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  • Second: Unclaimed Balances

    • Unclaimed Bankers Cheques, Bank Drafts or Cashiers Orders

      1. Bankers cheques, bank drafts, or cashiers orders, which have been issued at the request of a customer by debit to his/her account, that have not been claimed by the beneficiary and remain unclaimed by the beneficiary or the customer for a period of 1 year (despite the efforts of the Bank to contact the customer).

    • Unclaimed Dividends

      1. Wherever, unclaimed dividend balances are held, the market regulator’s guidelines will govern the unclaimed dividend maintenance and re-claim process.

    • Unclaimed Contents of Safe Deposit Boxes

      1. Notwithstanding the provision of Article 474 of Federal Law No. 18 of 1993 on Commercial Transactions, the dormancy definition shall apply as follows:

        Where charges for a safe deposit box remain outstanding for a period of more than 3 years and the Bank has not received a reply from the Safe Deposit Box tenant, or the tenant has not made alternative arrangements in relation to the Safe Deposit Box.
         
      2. To comply with the above, the customer does not have another active account with the same Bank (liability or assets). Safe Deposit Box operations by nominees is not sufficient for maintaining them as active in status.