Dormant bank account

J

jackswift

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My aunt who died recently opened a bank account in 1996, she was using it to withdraw money up to 2001. She got statements every year. She last went into the bank 3 years ago. The bank sent her a letter a week after she died saying that as there was no activity in the account it will soon become dormant and the state will take it. I know an account will become dormant if there is no activity after 15 years, this account is only 12 years. Also if you go into the bank to check up on the account it is active. For an account to become dormant the bank must not be able to trace the owner in this case they knew the owners address. I just want to know can the bank do this or were they mistaking it for someone elses account?
 
The rules governing dormant accounts and what happens to them is available here:

[broken link removed]
 
Yes I know all rules on dormant accounts. I just want to know why the bank don't seem to know the rules.
 
I only read the letter a couple of hours ago. There will be someone going into the bank tomorrow. I thought someone on here might have had a similar situation, or a bank employee on here that might shed some light on it.
 
jackswift said:
The bank sent her a letter a week after she died saying that as there was no activity in the account it will soon become dormant and the state will take it.
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Did the letter give any indication what time was being suggested with the use of "soon"?
(e.g. could it be a warning letter sent out to explain the potential impact of a non active account once it has gone x years with no activity?)
 
The letter didn't even have the account number on it. She has only one account with that bank. They didn't state a timeframe all they said that the account will become dormant soon as there was no activity with it which is untrue as she was in the bank 3 years ago.
 
jackswift said:
...as she was in the bank 3 years ago.
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Was any activity carried out on her visit?

From reading the OP I had assumed that the last activity was in 2001, as visiting a bank wouldn't always suggest to me that any transaction/deposit/withdrawal actually happened.
 
Satanta said:
Was any activity carried out on her visit?

From reading the OP I had assumed that the last activity was in 2001, as visiting a bank wouldn't always suggest to me that any transaction/deposit/withdrawal actually happened.
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No there was no transaction 3 years ago, there was a transaction in 2001. That was only 7 years since the last transaction. I also read a website that said checking an account meant it was active.
 
jackswift said:
No there was no transaction 3 years ago, there was a transaction in 2001. That was only 7 years since the last transaction. I also read a website that said checking an account meant it was active.
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I'd double check the information provided by the website.

According to the http://www.irlgov.ie/bills28/acts/2001/a3201.pdf (Dormant Accounts Bill 2001)...
7.—An account shall be deemed to be a dormant account where, during the dormancy period, no transaction on the account has been effected by the account holder.
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I'm not saying the information isn't correct (there is a 2005 ammendment to the act so potentially that has included further details), but on my reading of the above the account in question would be 7 years without "activity".

Certainly do contact the bank in relation to it. It seems strange that after 7 years without activity they would use the word "soon" instead of detailing a further 8 years.
 
Hi there, I recently got a statement on an old account that I had forgotten about. It had about €30 in it from when I was a student. The last transaction on it was in the early 1990's. I went into local bank branch to enquire about withdrawing it and closing account. When they looked it up they told me it was dormant and that all accounts that have no transactions within the last 3 years are made dormant. They gave me a form to fill up "Dormant account Claim Form", so that the funds can be released back to the bank and then they will release the funds to me.
There is a section on the form for claiming for another person (eg deceased) so this is probably what you need to do. Keep any correspondence from bank, eg statements as you might need them to go with form.

Hope this might be of some help

Lorraine B
 
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