Dormant Bank Accounts
If you’ve received an email or letter from us about a Dormant Account, you can find more information below on the steps you need to take to make your account active again, or to close your account.
What does Inactivity mean?
This refers to an account that has had no client transactions made to or from the account.
What is a Dormant Account?
If inactivity is observed where no client transactions are made to or from an account over a 24-month period, an account is classed as dormant. After this time, the account will be restricted to prevent fraud risk.
How to prevent your account from becoming dormant
HSBC will notify you within 3 months before your account becomes dormant. Depending on the details we hold for you, this could be by email or letter. You’ll then have the following options:
- keep your account active by making a transaction and continuing to use it regularly; or
- close the account if you no longer require it.
Restricting your account
As mentioned above, HSBC will notify you of your dormant account prior to restricting it. However, if there are no client transactions over the 24-month period, the account will be restricted.
Reactivating a dormant account
You must submit a letter of instruction requesting the Bank to reactivate your account. For us to do this, we will need to confirm that your details are up to date. This is a requirement as part of our commitment to prevent fraud and financial crime. Having accurate information about our customers is a key part of our ability to detect and deter fraudulent transactions, money laundering and tax evasion.
Closing your account
If you choose to close the account(s), you can do so by sending a letter of instruction to your Relationship Manager with the details of where to transfer any remaining balance, if applicable. Please destroy any cheque books or cards relating to your account(s). As an additional security measure, it is recommended that cards are shredded or cut into at least six pieces.
If more information is needed, please contact your Relationship Manager or the Call Center on 299-6021.
