Close accounts with insufficient balances or no transactions.
Recently, several banks announced the closure of dormant bank accounts. NCB Bank said it will close accounts that simultaneously meet two conditions: there have been no transactions for more than 24 months and the balance is less than VND20,000, which is less than the fee for maintaining inactive accounts.
Likewise, LPBank will close accounts with no balance and no transactions for 12 consecutive months. However, customers can reactivate their account before it is closed by making at least one financial transaction, such as a deposit or transfer.
Previously, Techcombank, Agribank, Sakombank, MB, VIB, etc. also closed or reclassified inactive accounts that remained inactive for a long period of time. Each bank had different criteria for inactivity time and minimum balance, but it was usually one to two years and the balance had to be less than VND 50,000.
Many banks close accounts due to insufficient balances and low transaction activity.
According to banks, this check allows them to reduce the cost of managing accounts that have fallen into disrepair, while simultaneously limiting the risk of their use for fraudulent purposes or money laundering.
Addition to the legal mechanism for managing abandoned accounts.
Not only commercial banks, but also the State Bank of Vietnam are seeking comments on the draft amendments and additions to Regulation 52 on Cashless Payments, which includes many new provisions related to current accounts.
According to authorities, there are now a large number of legal payment accounts whose owners have forgotten them or have not used them for years. In addition, some accounts were opened using falsified or outdated documents, while others are being used by criminals.
In accordance with current legislation, payment accounts can be closed only at the request of the owner, in the event of death, violation of the law, or termination of the organization’s activities. There is currently no legal mechanism to remedy a situation where a holder is unavailable.
To remedy this situation, the State Bank of Vietnam proposes to allow banks to close accounts that have been inactive for three years or more, unless otherwise agreed with the client. Once the account is closed, the bank will continue to be responsible for monitoring and maintaining the remaining balance, which will be returned upon request by the rightful account owner.
Ho Chi Minh City: Public diplomacy strengthens relations between Vietnam and the United States.The 250th anniversary of the independence of the United States of America is an opportunity for Ho Chi Minh City to reaffirm its role as a link in the comprehensive strategic partnership between Vietnam and the United States. The city continues to leverage its strengths in international integration, promoting cooperation in the economic, educational, scientific and technological fields, as well as people-to-people exchanges.
According to the State Bank of Vietnam, this three-year period was established based on international experience. In the United States, dormant accounts that have remained inactive for three to five years are considered “dormant” and their balances are turned over to the state’s unclaimed property agency. However, the owner reserves the right to return them. In the UAE, accounts that have not had a transaction for more than three years are subject to monitoring and may be closed after five years. Their balances are then transferred to the central bank until the account owner proves ownership.
Almost 87% of Vietnamese adults will have bank accounts by early 2026, according to the State Bank of Vietnam. Along with the strong development of digital payments, the number of non-cash transactions is increasing by almost 59% per year, significantly exceeding the target. The National Financial Inclusion Strategy aims for 95% of people aged 15 and over to have a bank account by 2030.
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