| Q: |
What is a dormant account? |
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| A: |
Most banks classify savings, current accounts and other types of deposit accounts as dormant where those accounts have no activity other than transactions initiated by the bank (such as interest and charges) after a specified period of time, generally 6 months or more. |
| 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 Semi-Annual Fee” of HK$100.00 will be charged on every March and September for each account which carries a balance of less than HK$1,000 AND with no transactions for the past 12 consecutive months. |
| Q: |
How can I avoid the above “Dormant Account Semi-Annual Fee”? |
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| A: |
You can simply maintain a balance of minimum HK$1,000 to each account, OR conduct at least one deposit or withdrawal transaction with each of your accounts within the 12-month period before March and September of every year . |
| 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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