Owning one or more bank accounts is a common reality for many people today. However, after the incident of many customers owing millions of bank fees even though their accounts were not used, some people realized that not only bank cards, but also regular payment accounts also default on fees.
A payment account is a non-term deposit account at a bank to use services such as money transfers, cash withdrawals, bill payments, etc. This is the most common type of account, so it is often understood as a "bank account".
Recently, banks are racing to waive or reduce service fees, most commonly opening accounts, using digital banking, transferring money, withdrawing money at ATMs... However, customers still have to pay some fixed fees when owning a bank account, most commonly management fees or account maintenance fees. This means that whether you open a bank card (debit card, credit card...) or not, you may still incur fees.
Account management fee is a periodic payment if you want to continue using the account and accompanying services of the bank.
Management fees of domestic commercial banks are usually around 5,000-11,000 VND per month. Many banks implement a policy of waiving management fees if customers maintain an average account balance above the prescribed level. Some banks currently exempt this fee unconditionally, including MBB, ACB, Techcombank, Timo, SHB, OUB, Woori Bank...
Foreign banks tend to charge much higher account management fees, which can be up to VND100,000-200,000 per month. With the same VND200,000 per month fee, Public Bank customers only need to maintain an average balance of over VND1 million to be exempt from the fee, while ANZ Bank requires up to VND50 million - the highest in the entire banking system today.
In addition, customers need to pay attention to Account maintenance fee. After a period of no active transactions such as money transfers or receiving money (excluding transactions that pay interest or deduct fees from the bank), usually about 6-12 months, the bank will charge an additional account maintenance fee. This type of fee is intended to stimulate demand and ensure that customers regularly use the account. In addition to the operating time, some banks also stipulate an additional average balance in the account.
Because they did not pay attention to this policy, many customers were shocked when their accounts "evaporated" millions of dong after a long period of no transactions.
Therefore, when you do not use the services of a certain bank, you should proactively close both the card and the account to avoid unnecessary costs. Many people only close the card without closing the account, leading to the bank charging management or maintenance fees.
Currently, there is no database system that can help look up how many bank accounts and cards each person owns. The only way is to check by memory, call the hotline or go to the bank transaction office to look up and complete the closing procedure.
You may then have to pay an additional fee to close the account. Typically, if you close your account less than 12 months after opening, the bank will charge a fee of VND20,000-50,000. Some banks, mostly foreign-owned, may charge VND100,000-300,000 for this procedure. With banks that offer free account closure, you may still have to pay all outstanding fees to complete this procedure.
TH (according to VnExpress)Source
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