To ensure the safety of accounts and funds
Help consumers understand how their bank accounts are opened
A number of banks have recently issued announcements
Will be on the "Sleeping Account"
Carry out reminder work
A few days ago, the official website (hereinafter referred to as the "Postal Savings Bank") issued a document announcing that from now until October 15, the bank will carry out the special work of reminding "sleeping accounts".
According to the announcement, according to the notice of the General Office of the State Administration of Financial Supervision and Administration on carrying out the special work of reminding and reminding banks of "sleeping accounts", the "sleeping accounts" will be reminded and reminded of the work.
An announcement was issued on the clean-up of sleeping debit cards.
According to the announcement, from March 20, 2023, long-term dormant credit cards that have no active transactions for 18 consecutive months or more, and do not have any outstanding payments and deposits, will be subject to credit card reduction, suspension or cancellation of credit cards in stages.
Starting from March 31, 2023, long-term dormant credit cards that have not been activated for more than 18 months or have been activated but have not been active for 18 consecutive months or more, and the current overdraft balance and overpayment are zero, will be suspended and the card cancellation procedures will be completed.
According to the announcement, from April 1, 2023, some long-term sleep customers who meet the conditions will be notified through AI phone calls or text messages, and if customers fail to operate the card according to the notification requirements within the specified time limit, they will be cancelled or cancelled.
What is a "dormant account"?
The "dormant account" included in the scope of the reminder refers to the personal bank account that has not had active transactions for 5 years or more and has a balance in the account as of September 30, 2023.
Specifically, there are two categories:
▪ First, a current savings or settlement account (excluding credit card account) that has not been actively traded for 5 years or more;
▪ The second is a fixed deposit account that does not automatically roll over at maturity and has not been actively traded for 5 years or more from the date of maturity. Active trading refers to transactions such as cash deposits, cash withdrawals, transfers, and consumption, except for interest calculation and account management fees.
Why Clean Up "Dormant Accounts"?
According to media reports, since the second half of 2022, banks have successively issued announcements to standardize the management of credit card business. Judging from the content of the bank's announcement during the year, in addition to strengthening the monitoring of the flow of credit card funds, cleaning up long-term unused credit cards is still a key task.
Dong Zheng, a senior credit card expert, pointed out that for banks, it is necessary to clean up sleep cards. On the one hand, although the sleep card is not used on a daily basis, it is still in the bank's database, so there will be management costs. On the other hand, banks have less monitoring on sleep cards, which is a certain financial risk.
In July 2022, the China Banking and Insurance Regulatory Commission (CBIRC) and the People's Bank of China issued the Notice on Further Promoting the Standardized and Healthy Development of Credit Card Business (hereinafter referred to as the "Notice"), which stipulates the operation and management of credit card business, card issuance and marketing behavior, credit management and risk control, capital flow, standardized management of credit card installment business, and supervision and management of credit card business.
The Notice stipulates that the number of long-term dormant credit cards that have not been actively transacted by customers for more than 18 consecutive months and whose current overdraft balance and overpayment are zero shall not exceed 20% of the total number of cards issued by the institution at any point in time.