Banks Responsible for Closing Inactive Accounts, According to Nadia Fettah

The Minister of Economy and Finance, Nadia Fettah, clarified that the responsibility for closing inactive bank accounts lies with the banking institutions, in accordance with the current legal provisions governing the sector.

A Regulated Legal Framework

According to the minister, the law requires banks to close accounts deemed inactive if they have no activity for a year and carry a negative balance, starting from the date of the last credited transaction.

Before any definitive closure, the banking institution must inform the client via a registered letter sent to the last address provided to the bank.

A 60-Day Period to Respond

Clients then have a period of 60 days to express their intention to keep the account open. If no response is received within this timeframe, the account is automatically closed.

This procedure may also apply in specific cases, such as in the event of death, incapacity, or bankruptcy of the account holder.

Client Protection and Transparency

Nadia Fettah emphasized that these measures are primarily aimed at protecting clients from the accumulation of fees and interest on inactive accounts, while also enhancing the transparency of the banking system.

She also reminded clients that they can reach out to Bank Al-Maghrib in case of disputes or non-compliance with procedures by banking institutions.