{"id":558342,"date":"2021-08-05T04:31:35","date_gmt":"2021-08-05T04:31:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/cbe-orders-banks-to-take-it-easy-on-small-account-holders\/"},"modified":"2021-08-05T04:31:35","modified_gmt":"2021-08-05T04:31:35","slug":"cbe-orders-banks-to-take-it-easy-on-small-account-holders","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/cbe-orders-banks-to-take-it-easy-on-small-account-holders\/","title":{"rendered":"CBE orders banks to take it easy on small account holders"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>SMART POLICY- Banks will have much less leeway to close dormant accounts under <\/strong><strong>new policies from the CBE. <\/strong>Egyptian banks must notify customers with inactive accounts three months before taking action to freeze those accounts, a new Central Bank of Egypt (CBE) decision mandates, according to <a href=\"https:\/\/ent.news\/2021\/8\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-4-%D8%A3%D8%BA%D8%B3%D8%B7%D8%B3-2021-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%AA%D8%B9%D9%84%D9%8A%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D9%86%D8%B8%D9%85%D8%A9-%D9%84%D9%84%D8%AD%D8%B3%D8%A7%D8%A8%D8%A7%D8%AA-%D8%A7%D9%84%D8%B1%D8%A7%D9%83%D8%AF%D8%A9-1.pdf\">a press release (pdf)<\/a>. <strong>The CBE is giving everyone a six-month grace period to get their ducks in a row. <\/strong><\/p>\n<p><strong>When is your account considered dormant?<\/strong> A current account will be classified as dormant if no financial transactions, including withdrawals, deposits, money transfer and online purchases, have been carried out by the customer on it for up to a year, after which the bank can begin charging your checking account a monthly inactivity fee (typically called a \u201cmaintenance\u201d fee). A savings account, on the other hand, will have up to two years before it\u2019s owner is charged.<\/p>\n<p><strong>Don\u2019t expect to pay too much to reactivate your account: <\/strong>Banks should not charge customers any fees if they wish to reactivate \u2014 or to close their accounts, the CBE wrote. The CBE is also directing banks to reduce fees for dormant accounts to \u201cthe lowest possible figure,\u201d particularly for accounts with low credit scores and those opened via \u201csimplified\u201d customer verification and identification tools such as e-signatures. Zero-balance checking accounts will not be charged any fees for being dormant.<\/p>\n<p><strong>To reactivate your dormant bank account<\/strong>, you\u2019ll need to visit your home branch and provide a written request for reactivation. But if you have an active account at the same bank, you can do so through your bank\u2019s hotline, internet banking app or other electronic communication channel.<\/p>\n<p><strong>In case you don\u2019t want to reactivate,<\/strong> the bank will continue depositing cheques or drafts drawn on the account regardless. Another plus: You\u2019ll still earn interest on your credit balances, with the flexibility to reactivate or unfreeze your savings at any time.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SMART POLICY- Banks will have much less leeway to close dormant accounts under new policies from the CBE. Egyptian banks must notify customers with inactive accounts three months before taking action to freeze those accounts, a new Central Bank of Egypt (CBE) decision mandates, according to a press release (pdf). The CBE is giving everyone [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":558343,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9918],"tags":[204,72,290],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-inclusion","tag-banking","tag-enterpriseam","tag-financial-inclusion","wpautop","entry"],"acf":{"mongo_id":"f68a2271-c2bc-4be2-a0aa-3a0b335ca808","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/94.jpg","photo_position":"above","related_issue":[558336],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CBE orders banks to take it easy on small account holders - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/05\/cbe-orders-banks-to-take-it-easy-on-small-account-holders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE orders banks to take it easy on small account holders\" \/>\n<meta property=\"og:description\" content=\"SMART POLICY- Banks will have much less leeway to close dormant accounts under new policies from the CBE. 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The CBE is also almost done with new regulations for the e-wallets,\u2026","rel":"","context":"In &quot;Telecoms + ICT&quot;","block_context":{"text":"Telecoms + ICT","link":"https:\/\/enterpriseam.com\/egypt\/category\/telecoms-ict\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641175,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/14\/cbe-to-require-banks-to-report-breakdown-of-loan-and-deposit-portfolios-by-gender-of-client\/","url_meta":{"origin":558342,"position":1},"title":"CBE to require banks to report breakdown of loan and deposit portfolios by gender of client?","author":"enterpriseam admin","date":"14 September 2017","format":false,"excerpt":"The CBE is considering requiring banks to report the breakdown of their loan and deposit figures according to the gender of their clients, Deputy CBE Governor Lobna Helal says, according to Al Mal. The extra classification would improve the data and support the financial inclusion of females. Other key indicators\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559612,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/27\/hey-kids-want-a-bank-account\/","url_meta":{"origin":558342,"position":2},"title":"Hey kids, want a bank account?","author":"enterpriseam admin","date":"27 January 2021","format":false,"excerpt":"SMART POLICY- Folks under the age of 21 can now open bank accounts without their parents or guardians\u2019 consent, the Central Bank of Egypt (CBE) said in a statement cited by state news agency MENA. Banks were directed to give those aged between 16 and 21 access to a limited\u2026","rel":"","context":"In &quot;FINANCIAL INCLUSION&quot;","block_context":{"text":"FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":565183,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/24\/life-is-about-to-get-easier-for-small-businesses-that-want-to-go-legit\/","url_meta":{"origin":558342,"position":3},"title":"Life is about to get easier for small businesses that want to go legit","author":"enterpriseam admin","date":"24 March 2021","format":false,"excerpt":"SMART POLICY- Life is about to get easier for small businesses that want to go legit: The Central Bank of Egypt is pushing through procedures that will make it easier for micro-businesses and self-employed folks to open business accounts at the nation\u2019s banks. The changes involve reducing the number and\u2026","rel":"","context":"In &quot;SPEED ROUND: FINANCIAL INCLUSION&quot;","block_context":{"text":"SPEED ROUND: FINANCIAL INCLUSION","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-financial-inclusion\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/540.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555261,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/08\/cbe-issues-framework-for-instant-digital-payments\/","url_meta":{"origin":558342,"position":4},"title":"CBE issues framework for instant digital payments","author":"enterpriseam admin","date":"8 November 2021","format":false,"excerpt":"The Central Bank of Egypt has released the regulations(pdf) for its instant payment network (IPN), part of its strategy to improve access to financial services and bring more people into the formal economy. The regulations lay out the rules and responsibilities for issuing banks, payment service providers and acquiring banks,\u2026","rel":"","context":"In &quot;REGULATION WATCH&quot;","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/364.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569789,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/08\/egyptian-banks-required-to-establish-in-house-financial-inclusion-departments\/","url_meta":{"origin":558342,"position":5},"title":"Egyptian banks required to establish in-house financial inclusion departments","author":"enterpriseam admin","date":"8 March 2020","format":false,"excerpt":"Banks are now required to set up departments to oversee financial inclusion strategies and advise the Central Bank of Egypt\u2019s (CBE) own financial inclusion unit, the CBE said on Thursday (pdf). State-owned and private banks, as well as branches of foreign banks, will get those departments to lay down three-\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=558342"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558342\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558343"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558342"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558342"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}