Dormant account within six months
When a person do not use the account for longer period of time or inactive status of bank account is termed as 'dormant account'. The account may receive normal deposits during this phase but account holder can not make transaction especially taking out money. This is like 'in is allowed but out is not permitted'.
More than three dozens of bank are being operated in Nepal. The are providing different facilities due to competition in the market but they are not thinking about 'dormant account'. Lastly, I was out of the station for four months and may be I have not used my account for two months before I left. I arrived at airport and tried to draw local currency that can be used for food or taxi but my card did not work. The situation during that time was very uncomfortable. I had money in my account but I could not make use of it. Then I started thinking whats the use to keep money in bank? Whats the use of visa or credit cards? when they can not solve my problem as required. Later I came to know that the account was dormant as I have not made any transaction for six months. I went to bank and filled the form to make it active and it is active now. During the same visit to bank I requested to extend the dormant time of six months to one year or ask me before making it dormant but they simply refused the request. In many countries, normally, the bank would inform the customer two to three times prior to the account becoming dormant and if they do not get response, take action on it.
Bank would usually say that they make dormant for your account for security reasons or keep your money safe but actually, they want to be sure to use your money for free. Once your account becomes dormant, they can use your money for further investment as you can not use your money till you get permission from bank to make your account active. Sometimes the bank employee has misused such accounts as they know which accounts are dormant and for how long. There were news of such events in news paper too. Though there are rules that banks should send the dormant accounts money (if never claimed) should be the property of nation but bank don't want to send that money to the state and they keep it in the bank.
More than three dozens of bank are being operated in Nepal. The are providing different facilities due to competition in the market but they are not thinking about 'dormant account'. Lastly, I was out of the station for four months and may be I have not used my account for two months before I left. I arrived at airport and tried to draw local currency that can be used for food or taxi but my card did not work. The situation during that time was very uncomfortable. I had money in my account but I could not make use of it. Then I started thinking whats the use to keep money in bank? Whats the use of visa or credit cards? when they can not solve my problem as required. Later I came to know that the account was dormant as I have not made any transaction for six months. I went to bank and filled the form to make it active and it is active now. During the same visit to bank I requested to extend the dormant time of six months to one year or ask me before making it dormant but they simply refused the request. In many countries, normally, the bank would inform the customer two to three times prior to the account becoming dormant and if they do not get response, take action on it.
Bank would usually say that they make dormant for your account for security reasons or keep your money safe but actually, they want to be sure to use your money for free. Once your account becomes dormant, they can use your money for further investment as you can not use your money till you get permission from bank to make your account active. Sometimes the bank employee has misused such accounts as they know which accounts are dormant and for how long. There were news of such events in news paper too. Though there are rules that banks should send the dormant accounts money (if never claimed) should be the property of nation but bank don't want to send that money to the state and they keep it in the bank.
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