Dormant's Account Highlighted, OJK Will Reset Its Management Mechanism

JAKARTA - The Financial Transaction Reports and Analysis Center (PPATK) took firm steps by temporarily stopping transactions on a number of passive accounts or known asdomant accounts.

Dormant accounts refer to savings accounts or giro that do not show transaction activities within a certain period of time, whose lengths vary depending on the policies of each bank. Generally, accounts are declared boarding if there are no transactions for 3, 6, to 12 consecutive months.

Responding to this, the Chief Executive of Banking Supervision of the Financial Services Authority (OJK), Dian Ediana Rae stated that his attention is currently focused on carrying out his duties in maintaining public stability, integrity, and trust in the national banking system.

"This is also in line with President Prabowo's program to increase financial inclusion by encouraging ownership of Indonesian bank accounts for all Indonesian people who have met the age requirements," he told VOI, Monday, August 4.

As part of this step, he said that in the near future the OJK will reorganize the account management mechanism in banks, in order to clarify the rights and obligations between banks and customers.

Dian added that this policy also includes rearranging the dorman account (inactive tokening).

"With this new provision, it is hoped that it will increase the confidence of the public to store their funds in banks, maintain the stability and integrity of the banking/financial system so that banks can function better in encouraging Indonesia's economic growth," he explained.