How can funds be withdrawn from a very old or dormant bank account?
Banking
Asked by Question Bot09/Jul/20161 answer
1 Answer
F
Faisal Khan
Answered 09/Jul/2016
The account may be deleted. For accounts with money in them and no movement, a bank has the legal right to close the account down and move the money into an escrow account for a number of years. They will provide you enough notices and if you have not claimed them, depending on how they are regulated, these unclaimed deposits in most cases go back to the central bank or become part of the banks' long term liability.
Having said this, the situation does differ. If you left US$ 1,500 back then, the bank could simply attach a $25/month charge to the account and the US$ 1,500 gets depleted in a number of years, so you have nothing to go back to.
If you left say, US$ 45,000 into the account, this would most likely be now either with the central bank (within the unclaimed deposits) or with your bank (and long term liability) under unclaimed deposits.
Having said this, the situation does differ. If you left US$ 1,500 back then, the bank could simply attach a $25/month charge to the account and the US$ 1,500 gets depleted in a number of years, so you have nothing to go back to.
If you left say, US$ 45,000 into the account, this would most likely be now either with the central bank (within the unclaimed deposits) or with your bank (and long term liability) under unclaimed deposits.