Many people are asking me through email if they can re-open or re-activate a closed savings account. There are many reasons why this is happening.
For most people, they cannot maintain the enough balance so their account will still active. Other people, on the other hand, don’t know that their account will be soon closed by the bank due to zero balance.
So, let’s go back to the question.
Can you reactivate a closed bank account? The answer is NO. However, in very rare cases and with your immediate action, you may re-open it.
I’ll give you an example. Maybe two years ago, BPI had closed my wife’s bank account because of insufficient balance. However, the problem is I have sent a remittance to her account.
Our action is to call the BPI branch where my wife’s account is located and tell them that I have sent a remittance to her account. I don’t know during that time that the account was closed because there is still some money on it around less than P200.
To make the story short, BPI re-opened her account since I send remittance money to it. I don’t know what are their policies why it is very hard for them to re-open a closed bank account. To avoid this problem, you should prevent closing of your bank account by learning basic features of your savings account like maintaining balance, dormancy fee and other charges.
For your information, most banks deduct a monthly fee if the account falls the maintaining balance approximately P200-250. So when your account has zero or less than P250, the bank will automatically closed it during their regular update of all the accounts they have.
So What Now?
If you want to still have a bank account, you can apply for a new one but you cannot bring back your old account number. In my opinion, it is easier to open a new account than to reactivate your closed savings account.
To avoid closing of your account in the future, you should have enough money in your account called the maintaining balance. You should know this one to avoid charges in the future.
In addition, you should also make some transactions at least once in a year or once in two years to avoid dormancy fee. If your account is dormant or inactive, all banks a certain fee each month for inactivity. Therefore, it is very important you make some withdrawals or deposits during the 2-year period.
I hope this article give you the right information that you are looking for. If you are not still a subscriber of this blog, please do subscribe below to know more about banking and investing. Thanks!
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