Eurasian Bank has begun notifying clients that it will close current accounts linked to payment cards if the accounts have held no money and seen no transactions for more than a year. The news was reported by infohub.kz.
As its legal basis, the financial institution cites paragraph 1 of Article 29 of Kazakhstan's law "On Payments and Payment Systems." Under the provision cited by the bank, a bank may refuse to perform a bank account or bank deposit agreement if a client's account has held no money and seen no transactions for more than one year.
Eurasian Bank's notice applies specifically to current accounts linked to payment cards that meet both conditions at once: no money for more than a year and no transactions during the same period. The bank did not specify a start or completion date for closing such accounts.
The law, however, defines categories of accounts to which this ground for refusing to perform an agreement does not apply. These include savings accounts, as well as accounts intended for crediting benefits and social payments from the state budget and the State Social Insurance Fund.
The exception also extends to accounts for receiving pensions from the state budget, the Unified Accumulative Pension Fund or a voluntary accumulative pension fund. In addition, accounts intended for alimony — funds for the maintenance of minor children and adult children with disabilities — must not be closed on this ground.
One hundred percent of Eurasian Bank's shares are owned by Eurasian Financial Company (EFC). Major shareholders holding 10% or more of EFC's shares at that time were Alla Mashkevich, Larisa Mashkevich, Anna Mashkevich, Shukhrat Ibragimov and Patokh Chodiev.
Alla, Larisa and Anna are heiresses of the late Alexander Mashkevich, one of the three founders of the Eurasian Group (ERG). The Ibragimov family — heirs of one of ERG's three founders, Alijan Ibragimov — ranks seventh on Forbes' list of Kazakhstan's richest people with $1.677 billion.