Bank Accounts (English)

Republic of the Philippines
HOUSE OF REPRESENTATIVES
Quezon City, Manila

Fourteenth Congress
First Regular Session

HOUSE RESOLUTION NO. _______

________________________________________________________________________

Introduced by Honorable Eduardo Nonato N. Joson
________________________________________________________________________

RESOLUTION

DIRECTING THE HOUSE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES TO CONDUCT AN INQUIRY, IN AID OF LEGISLATION, ON THE BANKING PRACTICES AND CHARGES/FEES IMPOSED ON DORMANT ACCOUNTS AND AUTOMATED TELLER MACHINE (ATM) ACCOUNTS.

Whereas, the State guarantees the property rights of each individual, and further guarantees that no person shall be deprived of his property without due process of law under Article III, Section 1 of the Constitution of the Philippines;

Whereas, the State recognizes the Banking industry as a pillar of trade and commerce in our country, and that the citizenry and Overseas Filipino Workers (OFWs) are becoming increasingly reliant on bank transactions and ATMs in their daily businesses and activities;

Whereas, there are reports that banks are unilaterally imposing dormancy penalties and service fees for accounts which have not been used for a certain period of time or which have fallen below the required minimum average daily balance;

Whereas, there are also reports that banks are imposing unreasonable ATM transaction charges / service fees on their clients’ bank accounts even for mere balance inquiries or declined transactions;

Whereas, such dormancy penalties, service fees and ATM transaction charges are unduly burdensome on minimum wage earners and OFWs, causing numerous complaints from the citizenry on unreasonable and/or questionable bank charges/fees;

Now, therefore, be it resolved, as it is hereby resolved, that the House Committee on Banks and Financial Intermediaries conduct an inquiry, in aid of legislation, on the banking practices and regulations governing dormant and/or automated teller machine (ATM) accounts, and the imposition of charges or penalties by banks upon such accounts to determine compliance with due process requirements.



EDUARDO NONATO N. JOSON
Representative
1st-District Nueva Ecija