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Article (3): Required Action when an Account Becomes Dormant

C 1/2020 Effective from 15/2/2020
  1. The Bank must attempt to contact the Dormant Customer through written, electronic or verbal (recorded) channels for re-activation of the account
     
  2. A communication must be initiated to issuers of unclaimed bankers cheques, bank drafts, or cashier orders; notifying them of non-encashment of the issued instruments
     
  3. A final notice must be sent to the dormant Safe Deposit Box tenant’s last known address.
     
  4. The Bank must wait for a period of 3 months for a response, from the Dormant Customers, beneficiaries of unclaimed bankers cheques, bank drafts, cashier orders Unclaimed Balances”, and Safe Deposit Box tenants.
     
  5. After expiry of the 3 months period mentioned above, the Bank must transfer the money in the dormant account to the “dormant accounts ledger”.
     
  6. The balances in unclaimed bankers cheques, bank drafts and cashier orders must be transferred to the “unclaimed balances account” within the Bank.
     
  7. For Safe Deposit Boxes, if there is no response, the Bank should apply to the Court to appoint a person to supervise the opening of the box and provide direction regarding disposal of contents found in the box or the appointment of a Court receiver.
     
  8. Non-interest bearing dormant accounts may be closed at the discretion of the Bank and balances preserved in the “unclaimed balances account”.
     
  9. Access to the Dormant Customer’s documents, including specimen signatures, should be controlled and monitored with a display message clearly denoting “Dormant Account” whenever accessed, to prevent unauthorized operations in these accounts. Wherever Banks continue to maintain physical copies of documents, they must be segregated physically and placed under dual control until the account balances are transferred to the Central Bank. Post transfer of balances to the Central Bank. Banks, may maintain, for perpetuity, only digital/scanned copies of customer documents.