Dormant accounts

Your bank should inform you of the potential costs incurred by keeping an unused account open.

To close an account you need to do more than just withdraw the balance or repay the overdraft. You will need to give your bank express instructions in writing that you want to close it.

The bank may charge maintenance fees even if the account is not used. However, it must also continue to send periodic information and information on settlements, such as monthly statements, receipt of each transaction and the annual summary of interest and charges, including information concerning the amounts owed.

In accordance with best banking practices, the bank may not charge overdraft fees and interests if the account is overdrawn solely as a result of charges.

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