Are there fees for unused bank accounts?

VTC News•09/08/2023

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

Fees that must be paid even if the account is not used include: Bank account management fees; Annual ATM card fees (if applicable); SMS Banking and Internet Banking service fees (if applicable).

Even unused bank accounts can incur fees. (Illustrative image)

Opening a bank account but not using it might seem harmless, but in reality, it can lead to significant disadvantages if you register for an account without using it.

Specifically: Account fees must be paid according to regulations even when not in use; there is a risk of account information being leaked and personal information being stolen due to infrequent management; penalty fees will be charged for non-payment of service fees (for credit card accounts).

What should I do if I open a bank account but don't use it?

If you no longer need your bank account, you should lock or cancel it immediately to avoid fees and negative consequences from not using it.

Temporarily lock your account.

If you're only going to be inactive for a certain period and plan to use your account again in the future, then you should only temporarily lock your account. With this feature, when you want to use it again, you simply need to reactivate it to unlock your account.

Please note that even with a temporary account suspension, fees such as account management fees, annual fees, and SMS banking fees will still be charged as usual.

Permanently lock your bank account.

If you no longer wish to use the bank's services for transactions, you should permanently close your bank account to avoid paying associated service fees.

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

Stop subscribing to utility services.

If you still want to maintain your bank account but don't want to pay the associated service fees, you can go directly to the bank to cancel the SMS Banking, Internet Banking, Mobile Banking, etc. services that your account was previously registered for.

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

Instructions on how to cancel a bank account.

Method 1: Cancel the account at a bank branch.

If you have decided to permanently close your account, you will need to bring your identification documents to the bank branch to complete the permanent account closure procedures.

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

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

Step 3: The bank will check and process the account settlement (if there is still money in the account). Please note that you will have to pay all outstanding fees incurred from the account.

Step 4: Confirm successful account cancellation.

Method 2: Lock your online bank account.

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

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

Step 2: Click on the Card/Account section.

Step 3: Select to lock the card/account.

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

Here are some things to keep in mind when locking an unused bank account:

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

Is it okay if there's no money in the card?: It's fine if you don't have money in your account. However, if your account doesn't maintain the minimum balance required by the bank, the account may be locked due to unpaid service fees.

Will a bank account that hasn't been used for a long time be charged negative fees?: If your account hasn't been used for a long time and there's no money in it, the system will still deduct the required fees each month, even if the account is empty. Then, when the account holder deposits money, the corresponding amount will be automatically deducted. For credit card accounts, if the fees aren't paid in full, penalty fees will be charged.

Can an account be reactivated after being locked?: If you only temporarily lock your account, you can still reactivate it. However, if you have permanently canceled it, you cannot reactivate it to use it again.

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