Dormant or Inactive ChinaBank Peso Savings Account
Like any other banks in the Philippines, ChinaBank also considers Peso Savings Account (e.g. Passbook, ATM, etc.) dormant or inactive if it has no deposit or withdrawal within a certain period of time.
As stated on ChinaBank's Terms and Conditions on Deposit Products and Alternative Channels:
"A Peso Savings Account which remains inactive (no deposit or withdrawal) for a period of two (2) years will be considered dormant. Moreover, accounts inactive for ten (10) years shall be escheated in favor of the Treasurer of the Philippines."
ChinaBank will charge fees for dormant peso savings accounts. So to avoid dormancy fee, you should keep your account active by depositing or withdrawing money on it within a year.
"Dormant or Inactive ChinaBank Peso Savings Account" was written by admin under the Banking category. It has been read times and generated 0 comments. The article was created on .
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