Recently, my bank decided to close my credit account as it had been inactive for a long time.
I was to be sent a cheque for 10 cents, which was the balance in the account.
While the bank did the right thing, it seems that it spent a lot of effort to maintain and service an inactive account.
The bank had to spend time preparing the cheque, posting it, paying stamp duty, then wait for me to cash the cheque.
All this effort is definitely worth more than 10 cents.
I suggest that the Monetary Authority of Singapore revise its requirements and allow banks to channel to charity the amounts in inactive accounts that have a balance of less than $1 or 50 cents.
Sim Lim Onn