LandBank Inactive/Dormant Account?
How can a LandBank account (Passbook or ATM) be considered dormant or inactive account? According to LandBank's Deposit Account Terms and Conditions:
"The Bank will classify the Account as DORMANT when it becomes inactive or has no transactions (deposits or withdrawals) for two (2) years for Savings Account and one (1) year for Current Account."
Are there any charges for DORMANT account?
Yes. LandBank imposes Php 200 per month for dormant accounts.
So, to avoid dormancy charges, you must have at least one transaction (deposit or withdrawal) :
within a year for Current Account
within two years for Savings Account (like ATM/Passbook).
Do you have a dormant LandBank account? Tell us what problem(s) you encounter with your dormant account?
"LandBank Inactive/Dormant Account?"
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21 July 2016
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