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Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
1.
If the customer wishes to terminate his/her relationship with the bank, he/she should submit a request to the bank to close his/her account and should return checkbooks, the ATM card and the account information card. If the customer is unable to return them to the bank, the bank shall obtain a liability acknowledgement from the customer. The bank shall cut up the checkbooks and cards in the presence of the customer and return to him/her the account’s funds. The bank may decline the customer's request if there are outstanding financial liabilities associated with the account, such as letters of guarantee, letters of credit and discounted bills with financial significance and effects that necessitate the continuation of the account. In this case, the bank shall explain to the customer when he/she will be able to submit an account closing request.
2.
If problems related to the verification of the banking relationship occur after opening the account and the problems are not solved or if the relationship with the bank is used for other purposes other than its intended one, the bank shall terminate the banking relationship with the customer and return the account’s funds to the source. If the verification problem or the misuse of the banking relationship is related to suspicious transactions carried out by the customer (such as money laundering, terrorism financing and the like), the bank shall implement the Rules Governing Anti-Money Laundering and Combating Terrorist Financing, including reporting suspicious transactions.
3.
If the account is opened, the customer deposits funds into it and then reduces his/her balance to zero, and the account has remained inactive or with zero balance for 4 years, the bank shall then close the account after verifying that it has no related commitments or obligations. Prior to account closure, the bank shall send one month’s notice to the customer. Another notice shall be sent to the customer upon account closure. The bank must document and keep all notices sent in the customer’s file. Further, the bank shall include terms on bank account closure in the main body of the account opening agreement or add such terms as an attachment appended thereto if it is difficult to modify the account opening agreement.
