Source: Bank of China Insurance News

Reporter Hu Yang

In order to ensure the safety of accounts and funds and help consumers understand the opening status of their own bank accounts, Industrial and Commercial Bank of China and Agricultural Bank of China have recently issued announcements stating that they will carry out reminders for "sleeping accounts". The reminder time will be from the date of issuance of the announcement to October 15, 2024.

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The "sleeping accounts" included in the scope of the reminder refer to personal bank accounts that have not had active transactions for 5 years or more and have a balance in the account as of September 30, 2023.

There are two specific categories: first, current savings or settlement accounts (excluding credit card accounts) that have not had active transactions for 5 years or moremobilepokersites; The second is a time deposit account that is not automatically transferred when due and has no active transactions for 5 years or more from the expiration date. Active transactions refer to transactions other than interest settlement and account management fees such as cash deposit, cash withdrawal, transfer, and consumption.

In October 2023, the State Financial Supervision and Administration Bureau organized a special work to remind banks of "sleeping accounts", which will last for one year starting from October 2023. During this period, various banking institutions including ICBC and Agricultural Bank of China will remind and notify holders of "sleeping accounts".

"Sleeping accounts" pose hidden risks such as funds being forgotten or misappropriated, personal information being leaked, and accounts being used for illegal and criminal transactions. Carrying out "sleeping account" reminder work can help consumers understand the opening status of their bank accounts, promptly check, use or cancel redundant accounts, awaken the sleeping "money bag", and improve the efficiency of fund utilization.

In the view of Dong Ximiao, chief researcher of China Recruitment Alliance, clearing up "sleeping accounts" has three meanings: First, it helps financial consumers wake up idle funds, improve fund utilization efficiency, and safeguard consumers 'legitimate rights and interests.mobilepokersites; The second is to reduce the ineffective occupation of bank accounts and system resources, improve resource utilization efficiency, and better provide consumers with more effective services; the third is to strengthen bank account management and reduce the potential risks of "sleeping accounts".

ICBC and Agricultural Bank of China also specifically reminded that during the account reminder period, banks will not require consumers to conduct non-counter transfers and other operations involving account funds for any reason, nor will they send online links such as "activate accounts" and "wake up sleeping accounts"., please pay attention to preventing criminal activities of telecommunications network fraud, and do not believe in it and click on unfamiliar links.

Consumers are advised to raise their awareness of risk prevention, update their personal information kept in banks in a timely manner, and do not rent, lend, or sell their identity documents, bank accounts and other important information and items to prevent them from being used by criminals for money laundering, telecommunications network fraud, illegal activities such as tax evasion and cross-border online gambling.