Banking specialists
estimate a massive amount remains unclaimed in bank accounts all across the
globe that has gone 'dormant'. What will this mean, and will you be entitled to
a share during this immense quantity of idle money?
According to dormant
account policy a bank account goes dormant once, within the words of
country’s Bankers Association when a bank and a client 'lose contact with one
another'. What this typically suggests in process is that a client has either
kicked off the deal or affected house, and therefore the bank haven't been told
and as a result they are unable to find the account holder after a interval of
time at later sessions.
If there aren't any
transactions on an account over an interval of around twelve months, then
according to demat account policy bank can write to the account holder at the
last proverbial address to raise them if they want to stay the account open. If
no reply is received, then the bank can alter the standing of the account to
'dormant'. This implies that from present session, no statements, cheque books
or different correspondence are sent to the client. The money within the
account can still earn interest at regardless of the traditional rate at which
that account was generated for, and that’s why the bank can still keep track of
the account balance and keep a record of the last proverbial address of the
holder.
