On the morning of November 20, Jinchang Rural Commercial Bank announced that it will clean up and close some unit bank settlement accounts that have been inactive for a long time. Recently, some banks have adopted similar practices to Jinchang Rural Commercial Bank, including Dangyang Rural Commercial Bank, China Construction Bank Weifang Branch, Bank of Nanjing.
The 'supply-side reform' of bank dormant accounts this year gradually extends from personal accounts to corporate and public accounts.
On the morning of November 20th, Jinchang Rural Commercial Bank announced that it will clean up and close some stagnant unit bank settlement accounts. Caixin reporters noticed that recently Dangyang Rural Commercial Bank and Bank of Nanjing have taken action to clean up and rectify corporate accounts.
Jinchang Rural Commercial Bank Takes Action - Some Stagnant Unit Accounts Will Be Closed
This morning, Jinchang Rural Commercial Bank announced in the local official media 'Gansu Economic Daily' that it will clean up some stagnant unit accounts.
Jinchang Rural Commercial Bank stated that the current cleanup and rectification of public accounts involve units that have been dissolved, bankrupt, or closed; companies whose business licenses have been revoked or cancelled; and unit bank settlement accounts with no payment activities for one year and no bank debts outstanding. The bank also stated that according to regulations, unit accounts with no payment activities for one year and no bank debts outstanding should be notified by the unit to initiate the account closure procedures within 30 days from the date of notification, and if overdue, it will be deemed as voluntary account closure, and funds not transferred will be included in the long-standing unclaimed special account management.
Jinchang Rural Commercial Bank stated that it will announce the closure of relevant unit bank settlement accounts. Relevant units are required to complete the closure procedures at the account opening branch within 30 days from the date of announcement, and failure to do so will be deemed as voluntary account closure, with the consequences borne by the account-opening units.
Jinchang Rural Commercial Bank finally stated that accounts revoked in this cleanup will have their account opening permits originals and customer password documents invalidated at the same time. During the account cleanup process, the bank will not, under any circumstances or through any means, request account-opening units to provide payment passwords, online banking login passwords, SMS verification codes, and other important information. Account-opening units should pay attention to protecting relevant information to prevent fund losses from information leakage.
Recently, more than thirty banks have started to clean up and reorganize accounts, with Bank of Nanjing among them focusing on 'corporate' accounts.
According to a report by Caixin, since June, including large state-owned banks and well-known commercial banks, over thirty banking institutions have issued announcements to clean up and reorganize bank accounts. However, the majority of banks are targeting individual accounts. For example, on July 4th, Bank of Communications announced that it would start cleaning up dormant debit cards from July 10, 2024. According to the announcement, the cleaning targets include accounts that have not had any transactions (such as deposits, withdrawals, transfers, consumer spending, bill payments, etc.) for more than two consecutive years, accounts with a balance of 0 yuan, and personal debit cards that have not activated any business functions.
However, there are also some banks with practices similar to Jingchang Rural Commercial Bank, including Danyang Rural Commercial Bank, China Construction Bank Weifang Branch, and Bank of Nanjing.
Specifically, in June, Danyang Rural Commercial Bank announced that to standardize customer management and safeguard customer fund security, they will close corporate accounts that have not had any payment activities for more than one year.
On September 14th, China Construction Bank Weifang Branch issued a document stating that to strengthen the quality management of unit RMB bank settlement accounts and effectively protect depositors' accounts and fund security, the bank has decided to clean up unit RMB bank settlement accounts. They will close unit RMB bank settlement accounts that have had no payment activity for more than one year and have no outstanding debts to the opening bank. If your unit's account meets the cleaning conditions and you wish to continue using it, please go to the account opening branch to handle the reactivation procedures before the end of the announcement period.
On October 10th, Bank of Nanjing announced that, in order to strengthen bank settlement account management, safeguard customers' funds in bank accounts, prevent telecommunications and online fraud risks, and promote the rational arrangement and use of bank accounts, they will clean up bank settlement accounts of corporate clients whose business registration and operation status was 'deregistered' or 'revoked' as of December 31, 2023, and who have not actively transacted for more than two consecutive years (including two years), with a current account balance of less than or equal to 10 yuan. Customers involved need to close their accounts or retain business procedures by November 14, 2024.
