closure of bank account without consent

[marhsava]

So I have a dormant standard bank account, that has like -R500 off bank chargers that it accumulated, can standard bank close this account with the negative balance without my consent since i did not use this account for years.

I am not prepared to pay those bank chargers cause I don't even use that account.

 

[bwana]

Sure, they can freeze or close the account and probably come after you for the money you owe them.

 

[albert123]

So I have a dormant standard bank account, that has like -R500 off bank chargers that it accumulated, can standard bank close this account with the negative balance without my consent since i did not use this account for years.

I am not prepared to pay those bank chargers cause I don't even use that account.

Like saying you are not prepared to pay your house because you went on holiday and dont even use it... pay the fees. Close the account. Simple

 

[agentrfr]

So I have a dormant standard bank account, that has like -R500 off bank chargers that it accumulated, can standard bank close this account with the negative balance without my consent since i did not use this account for years.

I am not prepared to pay those bank chargers cause I don't even use that account.

o.0

That's not how it works. You realise you are obligated to pay them the money you owe them right?

Just because you didnt use the account doesnt mean you dont need to pay the charges. They still provided you with the service of the account. The contract you signed to open the account was pretty clear on this...

 

[Alton Turner Blackwood]

/facepalm

 

[SA-UK]

Plus most banks state in their T+C's that they can, at their own discretion, close the account with immediate effect and call on any balance owing to be paid up in full.

 

[Fireball]

Friday thread is a bit early this week.

 

[Hemi300c]

You owe the bank the money, pay it and close the account. I used to be if an account is not used for 6 months I think it becomes frozen and after that I cannot see how the bank can charge fees on a frozen account though.

 

[Ninja'd]

Make like crackersa and skip the country without paying anything.

 

[marhsava]

but this is a student achiever account I had a long time ago, they seem to be charging me R100 a month for bank chargers, I forgot about this account until recently i started to receive my statements via Email.

 

[SA-UK]

but this is a student achiever account I had a long time ago, they seem to be charging me R100 a month for bank chargers, I forgot about this account until recently i started to receive my statements via Email.

fine.so write to them detailing your reasons...perhaps,just perhaps though.. they might oblige you.

 

[JustPlainLucas]

but this is a student achiever account I had a long time ago, they seem to be charging me R100 a month for bank chargers, I forgot about this account until recently i started to receive my statements via Email.

Go read your agreement which you signed at the time you opened the account. If it made clear that there is a monthly account management fee, then you will be liable to pay that fee, each month the account is opened, whether you used the account or not.

And, yes, the monthly account fee can accumulate and put your account into a negative balance for which you will still be held liable.

And, yes, the bank do have the right to freeze and/or close the account, at any point in time and then start the process of recovering the debt from you. Just be careful, because your R500 debt could turn into R800 when this process starts. When attorneys are involved at a later stage, your R500/R800 debt could quickly escalate to R10k in debt.

 

[muisnes]

The right thing to do would be to man up and accept the consequences of the agreement you entered into freely.

However. If the debt is older than 3 years and you never acknowledged it during that time, it has prescribed and you don't have to pay it.

 

[SA-UK]

The right thing to do would be to man up and accept the consequences of the agreement you entered into freely.

However. If the debt is older than 3 years and you never acknowledged it during that time, it has prescribed and you don't have to pay it.

BTW....Which debt in general is so prescribed in SA? or is every civil type (excl municipal,SARS,traffic fines,etc) 3 years?

I always understood it to be much longer...5-7 years

 

[airborne]

but this is a student achiever account I had a long time ago, they seem to be charging me R100 a month for bank chargers, I forgot about this account until recently i started to receive my statements via Email.

So you haven't used it for 5 months to rack up R500 in unpaid fees or you left R5000 in there 5yrs ago and now it's been flattened with fees?

The monthly charges on those accounts aimed at students are normally really cheap why R100 a month in fees?

 

[reactor_sa]

You owe the bank the money, pay it and close the account. I used to be if an account is not used for 6 months I think it becomes frozen and after that I cannot see how the bank can charge fees on a frozen account though.

Well R500 odd in fees is like 6 months of administration fees if you're really luck.

 

[Tomtomtom]

They convert the account by surprise after a few years. Because they are banks and they are cheeky and in hindsight it's the whole point of student accounts for them. Note surprise is of the essence because if they sent you a simple yes/no (as you might naively expect them to have to do by law when changing agreed terms) everyone would choose to close. Happened to me on a formerly-free credit card. Fees suddenly cropped up and got to work eating the credit balance. I only noticed a couple months in. Then it took months of back and forth to get it closed out... I did eventually get some of the fees refunded and my credit balance transferred, but it was a waste of time all round.

 

[archibald]

Did the Bank ever advise you that charges are mounting up.In any case your account became dormant and the Bank should have closed it.Write the Manager a nice letter and tell him that they should have advised you of your account status.I think they will write the amount off.My account is in the post.

 

[marhsava]

Did the Bank ever advise you that charges are mounting up.In any case your account became dormant and the Bank should have closed it.Write the Manager a nice letter and tell him that they should have advised you of your account status.I think they will write the amount off.My account is in the post.

They didn't even contact me, I think the last time I used this account was probably like 8 years ago with , no idea what happened, will have to go the branch to sort this out , waste off my time

 

[Ninja'd]

So you haven't used it for 5 months to rack up R500 in unpaid fees or you left R5000 in there 5yrs ago and now it's been flattened with fees?

The monthly charges on those accounts aimed at students are normally really cheap why R100 a month in fees?

They didn't even contact me, I think the last time I used this account was probably like 8 years ago with , no idea what happened, will have to go the branch to sort this out , waste off my time

Now it's 8 years