dormant account


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Noun1.dormant account - a savings account showing no activity (other than posting interest) for some specified period; "the dormant account reverted to the state under escheat laws"
savings account - a bank account that accumulates interest
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
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According to Jamal Saleh, Director General of UBF, a legal heir of a dormant account in the UAE can claim monies anytime they wish.
This facility enables the customer to carry out any transaction such as cash withdrawal, interbank funds transfer, pay order issuance, utility bills payment, mobile top up or dormant account activation by using your thumb impression, without needing an ATM card or a cheque book.
This facility enables you to carry out any transaction be it Cash Withdrawal, Interbank funds transfer, Payorder issuance, Utility bills payment, Mobile Top up or Dormant Account activation by using your thumb impression, without needing an ATM card or chequebook.
Once an account has been deemed dormant and the bank has carried out its required actions pursuant to the Regulation, the bank may subsequently transfer the amounts held in each dormant account and the unclaimed balances to a dormant account ledger which is to be maintained by the bank in the form prescribed by the Regulation.
ROYAL Bank of Scotland (RBS) said it will reimburse around 4,500 customers after it wrongly told them they did not hold a dormant account with the lender.
Adhil Shetty, chief executive officer, BankBazr.com seconds Rego and says, "This decision is likely to come as a sigh of relief for a number of dormant account holders as they get the freedom to withdraw their funds that was left unclaimed for so many years."
"The amount was deposited by the late Nizam of Hyderabad Deccan, since then, India and a host of legal heirs of the late Nizam had put in their claim to the dormant account", the statement said.
Greer had a second, dormant account that he revived Monday afternoon, though according to Twitter policy, "accounts created to replace suspended accounts will be permanently suspended."
Claims through the BBA's account tracking service have risen a giant 3,000 per cent since a dormant account awareness drive last month.
Banks were accused of stonewalling but auditors found no evidence of systematic destruction of dormant account information.
These bankers would turn in their graves if they could see the lists of dormant account holders that were published in some of the world's leading newspapers on 23 July this year.
A payer is no longer required to track backup withholding on dormant accounts. The payer may stop monitoring a dormant account for backup withholding after the third year following the later of the payer's last reportable payment into the account or the receipt of a C Notice.