An account with a zero or low balance that has no recorded transactions for an extended period of time. Under state escheat laws, funds within a dormant account are reverted to the state after a period of time in which the bank has made every effort to contact the customer. There is no statute of limitation on dormant accounts so the funds can be reclaimed by the account holder or a beneficiary at any time.
Related information about dormant account:
- dormant account - The Free Dictionary
Noun, 1. dormant account - a savings account showing no activity (other than posting interest) for some specified period; "the dormant account reverted to the ...
- What is dormant account? definition and meaning
Definition of dormant account: In general, a low-balance savings account which has shown no activity (deposits and/or withdrawals) over a long period, other ...
- Dormant Account Definition | Investopedia
When there has been no financial activity for a long period of time, other than posting of interest, an account can be classified as dormant. Statute of limitations ...
- Understanding Dormant Accounts Leaflet
What is a dormant account? ... special procedures to protect dormant account holders, such as requiring ... is earned if the balance in the dormant account is low.
- When your account turns dormant - Indian Express
Apr 27, 2009 ... I seek views of general public and also from experts whether it will be in order for individual bank to publish the names of dormant account ...
- How to reactivate your dormant bank account - Economic Times
Dec 20, 2010 ... Banks are cautious about sudden requests for withdrawal from a dormant account. No Standard Procedure. RBI only instructs banks to exercise ...
- Factsheet: Reclaiming money in a dormant account - The Guardian
Apr 15, 2009 ... Lost and forgotten building society and bank accounts hold millions of pounds of savers' money. If you think you have a dormant account there ...
- Dormant Account: Definition from Answers.com
Dormant Account Savings account showing no activity, other than posting of interest for a specified period.