Is there a fee for an unused bank account?

Specifically, you will be charged if you register for SMS Banking, Internet Banking services, card maintenance fees, and account management fees.

Fees that must be paid even when not using the account include: Bank account management fee; Annual ATM card fee collected annually, if card issuance is registered; SMS Banking and Internet Banking service fees if registered.

Unused bank accounts can also incur fees. (Illustration photo)

Opening a bank account but not using it may seem harmless, but in reality you will suffer a lot of disadvantages if you register to open an account but do not use it.

Specifically: Must pay fees arising from the account according to regulations even when not in use; There is a risk of account information being disclosed and personal information being stolen due to lack of regular management; Will be charged a penalty fee for not paying service fees (with credit card accounts).

Opened a bank account but not used it, what to do?

If you do not need to use your bank account, you should lock or cancel it immediately to avoid fees and the effects of not using it.

Temporary account lock

If you only do not use the account for a certain period of time and can use it again in the future, you should only temporarily lock the account. With this function, when you want to use it again, you just need to perform the reactivation operations to unlock the account.

But note that when your account is temporarily locked, fees such as account management fee, annual fee, SMS Banking fee... will still be charged as usual.

Permanently lock bank account

If you no longer want to use the bank's services for transactions, you should permanently cancel your bank account to avoid paying accompanying service fees.

Closing this account means that you will end all activities related to the bank that previously registered to issue the account. The account and ATM card will no longer be active. And of course, after canceling the entire account, you will not have to pay any fees.

Stop subscribing to utility services

If you still want to maintain your bank account but do not want to pay the accompanying utility service fees, you can go directly to the bank to cancel the SMS Banking, Internet Banking, Mobile Banking services... that your account has registered for.

After canceling the service, you will no longer have to pay monthly maintenance fees for these utilities, but only have to pay the account maintenance fee.

Instructions on how to cancel a bank account

Method 1: Cancel account at bank transaction office

If you have decided to permanently cancel your account, you need to bring your identification documents to the bank branch to complete the procedures to permanently delete your account.

Step 1: Notify the teller of your need to cancel your account.

Step 2: Fill in the information on the form and submit it with your ID card/CCCD.

Step 3: The bank will check and make the final payment (if there is money in the account). Note that you will have to pay the full amount of the outstanding fees arising from the account.

Step 4: Confirm successful account cancellation.

Method 2: Lock online bank account

Digital banking services help customers manage their accounts easily. You can lock your online bank account on Mobile Banking or Internet Banking.

Step 1: Log in to Mobile Banking or Internet Banking.

Step 2: Click on card/account.

Step 3: Select lock card/account.

Step 4: Enter the OTP code sent to your phone and confirm.

You need to pay attention to the following when locking an unused bank account:

Is there a fee for locking a bank account?: Yes, if your account is only temporarily locked, account maintenance fees, annual fees, SMS banking fees, Internet Banking fees, etc. will still be charged. These fees will only be charged when the account has been canceled.

Is it okay if you don't have money in your card?: It's okay if you don't keep money in your account. However, if your account doesn't maintain the minimum limit as required by the bank, your account may be locked due to non-payment of service fees.

Will a bank account that has not been used for a long time be deducted a negative fee?: If your account has not been used for a long time and there is no money in the account, the system will still deduct the required fee every month, even if there is no money in the account. Then, when the account holder deposits money, the corresponding amount will be automatically deducted. For credit card accounts, if the fee is not paid in full, a penalty fee will be charged.

Can I reactivate my account after it is locked?: If you only temporarily lock your account, you can still reactivate it. But if you have permanently canceled it, you cannot reactivate it for use.

Cong Hieu

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