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Fellow Expats in Cebu: Looking for an attorney to work with local bank to close my account remotely


SamExpat

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Fellow expats: I am a senior citizen that lived in Cebu some years ago and opened bank account which had become dormant since I moved back to North America.  Now, I need assistance in closing the account remotely since I can not fly to Cebu now.  Any help appreciated.  Thanks in advance.  Hope you re safe in Cebu.  Corona virus is spreading here.  Love

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Have you contacted the bank? 

My wife says if the account has been dormant for more than a year it may be forfeit. They have some "interesting" banking regulations.

Good luck, hope you find a way.

 

Edited by Old55
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1 hour ago, Old55 said:

My wife says if the account has been dormant for more than a year it may be forfeit.

My Dumaguete bank manager told me the same.  I was going to close my account when I left and he said just leave it open as they close it automatically if it is dormant for some time.  There was no mention of what they do with any pesos left in the account but it would not have been much and no one has ever contacted me from any of my dormant Philippines bank accounts (3 as memory serves) to tell me how to get my money. 

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Withdraw the money from the account. Once your balance is below the 'required ADB' the bank will start to collect a monthly dormancy charge. If your balance is zero, the bank will automatically close the account. This is standard procedure at least at PNB. That was a few short years ago but I'm guessing it didn't change since then.

By the way, accounts which are dormant for 10 years are closed regardless of balance and the money goes to the state. See bpi.com.ph/terms section 9.

 

Edited by jimdones
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13 hours ago, jimdones said:

By the way, accounts which are dormant for 10 years are closed regardless of balance and the money goes to the state. See bpi.com.ph/terms section 9.

I hope your wright on that time frame, the wife stuffed around with her password and then forgot it. Even her son over there can't do a thing about it. It has taught her a lesson, she is the type that will pick up 1 centavo In front of a beggar.  Maybe she might get it back. :hystery:

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18 hours ago, SamExpat said:

Now, I need assistance in closing the account

Hi Sam.

If it turns out that for what ever reason the account is still open and is not automatically closed, you can also do this.

If you still have a relative or good friend that lives in Cebu you can have them do it for you. You will need to send them a letter authorizing them to act on your behalf, a photocopy of your ID and documents that shows the account number, they "should" be able to close it.

Due to the number of OFW's this is a common practice. In the past we have closed, adjusted and opened relatives bank accounts, water and electrical service, cable and telephone service and once even collected one relatives pension payment. 

Good luck :thumbsup:

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