What is Inactivity fees?
Article R312-19 of the Monetary and Financial Code states that fees and commissions of any kind (fees and commissions on account management and closure) may be deducted from an inactive account. Fees and charges are debited up to the credit balance limit or a regulatory maximum. The Decree of 21 September 2015 sets the regulatory maximum, which specifies that the fees and commissions deducted annually from each account may not exceed €30.
What is considered an inactive account?
In this regard, an account is considered inactive when the following two (cumulative) conditions are met:
- No transactions1 have been carried out by the account holder for 12 months, apart from the entry of interest and debt by the financial institution holding the account of expenses and commissions or repayment of equity or debt securities and ;
- The account holder has given no manifestation, his/her legal representative, or the person authorized by him/her in any form to the financial institution (for example, by phone call, email, etc.).
After the account holder is deceased, the account is considered inactive2 if, for 12 months following his or her death, none of his or her heirs has informed the institution of his or her desire to assert his or her rights to the deceased's assets.
The sums and assets registered in an account deemed inactive2 for (i) 10 years (when the account holder is alive) and three years (when the account holder is deceased) must be transferred by the financial institution to the *Caisse des dépôts et de Consignation (“CDC”)*3.
1 transactions initiated by the payment institution, such as the debiting of management fees or commissions do not count as a transaction.
2 meaning from (i) the last transaction or manifestation from the account holder when the latter is alive or (ii) the account holder’s decease
*3 https://www.legifrance.gouv.fr/codes/article_lc/LEGIARTI000043747596*
How do you retrieve your funds and avoid inactivity fees?
A management fee will be applied in case of an inactive account and after Lemonway has sent a notification. (Terms and conditions)
In case you have received a notification from Lemonway and want to retrieve funds from your wallet to avoid inactivity fees, please fill out the following form : Form to retrieve funds from an inactive wallet