly basis for a period of 3 months before his accounts are considered stagnant, and the banks should contact customers periodically (at least quarterly) in order to work on reducing the number of this type of account, and must notify the customer (before and after listing his accounts within the dormant accounts) with the resulting expenses, as well as the reactivation procedures.

– The Central Bank allows deduction of fees or expenses on the mobile phone account that the customer did not deal with, with a maximum of 60 Egyptian pounds annually, if there is sufficient balance in the account.

The returns due to the client shall continue to be calculated if the account is of the type that generates a return on it, and these returns shall be added according to the type of account and the periodicity of the return calculation.

– If the customer has a disability or is over 65 years old, he can ask the bank to conduct a home visit by one of the employees to activate the dormant accounts, complete the data and sign the required papers if the customer requests.

There are banking products to which these instructions from the Central Bank do not apply, including: credit facilities of all kinds, including credit cards, prepaid cards, and savings vessels (deposits and certificates).

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