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Issued by: Financial Supervisory Commission, Executive Yuan
Date of issue: 2008/03/25
Ref. No.: Jin-Guan-Yin (3)-Zi-09700027400
Subject: With regard to your (Bankers Association) review recommendations for the clauses on inactive account or minimum deposit with accrued interest in the bank deposit agreement, please follow the instructions below.
Explanations:
1.This is in reply to the letter Quan-Yi-Zi-0157 dated January 15, 2008 of your Association (Bankers Association).
2.According to the review recommendations made by your Association (Bankers Association), banks (credit cooperatives) that set conditions for inactive account, minimum deposit with accrued interest, or account management fees should indicate the amount and conditions for transfer to inactive account, minimum deposit for interest accrual, or conditions for charging account management fees in enlarged, bold, or special conspicuous texts in the deposit agreement, and in addition, indicate in the deposit agreement the methods of notifying the customers when the aforesaid amount and/or conditions change by, for example, posting the information at the lobby of business place or posting it on website, to make it known to consumers.
3.Banks (credit cooperatives) that plan to change or add the amount or conditions for transfer to inactive account, minimum deposit with accrued interest, or account management fees should notify the customers sixty (60) days in advance, unless the changes are favorable to the customers.
4.Please forward the aforementioned recommendations to your member banks (credit cooperatives) and ask them to make adjustment in sixty (60) days upon the receipt of the recommendations. However, banks (credit cooperatives) that do not set conditions for inactive account, minimum deposit with accrued interest, or account management fees need not adjust their deposit agreement. In addition, as the deposit agreement is being reviewed by your Association, please ask your member banks (credit cooperatives) to be more aware of the copies of their existing agreement they are going to print so as to prevent waste.
5.Please compile a table similar to that illustrating the fees charged by credit card issuers and method of collection to depict the amount and conditions for transfer to inactive account, minimum deposit with accrued interest, account management fees, and other fees of different banks and publish such table in the consumer section of your website to facilitate inquiry by consumers. Also please update the aforesaid information regularly.
6.As for other deposit businesses that involve consumer protection, please follow the instructions of FSC Banking Bureau in letter Yin-Ju (3)-Zi-09600368740 dated September 14, 2007, and file a report in two months from the receipt of this letter.
TO: Bankers Association of the Republic of China, Department of Finance, Taipei City Government, Department of Finance, Kaohsiung City Government, Keelung City Government, Department of Finance, Taipei County Government, Ilan County Government, Taoyuan County Government, Hsinchu City Government, Miaoli County Government, Taichung City Government, Changhua County Government, Chiayi City Government, Tainan City Government, Hualien County Government, Penghu County Government, Kinmen County Government, and The National Federation of Credit Cooperatives R.O.C. |