Polish clients of banks must prepare for a fresh reality – more and more financial institutions introduce the alleged "inactivity fee". This means that having a bank account without performing operations can consequence in charging additional costs, especially during the vacation period. Although this may be amazing to many, banks defend themselves by explaining their concern for profitability and compliance with anti-money laundering regulations.
A fresh charge that is easy to gain – especially on vacation
The mechanics of action is simple: if the client does not execute any transactions on his account for a certain period of time, the bank may charge a fee for his ‘inactivity’. The problem is that this time is frequently just 1 to 3 months. For many people who, for example, hold ancillary accounts, savings accounts or seldom utilized sub-accounts, this means a real hazard of paying costs, even if they have funds in their account.
The biggest surprise for customers is that These fees activate in summertime – that is, during the period erstwhile many Poles go on vacation, suspend business activity, restrict the usage of cards or simply relax from everyday finances. In practice: you don't pay by card, you don't order a transfer – you can pay for just having a bill.
Who's charging already?
Although the list of banks applying specified charges is not yet long, all indicates that This trend will expand. any banks apply this to promotion accounts, others to long-inactivity accounts. For example:
- mBank – provides for a fee for inactivity in savings accounts in the promotional offer after a specified time.
- Santander Bank Polska – reserves the right to charge if the account is not utilized for respective months.
- PKO BP and Pekao – so far more cautious in this kind of action, but their rules let for the introduction of akin mechanisms in the future.
Some of the charges are 5 to 30 PLN per month, depending on the kind of account and tariff conditions. Although it's a tiny amount for many, on a yearly basis or with many accounts, this can translate into real spending.
Why do banks do that?
The banks justify fresh charges by respective factors. First, inactive accounts are costly to maintain – even if the client does not usage them, the bank must operate them, gathering reporting and strategy requirements. Secondly, unused accounts can be utilized for illegal activities specified as money laundering or identity fraud – active monitoring reduces this risk.
Experts besides indicate that in the day low interest rates and rising operating costs, banks are looking for fresh sources of income and at the same time want to “motivate” customers to usage their services more actively – that is, to make transfers, usage cards, take credit.
What does that mean for customers?
The most crucial effect for customers is the request to regularly check the activity of accounts – even those that are seldom used. For example, if individual has a separate currency account, an extra baby account, a savings account in the promotion – they should make certain that they do at least a minimum transaction all fewer weeks.
Otherwise, during a vacation or a longer trip, he may be amazed to hear about the charge that could easy be avoided.
In addition, it is worth noting that banks do not always send clear notices of the upcoming fee – this information is usually included in detailed prices or rules. So the client has to keep an eye on them.
How do you defend yourself?
To avoid additional fees, experts advise a fewer simple steps:
- Check all your accounts and their rules – especially those you seldom use.
- Schedule Regular Transactions – e.g. a tiny transfer or payment with a card erstwhile a period is adequate to keep the position of activity.
- Give up unnecessary bills – if the account is unused and the bank starts charging fees, it is worth considering closing it.
- Use the banking application and set a notification – any applications inform about changes in the rules or fees.
A Future Perspective
Everything indicates that the trend of inactivity charges will increase, peculiarly in the context of the digitisation of banking and the focus on clients actively utilizing financial products.
From a customer's point of view, this means more vigilance and regular monitoring of the terms of their services. For banks, it is simply a way to optimise costs and improve financial performance – although it is controversial, especially among little active users, the aged or those who treat the account as a "saving vault".
It is so worth reading the rules carefully and do not presume that inactivity means no costs – due to the fact that it may turn out that without any action we will pay more.
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Banks introduce a "inactivity fee" on holiday. If you do not usage an account, you will pay the penalty
