Authority and legal basis
- The Monetary Board issues BSP Circular No. 498 through an amendment to the MORB.
- The amendment is made specifically to Section X263 of the MORB.
Amendment to dormancy fee notice rule
- Section 1 amends Paragraph (e) of Section X263 of the MORB.
- For charges and fees for dormant accounts or dormancy fee, the period of dormancy under Subsec. X163.12 must be properly disclosed among the terms and conditions of the deposit.
- Depositors must be informed before dormancy fee is imposed by sending notice to the depositor’s last known address.
- The notice must be sent at least sixty (60) days prior to the imposition of dormancy fee.
- Notice must be sent by registered mail with return card or by PROOF OF DELIVERY (POD) service.
- The PROOF OF DELIVERY (POD) service may be provided by the Philippine Postal Corporation and other mail couriers.
- The amended rule requires using POD service as an alternative to registered mail with return card for informing depositors regarding impending dormancy fees.