Tonik to close zero balance accounts with no activity for 60 days

Tonik has updated its Terms & Conditions and will close accounts with zero balance and no activity for a certain period.

The updated Terms & Conditions for Tonik Deposit Account, Mobile Application & ATM/Debit Card (General Terms & Conditions) will be effective on August 31, 2022, and the new changes are as follows:

1. Zero balance Solo / Group Stash with no debit or credit activity for 6 months will be closed;

2, A matured Time Deposit with no rollover instruction will be closed;

1. A zero balance Tonik Account with no activity for 60 days will be closed;

2. A zero balance Tonik Account with no login to the App 60 days after onboarding will be closed;

3. When a Tonik Account goes dormant (due to no customer initiated debit or credit transaction for 2 years or 730 days), all Stashes of that Tonik Account will be closed (remaining balance will be transferred to the dormant Tonik Account) and any Time Deposits with roll over instruction will cease to roll over once Tonik Account falls dormant (Time Deposit of a dormant Tonik Account will mature at the next maturity date).

Tonik advises customers to top up their Tonik Account via PESONet or apply for a loan in your Tonik App to keep accounts active.