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Fund your bank account so it doesn’t go dormant
Regular deposits are the easiest way to avoid an account being labelled inactive.
Imagine you’re out for dinner with friends and you offer to take care of the bill. But when you swipe your debit card, the machine shows: ‘Declined’. You’re confused – you know you haven’t used that card for a long time, so you were sure there would still be money in the account. It’s an embarrassing situation, especially if you then have to ask everyone to chip in after you’ve promised, ‘Dinner’s on me.’
When you check the problem with your bank, you learn that your account status has been changed to dormant, which means that the account is inactive. Your bank can reactivate the account, but it’s best to avoid awkward social moments and the hassle of reactivating an account altogether. Keeping an account active is easy enough if you deposit money into it regularly. This is called ‘funding’ your account.
What is a dormant bank account?
If you don’t make any transactions with an account for a long time, usually a year, your bank could change its status to dormant. This means you won’t be able to use it to pay for goods and services or deposit or withdraw money into or from that account.
Switching your salary to a Nedbank account is a quick, easy process
Most often a bank account becomes dormant because it’s a secondary account that you hardly use. Maybe you opened it because you wanted to use it as a savings account but promptly forgot about it. The easiest way to avoid dormant status is to keep funding the account.
4 easy ways to fund your account so it won’t become dormant
- Make an interaccount transfer between your Nedbank accounts using our secure, convenient digital banking channels: the Nedbank Money app, Online Banking or Cellphone Banking.
- Deposit cash at a Nedbank ATM.
- Deposit cash with a teller at a Nedbank branch.
- Deposit cash at any Boxer store.
If someone owes you money, asking them to pay it into the relevant account is another way of funding it. The same applies to your monthly salary – in fact, the simplest way to keep your account funded is to switch your salary payments to your Nedbank account. You can then use that account for your primary banking functions, like paying your bills, spending, and funding your savings and investments. This ensures that the account remains active.
The Money app takes care of all your digital banking needs
You can also use the Money app to set up automated payments to take care of regular bills and loan repayments, and to fund your savings and investment accounts every month. Not only will this mean you never miss a payment (which can incur penalties), but Greenbacks will even reward you for responsible money management and transacting on the Money app That’s right – Greenbacks makes digital banking as rewarding as tapping or swiping your cards.
The Money app also gives you access to advice on financial planning and enables you to check your credit score for free, anytime you like. You can use money management tools like My Smart Money and MoneyTracker to control your budgeting, spending and saving. And on the Money app, Avo SuperShop and Avo Auto are just a few clicks away. You can shop for groceries, lifestyle goods and even cars on your mobile device – and save more with regular discounts and special offers.
Switch your salary to a Nedbank account
Switching your salary to a Nedbank account is a quick, easy process through Online Banking or the Money app. Don’t have a Nedbank account yet? MiGoals is a new suite of accounts tailored to suit a range of different income levels.
