New website allows people to close inactive bank accounts

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New website allows people to close inactive bank accounts

The Financial Services Commission has opened an integrated online system where people can manage their bank accounts, including inactive ones, all in one place.

The website allows anyone to track records of all their bank accounts. The main objective is to have account holders clean up dormant accounts that they have not used for at least a year.

The Financial Services Commission said Thursday that people can either terminate or take out money from the dormant accounts through the website. The regulatory agency said that more than half of all accounts are considered inactive and require unnecessary cost to manage them.

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