Can You Reopen A Closed Bank Account In The Philippines?

It’s not actually a mortal sin if you fail to cope with banking requirements. Most banks if not all, have certain requirements for them not to close your bank account. Furthermore, the only requirement they may ask of you is standard remittance or the amount of money inside it. Although this might be the case, are we really sure that our accounts close after countless weeks of inactivity?

To answer that question, yes banks can close a bank account if the owner wants to. In addition, there are rules that banks incur so that a certain bank account wouldn’t get penalized or worse – close. Although they can most certainly do this, you do not have to worry because although you can’t reopen it again, you can very much open a new bank account with a new account number in the same bank.

Before we dive deep into this topic, you first need to know why and how your account closed. Is it your will to have it closed? Or did the bank close it for you? Weren’t you able to cope with banking requirements which led them to close your account? These are the questions you need answers to and yes, this may have influence on how you can again open an account.

Read: Banks in the Philippines: Maintaining Balance of Different Account Types

Just to let you know, a payroll account is different from a personal checking or savings account.

Here in the Philippines, in most cases and jobs, a Payroll Account is an account you get when you sign a contract for a company. After you resign, it’s already the company’s discretion if they’ll close or deactivate the account or keep it open. If they decide to close it, you have no way of reopening it because the company is the one who had it open for you.

However, if a personal regular account closes, here are the things you need to do if you want to open a new bank account *with a different account number* in the same bank:

1. First and foremost, determine the reason why it closed.