Tougher Rules for Closing Pension Accounts at Oschadbank: Key Information for Retirees.

Challenges Seniors Face When Closing Pension Accounts at Oschadbank

According to Novyny.live: Oschadbank has implemented specific policies that make closing pension accounts particularly difficult for elderly customers. Unlike many modern banking services, there is no remote option available—clients must personally visit a branch to close their accounts. This requirement creates significant barriers, especially for vulnerable groups who may struggle with mobility or have limited access to bank locations.

Steps Required to Close an Account

The closure process involves several mandatory steps. Customers need to:

• submit a written application to terminate the account;
• withdraw any remaining funds, either by transferring them to another account or collecting cash at the bank counter;
• settle any outstanding debts linked to the account before closure.

Notably, accounts can only be closed at the branch where the card was originally issued or at another location within the same region.

Oschadbank may charge a maintenance fee for inactive accounts. A fee of approximately 100 UAH is deducted if the account has seen no activity for over a year. If a client has not accessed their funds for more than three years, the bank automatically closes the account.

Overall, the process for closing pension accounts at Oschadbank is cumbersome and demands in-person attendance, posing a serious challenge for certain groups of citizens.

This situation highlights the urgent need for improved banking services and more flexible customer support mechanisms, particularly for elderly individuals and people with disabilities.

In today’s world, where remote services are increasingly essential, Oschadbank should consider introducing online procedures for account closures to make its services more accessible to all clients.