Many people open their first bank account in early adulthood and then, over time, they are more likely to end up opening other accounts, especially if they have to use a bank account. home loan in a bank other than your usual bank. Over time, you may stop using and even forget about any of these accounts. Did you know that you may be losing money by having an inactive bank account? Find out why.
Have you ever forgotten that you have a certain credit card or a bank account opened in a bank and, suddenly, you are presented with a statement indicating the payment of a commission because you are not using them? Hopefully not, but it can happen, so you must be properly prevented.
Consequently, sometimes the amount that appears to be paid is already significant (reaching up to tens of euros), which leads you to go to the bank in a surprised way and then to realize that you have no other solution but to pay the amount. debt.
Fix these words: inactivity commission
The charge for the existence of an inactive bank account is carried out through the so-called inactivity fee / commission.
Even if a bank account has no balance (that is to say it is overdraft), the truth is that you can be charged an inactivity fee. This means that, whether or not you move that account, you can always have associated costs that vary depending on the financial institution.
Depending on the bank, an inactive bank account can be considered as such after a few months or a year without any movement by the holders.
How do you know if you have an inactive bank account?
It is simple and we will explain it in three simple steps:
- Access the Account Database on the Banco de Portugal website and click on the option “Authenticate and get map”;
- A new page will appear that allows you to select the authentication mode depending on whether you are a private individual or a company. Choose your option and note that for both you will need your credentials to access the Finance Portal;
- You will then have the possibility to open or even save your chart of accounts in a PDF file.
This way you will be able to understand which accounts still have assets, as well as those that have already been closed.
If a relative dies and you have to take care of the Qualification of Heirs, you can use this Database to check which active accounts the deceased had. Note that the amounts that have not been transferred to a bank account for 15 years revert to the State.
Beware of inactive payroll accounts
Ordinary accounts, as they are a current account that allows access to the modality of overdraft facility, can become “dangerous” for the consumer who stops using them. This type of bank account allows the holder to receive his salary in advance (which, basically, is a credit with the amount of his salary).
Imagine that you forget that you have such an account. Suppose now that you may have to pay the so-called inactivity fee, but unfortunately, this account no longer has any money.
Given the overdraft facility associated with the account, this modality can be used to cover commission costs and the client ends up using the credit from this account to pay commissions without realizing it, with all the consequences that this entails: interest payment and, most likely, an installment of this overdue credit.
Any inactive bank account (as well as credit cards) may be subject to commissions and, therefore, making its holder to lose money without knowing it. It will not be the bank that will close your account just because you do not use it - this responsibility lies with the consumer.
As long as the account is open, the financial institution may collect commissions. We advise you to consult the Database of Accounts of Banco de Portugal to find out if this is your case and, therefore, proceed as soon as possible to close the accounts you no longer need.