BANK South Pacific must abolish its policy on dormant accounts as it serves no commercial and economic purpose.
Here is a factual account of why it should be abolished:
1. The former PNGBC had the same policy. During that time, I lost all my savings in my account at Musgrave St PNGBC head office, now BSP head office.
I was reluctant to open another account with a commercial bank for many years. In 2005, I opened an account with the Douglas Street BSP branch.
2. On Nov 2, 2009, I went to deposit K300 at the Douglas Street BSP branch – K100 into my account; and K100 each into my brother’s and my nephew’s accounts at BSP Goroka branch.
I was told by BSP officers that my account was blocked as “dormant”, because there were no deposits or withdrawals in the last six months.
I told the officers that their explanation was ludicrous, when BSP continues to charge my account monthly fees and there are funds in my account.
3. I did my last K200 deposit on July 3, 2009. From that day to Nov 2 was not even six months, so I
cannot understand why my account was considered dormant.
4. On Nov 4, 2009, my brother in Goroka informed me that only K80 and K97 were credited to his account and our nephew’s account respectively. The K23 apparently got lost, presumably “stolen” by BSP officers.
5. On Nov 6, 2009, I requested for a printout of my account for review and reconciliation. During my reconciliation, I noted that “account reactivation” note and the fee were not reflected on Nov 2, 2009.
It appears that BSP officers wanted to make money out of the false claim on my dormant account, but I challenged the logic of their policy.
They apparently went ahead and committed fraud on my brother’s and nephew’s accounts.
BSP must abolish the dormant account policy, as it only serves to attract fraud by it own employees.