| Q: |
How to avoid having a dormant account? |
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| A: |
Review what bank accounts you have. Keep only those accounts you need, or better still, consolidate them to earn a better return on your accounts and avoid paying charges. Formally close any accounts that you don't need. Make certain to identify all standing instructions and direct debit authorizations and discontinue them before closing your account.
Always notify your bank when there are changes to your personal information. There is no way for your bank to contact you or send statements to you at your old address. Not knowing the status of your account does not excuse you from being responsible for it.
Read your mail – don't ignore notices from the bank. |
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Source: The Hong Kong Association of Banks
| Q: |
Am I going to be charged for any dormant account? |
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| A: |
Yes, a "Dormant Account Fee" of HK$100.00 will be charged semi-annually on every March and September for each deposit account which has no transactions for over 12 months AND carries a total balance of less than HK$5,000 (or its equivalent in other currencies). |
| Q: |
How can I avoid the above "Dormant Account Fee"? |
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| A: |
You can simply maintain a total balance of minimum HK$5,000 (or its equivalent in other currencies) in deposit accounts, OR conduct at least one deposit or withdrawal transaction with each of your accounts within a 12-month period. |
| Q: |
What is the time for settling my bill payment? |
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| A: |
Please contact the merchant directly or refer to the merchant's bill statement. |
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