How to Close Bank of Montreal Dormant Account?

Bank accounts are very important if you don’t have a bank account then you are missing out a lot. There are so many drawbacks you will face if you don’t have a bank account.

But there is a problem with the bank accounts.

What is that?

If you have a bank account with the Bank of Montreal or any other bank. Then you should keep using it or make sure that you are actively using it in your day to day life.

But What Happens if You Don’t Use the Account Regularly?

Now you know that you should keep using your bank account regularly. But what will happen if you are not using it regularly?

Then Bank of Montreal will consider your bank account as a dormant account and will be deactivated or the status of your account will be made inactive.

To understand what I say you should first know what is a dormant account. So let me tell you the meaning first.

What is a Dormant Account?

A dormant account is another name for the inactive bank account. If you are not using your bank account for a longer period of time then the bank will consider you are not using it and turn it into an inactive bank account.

This is done by the banks to make sure that the bank account is not used by the people who are not authorized to use it.

For example, sometimes people don’t care if they have lost control over their bank account.

Maybe their digital banking account has been hacked. Then the account holder has to report the same to the bank. If the person does not report to the bank. Then the bank will never get to know about it.

And usually, when the bank accounts are hacked they will not be used for a long period of time. Someday suddenly the hackers start using the bank account for conducting fraudulent activities.

These are the kind of accounts which are used by the criminals. And to avoid this kind of thing the banks make sure that the account which is not used for a longer period of time is not activated.

You should clearly understand that this is not only followed in the Bank of Montreal. Every bank working in Canada and out of Canada follows the same process.

Can Dormant Account be Activated Again?

If you wish to activate the dormant account and start using it again.

Then Yes, you can activate the account again and start using it. The Bank of Montreal has a provision that allows the account holders to activate the inactive bank account and start using it again.

But for this, you have to visit the branch of the bank with an identity proof document which can prove that you are the real owner of the bank account.

The bank will help you to activate the bank account again and start using it.

Are There Any Fees to Get Your Account Back?

The truth about this is Yes, there is a charge which you have to pay to the Bank of Montreal if you want to activate the account again.

  • If you have not used the bank account now for a period of more than 2 years then you have to pay $20.
  • In the case, you have not used it for more than 5 years then you have to pay $30.
  • And if you have not used the account not for more than 10 years then you have to pay $40.

How Can I Close My Dormant Account in Bank of Montreal?

If you want to close bank account in Bank of Montreal and never want to use it again then you can close the bank account as well. To close your Bank of Montreal account you have to visit the branch of the bank.

The account holder has to go to the bank with the identity proof document. Then you will have to fill the account closing request application form.

You can get this application form in the branch of the bank. Just fill in all the details and submit the form to the bank. And the bank will close the account for you.

But in case there are any dues in your bank account then the bank will first ask you to clear all those. And then the process will begin. Sometimes it might take time to completely close the account.  So it is recommended to keep your patience and close the account properly.