Banks introduce Fee for Inactive Account. Even 10 zł Monthly!

Is your old, forgotten bank account a waste? Be careful, due to the fact that the bank may shortly begin to regularly deplete the funds collected there, even if you do nothing on it. More and more talk about fresh practice – introduction by banks inactive account fees. Amounts? Different, but reports of stakes reaching even 10 PLN per month. Is this another way to get money from customers under the coat of management? Or do banks have their more legitimate reasons? As a financial marketplace expert who has been examining price lists and bank regulations for years, I will say plainly: yes, banks are looking for fresh sources of revenue, but the argument about the cost of maintaining a "spirit account" is not entirely unfounded. Prepare for the uncomfortable fact about why your peace may shortly cost you.

We live in a time erstwhile having respective bank accounts has become the norm. 1 for salary, the another for savings, the 3rd for currency, or possibly any old, founded years ago during promotion and long forgotten. It seems that since the account is "free" (because it was so frequently promised erstwhile it was established), we hazard nothing by leaving it to ourselves. Wrong! The retail banking scenery is changing rapidly, and what was free yesterday can make costs tomorrow. Introduction trend inactivity fees is the best proof of that.

What does "inactive account" mean for a bank?

Before we go to charges, let us specify what banks mean by "inactivity". Unfortunately, there is no 1 universal definition. Each bank may set its own criteria in its own Toll and commission tables (TPiO). However, most frequently the account is considered inactive if for a certain time (e.g. 6, 12 and sometimes even 24 months) no of the following (or a combination of):

1. No customer-initiated transactions: No outgoing transfers, no card payments, no ATM withdrawals.
2. No account receipts: No incoming transfers (sometimes excluding, for example, the capital interest charged by the bank).
3. No electronic banking login: any customers keep accounts only for access to past or circumstantial features, but the bank may consider the deficiency of login to be a manifestation of inactivity.
4. No activity on related products: Sometimes the condition of account freedom is to be active on a credit card, savings account, etc.

It is worth to separate between the account inactive from account dormant (dormant account). This second concept is regulated by law (amendment of the Banking Law of 2015) and concerns a situation where the account holder has not issued any disposition by 10 years. In specified a case, the bank must effort to contact the holder or its heirs. The fee for an inactive account is simply a mechanics moving much earlier before the account is formally considered to be ‘sleeped’ within the meaning of the Act.

Why are banks disturbed by “dead souls”? actual reasons (and little comfortable ones)

Officially, banks argue that maintaining even an inactive account generates costs. Is that true? Yeah, but not all of it. Let us look at the reasons:

1. IT and safety infrastructure costs: Each account, even empty and unused, takes place in the bank's IT systems. It requires maintenance, backup, cyber attack protection. Hundreds of thousands or millions of "cont-spirits" make real technological costs.
2. Regulatory obligations (AML/KYC): Banks are subject to strict rules Anti-money laundering and terrorist financing (AML). They must apply the rule “Meet Your Client” (KYC), which means, inter alia, periodic verification of client data, monitoring transactions for suspicious operations. These obligations concern all clients, even those inactive. Keeping up-to-date data and monitoring accounts that are not utilized is an additional, frequently ungrateful work and cost for compliance departments. The forgotten accounts can besides theoretically become the mark of fraud.
3. Operating and communication costs: Although the client does not execute the operation, the bank inactive has to e.g. send mandatory information about changes in regulations or the PPIO, which generates correspondence costs (even on a large scale).
4. ‘Hygiena’ database and efficiency: A immense number of inactive accounts make client base management difficult, data analysis and efficient marketing or sales planning. Banks like to focus on active, gross generating customers.
5. Ordering: The introduction of the fee is intended to get customers to close unnecessary bills. This makes life easier for both customers (less accounts to watch) and banks (less base to manage).
6. Additional gross origin (Let's not pretend not to): Of course, in a time of force on financial performance and low interest rates (which reduce conventional bank profits), any fresh charge is simply a possible origin of income. Burdening inactive accounts, which holders may not even announcement shortcomings (if they do not check the balance), is simply a tempting option from the position of the bank. Let's call it by name – it's besides a way to monetisation of client inactivity.

Is that legal? Short Lesson with the TPiO

The bank shall have the right to introduce a fee for moving an inactive account, provided that:

• The evidence of specified payment (or the conditions for calculating it) is included in Toll and commission tables (TPiO) the bank concerned.
• The bank informed customers of the planned change in the PPIO in good time (usually minimum 2 months), giving them the chance to learn about the changes and possible termination of the contract without expense, if they do not accept fresh conditions.

If you do not respond to information about changes (and let us admit – fewer people read extended messages from banks), you are deemed to accept fresh terms, including possible fresh charges.

Which banks are already doing this and how much is it?

The situation is dynamic and varies according to the bank and the circumstantial kind of account (especially older tariffs may be charged with specified fees). There is no 1 common rate PLN 10 applicable everywhere. any banks have long applied account fees that have no longer been active (e.g. 12 months). Others may only introduce or modify specified records.

Importantly, many banks usage conditional feeswhich de facto they punish for inactivity, although they do not call it "the inactive account fee". An example? Account keeping fee (e.g. PLN 5-15 per month) is abolished, if the client will supply certain receipts (e.g. PLN 1000-2000 per month) OR execute a certain number of transactions with a card (e.g. 1-5 transactions or payment of a certain amount). If you neglect to meet these conditions, due to the fact that the account is simply a waste, the bank will charge a standard fee for moving it. The effect is the same – you pay for inactivity.

Therefore, it is crucial that you check the current Fees and Commission Table regularly for his account in his The bank!

How to avoid inactive account fees? Simple steps:

You don't gotta accept paying for something you don't use. Here's what you can do:

1. Clean it up: Think about how many bank accounts you truly need. Close those that are unnecessary. The account closure procedure is now much simpler than before, frequently it can be initiated online or via the hotline.
2. Perform minimum activity: If you want to keep an account (e.g. due to credit past or circumstantial features), check out the minimum activity required to avoid fees. Sometimes it's enough:
   • Log in to electronic banking erstwhile all fewer months.
   • Proceed one tiny transfer (even to another account).
   • Pay erstwhile with a card For a small shopping.
   • Ensure Minimum impact (if required).
3. Check TPiO and bank messages: At least erstwhile all fewer months, review the Fees and Commission Table. Pay attention to e-mails and e-bank messages informing about changes.
4. Set alerts: If you have an account you seldom use, but you want to keep it, set a reminder in your calendar, for example to execute a tiny operation on it erstwhile a quarter.

The era of completely unconditionally free bank accounts is slow coming to an end. The banks, under force of cost, regulation and profit desire, are increasingly eager to pay for the deficiency of client activity. Rate PLN 10 per month It may seem excessive, but it shows the direction of change. alternatively of complaining, it is better to act proactively – to order your finances, close unnecessary bills and regularly monitor the conditions of keeping those we choose to keep. due to the fact that in the banking world, as in life, inactivity can shortly begin to cost. And it's beautiful real money.