Question: How long before the bank closes my cheque account if no money has been deposited into it for three consecutive months?
Different banks have different rules.
How long does FNB keep a bank account open without money deposits?
At First National Bank (FNB) if it is a new cheque account and no money has been deposited into it yet, it will be closed after six months. The bank will communicate with the customer via sms and/or letter to attempt to have the account activated and utilised before closing it.
When will an account become inactive?
Where the account is active, money has been deposited and withdrawn but is not overdrawn, after three months of it not been used, it will become inactive. Depending on the credit balance, the account will become dormant between the third and the eighth month.
Balances less than R1000 will become dormant after three months, balances above R1000 and less than R100bn will become dormant after six months with balances above that becoming dormant after eight months.
The account will remain dormant for 30 months after which FNB will close the account. At any stage of the process customers will be able to r-open the account, providing identification and proof of residence.
What does a purged bank account mean?
After a further 12 months the account will be purged from the system. Under no circumstances can the account be re-opened once it has been purged. A new account will have to be opened. The customer will be able to claim any funds that may have been in the account at the time of closure.
What happens if the account is overdrawn?
Where an account is overdrawn different rules apply and the bank will close the account after three months. The bank will communicate via sms and phone calls with the customer soon after the account is overdrawn. A letter of demand requesting repayment will be sent to the last known address giving the customer 30 days to rectify the situation.
If the account is not rectified within the specified time it will be closed and purged from the system after a year. The customer will be held liable for the amount outstanding.
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